ANNUAL FINANCIAL STATEMENTS OF TEAMVIEWER AG FISCAL YEAR 2020 2 3 15 74 16 61 17 75 51 28 65 29 39 60 60 63 64 40 48 ......
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TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year 03_FURTHER INFORMATION
02_ANNUAL FINANCIAL STATEMENTS FINANCIAL 02_ANNUAL 01_COMBINED MANAGEMENT01_COMBINED REPORT 03 Corporate responsibility ...... 04 Economic report ...... period reporting the after Events 05 06 Opportunity and risk report ...... 07 Outlook 08 Remuneration report ...... 09 disclosures Takeover-related ...... Corporate10 governance statement...... Nonfinancial11 statement...... Closing statement12 on the dependency report...... Management13 report ...... AG TeamViewer of report auditor’s Independent 02 01 Responsibility statement...... 01 Balance Sheet...... 02 Income Statement...... 03 the Notes to financial statements...... 01 Group fundamentals Group 01 02 Employees 003 - - e emissions working and flexible concepts 2 g. working from home). The pandemic workingg. global in fromCOVID-19 home). (e. 2020 a substantial led to acceleration these of particu trends, advancing automation,advancing robotics and the deployment artificial of society’s this is Added to sensitivi increasing (AI). intelligence ty environmental to issues and climate and the call for growing a reduction CO in workinglarly respect in flexible of concepts. - BUSINESS MODEL BUSINESS vices, this strong need for connectivity solutions influenced is global megatrends. Theseby digital include transformation, further segment, developments the in Things of Internet (IoT) Aswhich in digital technologies the way continue develop, to andpeople work also For is interact changing. companies, need a growing there is connect to employees and a large numberdevices of and applications time irrespective of and Alongside place. the continuous endpointsincrease in andde - - -
Groupfundamentals
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year COMBINED MANAGEMENT REPORT MANAGEMENT COMBINED
TeamViewer, founded 2005, in a global is technologyTeamViewer, com a cloud-based of andpany provider platform digi enabling tal connectivity between people and devices and the digital support processes of industrial in environments. In addition users number a high who private to of can use parts the of customer base product portfolio TeamViewer’s free charge, of comprises companies different of and from sizes various in Group globally has 1,256 employees. dustries. TeamViewer company parent and its the shares is Group’s AG TeamViewer on the listed are Frankfurt Stock Exchange, various in indices, theincluding MDAX and TecDAX. 01 004 - - - - . 1 Customers with invoiced billings across all products and services of at least EUR 10,000 within the last months 12 TeamViewer is increasingly seeking its increasingly is presence expand in to TeamViewer the segment, enterprise especially the in Industry of area 4.0. an has reached important mile TeamViewer In this regard, stone with the Ubimax takeover of integra and the intelligent solutions.tion its of AR Another and IoT growth the in driver customerenterprise segment the is digitalisation sales of and customer service In this context, interactions. TeamViewer with suite enterprise major funchas supplemented its Tensor tionalities co-browsing, including a GDPR-compliant version screen sharing.of At the other end the of customer range, also meets increasingly the needs non-com of TeamViewer individual users mercial through the free-of-charge integration Meeting and other new developments. TeamViewer of 1 Coverage of customer segments Through broad a covers its product portfolio, TeamViewer individuals can Private use the softwarerange: free charge of for non-commercial purposes User (Free Community), and variety a there are solutions of and subscription models for has a strong customer base the in commercial TeamViewer use. SME segment for historical reasons, although recent in years the Company more the in major has invested customer segment and number secured a large customers enterprise of ------sions, TeamViewer is seeking is growth organic generate to while sions, TeamViewer theat same time looking outfor acquisition suitable strategic targets that complement the solutions portfolio and technolog Group a meaningful in ical knowledge way. the of TeamViewer Increase in use cases allows devices be connected kinds all of to TeamViewer operating systems. This alone relevant across all means that the opportunities for using the software basically are unlimit Customers ed. use thesolutions access to devicesand ma control, maintain them. or repair monitor, to chinery remotely, seeks to Beyond merely connecting devices, TeamViewer newtechnologies utilising by value such added asAR, create and AI. The digital transformationIoT offers a considerable scope for additional use cases, especially the in industrial area. The main focus on is accessing machinery data and the while at same usingit intelligently special time providing ists and maintenance engineers on with site digital support in their activities large outside an office setting. TeamViewer’s user and customer base and its continuous an input im are portant source new use of cases. They via addressed new are functionalities through solutions new existing in or selectively, working is both on applications. Ingeneral terms, TeamViewer solutions that can horizontally be deployed but also on new, tailoredsolutions for individual industries orparts theof value supportchain to digital transformation. Secondly, TeamViewer is steadily expanding its portfolio expanding steadily is for all TeamViewer Secondly, customer segments, on its product building offerings which al thecover customers, full range of ready users from to private has geograph always TeamViewer global corporations.Thirdly, expansionic further its in and working sights is towards pene tration its of international As markets. part these of three dimen - - - - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year TeamViewer’s strategic orientation strategic pursues the overarching TeamViewer’s goal generating of long-term growth increasing and steadily Thethe the of value Company’s Company. based is strategy on three growth dimensions be advanced to and which are further First, deepened initiatives: a number by strategic of new use develop will cases. TeamViewer Strategy Most of TeamViewer’s revenue is generated from generated is sales revenue its of Most TeamViewer’s of own software products and solutions. Since they have 2018, through a subscription model,been where sold exclusively the subscription period usually is twelve months. TeamViewer also services provides implement to more complex solutions, or AR settings. IoT enterprise, in for example es along them enriching chain, value the with entire augmented supportsreality common all elements. (AR) TeamViewer op its grant customers systems to erating possible the greatest freedom the in design individual of application scenarios. Viewer products, moreover, allow interaction with allowinteraction other peopleViewer products, moreover, through digital tools and the digitalisation industrial of process er’s product and solutionser’s portfolio. The software allows remote access devices types all to of and enables them be con to managedtrolled, andmonitored from and – ranging laptops mobile phones industrial machinery to and robots. The Team These served megatrends and are requirements TeamView by 005 - - - - - Thescope consolidation of the of Group changed fiscal in year 2020 the due to acquisition Ubimax of GmbH, includ itsing subsidiaries Ubimax and Ubimax by Inc. SA de CV, Germany GmbH August in and TeamViewer AG TeamViewer 2020. The Ubimax GmbH, a wholly owned subsidiary the of Germany GmbH December as 31 of TeamViewer 2020, was Germany GmbH entrymerged withby the TeamViewer the in commercial on 7 January register The 2021. merger given was effectretroactive as 1 January of 2020 accounting in terms. Segments Segments Group managed is on a single-segmentThe TeamViewer ba platform serving withsis the TeamViewer as the foundation. Reporting on the platform based is on the EMEA, Americas geographic regions as reportingand APAC units. Locations locations countries. maintains ten in a total 17 of TeamViewer head officeThe which is Group’s Goppingen in is (Germany) also the central development locationand sales for centre the EMEA Other region. central sales offices Largo, include Flori for the (USA), da Americas for region and (Australia) Adelaide also has local sales offices TeamViewer region. the APAC in and Singa Shanghai (China) Mumbai (India), (Japan), Tokyo (Armenia) as development poreas well locations Yerevan in Through the Ubimaxand Ioannina GmbH (Greece). acqui sition, further five locations compared added were with the Bremen including and Bruchsal Germany, in year, previous Atlanta and Palo Alto the in USA and Guadalajara Mexico. in - - - - GROUP STRUCTURE AND ORGANISATION Medium-term growth targets growth Medium-term growth strategic Driven the in by initiatives areas described use – increase in above cases, customer of seg coverage has itself set ments, and geographic expansion – TeamViewer ambitious EUR be increased to to targets. Thus, are billings 585 605 to the in million year 2021 the and EUR reach 1 billion mark 2023 in the in medium term. AG, based Group consists TeamViewer of The TeamViewer Goppingen, in and its total twelve of subsidiaries. TeamView solelyacts er AG as a holding company forthe TeamViewer Group with responsibility for the uniform management and steering the of Group while operations Team managed are by Viewer Germany GmbH, andwholly an indirect owned sub AG, and its subsidiaries. sidiary TeamViewer of Legal structure
- - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year gic importancegic the to Company. intends to establish to local andintends expand sales and marketing activities and the corresponding local teams. to By adapting seeks harness to the extent, TeamViewer customs a greater to these in potential growth strate distinct of which markets are Thanks the to Ubimax acquisition, the newin sites United States Going and added. Mexico forward, were TeamViewer fices in the APAC region. The region. fices the in Company APAC also opened a new softwaredevelopment Greece.in site In 2020, the sales and activities furthermarketing were growth strategic in expanded regions. across all markets Geographic expansion Geographic a company is with global operations and us TeamViewer ersand customersthe In recentyears, world. over its all long-standing central sales offices the United Germany, in beenStates joined additional and have sales Australia by of 006 - regional initiatives. TeamViewer distinguishes between pri regional TeamViewer initiatives. mary performance with indicators management internal high priority and secondary performance indicators, which have managementinternal subordinate priority represent but still important informational metrics. - - formancecan indicators includedindicators in beto bridged the IFRS consolidated financial statements. All performance the reflect viewindicators the of management Compa team’s Performance defined are the during annual levels indicator ny. planning process and monitored on a monthly basis around compared actual values are with budgeted Thereby, the year. values, and corrective actionand prior-year taken is where necessary. The performance some to are, indicators extent, measured on a regional basis and serve manage various to accounting frameworks. However, the relevant financial per the relevant accounting frameworks.However, - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year MANAGEMENT SYSTEM MANAGEMENT These performance TeamViewer-specific involve indicators definitions notwhich defined are applicable in or explained To manage and development, monitor TeamView the Group’s To er uses an corporate internal management based system on financial performance complemented indicators nonfinan by performancecial indicators. Description of the management system 007
------MARKETS AND SALES MODEL TeamViewer uses its own shop web and phone linesTeamViewer to sell primarily standardised licences its of products. This Business, Premium and Corporate includes TeamViewer licences, and the licences the of augmented reality (AR) Remote as Pilot TeamViewer as well product, TeamViewer Management. These products work basis on & play a plug without requir immediately customers by can used and be major any ing installation to has opted efforts. TeamViewer apply low entry-level for small pricing and medium-sized deploys algorithms to TeamViewer businesses. Moreover, use. commercial unlicensed detect TeamViewer sells its products and solutions almost in TeamViewer all countries around the In geographical world. terms, Team Viewer the subdivides its EMEA into markets Middle (Europe, AmericasEast, and Africa), (North, Central and South Amer (Asia, Australia, and Oceania) regions. In and the APAC ica) 2020 the EMEA fiscal year, once region was the again big gest sales Americas area, At country by followed and APAC. the USAlevel, remainedthe sales biggest followed market, products the domesticby German As market. TeamViewer’s and solutions can be used nearly in sectors, all consequently, the sales More not subdivided are markets further. informa tion can on be the found on revenue of regional breakdown the in economic 21 Page report. Since the Company’s establishment, the free-of-charge provi use products for private sionnumber large a of TeamViewer of product – has been – especially a material the “TeamViewer” use private Free sales strategy. element the in TeamViewer combination in installation withbarrier-free and the product’s performance of Team degree ensured both capability strong userand awareness brand a large This base. high Viewer’s benefits sales the entire model, particularly when it comes to commercialselling licences. The sales model consists salesseveral of channels with a focus on different customer and groups licences. - - Net retention rate Number subscribers of Number employees of of the of business. These among include, others, expenses from EUR 3.5special IT (2019: million projects EUR of million), 1.9 expenses from financing and M&A (2019: million EUR of 1.8 expenses for special legal mattersEUREUR of 0.6 million), 0.4 and income EUR from the 2.5 valuation (2019: million million), financialof instruments EUR of EUR 3.0 0 million). (2019: million Secondary performance indicators theIn addition to primary performance indicators, the follow secondarying performance important represent indicators informational metrics: ‧ ‧ ‧ as a performanceThe rate retention net measure to indicator customer of definedis as annual retention billings recurring subscription customers existing the during period under con siderationless gross-value from upselling churn billings plus andcross-sellingeffects exchange activities, foreign including discounts,and as a percentage expiring annual of recurring the in period. previous Thebillings number subscribers of and employees also important represents informational metrics for business performance. Group’s measuring TeamViewer - - - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Billings EBITDA Adjusted
ed separately to showto the edseparately underlying operating performance voiced to customers voicedto within perioda and constitute contracta within the meaning IFRS of 15. recognised or profit in loss revenue ferred the during period underconsideration and for certain transactions that have been the defined Management by Board agreement in with the Supervisory Business to Board events (income and expenses). share-based to relate beadjusted compensation modelsand other special items material the of business present which are Adjusted EBITDAAdjusted defined is as operating income (EBIT) as per IFRS depreciation and plus amortisation tangible of and assetsintangiblefor fixed change de in (EBITDA), adjusted Adjusted EBITDA EBITDA Adjusted Billings goods of and services the (net) value represent Billings in Primary performance indicators Primary performance indicators mainly used the follow In the 2020 TeamViewer fiscal year, ‧ ‧ ing primary ing performance for indicators Group management purposes: 008 ------The product portfolio includes TeamViewer, TeamViewer Ten TeamViewer The product portfolio includes TeamViewer, TeamViewer IoT, Remote Access, TeamViewer TeamViewer sor, Meeting Pilot, TeamViewer Remote Management, TeamViewer Monitoring Web Monitis) (formerly TeamViewer Blizz), (formerly consisting Frontline, Ubi of and the TeamViewer newly created max-developed products xAssist, xPick, xMake and xInspect. port Apple’s the as to to as new Apple well Silicon architecture, LiDAR Scanner and the Google Depth API the in AR segment. necessary makes all TeamViewer tools and the requisite itsknowledge customers to enable them to available dig to italise multi-part products. The processes using TeamViewer the takeoverof Ubimax GmbH the in the creation of resulted solution Frontline which allows the digitalisa new TeamViewer tion work of processes, usually with the a head help of mount smarted device, glasses or other wearables. This includes, the supportfor example, skilled of workers production in and maintenance or the employees logistics. in The the of Ubimax integration products developed by the into platform onewas theof focal points theof TeamViewer Com development activitiespany’s 2020 in result and has already ed initial in product successes. Used combination in with the product, process the entire custom chain of IoT TeamViewer ers canfrom now the be digitalised: monitoring, creation, up and controldating remote production of machinery on-site to meansmaintenance by AR the and of repair worker’s support. ------
PRODUCTS, RESEARCH & DEVELOPMENT AND INNOVATION AND DEVELOPMENT TeamViewer’s proprietary protocol for the creation connec of TeamViewer’s tions virtually to is firewalls enddeviceany through existing sup a major competitive In addition, TeamViewer advantage. ports common all operating systems and software architec andtures, partners its integration such global include players as Microsoft, Apple, Salesforce and ServiceNow. TeamViewer onewas the of first companies 2020 in sup native provide to ture, they are mutually compatible to a high degree, as well mutually as theywell are degree, compatible high a ture, to implement easy to as being safe, and scalable. TeamViewer solutionsdevelops which allow businesses implement to their or step as a whole,digitalisation of by regardless projects step technology connectsthe industry nearly TeamViewer or size. from and mobile device, any laptops phones industrial ma to the this end, products use thechinery global and robots. To router network encrypted and are end-to-endTeamViewer on the 256-bit basis of AES and 4096-bit RSA The Team keys. an in Viewer industrial deployed products are setting (IoT, IT in departmentsPilot (Remote & Frontline), Management, and the in working Monitoring) remote Web context (Remote This constitutesAccess, approach Meeting). seamless hu man-machine communication with additional human-human using AR.interaction The Company’s development activities thein 2020 fiscal a special focus year had on all-in solutions rather than individual products. The Group aims develop to the portfolio so that individual challenges can be resolved in mannera targeted through a combination different of Team Viewer products. In this sense, the platform prod to approach uct development gained the was while require addressing ments major of customers and their digitalisation strategies. TeamViewer offers a cloud-basedTeamViewer platform entire digitalise to businesses, individual divisions or standalone processes. working is on solutionsThrough its products, TeamViewer for connectivity, the ubiquitous megatrends the of the future: augmented reality and artificial (AR) Things of Internet (IoT), Thanks the to product’s joint (AI). ITintelligence architec All products – one platform - - - - - or the in development as / TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ing oning the partner. Besides alsois the described sales channels,TeamViewer collaborating with various sales partners who in active are standardisedselling licences and uct portfolio, TeamViewer operates its operates ownuct solu portfolio,dedicated TeamViewer Tensor tion sales organisation. the In addition to TeamViewer product which tailored is the to needs major of customers and focuses on access remote and support, remote the Compa and solutions ARny’s segments for application the in also IoT sales competence TeamViewer’s Particularly, role. a key play ARin solutions strengthenedwas further the in fiscalyear through the acquisition Ubimax of techni provide GmbH. To cal support the to Solution Sales Organisation realise and to more complex opportunities forits customers, particularly in additionally created and AR segments, theTeamViewer IoT its own Solution Delivery Organisation the in 2020 fiscalyear. as the in well implementation complex of solutions, depend To create tailoredsolutions create for major customers fromTo its prod 009 ------TeamViewer Meeting (formerlyTeamViewer Blizz) Meeting the is meeting function which avail is TeamViewer and as client a standalone solu able both the in TeamViewer tion. The formerly independent Blizz programme has been plat with its all functionality integrated the TeamViewer into and using the form so that meetings both from TeamViewer standalone Meeting solution fully compatible. are TeamViewer offers and audio videoconferences, screen sharing, a chat function, granular role attributions for presentations, instant messaging, and a phone dial-in option. TeamViewer Remote ManagementTeamViewer (RMM) and Monitoring Web TeamViewer (formerly Monitis) Remote Management automates back-end IT TeamViewer processes andcentralises themanagement ITall of devic data protection, malware including es owned a company, by Remote Man management. andback-up patch TeamViewer agement aimed is mainly two at customer IT large groups: and ITadministrators managers small, in medium and large businesses as managed as well service providers. solution for the Monitoring Web TeamViewer’s is TeamViewer continuous monitoring servers, websites, of and applications. ITplatform. Monitis,Unlike itTeam runs on the TeamViewer MonitoringViewer Web allows the monitoring and websites of focuses on access time optimisation, load time page speed, functionmonitoring for online shops stress andtests. website Monitoring Web about is The to newly launched TeamViewer Monitisreplace the in course 2021. of - - - TeamViewer Tensorsolution. enterprise In TeamViewer’s is Tensor TeamViewer solu theaddition to functionality the of TeamViewer regular tion,it numberincludes large a functionalitiesof which large multi-tenancy support, e.g. companies require, conditional access, granular role and access management, and deeper companies’ into integration IT landscapes through features Masslike Deployment, Managed Devices2.0 and Single Sign-on. in to expanded was In 2020, Tensor TeamViewer access remote a dedicated clude solution for working from Pilot or TeamViewer IoT, home, the TeamViewer of integration mobile SDKFrontline, and co-browsing. This means that it platformcomprehensively with as all maps the TeamViewer sociated products. - -
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year temsand device types with the end-to-end of aid encryption, two-factor authentication Devices” function. and the “Trusted access remote for example, enable, features TeamViewer’s andcontrol devices,of security a screen screen feature, TeamViewer sharing, data fast transfer and the reintegrated Meetingthe in functionality. The form of available product is three licences – Business, Premium and Corporate. As the most used and most known product, it vitally contributes to various TeamViewer’s brand. the popularity the of TeamViewer connectivity fast its with basically compatibility and features, devicesany and enable operating systemsall customers and usersworldwide implement to their own use cases. An import ant development 2020 in the was manufacturer-independent support Android all of devices from version 7 upwards. The TeamViewer core product offers consistently secure The TeamViewer connectivity across a wide different range of operating sys Overview of current TeamViewer TeamViewer products 010 ------Digitalisation industrial of facilities customerssolutions, a range of offering is its IoT TeamViewer from digitalisation individual of processes a fully connected to The maximum of approach factory. connectivity while ensur securitying and stability implemented is as a horizontal ad workdition manufacturer is for OEMs because TeamViewer’s independent. the in For past fiscal facilities, year the existing Group collaborated increasingly with partners who integrate solution their products, suchinto as SPS directly theIoT mon itoring devices or starter kits, for monitoring and maintenance purposes and access. for remote This facilities allows even the into be integrated to not designedthat were for the IoT connected factory and mapped using their digital twin. The Group sees itself as the digitalisation partner the of full using chain and, combinationsvalue various of other Team Viewer solutions, continuous it ensure helps monitoring and Frontline maintenance, also tandem in with the TeamViewer solution. The core focus innovation of the is analysis data of for visualisation means and by evaluation AI. of The newly de maintenanceveloped module predictive analyses this data using learning machine algorithms and thus is mini able to mise the risk failure. of bH’s products under the name TeamViewer Frontline com Frontline bH’s products under the name TeamViewer menced shortly after and initial completion the of takeover, milestones, Pi such as the combination with the TeamViewer been reached. have lot app, also is cooperating closely with partnersTeamViewer when it comes comprehensive a creating ecosystem to tackle to vari ous digitalisation challenges. As such of cooperation, a result the joint Group products developing while is the at same time the APIs providing its partners. to The fiscal year also the saw implementation the of access remote solution and AR integra tion Microsoft Salesforce into and ServiceNow Teams, and the collaboration in integration with Waylay. IoT ------
stones included the reintegration of the TeamViewer Meeting stones the of included TeamViewer the reintegration Monitoring Web solutionand TeamViewer of Blizz) (formerly Ubimax The acquired of integration Monitis). Gm(formerly Further development of the platform The further development the of platform and interoperability productsfocus a of was R&D of activities 2020. in Major mile tion that deploys AR but specifically is industri geared to al use smart involving glasses and other wearables. xPick, xMake and xInspect workflow-based are solutions. This means that step-by-step on instructions smart displayed are glasses,reality ormixed head mounted displays glasses for workpredefined processes whichcan be through worked The workflows Frontline openinteractively. up a new target the in group industry segment. Possible applications include manual picking processes logistics, in standardised repairs or maintenance and production processes. workflowsFrontline designed consultation in always are with the customer and tailored their specific to To requirements. supports its customers with TeamViewer this end, a Solution Delivery Team. Focus on research & development activities in 2020 The solutions ability innovative bring to that meet the steadily demandsrising customers of the a critical is to market suc cess the in dynamically factor software evolving In industry. and de thethe R&D Management view, (research Board’s importance activitiesvelopment) thus are key of for the future as accordingly, Group and are, success the of TeamViewer During priority. thesigned a high fiscal year 2020, the focus onwas the following areas: TeamViewer Frontline TeamViewer the is Frontline product that emerged because TeamViewer theof Ubimax GmbH acquisition. The Ubimax subprod ucts – xAssist, xMake, xInspect and xPick incorpo – were portfolio the being gradually and TeamViewer into are rated IT The infrastructure. xAssist the to TeamViewer transferred assistance Pilot, a remote is solu TeamViewer product, like ------g. telecomg. provid TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ple, engineers via shared smartphoneple, or mechanics) or smart glassescamera streaming. Possible applications sce include narios which in a field service e. involved, is ers,Since or repairs. 2020, the workflows Frontline canalso Pilot. be used combination in with TeamViewer Alongside TeamViewer Frontline, TeamViewer Pilot one is of TeamViewer Frontline, Alongside TeamViewer AR solutions which enables the userTeamViewer’s on to site with supportbe provided live technical exam experts by (for TeamViewer Pilot TeamViewer TeamViewer IoT TeamViewer solution for de the is TeamViewer dedicated IoT TeamViewer vices outside the traditional office environment. The software canbe used or on smart keyboard devices without display, a mouse particularly and therefore is suitable for Industry 4.0 scenarios. These control remote ro of for example, include, bots, monitoring industrial of machinery and disruption man agement. During the fiscal year2020, multi-tenancy support, mainte a predictive integration, a rules engine with Waylay nance module and the support edge of modules added. were TeamViewer Remote Accessthe is entry-levelTeamViewer version of access remote specific and to devices facilitates TeamViewer defined Thethat are advance. in solution has been designed access remote as purely and does offer not therefore any meetingor support solutions, data it transfer provides instead and a security screen feature. TeamViewer Remote Access TeamViewer 011 ------This solution, like an integrated chat function, chat This solution, allows an compa integrated like and visitors uncomplicated their rapid website provide nies to support through screen sharing. The browser-based Team licence has moreover been a licence given Viewer Tensor managementthrough the newlyupdate developed multi-ten ancy support which enables major manage the to groups li cences individual of subsidiaries. Improvement of collaboration solution solution collaboration of Improvement As demand growing of a result for digital meeting solutions, 2020 in online of up the stepped TeamViewer reintegration collaboration tool Blizz as TeamViewer and its rebranding Meeting.The meeting solution fulfils the following require integra and use ease of scalability, stability, security, ments: stability improve for participants highly in To tion capability. switching enabled upscaling by areas, TeamViewer remote meetings. distributed Thisto the involves nearest TeamView er router being used establish to a connection for every sin participant.gle the and It reduces failure improves latencies safety meeting. the of entire ------ferings, customers were able to expand their capacity customers expand ableferings, to were rap In a difficult and uncertainidly. time, new customers bene fited from the that the fact solutions can be out rolled very plat Herethe too, TeamViewer securely. yet easy, quickly, Features role. such as a security key form playeda screen, which access, ensures remote data of protection the in wake management fea patch and scripting a remote improved on servers scripts implemented were execute rapidly to ture The coordination the of ITand infrastructure using reliably. Remote Monitoring and Managementthe TeamViewer solu Web thethe of tionintegration TeamViewer by marked, was Monitoringsolution. the Monitis replace It will theproduct in course 2021 of and thus, allow constant monitoring the of andavailability functionality and shops. websites web of Next step for customer support licence the Group also the laid Tensor With the TeamViewer foundations for fully digitalised customer support, includ a speciallying developed mobile software development kit (SDK). Applications, with developed directly the TeamView er Mobile SDK, support allow remote within the app without other smartphonedisplaying with the information. Together GDPR-aligned co-browsing plug-in support for remote within which introduceda browser was tab, 2020, in TeamViewer itsprovides customers in with privacy of an additional layer surance their respect in own to base. client Enabler for remote workers The focus the in 2020 strategic fiscal on year was the devel and AR solutions.opment IoT of But the year 2020 and the start pandemic the of global shifted COVID-19 the focus of and client, customers the to main product, the TeamViewer Meeting, Remote Monitoringthe and products TeamViewer Management (RMM) and the Group solution TeamViewer Thanks the to good scalability the of Company’sTensor. of - - - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year The acquisition Ubimax of GmbH and implementation the of solution another was the productsFrontline TeamViewer into focus for area the Company’s AR development department. products Frontline underwent The TeamViewer newly created a complete UX and UI the fiscal in redesign current year to Pilot and Team TeamViewer moreensure operability. intuitive sible. This includes sible. the support the of Apple LiDAR scanner and GoogleDepth API as a component the of AR CORE kit, locating of which its in the turnAR accuracy improves elements on screen and enables a concealed be object annotated. to Viewer is updating its Viewerproducts updating on is continuousa make to basis the technologies latest accessible customers to as as fast pos compatible already Viewer technological are in Frontline terms and supplement each other as Pilot customers now are also use workflows. able Frontline to The platform idea seeks that every ensure to customer can and use be other flexible supports the TeamViewer products if required. TeamViewer smart deviceslatest the in head-mounted glasses display, realityand mixed fields, such as Microsoft HoloLens 2. ner as if they were present themselves.present ner as if they were production Elsewhere, employees can import work instructions their field into directly visionof through the use Team this end, smart of glasses. To Thanks to TeamViewer’s AR products, customersequipped are Thanks TeamViewer’s to conductto support remote and digitalised work processes both 3D Bymore placing efficiently elements the in and securely. the of smartphonepicture or tablet camera, can technicians support on-site experts remotelyan in equally effective man AR for industry and service providers 012 ------SOC2and TISAX. It is / SECURITY PROTECTION AND DATA also to be mentioned that TeamViewer has been placed the in also be mentioned to that TeamViewer highest category the of BitSight Cyber Security Rating. Millions businesses of and people worldwide onrely Team Viewer products everyfor critical business day processes This very use. to translates in and requirements private high us and cyber therespect security to privacy TeamViewer of corpo importance key of ers. therefore It is for TeamViewer’s the action ensure highest to possiblerate data IT protection, fulfilment ensure and product security met. standards To are theof intentions, the Group the during recent years has made significant investments establish to thenecessary organisa action. structural and tional security product and Infrastructure attaches importance great TeamViewer full employ ensure to ee the respect in awareness to maintenance the of highest possible IT of security level For and example, cyber hygiene. the Company offers mandatory courses and regular training whichin advanced knowledge the of patterns possible of at tacks and necessary responses taught. The are content of various policies internal and manuals on checked is a regular both permanentbasis, providing and freelance employees anwith effective to guide a practical security culture. security pursues strategy a best-of-breedTeamViewer’s ap the best solution for be deployed to is Accordingly, proach. world-leadingeach security resourc application. In this way, a comprehensive into es security can be integrated concept teams dedicated for that also Two includes security. physical IT security and for product security responsible are for the best possible protection the of global IT infrastructure and all products. Thethe teams supported Group’s are additional by resourcesinternal and external advisors, rec as by as well ognised security solutions. An external 24/7 Security Oper land system monitorsations Centre (SOC) the TeamViewer scape around the clock. security The is Group’s architecture certified accordancein withHIPAA - - - - %). % of billings (2019: 8.6 (2019: billings % of % compared 254 the year’s to previous versities. TeamViewer alsohas R&D Armenia in facilities andversities. TeamViewer Greece. These international locations enable the Group to gain access qualified to local talent. expenditure R&D In the 2020 expenses for R&D amounted fiscal EUR year, to This includes person million). 46.6EUR 37.9 (2019: million nel costs, costs work of performed, and services by provided service and providers cooperation partners as depre as well expensesciation for and R&D, amortisation. TeamViewer’s depreciation and amortisationexcluding and considering the adjustments corresponding the to definition EBIT adjusted of DA, amounted EUR to 34.8 EUR 28.0 (2019: million million). This amount corresponds 7.6 to R&D organisation organisation R&D 384 At the endthe of fiscal full-time year, equivalents (FTE) employed the in R&Dwere department throughout the Group: an +51 increase of FTEs. Most these of mainly in employees work Germany, in Goppingen and Bremen Ubimax (former R&D but location) alsoStuttgart in and Karlsruhe close – in vicinity local of uni ------
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Viewer and be advanced will AG further under the scope of projects. the existing man projects and one a regional in setting. Ubimax research continuedprojects were following Team the takeover by Further research projects working is with universities and insti research TeamViewer projects, tutions. research eleven in it involved is In total, two them of European-led, as part eight nationwide of Ger italisation fulfila variety and must, therefore, differentiated of the Company Consequently, requirements. maintains a con stant focus on the optimisation its of own R&D activities. In the attempts combine to functionalities all on one platform, Team Viewer also advanced the development process itself and im plementeda security software (S-SDLC). development cycle replaced theBy product development, advancing TeamViewer some the of traditional SCRUM processes and roadmaps, In transparency. greater accelerating and creating thereby the2021, Company use will from the the experience acquired transformations and the knowledge gained from the previous the developmentstructures improve process to further. TeamViewer seesitself asthe backbone itsof customers’TeamViewer dig Further improvement of the development process process development the 013 ------Within the TeamViewer Privacy Management Privacy Framework,Within the TeamViewer Handbook Privacy theis lead document theTeamViewer for data It includes protection. comprehensive TeamViewer’s rules on regulatory the fulfilling including main requirements, tenance processing of full a list of activities, checking of and concluding processing order agreements with contractors and the implementation of data protection impact assess ments. In addition, the implementation techni appropriate of cal and organisational measures the ensure security to all of addressed. is personal data entrusted TeamViewer to defines the data of rights TeamViewer policy, In its privacy subjects terms in information, of correction and deletion on the the basis of GDPR, among other things. These proce are Handbook, Privacy acknowledgeddurally the in TeamViewer possibleas are notificationper a of obligations the in event undertakes to TeamViewer sonal Accordingly, data breach. notify supervisory the relevant authority pursuant Art. to 33 GDPR the subject and, to provisions Art. of 34 GDPR, also the data subjects without undue delay. employ Data protection the is responsibility TeamViewer all of ees. Followingthe this approach, contentthe of TeamViewer HandbookPrivacy communicated is annual in and reviewed mandatory runequally forevents permanent training but also freelance employees and aspart further of andqual training ification measures for the affected persons responsible and functionholders. The access the employees to Compa have network internal ny’s amount where a large up-to-date of in formation on and the templates fields action of defined the in Handbook Privacy available. are TeamViewer ------TeamViewer’s Chief Executive Chief Officer and Finan Chief (CEO) TeamViewer’s Officercial informed recent of developments kept are (CFO) IT and productsecurity regarding matters, as related as well discussions. The relevant all in involved Senioractively Lead deals regularly with detailed (SLT) reports on ership Team and operationalstrategic cyber securityissues. The security organisation the headed is Security by Steering Board, which composedis the of Operations Chief Officer Chief (COO), Information Chief Officer SecurityTechnology Officer (CTO), and the Director Product(CISO) of Security. Data protection attaches importance great TeamViewer the to protection of personaldata. compliance The particgrants policy Group’s ular importance complianceto to with the related principles the processing personal of data pursuant Article to the 5 of and General Data Protection Regulation TeamViewer (GDPR). itsall associated companies fully recognise the resultant ob ligationsas dataHaving said controller that, and processor. only collaborates with processorsTeamViewer who also meet these requirements. ManagementPrivacy Framework,The a data pro TeamViewer tection management defines system, data all protection-relat opera ed provisions, policies, and To this end. procedures to tionalise them, been significant investments since made have Dataa develop Protection to Organisation and data pro 2017 Inaccordance tectionwithin culture with the Company. Art. 5 publishesGDPR, an accountability report TeamViewer reg at implement to the TeamViewer ularintervals, least at annually, ManagementPrivacy Framework. The most recent report is April 2020dated violations and has not identified relevant any or shortcomings the in Data Protection Organisation. ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year In early 2020, discontinued the functionality TeamViewer of the at end 2020, of Moreover, versionslegacy 4, 5, 6 and 7. announced that it would supportTeamViewer additional leg ports the and collaborates responsible principle disclosure closely with parties third uncover software potential to vul itsnerabilities in software. Throughout phases all software of seeks the ensure highest to level development, TeamViewer product securityof through a Secure Software Development softwareLife Cycle (S-SDLC). signed is with TeamViewer DigiCert code certificates. signing versionsacy with security mid-2021until updates dis before continuingthem. This has allowed the Company that ensure to usersall benefit from up-to-date software and security archi Fortecture. the same reason, free use the of software only is version. possible with the TeamViewer latest ther Security commissions regularly Playbooks. TeamViewer detailedsecurity systemsand prod the of relevant reviews uct and portfolio penetration exercises through Red Teaming security leading tests of researchers. The Company sup TeamViewer has a Computer SecurityTeamViewer ResponseIncident (CSIRT)Team and a Product Security Response Incident (PSIRT),Team whose permanent based is availability on a Security updated regularly Response Incident Plan and fur 014 ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Experts Legal department and the from Chief TeamViewer’s InformationSecurity Officer form part an integral (CISO) of this process and support the Data Protection Organisation on has appointed an an ongoing basis. In addition, TeamViewer external independent Data Protection Officer pursuant Art. to GDPR37 an in advisory who and auditing assists TeamViewer capacity the and represents Company its in dealings with the supervisory authorities. nate the operationsnate the of Data Protection Organisation under the leadership the of Head the of Data Protection Project. sation GDPR by Leads the in divisions, 15 which of there are them present, nine of at on a full-time basis. The GDPR Leads coordi to a working in group, usually monthly, meet regularly, countability statement. The heads department of supported are their of function the in thein Data exercise Protection Organi ance with the Data Protection Organisation thus lies with the heads department of relevant the in Senior Leadership Team who submit an(SLT) annual letter-confirmation personal of ac TeamViewer creates a strong a interlocking data creates of protection TeamViewer and GDPR compliance and operational responsibility with a decentralised which based is principle on thedepartmental Thestructure. responsibility for implementation and of compli cy Managementcy Framework, clear reporting been lineshave defined the in corporate organisation and corporate in gov ernance. At the the of top Data Protection Organisation the is Data Protection Board, which as must minimum, a include, the Financial Chief Officer as member (CFO) the of Manage ment Board and the Operations Chief Officer Gener (COO), al Counsel and Data Protection Project The Lead. Data Pro to least at oncetection a quarter, Board convenes regularly, issues importance strategic of deliberate manage and the to Data Protection Organisation. To ensure effective Priva ensure implementation the of To TeamViewer 015 employees employees 1 % compared to 2019, which consistentis % compared with 2019, to
Employees
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year
1 Number of employees refer to full-time equivalents (FTEs) at year-end 02 December As 31 of 2020, the Group 1,256had worldwide (31 December 2019: 841). This corresponds an to December 841). worldwide 2019: (31 49.3increase of the growth business. of Out these, of 78 employees resulted from the Ubimax GmbH acquisition. 016 - - - CCC) CCC) – A detailed description of the TeamViewer management ap detailedA description theof TeamViewer social to responsibilityproach and the corresponding projects foundis Social in responsibility the in Nonfinancial report. Governance committed is global standardsto sustainable of TeamViewer corporate governance, such as the UN Global Compact, which joinedwe 2020. in A detailed presentation the of governance issues can be found the in Corporate Chapter governance statement following also the by sections on security and data 15). page and on employees (on 12) page protection (on agen various rating by evaluated In 2020, was TeamViewer its ESG to withcies regard performance: among others, Team scalea AAA of (on rating an received Viewer “AA” AG thein MSCI ESG assessment. ratings - - Environment In 2020, focused heavily on the detailed elab TeamViewer goal of our Inaddition to key strategy. oration its of climate targets terms in specific added we climate neutrality, climate contentof and time commitment. Social continues view its business to model andTeamViewer the pos products free of individuals usingsibility TeamViewer for private as thecharge social biggest impact. It allows people millions of worldwide help others to and access digital infrastructure. - - e emissions. 2
Corporateresponsibility
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year S – Social and G – Governance E – Environment,
ducing the need to travel and the theducing associated need travel CO to 03 solutions, people millions of remote get By using TeamViewer access,control remote and supportcapabilities for free. products enable people help others to while re TeamViewer ‧ ‧ ‧ TeamViewer divides its corporate responsibility the three into TeamViewer elements the of ESG concept: TeamViewer seeksharness to strength the the of innovative TeamViewer Company change the to world for the better be and a role to model terms in a good of local, domestic, regional, and inter national partner. 017 - - - - new employees,software 130 are developers,while 173 6 Net increase in FTEs at year-end work sales. in as a result added A total 78 employees of were of the Ubimax acquisition. 6 ing increaseding activity on its connectivity platform, the Group router capacity itsexpanded existing the ensure stability to itsof platform and thus disruption-free use TeamViewer of continued expand to applications. In addition, TeamViewer the number its of employees 2020. during Out a total of of 415 The restrictions imposed and economic life on public activity combatto the pandemic an led acceleration to the in funda Working from Group. mental growth the drivers of TeamViewer home (WFH) became solutionsa necessity, and reliable for the management remote and control infrastructureof and de remote vices needed were industries. across all Accordingly, accessand collaboration functions became increasingly suc cess-critical for businesses factors and organisations alike. As companies a result, investments made digitalisation in that eitherhad been put off orparticularly not made, the during monthsfirst few the of By crisis. mid-2020 the demand situa normal. to mostlytion returned ------%, despite % in most% in . The. market 5 % . At the same time, 2
3 . Projections global spending have 4 Gartner: https://www.gartner.com/en/newsroom/press-releases/2020-10-20-gart ner-says-worldwide-it-spending-to-grow-4-percent-in-2021 Gartner: https://www.gartner.com/en/newsroom/press-releases/2020-11-12-gart ner-cfo-survey-reveals-a-dramatic-digital-acceleration-since-covid19 IDC: https://www.idc.com/getdoc.jsp?containerId=prUS46377220 IDC: https://www.idc.com/getdoc.jsp?containerId=prUS46609320 BUSINESS DEVELOPMENTBUSINESS conditions in the segments of relevance to TeamViewer – dig conditions the in segments TeamViewer to relevance of andconnectivity italtransformation, IoT solutions the– during reporting persistent growth. by year remain characterised on the Internet of Things (IoT) growing by 8.2 by growing onthe Things of Internet (IoT) 2 2 3 4 5 economies the of as a result recession Despite the globallockdown combat to the COVID-19 Group maintain able to was its pandemic, the TeamViewer business operations the during reporting year free any of benefited from noteworthy restrictions. TeamViewer Here, early contingency The planning. Company has virtual sell processes ing and place in can install products remotely, andefficiently for its customersquickly, theAt Internet. over em the start many TeamViewer the of particular, in crisis, ployees from worked home. In the further course the of year, workinghybrid established, models increasingly with were employees combining office work with work. remote Expect Industry-related conditions Industry-related Basedon an assessment firm research market Gartner, of global IT spending 2020 in 5.4 decreased by the COVID-19 pandemicthe showed COVID-19 that businesses a sub have stantial up when need catch to it comes their digitalising to processes. A survey Gartner conducted by among CFOs showed that many businesses dissatisfied are with the sta tus their of digital transformation planning a therefore and are sharp rise digitalisation in investments. According to the institute to According research IDC, 2020 in spendings of businesses on digital transformation 10.4 by grew pandemicthe COVID-19 Impact pandemic ofthe COVID-19 , - - - - 1 %. %. For the United States, where % decline thein global economy for
Economic report Economic
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Kiel Institute Economic Outlook of the Kiel Institute for the World Economy (IfW): The global economy in winter 2020 ECONOMIC CONDITIONS ECONOMIC since mid-2020 the global gross domestic product (GDP) has recouped a substantial portion the of decline it suffered pandemic. Nevertheless, the of as a result COVID-19 the IfW projects a further 3.8 2020. The extent the of economic recovery consider varied 1 casts a decline GDP in 7.7 of the government launched extensive programmes support to the forecastthe a decline 3.6 of says economy, tions lockdowns and repeated many in countries. Moreover, the uncertainty completed year-end surrounding Brexit, at 2020, For strain. exerted the European Union, the IfW fore ly on and effectively some – in cases pre-crisis exceeded the at end 2020. of level By contrast, the Europe in recovery the in fourth quarter infec of seconda curbed was by wave ably The from region. to region economicoutput the in Asian – whereemerging markets the pandemic contained was ear
According to the to According Kiel Institute for the Economy World (IfW) 04 Macroeconomic conditions Macroeconomic 018 ------
% 455.6 261.4 460.3 + % 41.7 (incl. Ubimax) Fiscal year 2020 %, an equivalent to
Forecast 252 to 255 450 to 455 minimum 450 +39 % to +40 % (November 2020) 252 % compared with 2019) and revenue ranging be ranging % compared and revenue with 2019) Forecast (May 2020) approx. 450 approx. 39 % minimum 450 % compared with 2019). The EBITDA% compared adjusted with forecast 2019). % to 35% to Comparison between actual and and actual between Comparison forecast business development For 2020, management the 2019 report rang billings projected betweening EUR 430 and million EUR 440 of (increase million 32 tween EUR 420 and million EUR 430 8 of (increase million 10 to ranged between EUR 240 and million EUR 250 million. pandemicthe of a signif ledThe to COVID-19 spread rapid icant demand increase in access for remote and WFH solu tions, particularly the during first half 2020. of As the a result, Group recorded an additional acceleration of TeamViewer demand from after March onwards good an already business performance the in first two months the of year 2020. Given that business performance the in first quarter outstripped ex pectations and demand remained persistently strong April, in 2020 May in theGroup around to raised its forecast for billings EUR 450 a minimum to EUR of and million for revenue 450 raised its outlookAt themillion. same for time, TeamViewer EBITDAthe adjusted around56 to margin around of absolute EUR figure 256 In addition, it million. fore casts investment higher between spending of a slightly EUR 25 and million EUR 30 EUR approx. 25 (previously million mil the due to pandemic-related the in introduction delays of lion), theresource (ERP)planning newenterprise andcostssystem connection in incurred with the the to new head move office.
- - - - % 420 to 430 430 to 440 240 bis 250 % to + 35 Forecast (2019 + 32 management report) -- % of the% of shares Ubi in 2019 182.1 390.2 324.9 Fiscal year % of the% of shares Ubimax in by GmbH acquired were Adjusted EBITDA Revenue Growth YoY (in %) Billings alents the of In addition, 37.56 Group. max for the return in GmbH issue shares acquired of in were AG. For new shares in this purpose, 1,070,931 TeamViewer issued were from AG authorised capital the in TeamViewer course a capital of contribution against increase kind. in As the the to future the transfer of perfor shares linked is manceAG, the work of founders by Ubimax of for TeamViewer this contribution kind in accounted is for as an equity-settled share-based payment and notas consideration as part the of acquisition Ubimax. of The Team pledged new shares are to period a vesting subjectViewer and to three are of AG years, with release annual in tranches. The closing the of transaction took August in place 2020. 62.44 Germany GmbH.The TeamViewer price EUR of purchase 86.2cash fully in was million paid with cash and cash equiv Guidance adjustment in 2020 In EUR million ------% in the APAC the in % APAC % (APAC region) and region) % (APAC employees who at operate 1 % in the% in AMERICAS During region. % (AMERICAS which underscores the success region), TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year 1 Headcount at year-end over enables TeamViewer to push ahead to with the development enablesover TeamViewer new useof cases with a focus on data analysis and artificial in Pilot, The offeringstelligence. expanded on TeamViewer build an easy-to-use AR application for mobile phones and tablets. tion helped TeamViewer to expand its offerings expand to for major cor tion helped TeamViewer customersporate the in areas Industry of 4.0 and the Internet a considerable to extent. In addition, the take Thingsof (IoT) ual workprocesses. The Ubimax technology employed in is the work environment the of workforce Frontline and used on wearables such as smartglasses. The Company’s product portfolio also includes the AR software platform The Frontline. more than 200 Ubimax customers various include international Ubimaxgroups. has more than 80 In July 2020, TeamViewer AG signed a binding agreement to agreementIn July to signed a binding 2020, AG TeamViewer Ubimax,take over wearable computing of a provider technol ogies and augmented reality solutions man (AR) improve to Ubimax acquisition One of the key goals of the TeamViewer Group is to expand its expand Group to is goals Onethe of the of TeamViewer key geographic presence. It focuses on the expansion the of sites established India, in China, Japan, 2018 in and Singapore in region and on intensifyingthe APAC its sales and marketing activities the in AMERICAS In the region. fiscal year 2020, the numberFTEs of 54 increased by was or 62 Geographic expansion Geographic region and by 64region and by or 46 strong Group achieved the TeamViewer the reporting year, growthbillings both in regions 36.3 of 43.7 theof measures implementedso far. sites in Germany, the United States and Germany, The in sites Mexico. acquisi 019
view 182.1 324.9 56.0 % Management
(7.4) (65.2) 7.4 pp 2019 Reconciliation % IFRS 189.5 390.2 103.9 153.0 48.6
view 261.4 460.3 56.8 % Management version 11: four years); by contrast,by the in subscription model four years); version 11: the subscription period, over which is deferred is revenue usually twelve months. - - - 3
4.7 56.3 2020 11.8 pp 1 Reconciliation % IFRS 205.1 455.6 103.0 164.0 45.0
/ / 2 (loss) for the year percentage points / = EARNINGS POSITION OF THE GROUP Adjusted EBITDA 1 Negative values are shown in brackets in tabular overviews 2 EBITDA does not constitute an IFRS performance indicator but has been included in the table for ease of understanding3 pp tation with the Supervisory The Board adjusted. individual are the in explained section are beitems adjusted Operating to (EBIT)profit EBITDA and adjusted on 22. page TeamViewer’s management EBITDA and adjusted uses billings as primary fi nancial performance manage the to indicators Group. Development of billings and revenue Group completedthe its of switch theIn 2018, TeamViewer business model from a perpetual licence model a sub to scription model. used products Since all sold have 2019, thesubscription model. Under the perpetual licence model, TeamViewer to three years (up over deferred was revenue operating results Group’s TeamViewer Key figures of the The following overview describes the development the of key Group fiscal in year 2020earnings the of figures TeamViewer the In addition to most importantcompared the to prior year. itemsthe of income statement IFRS, to according the overview also shows the which in reconciliation the to management view, recognised or profit in the revenues loss change deferred in and certain items the defined Management by Board consul in In EUR million Revenue / billings Adjusted EBITDA in % of billings in % of revenue EBITDA EBITDA EBIT Profit ------% %). The higher %). %) was confirmed. was %) % to 42 % to 41 % (currency-adjusted: TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year % to 40% to The business performance the in fourth quarter also exceed billings forecast not the include did contributionbillings from the Ubi The outlook EUR max450 (minimum takeover. for revenue mil and EBITDA theadjusted (56 lion) margin for the theIn target figure adjusted view the of billings, higher EBITDA correspondedmargin absolute higher a slightly to amount between of EUR 252 and million EUR 255 million. ed expectations, thanks strong new business to and the per number sub high sistently from contract of renewals existing the in fiscal billings year 2020scribers. Accordingly, came EURto 456.8 terms, organic in million which means that the upperend the Novemberof in forecast adjusted range was the Including contribution exceeded. slightly from Ubimax, came EURbillings to 460.3 41.7 and million increased by At EUR 455.6 the year. previous over during revenue million, the 2020 reporting the year also most exceeded recent fore cast. EBITDA Adjusted the exceeded million EUR of 261.4 too. forecast been range that had raised November, in lysupported account businessthe key by among other fac Group raised its forecast No in again tors, the TeamViewer vember2020. betweenranging It nowprojects billings EUR 450 and million EUR 455 an equivalent increase of to million, 39 In the wake of persistently of In the strong growth wake the in second and quartersthird and the at the of beginning fourth large quarter, 020 Revenue Group pursuant IFRS to theRevenue of includes TeamViewer recognised profit in and revenue changes deferred in billings or loss. The Group its softwareusually bills productsthe at startthe of contract one in amount. This amount mostly is months. a period This over 12 means of recorded revenue in a fiscal of the lower year is than rise, revenue that if billings The following table the shows of fiscalthe the billings year. for the fiscal revenue year 2020 to reconciliation billings of period: and the prior-year - - - - - %) to to %) %) to EUR 157.7 EUR to 157.7 %) % of total billings total% of billings % to EUR% to 246.4 mil % (currency-adjusted: 38.7 % (currency-adjusted: % in each the% in of following quarters. % in the% in first quarter 2020. of Although 49.7 % (currency-adjusted: %), theEMEA most%), remained region im theGroup’s EUR 56.1 million in the fiscal year 2020 (2019: EUR 41.2 million). the in million million). fiscal year 2020EUR EUR 56.1 41.2 (2019: portant the in region fiscal year2020. the in AMERICAS Billings 43.7region roseby Growth EUR 109.8 the in driv (2019: region was million million). en mostly the segment enterprise by the a of and availability by the region Group Inwider the product generated range. APAC 36.3 of an billings increase in cluded the in consolidated of group companies Au since 21 gust 2020, contributed EUR 3.5 The totalbillings. to million demandhigh access for remote and WFH solutions the due to strongpandemic growth an led exceptionally to COVID-19 in 74.7 totalling billings the setting market mostly had normal returned to mid-2020, by the Group nevertheless reported growth currency-adjusted more of thanrates 30 the in EMEABillings 41.6 region rose by The growth million). lion the in EUR reporting 174.0 year (2019: from resulted largely a substantial expansionsales of and a numberhigh customers enterprise of the Company able was attract.to Accounting for an unchanged 53.5 53.5(2019: The Ubimax GmbH been and its subsidiaries, in which have - - - - % The currency negative 1 %. TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year To determineTo the currency-adjusted billings for the fiscal the year, exchange rates used for the billings of the previous year are applied to the billings of the fiscal determine To year. the currency-adjusted growth the currency-adjusted billings of the fiscal year are set in relation to the billings of the previous year. 1 the in 2020 billings The Group’s reporting 41.7 year rose by voiced to thevoiced to customer within a specificperiod constitutes a contract within the meaningIFRS of directly result Billings 15. from customer contracts not and affected are the deferral by the in Revenue fiscal and 2020 years 2019 revenue. of still from perpetualincludes revenue licences though even the business model been has already converted for years. In the reflect under therefore billings the management’s view, lying business performance Group better the of TeamViewer no as perpetual they are longerthan by revenue impacted Group as uses billings licences. the TeamViewer Therefore, a primary performance measure and to indicator assess the performance can Billings from be calculated the of Company. IFRSfor revenue the change adjusted deferred in revenue, recognised or profit in loss. EURto 460.3 The curren EUR 324.9 million). (2019: million cy-adjusted growth came 44.4 to Billings represent the (net) value of goods of value and services the (net) represent Billings in Billings effect primarily resulted from the the depreciation of U.S. dol lar against the euro. lar the against euro. 021 - - - %). % to EUR 64.1 EUR% to 64.1 12.9 % (2019: % to EUR 391.5 million (2019: EUR% to (2019: million 391.5 loss for the year included a positive effect EUR of 65.2 / million from the changes in deferred revenue recognised frommillion in the revenue changes deferred in orprofit loss. In the fiscal year 2020 neg a in this resulted Gross less defined profit, cost as revenue sales, of in 15.2 by creased accordingly EUR 340.0 million). Earnings development Earnings Looking theat earnings development compared the to prior it mustaccount be taken into thatthe net prior year’s year, profit effectative The EUR million. of EUR 4.7 69.9 decline million recognised or profit in loss revenue changesin deferred of is mainlyattributed perpetualthe in to fall licences EUR of 78.3 Thismillion. decrease from results the change the of business model from a perpetual licence model a subscription model. to costs and other income Total costThe sales of 27.6 Group’s increased by the in million fiscal year 2020 EUR The 50.2 in (2019: million). the in crease cost usage-related sales of by driven largely was spendinghigher on payment and service Internet providers, increasedpersonnel costs, and riseinfrastructurea in costs, such as expenses for servers and routers. The cost sales of as 14.1 increased to a percentage revenue of - - - % to EUR 149.1 million million EUR% to 149.1 %. Despite slower revenue %. Despite slower revenue % to EUR 58.2 million (2019: EUR 47.6 million). EUR% to 58.2 EUR 47.6 (2019: million % to EUR% to 455.6 EUR 390.2 (2019: million The million). Overall, Group revenue in the in fiscal GroupOverall, revenue year 2020 increased by 16.8 from results lower percentage increase compared billings to especially above, explained the effectrevenue deferred of from the perpetual licences. The Ubimax acquisition contrib uted EUR revenue. the 2.9 to million Group’s In the EMEA Group reve generated the region, TeamViewer nueEUR of 248.3 2020 in million million), EUR 219.8 (2019: a growthequivalent to 13.0 of rate momentum when compared with the other regions, EMEA re Revenue region withmained the the highest revenue. Group’s thein AMERICAS 21.3 region rose by region reported while the APAC an EUR million) 122.9 (2019: 22.4increase of - - 14 42 63 12 17 107 In % 8.1 0.3 65.4 135.4 (69.9) (78.3) Change 65.2 (2.6) 2019 324.9 124.5 390.2 (56.7) 46.2 (4.7) (2.3) 2020 460.3 455.6 (48.6) TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year of which from the subscription business of which from perpetual licences of which from non-allocated business Following the the of switch business model a subscription to model the in fiscal the year 2018, Group no longer sells per In the subscription business, the revenue is deferred over theIn the over subscription business, deferred is the revenue on a monthlyterm the of or subscription (usually yearly basis). The balance from the release revenue or addition deferred of from the subscription businessthe during 2020 reporting year an in effect resulted EURof onrevenue –48.6 (2019: million EUR –56.7 million). petual licences. under the The deferred old licence revenue model a three-year TeamViewer released is over period (until The gradually. expire and therefore will four years) version 11: from perpetual revenue licencesrelease deferred of during the 2020 reporting EUR of revenue in 46.3 year resulted mil lion EUR (2019: 125.5 million). Reconciliation of billings to revenue Reconciliation In EUR million Billings Change in deferred Change in deferred revenue recognised in profit or loss
Revenue 022 - - - 10.2 10.8 36.8 36.4 2019 182.1 189.5 153.0 (65.2) %. In with line - 2.7 4.7 48.9 41.1 2020 261.4 205.1 164.0 % to EUR 205.1 million (2019: EUR 189.5 (2019: million EUR% to 205.1 % in the% in 45.0 fiscal to year 2019 Other items to be adjusted Change in deferred revenue Change in deferred revenue recognised in profit or loss Expenses for share-based compensation Expenses (and income) in connection with the IPO Adjusted EBITDA
EBITDA,defined as EBIT anddepreciation plus amortisation, 8.3increased by The EBITDA contract revenue to relation in margin million). ed from 48.6 In addition to the change in deferred revenue recognised in revenue theInaddition to changedeferred in EUR or –65.2 profit loss, (2019: million EUR totalling 4.7 million), expenses (less corresponding amounting income) EUR to 51.6 2020. in adjusted were million) EUR 57.9 (2019: million Reconciliaxtion of operating profit to adjusted EBITDA Reconciliaxtion of operating In EUR million Amortisation and depreciation EBITDA the development the of EBIT this decline large was margin, ly attributable from the lower revenue release deferred to of from perpetualrevenue licences and expenses higher from share-based compensation. Thethe reconciliation table illustrates fromabove operating EBITDA, adjusted to profit primary the Group’s performance for theindicator developmentfor operating profit, of the fiscal years 2020 The and 2019. EBITDA calculation adjusted of ad recognised orjusts profit in the revenue change deferred in loss and specific items the definedManagement by Board in consultation with the Supervisory Board. Operating profit (EBIT) - - - - % to % to % to EUR% to A) expenses A) & % to EUR 14.6 million in in million EUR% to 14.6 % in the% in fiscalyear 2020 EUR to 54.9 (2019: million %,mostly from thelower releaserevenue due de of to Other almost expenses were unchanged the in fiscal year 2020 EURat after 0.4 million, EUR 0.5 the in million year. previous The decline (G general in and administrative visory costsconnection in thein year incurred, previous with for thepreparations IPO. Higher personnel expenses had the opposite effect. of 6.0of primarilyEUR resulted from the 58.4 absence ad of million) ferred revenue from perpetual licences and higher expenses expenses higher and licences perpetual from revenue ferred share-basedfrom compensation. Depreciation, amortisation, and impairment losses on tangi andble intangible assets, included which total in costs, are the in million EUR reporting 36.4 year (2019: came EUR to 41.1 This from increase resulted investments higher made million). the price allocation purchase Moreover, the year. in current thein context the of Ubimax acquisition additional led de to andpreciation amortisation Amortisation EUR of million. 1.3 customer almost was acquired relationships of unchanged at EUR 24.2 million EUR (2019: 23.6 million). 36.0 Bad debt expenses declined by 5.9 expensesBad declined debt by the fiscal year 2020 EUR million). 15.5 (2019: (EBIT) EBITDA profit Operating adjusted and (EBIT) operating profit The Group’s 7.2 increased by 164.0the in million fiscalyear 2020 EUR 153.0 (2019: million). The from 39.2 EBITDA fell revenue to relation in margin ------% to EUR to % 46.6 million % growth costs marketing in EUR to 38.5 million % rise sales in expenses the during reporting year D costsD 2020 in 22.9 increased by TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year & (2019: EUR 37.9 million). The costs higher attributable, were million). EUR 37.9 (2019: the to recruitment more of softwareespecially, developers in connection with the further development products of such as and Pilot and the expansion the of IT infrastruc IoT Tensor, The 30.1 personnel higher EUR to owed largely was 29.6 (2019: million) expenses. costs In addition, marketing rose increased due to search engine marketing. terprise customers was expanded at all key locations. customersterprise key all at Other expanded was reasons for the rise sales in expenses the include acqui sition Ubimax, of which strengthened the sales and force, increased expenses from share-based compensation due significantlyto billings. higher ticularly the sales subsidiaries in Germany, theticularly the United States sales subsidiaries Germany, in and Japan. At thesame time, the salesorganisation for en The 47.4 uted to higher R&D higher uted to costs. In addition, R&D costs rose due increased expensesto for share-based compensation and bonushigher payments. from resulted EUR million) 52.7 (2019: million EURto 77.7 sales par structure, the furtherexpansion TeamViewer’s of ture and The IT of ture security. acquisition Ubimax, of which led further to the additions to development team, also contrib lion (2019: EUR 0). The previous year’s figure also The includedfigure EUR year’s previous 0). lion (2019: income from on the the expenses share of to charging selling holder TigerLuxOne (TLO) connection in with the S.à IPO. r.l. R Other income amounted EUR to 5.3 the in million fiscal year The item mainly consisted of million). 2020 EUR 7.7 (2019: price gains from cap the amounting currency EUR to 3.4 mil 023 - - - - - % (2019: % (2019: % on account of %). The increase in %). % (2019: –9.2% (2019: loss for the year amounted EUR to 103.0 the in million / %) exceeded the Group exceeded tax 28.8 of rate %) Income taxes the during reporting composed year were of tax current in ex million) EUREUR 12.6 42.6 (2019: million pense and EUR tax tax deferred in million 24.8 (2019: expense The tax deferred income income million). EUR of the in 21.3 primarilyfiscal resulted from the year 2019 first-time recogni taxtion deferred of carryforward. the to interest assets related Profit fiscal year 2020 This in EUR resulted 103.9 (2019: million). unchanged earnings per EUR of share EUR 0.52 0.52). (2019: Profit / (loss) for the year In the fiscal year 2020, the tax net amounted expense EUR to tax net This was (2019: million income EUR of million). 8.7 67.4 a taxequivalent to 39.5 of rate taxcurrent million) EUR EUR to expense 12.6 42.6 (2019: million mainly taxis the due before to profit increase in EUR to 170.4 and the utilisation lossa of car million) EUR 95.1 (2019: million ryforward the in year the in previous amount EUR of 9.0 million. The tax the in fiscal rate year the in amount 39.5 of –9.2 additional income tax expenses from largely non-deductible expenses from share-based compensation EUR of mil 13.8 lion, from the non-recognition loss of carryforwards EUR of 2.0 and million other non-deductible expenses amounting million. EURto 1.6 these additional in items tax resulted In the prior year, ex This million. additional taxpense EUR totalling 13.7 expense contrastedwith additional tax income EURof 49.3 million from the first-time recognition tax a deferred of asset related carryforward. the to interest This taxnet a led to income of EUR the in million year. previous 8.7 ------EUR exchange rate and the corresponding rate EUR exchange / ed from the impact of the exchange rate trend on trend the tranches ed rate from the the impact of exchange financial denominatedof liabilities U.S. in dollars and pound By losses contrast, EUR currency to sterling. foreign fell 17.6 While losses the in 2020 million). EUR fis 41.3 (2019: million mainlycalcomposed year were losses of on cash andcash exchange and currencies foreign equivalents held foreign in losses from operating activities, losses currency from foreign the to develop translation related the in year were previous ment the of USD impact on the measurement financial of liabilities. Finance income decreased from EUR 38.9 EUR to million 3.0 the in million fiscal year 2020 and mainly consisted of the incomeaddition figure The from refinancing. prior-year ally included income from the measurement derivatives of loan. syndicated Financeembedded the in costs 2017 de EUR creasedto EUR 22.9 During 83.9 (2019: million million). the Companythe reporting primarily interest incurred year, payments on financial and expenses liabilities from resulting the amortisation capitalised of transaction costs. Further the more, year included previous losses from the measure ment financial instruments. derivative of In the year, previous included connection in expenses were with the refinancing as withas well the loan then net existing All from told, TLO. finance costs the in reporting EUR to mil year improved 19.9 EUR Based 45.0 onlion these (2019: developments, million). earnings taxes before (EBT) the in fiscal year 2020 to grew EUR million EUR 170.4 million). (2019: 95.1 Earnings before taxes (EBT) taxes before Earnings gains amountedForeign currency EUR to 43.9 the in million fiscal year 2020 They result largely EUR 28.4 (2019: million). - - - - - %). %). % to EUR% to % in the% in fiscal year 2020 56.0 (2019: TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ings improved to 56.8 to improved ings Adjusted EBITDAAdjusted the in fiscal year 2020 43.5 rose by 261.4 million (2019: EUR 182.1 million). The main reason for this million). EUR 182.1 (2019: million 261.4 economiesincrease was scale of the due to pronounced growth The EBITDA billings. adjusted in asa percentage bill margin of ment effects. In the previous year, IPOment effects. costs In the and bonus year, previous pay ments employees to connection in with the IPO EUR totalling and million 10.8 expenses from resulting the implementation of GDPR and requirements IT from projects designed improve to reorganisation expensessecurity, and expenses for specific legal amounting disputes EUR to adjusted. 10.2 were million Other special items the in fiscal year 2020 came EUR to 2.7 andmillion mostly concerned transaction-related expenses in connection with expenses from resulting the Ubimax takeover, special IT projects, reorganisation expenses and measure sation transactions between companies. group The liquidity Group not is affected these by transac theof TeamViewer tions. In addition, share-based compensation EUR of 12.1 from resulted compensation EUR 0.0 million) (2019: million Group and Ubimaxprogrammes GmbH. the of TeamViewer These primarily expensesfor to related adjustments were share-based compensation amounting EURto 48.9 million EURMost 36.8 (2019: these of expenses (EUR million). 36.8 from resulted compensationmillion) programmes issued by Group does Although TLO. by theandTeamViewer payable not these make share-based to it obliged is payments itself, account for them because it formed part the of superordinate andhence, constituted TLOGroup, share-based compen 024 - - - - - % 9.6 % 61.1 % 29.3 % 100.0 31/12/2019 91.9 and liabilities) 585.7 281.4 958.9 (share of total equity %
22.6 % 44.4 % 33.0 % 100.0 31/12/2020 and liabilities) 240.7 471.7 351.0 1,063.4 (share of total equity
The growthDecember assets, current in as 31 of 2020, result from greatly ed, the cash increase in and cash equivalents. At EUR 83.5 December million) EUR 2019: (31 million 71.2 they remained the largest item within assets. current Second December (31 million receivables EUR rose trade to 19.7 ly, the of the in Company’swake busi million) EUR2019: 11.8 ness expansion. The reporting financial of assets EUR of 4.5 the to December relates EUR 2019: (31 million 0.0 million) value. fair at derivatives measurement currency foreign of The following overview shows the structure the of liability side Group the at end of theof balance sheet the of TeamViewer the fiscal years 2020 and 2019: Group increased equity the of and liabilities TeamViewer Total EURby December 148.9 EUR to million as million 31 of 240.7 The increase re 2020 December million). EUR 2019: (31 91.9 from principally thesulted for profit net the year EUR of 103.0 In addition, the the during generated million reporting year. share-basedexpenses for TLO’s compensationpursuant to IFRS a EUR 2 prompted 36.8 the increase in million capital re serve and the share-based payment Ubimax of the in amount EURof 10.5 The million. which do not shares form granted, part the of pricepursuant IFRS, purchase to recognised are as share-based compensation a period over three of years as increased Issued capital reserve. the capital against expense December 2019: (31 million EUR to million 201.1 EURby 1.1 EUR 200.0 as part a capital of million) non- increase against Liability side of the balance sheet Liability side of the balance In EUR million Equity Non-current liabilities Current liabilities Total equity equity Total and liabilities ------ed from largely the price allocation purchase the of Ubimax GmbH. The rise property, in plant, and equipmentEUR to 40.5 December EUR 2019: (31 million 26.5 due was million) investmentsto EUR of 26.2 EUR million) 16.6 (2019: million predominantly which were spent theduring reporting year, on the expansion the of IT infrastructure and the construc tion a new Group of head office. It contrasted with depreci ationand amortisation non-currentof assets EUR totalling million EUR (2019: 36.4 million). 41.1 The offsetting tax deferred of assets tax and deferred liabil itiesthe led to reporting tax deferred of as 31 of liabilities, December 2020,amounting EUR to EUR29.0 (2019: million 6.0 tax The deferred million deferred of disclosure net asset). tax mainly was the liabilities the of result utilisation deferred of tax assets from carryforward the interest the in amount EUR of the tax million, decrease10.0 deferred in assets for deferred the in amountrevenues EUR of the million, initial recog 13.6 taxnition deferred of from liabilities the first-time consolida tion Ubimax of the in amount EUR of 10.2 the million, reversal tax deferred of from liabilities the first-time consolidation of the in amount EUR of 6.0 asTeamViewer the as well million, tax deferred increase in on liabilities bank loans cur foreign in EUR tax by rencies As 9.6 million. deferred a result, assets EURwere 0.2 December only million 31 as at 2020 De (31 cember EUR 2019: 6.3 million). December assets, current as 31 of The 2020, Group’s com receivables,prised other trade assets, tax assets, financial assets and cash and cash equivalents. ence date (31 December EUR 2019: (31 ence 235.8 date result million) Accordingly, goodwill, December as 31 of 2020,Accordingly, came to EUR 646.8 DecemberEUR 2019: (31 million 590.4 million) and thus remained thelargest item onthe asset’s of side The Group. increase the balance sheet the of TeamViewer intangiblein assets EUR to 255.3 the as million at refer - - - % % to % to 9.8 % 90.2 % 100.0 31/12/2019 93.7 865.2 958.9 (share of total assets) %
89.2 % 10.8 % 100.0 31/12/2020 948.1 115.3 1,063.4 (share of total assets) % during the% during reporting year. TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Non-current assets Current assets In EUR million Asset side of the balance sheet Asset side of the balance Total assets Total POSITION OF THE GROUP ASSETS AND FINANCIAL FINANCIAL AND ASSETS dition goodwill of EUR totalling 56.9 and million intangible million. assets EUR of 37.6 Thenon-current in increase December assets, as 31 of 2020, primarily was the due to the takeover of Ubimax GmbH. The price allocation purchase the in ad resulted 10.9 Group increased by assets the of TeamViewer Total The Group’s non-currentThe Group’s December assets, as 31 of 2020, comprised goodwill, intangible assets, property, and plant tax deferred and assets, other assets, financial equipment, assets. non-current All told, assets EUR rose by 82.9 million or 9.6 EUR 1,063.4 the as million December at reporting 31 of date 2020 December EUR 2019: (31 958.9 the in Like pre million). December 865.2 2019: (31 million EUR at 948.1 vious year, most the of asset’s the of side balance sheetmillion), consist ed non-current of assets. assets Current totalled EUR115.3 million December (31 2019: EUR 93.7 million). The following overview shows the structure the of asset of side Groupthe at end the of the balance sheet the of TeamViewer fiscal years 2020 and 2019: Asset position of the Group 025 52.0 68.9 77.3 (0.4) 257.9 116.3 495.1 395.4 123.4 595.7 Carrying Carrying amount (EUR) amount (EUR) - 52.2 70.4 78.3 263.2 118.8 504.5 400.6 125.0 603.8 Principal Principal amount (EUR) amount (EUR)
2024 2024 2024 2024 2024 2024 2024 2024 Year of Year of maturity maturity 2019
2.24 % 1.89 % 1.75 % 2.03 % 4.81 % 2.50 % 3.58 % Various Nominal Nominal interest rate interest rate - -
EUR EUR USD USD USD GBP GBP Various Currency Currency 2 1 Current liabilities came to EUR 351.0 million as of 31 Decem as million 31 of came liabilities Current EUR to 351.0 Deferred ber 2020 December million). EUR 2019: (31 281.4 EUR the largest rose item within by liabilities, current revenue, December EUR 2019: (31 million EUR4.6 to million 214.8 In the context the of adjustment the of Group’s million). 210.3 August in loan 2020 facilities and credit and the associated a portion of drawdown fi current line, credit the of revolving December as 31 nancial of liabilities 2020 EUR rose to 82.1 up frommillion, EUR 34.3 December as million 31 of 2019. (31 million The and EUR other to rise deferred in liabilities 39.1 attributable greatly was to million) December EUR 2019: 17.8 employee-relatedhigher accruals and VAT. 1 As at December 31 2020, TeamViewer had a credit facility of up to EUR 150.0 million, of which EUR 86.0 million were undrawn as at the reference date 2 As at December 31 2019, TeamViewer had an undrawn credit facility of up to EUR 35 million Financial liabilities In EUR million Syndicated loan 2019 USD Syndicated loan 2019 USD Syndicated loan 2019 EUR Syndicated loan 2019 GBP In EUR million Syndicated loan 2019 – Revolving credit facility Total interest-bearing liabilities interest-bearing Total Syndicated loan 2019 EUR Total interest-bearing liabilities interest-bearing Total Syndicated loan 2019 GBP Syndicated loan 2019 – Revolving credit facility - - %). Within %). December 61.1 2019: % (31 % at the% at end 2019. of %, up from 9.6 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year cash contributions used part to that were finance the purchase price the of Ubimax 201,070,931 acquisition. divided It is into ordinary bearer shares with no-par The value. of granting theshares to former Ubimax owners, which not is considered part the of price underpurchase IFRS, recognised instead is as share-based compensation a period over three of years as an additional against expense paid-in capital. As a result, the equity the at ratio end the of fiscal year 2020 to improved 22.6 Non-current liabilities of the Group decreased to EUR 471.7 Non-current the of liabilities Group decreased EUR to 471.7 December asmillion 31 of 2020 December EUR 2019: (31 Their total of equity share 585.7 accord and liabilities million). EURthis item, financial to recorded a drop liabilities 440.2 December EUR Alongside 2019: (31 million 582.5 the million). partial the of repayment USD loan, financial also liabilities de ingly declined to 44.4declined ingly to thecreased due to translation loans of denominated U.S. in dollars and For pound tax sterling. the deferred increase in our to comments pleaseliabilities, refer tax on deferred assets non-currentunder assets. 026 - - 4.6 71.2 79.9 2019 143.6 (20.9) (136.1) 83.5 71.2 (6.2) 2020 224.5 (95.8) (110.2) % increase in billings to EUR to billings % increase in % over the previous year. This de the year. previous % over
Net cash used in financing activities Other changes Net cash from operating activities Cashflow aus der Investitionstätigkeit Financial position of the Group Group the of Financial position The following overview performance shows the key indicators Group: theof financial position theof TeamViewer of financial position Development In EUR million Cash funds at the end of period Net cash from operating activities the in fiscal year 2020 amountedEUR EUR to 224.5 143.6million), (2019: million and 56.4 thus increased by velopment from results a 41.7 460.3 and million a disproportionately small rise operating in expenses accounted for on a cash basis. million Net cash activities used investing in EUR was –110.2 the in fiscalyear 2020 EUR –20.9 Investments (2019: million). property,in plant and equipment and intangible assets rose EUR pri to and related 26.2 EUR million) 16.6 (2019: million marily the a new ERP to of launch million) (EUR system 12.3 and the construction the of new head office (EUR 6.6 million). The Ubimax takeover of cash a net led to outflow EUR of 84.1 the during million fiscal year.
Cash funds at the beginning of the period ------34.3 3.0 x 2019 182.1 582.5 545.6 (71.2) 82.1 1.7 x 2020 261.4 440.2 438.7 (83.5) debt ratio. Pursuant the ratio. to termsdebt the of loan / Leverage ratio financial management of principles Basic financial management safeguard geared is to TeamViewer’s and liquidity the of Group. flexibility, theing financial stability, It comprises the capital structure management and financ cash and liquidity the of ing management Company, and the monitoring and management price such risks, market as of The risks. financing rate structure and interest rate exchange designed is preserve to the Company’s finan TeamViewer of roomcial for manoeuvre busi of enable take advantage it to to nessand investment opportunities. through a This achieved is balanced equity theagreements from Group dating 2019, must comply with certain covenants defined which ratio are the in rele leverage loanvant agreements based and are on the finan net of ratio forma pro EBITDA.). to liabilities cial Development of net financial debt Development In EUR million Adjusted EBITDA Current financial liabilities Current financial financial liabilities Non-current Cash and cash equivalents Net financial liabilities - - - - - %. TeamViewer expects expects %. TeamViewer % to 0 % to % of the nominal value every year. The the% of first nominal every value year. TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year The leverage ratio which puts the Group’s net financial net lia which puts ratio The the Group’s leverage volving credit and loanvolving maturing credit 2024. in facilities While the loans syndicated denominated euros in andpound sterling remained unchanged, the volume the of loan syndicated de nominated U.S. in dollars reduced from was USD 450 million USDto 340 partial of By million. way financing the bridge Groupused USD facility that credit the of million 75 revolving been had increased from EUR 35 EUR to million for million 150 the early the of repayment USD loan. was The margin interest 25 basis pointsreduced by for loans all 50 and by basis points In addition, the USD thein facility. case credit the of revolving Libor floor from lowered was 1 est-bearing and non-current, financial current liabilities, less cash and cash equivalents, decreased EUR to 438.7 million Decemberas 31 of 2020 December EUR 2019: (31 545.6 mil free Due cash the flow to leveraged (FCFE)lion). generated thein fiscal and positive effects, year under currency review further was debt the Group’s reduced the despite acquisition Ubimaxof GmbH. EBITDA the to adjusted relation in bilities the of past twelve the at end 2020, of aftermonths, 1.7x to 3.0x improved the at Theend 2019. of decrease attributable is of the to interplay cash net high from operating activities and thus, a lower net EBITDA. as adjusted a higher financial as well debt, In August 2020, Group amended the re the TeamViewer financial net defined debt, as the sum inter of TeamViewer’s thesearound of savings annual measuresin result interest to EUR 5.0 starting million the in fiscal In addition, year 2021. now thedue are unsecured. to measures facilities the credit For financial starting the liabilities, existing from the end of 2020, the a mandatory make Group to obliged is repayment least at 5 totalling EUR of repayment 23.8 December due is million on 31 2020. 027 - - - The Group continue will forward move to with its strategic Thegrowth first in step the fiscal in initiatives current year. announced was this regard the at the of beginning year with the acquisition Xaleon, of customer of a provider engage solutions. software ment pandemicThe has a further led COVID-19 to acceleration of global megatrends such as digital transformation, increas and working processing from anywhere. automation, IoT In an in is excep TeamViewer the Management view, Board’s positiontionally favourable continue to benefit to from these goingtrends forward. - - - At the same time, the Group continued heavily in invest to its growth the in initiatives fiscal year 2020. The number of employees more than rose by 400 while keep the year, over a specialing focus sales in on new hires and & research developmentareas. In withaddition, the Ubimax, takeover of hassubstantially its expanded portfolio TeamViewer solu of tions, particularly the in areas the of Things of Internet (IoT) and augmented reality (AR). General statement on the economic situation busi evaluates AG The Management Board TeamViewer of ness economic development and the Group’s situation the in reporting year 2020 very be overall positive. The to forecasts EBITDA and adjusted revenue been which had for billings, thanks Moreover, exceeded. all theraised during year were theto remarkably was debt cash net high conversion rate, reduced the despite Ubimax acquisition. - - - % % 77.1 (3.8) 42 41 2019 161.5 (17.9) (16.6) (46.1) % % (4.9) 81 63 2020 165.4 258.0 (33.4) (26.2) (28.1) TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year In % of EBITDA In % of adjusted EBITDA lion, as of 31 Decemberlion, as 31 of 2020, year- at million afterEUR 71.2 Theend 2019. Group continuously able to was meet its pay ment obligations the in complete course the of fiscal year 2020. Net cash used financing in activities EUR was –95.8 in million The repayments million). the fiscal year 2020 EUR 136.1 (2019: and of proceeds from borrowings cash net a led to outflow of In addition, interest million). EUR EUR 62.8 86.1 (2019: million paymentsthe in fiscal year 2020 cash led to outflows EUR of the in million year. previous comparedmillion EUR to 46.1 28.1 cash and cash equivalents EUR rose to 83.5TeamViewer’s mil Income taxes paid plant and Investments in property, assets equipment and intangible Payments for the capital element of lease liabilities Interest paid for borrowings and lease liabilities Levered free cash flow (FCFE) proved to EUR to 258.0proved the during million reporting year 2020 free cash and the flow levered million) EUR 161.5 (2019: million). (FCFE) EUR EUR to 77.1 165.4 (2019: million Cashflow development In EUR million Netcash from incomeoperating activities im (before taxes) Net cash from operating taxes) activities (before income 028 - - - -
TEAMVIEWER PLACES PLACES TEAMVIEWER ESG-LINKED PROMISSORY NOTE LOAN There were noThere further were transactions significance material of af December 2020. 31 ter TeamViewer has issued promissoryTeamViewer loans note the in total amount EUR of 300 andmillion with maturities between 3 years. Withand 10 this transaction, the Company has broad enedits maturity and diversified profile financing. its debt Attractiveconditions market used further to were reduce costs. interest In addition, the interest average TeamViewer’s the of margin promissory Sustainalyt loan to note linked is ESG ics’ Management Score. This underlines TeamViewer’s commitment sustainability to a new incentive to and creates further promote and embed sustainability business all in ar eas. An ESG reduces burden improved the rating interest use will the money further to thus saved and TeamViewer promote sustainable causes. - - % of the% of shares Upskill of voting Inc. ACQUISITION OF UPSKILL, INC. UPSKILL, OF ACQUISITION The 100 Group acquired based USA) Newark in effective (Delaware, 26 February 2021. augmented of Upskill reality a provider is solutions (AR) the in work we andthe mission way improve Upskill’s to is industry. has been pioneering the use wearable technology of the in workplacesince Through 2010. itsAR platform, Upskill con nectsprofessionals manyindustries in time real in with the critical information, data and tools they need do their to jobs more efficiently and effectively. US, The TeamViewer by made acquisition was Upskill, Inc. of our to comments PleaseInc. refer the in notes under 05_04 c) Company acquisitions 2021. in TeamViewer acquires 100% acquires the of shares Xaleon. in TheTeamViewer pur chase partly be price paid will cash in and partly via an earn- out The clause. cash portion the in lower double-digit million assets. liquid be financedrange will from entirely TeamViewer’s - - - - % or more the of % of the% of shares Chatvisor in was
Events after reporting the Events period % of the voting rights on 16 February on the% of rights 16 voting TLO had 2021.
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ACQUISITION OF CHATVISOR GMBH The acquisition 100 of PR-compliant. With its Engagement Xaleon Suite, offers a ho solutionlistic for digital sales and customer service processes. Germany GmbH, Goppingen. TeamViewer Please by made our to commentsrefer the in notes under 05_04 Company c) acquisitions 2021. in ment software, TeamViewer expands its existing portfolio its existing expands ment software, in TeamViewer the customer of area engagement. core a product is Xaleon’s co-browsingtechnology that enables speciala form screen of sharing sessions. web in This works without installation and without transferring user data,making the software fully GD On 18 January 2021, TeamViewer Germany GmbH January On acquired 18 TeamViewer 2021, ChatvisorGmbH, With Linz, Austria the (hereinafter: Xaleon). acquisition Xaleon, of customer of provider a leading engage sold shares million the in 15.9 Company institutional to inves tors this in context, and, itself subjected a lock-up to period of 90 As no a result, shareholder days. holds 20 the of rights Company. voting Permira Holdings Permira LimitedFebruary notified on18 2021that decreased had to AG shareholding TeamViewer in TLO’s 19.97 05 the March 2021, ManagementOn Board TeamViewer 17 of the forwarding approved these of AG consolidated financial statements the to Supervisory Board. The Supervisory Board the and consolidated responsible approving is for reviewing Marchfinancial 2021. statements its at meeting on 17 029 - - - - - Mobile first With the use widespread smartphones, of access com to softwarepany via mobile increasing. end devices steadily is mobilea Thesoftware towards trend solution intensified is such as factors the the of digitally na integration young, by generationtive the in world work, of the of continuing spread smartphones worldwide, the improvements connectivity, in for throughexample the 5G network, and the focus many de of velopment teams on mobile applications. considersitself be ideally positioned to TeamViewer this in respect and continue its will offerings expand to for mobile end users. One the is further here systematic example de Pilot solution which supports,velopment the of TeamViewer technical experts the in field mobile of endpointsespecially, connecting by them with specialists through virtual enhance Ubimax extent on a great digitally to relies ments. Equally, supported glasses for its solutions enable the to user the in both keep handsfield to free. - - - - - e emissions 2 TeamViewer’s connec TeamViewer’s 1 % reduction CO in 1 European Commission: https://ec.europa.eu/clima/policies/strategies/2030_en ties in the expansion of the IoT product portfolio,ties the in expansion the of IoT particularly the in areas roboticsof andthe automation industrial of work Thesteps. Ubimax acquisition significantly the prod expands uctportfolio for companies the in areas Industry of 4.0 and and a platform provides for other industrial solutions.IoT In platform, the an devices the any of IoT future, into integration its connection production to and customer inventory software together with the analytical conclusions that can be drawn, roleboth production-related in key a play areas but will also in other branches of industry. Group sees digitisation and theThe associated TeamViewer productivityincrease in within chain – from value the entire logistics and manufacturing maintenance – as to and repair product can Frontline in opportunity.a great TeamViewer’s thecrease speed and efficiency processes of while reducing the frequency errors. of Environmental matters Environmental concerns and the need greenhouse reduce to gases becoming are important increasingly for companies by and organisations. for state example, This illustrated, is the commitment the EU as by made part the of Paris Climate a 40Agreement achieve to Robotics and automation sees AG The opportuni Management Board TeamViewer of tivity solutions can emissions contribute reducing facil to by itating between interactions people controlling and and by activity. travel reducing thereby devicesmanaging remotely, Fromthisproductthe Management point view, of Board’s further in results characteristic growth opportunities for the Group. TeamViewer compared 1990 to the year 2030. by - - - -
Opportunity reportand risk
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year MATERIAL OPPORTUNITIESMATERIAL TeamViewer sees the global inter expansion broadband of TeamViewer In addition, businesses making increasingly are it possible for their devices employees for business use private to purposes. The growth a heterogeneous of device landscape leads to a corresponding need for connectivity solutions connect, to and manageoperate these devices. nities particular: in connectivity omnipresent through Opportunities as an opportunity (5G) net connect to more devices through its products. The mobile of proliferation endpoints increasing such as smartphones and tablets conjunction in with the pro technology commercial in introductiongressive and IoT in of dustrial a sharp applications to devices increase in leading is and endpoints. The institute research IDC market estimates the number connected of Things of Internet endpoints will more than to grow 40 2025. by billion Various technologicalVarious and societal growth provide trends Theopportunities Group. Management for the TeamViewer has identified AG the following opportu BoardTeamViewer of 06 030 Artificial intelligence sees AG The an opportunity Management Board TeamViewer of thein development data of collection and structuring as artificial has becomeintelligence for a standard successful requirement businesses. With sees its product portfolio, itself as TeamViewer the establish processes. challenge to facing innovative - - - place to ensure business ensure to Theplace continuity. normal” “new also is shaping theworld work of confirming and increasingly is the workplaces. more flexible With towards trend its product of sees itself positioned well benefit to sus TeamViewer fering, tainably from this trend. are opportunities for TeamViewer’s connectivity opportunitiesare solutions for TeamViewer’s enable theto central support and management a device of landscape saving across the thereby world, that spread is costs while additional gaining efficiency. theof Inadapt the pandemic,companies to wake had have new challengesto shift and increasingly a digital work to , - - - 1 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year % of employeesof % worldwidework outside their of office lenge for the IT departments companies. of there too, Here, IWG:1 https://www.iwgplc.com/global-workspace-survey-2019 panies are increasingly enabling their enabling panies employees increasingly access are to company data and devices connect remotely and to with colleagues, teams parties. and third room This creates for offer to its connectivityTeamViewer solutions. The support andmanagement devices of also constitute chal growing a cording to a study by the a study International to by cording Workplace Group Working from home home from Working Changes driving the modern working, of characterised way a workforceby diverse geography in that increasingly yet is seen are as a furtherflexible, opportunity for the Ac Group. 50 location two-and-a-half a week. days This means that com 031 - Identification and monitoring risks of identifiedRisks are a semi-annual in the risk manag by cycle erworking collaboration in with the riskrespective officers. In reporting, regular the providing addition to risk officers must theexamine on risks an ongoing basis. Additional ad-hoc reportinghas been implemented so that the Management Board and risk manager informed are risk events current of a timelyin manner. risks of Assessment All identified assessed are risks semi-annually, dependant on the probability their of occurrence and the impact potential on the Company’s reputation and compliance while achieving its financial and nonfinancial corporate goals. The individual assessed are risks and classified using the following matrix: - - - - Aim of the risk management system The risk management the seeks Manage system provide to ment Board with an overview support and risks of to the deci sion-making process and The operational a strategic at level. risk management has been system designed identify to poten them and mitigate comprehential early risks evaluate on, to throughsively thoroughly designed controls and measures. ------
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year AUDIT AND INTERNAL CONTROL SYSTEM RISK MANAGEMENT, INTERNAL MANAGEMENT, RISK Implementation of the TeamViewer risk managementImplementation system the of TeamViewer has been based on the Risk Enterprise Management Stan Risk management system The furtherdevelopment theof riskmanagement has system been ensured. ments, thereby facilitating a continuousments, facilitating thereby its improvement of position.market Both the identification systematic and taking opportunities of advantage and the controlling of targeted success. The Compa fundamental are risks TeamViewer’s to has implementedny a risk management and control to system theensure early detection, assessment, and controlled han The risks. potential of dling riskand control consid is system elements oneered the of good of key corporate governance. the of Committee dards Sponsoring of Organizations the of Commission and on (COSO) standards audit PS Treadway 340 and PS 981 the of Institute Public Auditors of Germany in (IDW). It solely Group covers The risks. risk management sys comprisestem the following elements: The TeamViewer Group seeks continuously to The its develop TeamViewer products them and adapt market and to customer require Risk managementRisk 032 - - - - - The following risk report the which, on risks explains a gross a major impact or on have high the basis, may Group. Management The Risk Officer responsible is for ensuring that suitable risk-mit measuresigating and controls developed and are implemented Thewithin their Risk responsibility. of area Officer analyses the responses their impact to on relation in the risk consequences and conducts probabilities, a cost-benefit analysis, evaluates controls resources, existing andthe measures available com in parison opportunities. potential to Depending onthe type of risk, different such as risk strategies acceptance, avoidance, partiesmitigation, or third risk transfer of to applied. are Reporting The Management Board and are the SeniorLeadership Team informed theof Group-wide risk situation, especially the of major and risks changes the in on risk evaluation, a semi-an nual basis. Ad-hoc reports the to Risk presented Steering are which consistsGroup, the of Management Board, the Risk andthe Risk OfficerManager, the of division question. in with the ManagementTogether Board, the Risk Manager in forms the Committee Audit about risk management and exist intervals. regular at risks ing decided to reduce the reduce decided to effectiveness categorisation controls of and measures The from three levels. to resultant five changes outlinedare the in following sketch: - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year The assessment takes on place both a gross and ba a net sis. Thesis. grossbasis shows considering the before risks all measuresmitigating and controls. the The to risk net refers risk risk-mitigatingremaining after all measures evaluating Group theandTeamViewer controls. In the past fiscal year, For financial impacts, the following value limits apply for classification the levels: five into 033 ------MATERIAL RISKS MATERIAL The TeamViewer Group subdivides its risks into strategic, Group subdivides strategic, its into risks The TeamViewer operational, compliance-related, and financial An risks. over view these of a de including risk categories follows below, tailed description the of deemed risks significant by or high The the other summarised Company. are risks an in overview. Risks classified least as at significant the in or high previous a lower classification given year and which were the during reporting shown year are the in following overview for illustra purposes.tive In the fiscalyear 2020, the Group further the expanded risk analysis and risk classification, changesin resulting com been reclassified, Risks sum have the to priorpared year. marised, strategic, four and main subdivided headings: into operational, compliance-related, and This financial. de is allow a simplifiedsigned to presentation and better categori sation risks. of the in followingoverview The aggregated which were risks thelists highest assessed risk within a risk group. - - - - sure full and correctsure financial and other reporting. Based on the outlined risks the in Risk Management System, the Internal Control System ensures that the mitigated financial are risks controls. meansby relevant of Internal Audit cor Group’s part an is Audit Internal active TeamViewer of governance. It ensures processesporate that internal and organisational and structures legally audited compliant,are and economicallyappropriate efficient. It also seeks create to assessing Group by the ef for the value added TeamViewer fectiveness and efficiency business of processes. reports Audit Internal the to Management directly Board and the Committee Audit with and worldwide. operates Together the Management Board, the divisionsand issues be anal to ysed for a fiscal defined year are and submitted the to Audit Committee, the annual which approves programme. audit The CommitteeAudit informed regularly the of projects. kept is The Control Internal Systemelement a crucial is corporate of Group and seeks en to governance within theTeamViewer - - - - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ment and the system in Control Internal System standard accounting policies and dual of the con principle analysed intervals regular at standard consolidation software; the data sub is received unauthorised against protected access through the issue of corresponding authorisations separate and clearly responsibilities are separate assigned within the as recharging Group internal as well are payable, managed centrally monthly reporting trol observed is processes relevant all in ject random to checks correct and responsible action with financial respect report to ing; a correspondinging; policies of set has been implemented Financial statements using across the Group prepared are Invoice-relevant the in measures risk covered manage are Statutory amendments and new accounting standards are The individual companies consolidated are centrally using As the a rule, IT systems used the in accounting process are Functions for the material which accounting are process are impairment regular Material assets to subjected tests are The administration accounts of and receivable accounts Theevery reporting month reviewed are figures as part of The Code Conduct of moreover describes the of principles
‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ tify, assess a material tify, and control have which risks all may impact on the due and the of proper preparation annual and consolidated financial statements. The following elements are withcovered the control system: The accounting-related Control Internal System seeks iden to Accounting-related Internal Control System Control Internal Accounting-related ‧ 034 - - - - 1 Supplementary to the presentation of significant/ high risks, for the sake of completeness External strategic risks as risks the external re risks strategic interprets TeamViewer sulting from the and market competitive environment which in the Group The operates. worth following are risks highlighting. 1 Strategic risks fromresulting as risks risks all strategic interprets TeamViewer directionfollowing its of the business strategic model. This which from risks include result may the setting market or the direction. strategic internal Group’s risks strategic Internal differ TeamViewer risks, In terms the of strategic internal betweenentiates those the produced structure by and de cisions management of and the ones entailed the stra by direction anddevelopment tegic theof businessmodel. Thisincludes from risks andplanning resource allocation, as communicationas well The relations risks. and investor extensively with overlap risks other strategic internal Group’s risk categories the that fundamental due to fact decisions or assessments business of a major policy can effect have on risk situation overall and impact TeamViewer’s the Group’s external to influences.exposure
1
k k m k k m k k k g g g g Trend
High High High Medium Medium (net risk) Significant Significant Significant Significant Significant Significant Significant Significant Group risk assessment assessment
High High High High High Medium Medium Significant Significant Significant Significant Significant Significant Group risk (gross risk) assessment assessment g k m TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Coronavirus pandemic General macroeconomic environment General macroeconomic Unchanged netrisk Higher net risk 1 Trend: Net1 Trend: risk level compared to the prior year Legend: Lower net risk Financial risks Foreign currency risk Data protection Corporate governance risks Compliance-related risks General legal and regulatory risks Personnel risks Product and IT security Distribution risks Migration of the heterogeneous IT system landscape Operational risks Product risks Competitive environment Geopolitical environment
Risk assessment Strategic risks Macroeconomic risks 035 - - - - Operational risks defines operational associated as risks risks all TeamViewer with business dis operations such as product, product safety, tribution, and infrastructure. Product risks Damages occur and interruptions may the in infrastructure and the in infrastructure available made TeamViewer used by third-partyby The providers. the of damage infra or failure structure could data losses lead to and disruptions or delays thein services the processes Internal Group. by provided such failures avoid to been establishedhave TeamViewer by and disruptions, and remedy them as quickly as possible. software enables endpoint connectivityTeamViewer’s across a wide differentrange of and operating systems. Updates further developments theseof as operating systems as well the introduction the in result new operating of systems may softwarefull or partial malfunction solutions. TeamViewer’s of impact onThis a negative customer could have relationships counter this reputation. To a lossand lead to TeamViewer’s of R&Drisk, the department Group’s constantly is monitoring up operating systems and also is to close in dates contact with customer support serviceTeamViewer’s remedy to soft any malfunctions immediately. ware ------est geographical single the in market past fiscal year terms in Group has its own sales and The billings. TeamViewer of organisationmarketing the in United States which generates a significant portion consolidated of earnings. Political and macroeconomicdevelopments the in United Statestrig may ger uncertainty a particular to im a negative extent and have customers. onpact the investment decisions TeamViewer’s of environment Competitive The Group sees a particular risk the in competitive environ ment. competition Increasing competitors from existing and/ or theemergence new competitors of could increased lead to and reduced margins, the loss price pressure, share. market of risk arisesA high particularly when one the of major interna tional software its own expand decides providers products to and solutions offering over that it increasingly such in a way solutions portfolio.laps with TeamViewer’s In addition, there is thea risk due increased of to price emergence pressure new of competitors, especially the in low-price segment. TeamViewer closelyis monitoring developments, the market the at current same time maintaining close relations with the software leading firms. The Group also is making substantial investments the in continuous deepening its of and solutions broadening portfolio itself set to apart from competitors on a long-term basis. Geopolitical environment continue to intends As part TeamViewer its of growth strategy, its geographicalexpanding itssales including presence, and activities.marketing Business activities influenced are not just external such as factors economic market by but trends also politicalby and fiscal the expansion changes. of In particular, business activities such emerging in markets as China may entailincreased political for risks TeamViewer. larg the UnitedIn States terms billings, of TeamViewer’s was ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Coronavirus pandemic Coronavirus considers theeffects negative risk potentially of TeamViewer theof coronavirus The pandemic be high. to coronavirus pan kets in the in Latinkets American and Asia/Pacific region with fluctuat economies,ing especially macroeconomic are susceptible to closely monitors the counter this risk, TeamViewer changes. To differentand regional markets offers market-specific solution portfolios meeting the the of requirements respective markets. demicposes considerable general, health and macroeco nomic challenges for businesses as a whole and the Team has so far AlthoughViewer Group particular. in TeamViewer beenlargely minimise the able to health its employees, to risks thanks working to from home options and the introduction of on-site shift work, the Group cannot rule out the possibility of con the associated absences and employees health-related sequentialeconomic damage the in The future. medium- to long-term macroeconomic effects on customer behaviour are assessalso to challenging precisely. nomic developments and thegeneral An business climate. economic downturn a decline in product in result sub might scriptions, longer sales increasedprice competition cycles, andproblems new customers, recruiting which could lead volume and profitability revenue in a drop to for TeamViewer. Smalland medium-sizedbusinesses, which account for most customers and customers emerging in mar TeamViewer’s of General macroeconomic environment influenced is macroeco by The development TeamViewer of Macroeconomicrisks 036 ------its business. TeamViewer’s security team focuses its on business. steadily TeamViewer’s improving the protection of its products and the underlying variousbeen this end, measures taken have To infrastructure. identifyto cyberattacks and and attempts prevent unautho at networks and serversrised an access at ear TeamViewer’s to assessed regularly are risks ly Potential stage. through threat modelling, penetration tests, risk classifications, and testing A security profiles. threat monitors operations (SOC) centre the IT and product infrastructure 24/7 identify to at potential In addition, the security internal tacks immediately. structures where and, by necessary, adjusted reviewed regularly are andinternal external parties. Switching off older product ver sions which no longer comply with security current standards anotheris security measure. be products mis will There also is the risk that TeamViewer’s used for unauthorised purposes such as employment the of product connection in with or malware business for fraudulent models. reputational This lead to may damage for TeamView the in result product from being barred for example, er or, specific distribution channels. The product security measures described alsoabove constitute risk-mitigating measures for furthermore, is, workingthese together TeamViewer events. with external specialist bodies identify to suspected cases early security on take adequate and to measures. ------g. viruses or worms), theft viruses g. employees or or misuse worms), by The assessment the has product risks of increased past over fiscalyear on account changes of theto assessment made matrix controls. of This solely is attributable the to changes the to made assessment process and does not entail sub any stantial changes for the Group. Product and IT security business modelcomprises The the TeamViewer provision of solutions that offer end users access remote secure de to vices connectivity) and networks and (remote enable them processto customer data or information. Any unauthorised access, network disruptions, denial service of attack de (an users legitimate fromaccessing prevent signedto the ser or similar malicious third-partyvices) the influences po have security continuity, adversely affect to tential and the integrity, trust the in software, orits services or TeamViewer systems of customers. cost-intensive in This result may legal disputes, significant financialincreased regulatory liabilities, controls, prod financial sanctions, and a loss trust of TeamViewer’s in thus,ucts. for Existing other opt or customers potential may, IT solutions Cyberattacks instead. becoming are sophis ever from professional highly originate andticated increasingly parties. Cloud-based platform providers of products and ser vices and product offerings connectivity remote in rapidly are becoming attractive targets for such cyberattacks. Alongside traditional cyberattacks such as computer malicious hacking, code(e. and denial-of-service also is seeing attacks, TeamViewer cyberattacks professional highly and financially by well-en oftendowed players, state-affiliated or politically motivated. and its users or they Attacks damage aim to TeamViewer may formmay part external of activities or spying internal or of acts sabotage. Already the rumour unauthorised of access or sup posed security a significant impact have vulnerabilities may reputation and the future development of on TeamViewer’s ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year The software which underpins TeamViewer’s productsThe com is software which underpins TeamViewer’s ware, a general risk exists that TeamViewer’s innovative advan innovative a general that TeamViewer’s risk exists ware, tage comparisonin with itscompetitors lost. is If theGroup’s meetproduct development expectations to market fails with and new trends innovations to and that, as the result, a regard products lose their appeal,Group’s the loss customers of to understand expectationscompetitors market possible. is To constantly in and respond them, promptly to TeamViewer corporates customer the in feedback product development. software uses agile development TeamViewer Moreover, methods respond allow it to more to quickly changes. to or faults shortcomings, material include and may plex espe whencially launched new products or are new functions or options The unlocked. are costs the during incurred analy correctionsis, or remedy softwarematerial of or faults short frequently comings Althoughbe applicable. may TeamViewer issues software not remedybe it able may to vul updates, ornerabilities errors promptly which or could full, in harm the Company’s competitive position a certain to Actual, degree. or shortcomings perceived potential, disruptions lead to may thein the of availability software and lost in result or delayed reim to acceptancemarket and sales, TeamViewer forcing burse Lia customers, or liability lead to claims another in way. bilityalso from result may the continuing use older of versions software customers. by theof TeamViewer Due to the rapidly changing markets for IT, the IoT and soft the IoT Due for markets IT, changing the to rapidly 037 - - - - Due theto continuous widening its of customer base and contractual exposed is to liabili sales models, TeamViewer ty and risks production customers enterprise of requirements an extent. deviations This increasing leadto to from may the standard end user licence agreement, the negotiation and ongoing checking tie up significant which of may resources Furthermore, the and sales delay cycle. their TeamViewer at the operational into technical integration ma of requirements jor customers often is complex and necessitates individually developmentagreed work whichmust function be able to in customers’ operating systems. Breaches contractual of obli liabilitygations customers lead to claims may by respect in minimise damages of suffered and reputational To damage. legal department re such where risks possible, TeamViewer’s leases agreements enterprise and service agreements level in-depthto scrutiny prior their conclusion. to ------
ministration, personnel, and accounting which depend a to particular extent onthe due and proper functioning its of IT the in currently systems,infrastructure are and other related process a new application being switched of to landscape which most importantlyincludes resource a new enterprise customerplanning (ERP), management relationship (CRM) and e-commerce from switching a is TeamViewer system. ERP fragmented version on landscape morea integrated to the Microsoft basis of Dynamics 365 together with specific additional modules and applications. Problems mi during op a significant effect have gration might on TeamViewer’s erations, especially orders of and respect in the of placing countering is this risk through intensive TeamViewer invoicing. phasestest prior every to roll-out the training users and by af and supportingfected them with users. the global help of key The assessment sales of has risks increased the due to change thein assessment matrix controls of the in past fiscal year. Compliance-related risks understands compliance-relatedTeamViewer mean to risks legalall and regulatory together risks with corporate gover nance risks. General legal and regulatory risks defines general legal and regulatory as risks TeamViewer those from resulting infringements the of legal basis and from a large exposed is to contractual obligations. TeamViewer number different of and underlying laws legal conditions in different jurisdictions, those Internet including which regulate consumer data IT protection, security, protection privacy, use, and conditions underlying the labour These market. under lying change have legal subject and to provisions may are business activities or a substantial impact on TeamViewer’s their new areas business. of expansion into Migration of the heterogeneous heterogeneous the of Migration IT system landscape operational processes, ad including Many TeamViewer’s of ------% in each of the past few years each the% in of proof is a promi of past few TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year The Group’s salesThe vary risks very and region Group’s are re in by high creased over the pastcreased over fiscal the year due to changes the in assessment matrix controls. of This solely is attributable the to modifications the to made assessment process and do not entail substantial any changes for the Group. success depen is a considerable extent, TeamViewer’s To dent on its ability gain new customers to maintain and to and its businessexpand customers. with relationships existing There risk a is that customers their not will renew licence the at end their of subscription period, cancel that they will it or re seeks counter to this risk through duce its extent. TeamViewer variousmeasures, especially through specific regional sales and the usestrategies targeted sales of partners.However, it not is possible an ensure ongoing to customer relationship product and continuous expansion the of use TeamViewer’s of customers of existing every in rate by case. retention A net nearly 100 customer of and thus nentretention level the of success the of sales measures.Group’s gions with unstable underlying economic and political condi tions such as Asia and Latin America, as As well particular. in growth based is strategy onthe other TeamViewer’s factors, expansion customerof such in regions.relationships Inthese thus is associated exposed risks to es countries, TeamViewer pecially with business operations The emerging in markets. Group counteracts these through risks the continuous expan sion its of regional sales structures meet to order in each mar specific requirements. ket’s Sales risks The risk assessment the of product and ITsecurity areas in 038 - - - - S. dollar, pound sterling, Australian dollar, Australian pound dollar, sterling, S. dollar, S. dollars contributed a considerable Group to share Overall analysis of risks The Management Board convinced is that the identified risks the threaten individually or taken together, do not currently, the of Groupexistence or one its subsidiaries. of material Foreign currency risk risk currency Foreign transacts businessaround in 180 countries andTeamViewer more than denominat the 40 billings In particular, currencies. ed U. in the in 2020 and revenue Anybillings changes in fiscal year. these of the against thus currencies euro rate the exchange used de harbour risk for the TeamViewer a currency Group. financial instrumentsrivative hedge the to USD risk. currency The valuation USD of and GBP bank loans the ex at current constitutes riskchange which rates runs currency a foreign these in currencies. counter billings to Group the is euro. The reporting the of TeamViewer currency subsidiaries report different in currencies, The TeamViewer theincluding U. Japanese Indian rupee, Singapore yen, dollar and Armenian dram. The income and expenses subsidiaries the of foreign appli rate exchange convertedare euros the at into average cable the during period. ------tomers. For this reason, the Group attaches im the greatest portance and data data protection, minimisation, to privacy, the itsand infrastructure, it protects acces transparency, sibilityaccounts of and its products and data with suitable hasalso established comprehensivea solutions. TeamViewer infrastructureinternal togetherwith a correspondingorgani sation, responsibilities, and processes compliance ensure to with data protection legislation. The assessment data of protection increased risks the in past fiscal the year due to change the in controls assessment ma trix. This solely is attributable the to changes the to made as sessment process and does not entail substantial any chang es for the Group. Financial risks defines financial con in resulting as risks risks all TeamViewer nection with accounting, financing, reporting and taxes. TeamViewer considers the protection personal of be data to TeamViewer ensuring in the factor trust anda key satisfaction its of cus ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year nesses based outside the EU (for example, the United States). nesses the based United States). outside example, the EU (for competitiveThis lead to may disadvantages for TeamViewer. tational Due damage. the to comprehensive of reach territorial the GDPR, extraterritorial application obligations of and thus as would result be the may regulation casetighter for busi anThe requirements. violation these of national provisions may entailthe imposition fines of and conditions repu and leadto tection Regulation (GDPR) nowsolid a legal provides basis, no fully uniform date to legal and application interpretation by the competent authoritieshas been established. Alongside the GDPR, various national countries in laws outside Europe must be observed and harmonised with German and Europe Data protection the of Awareness personal need protect to data has grown recent in years. Althoughsteadily the EU General Data Pro The assessment general of legal and regulatory in risks alties, legal consequences, and reputational Team damage. Viewer has established comprehensive compliance mecha this risk.nisms counteract to creased the in past fiscal the year due to change the in controls assessment matrix. This solely is attributable the to changes the to made assessment process and does not en tail substantial any changes for the Group. TeamViewer offers its many customers products to over all TeamViewer the often world, without personal contact and via the Internet. Thisentails sanctionsof therisk breach a of or exportcontrol restrictions. the in Such result payment may pen breaches of 039 - - - % and %.
57 % to % in 2021, including the including contributions 2021, % in from recent % to 33% to This assumes 1.20 of rate a US% (yoy). dollar exchange OVERALL ASSESSMENT OF OF ASSESSMENT OVERALL DEVELOPMENTFUTURE The Management Group Board confident is that the TeamViewer on the build be ablewill to strong fiscal year 2020 and expects another positive business performance for the fiscal year 2021. Building onBuilding a very strong development 2020, in TeamView its growth keep er to expects momentum 2021 in supported global megatrends aroundby digitalisation, connectivity and sustainability. TheCompany constant expects growth billings currency of 29 acquisitions. Due to exchange rate headwinds, primarily rate relat acquisitions. Due exchange to in expected reported are billings theed US to weaker dollar, a range between EUR 585 and million EUR 605 (2020: million 460.3 with quarterly million) growth between rates 20 40 per EUR stableand broadly other Full-year currencies. rev be a range between in to enue expected is EUR 525 million and EUR 540 (2020: million EUR 455.6 From 2022, million). growth growth. be with line in revenue to billings projected is the CompanyIn terms operating profitability, of an expects EBITDAadjusted 55 of margin ------A simi 1 % to a market volume market a of to % % to a market volume a market USD of % to 2.3
3 The for connectivity market platforms is 2 % for 2021. IDC: https://www.idc.com/getdoc.jsp?containerId=prUS45612419 Gartner: https://www.gartner.com/en/newsroom/press-releases/2019-11-13-gart ner-forecasts-worldwide-public-cloud-revenue-to-grow-17-percent-in-2020 Growing Opportunities in the Internet of Things, McKinsey & Company, 2019 FUTURE DEVELOPMENT OF THE GROUP In the for markets digital transformation and SaaS which are that the signs there are positive for TeamViewer, relevant developmentsseen 2020 in continue will Thus, 2021. in the institute research IDC market projects compounda annual +17.1 of growth (CAGR) rate trillionfor the digital transformation 2023. by market lar trend is also is lar trend emerging on the SaaS where market, market instituteresearch Gartner projects a year-on-year growth rate +14.7 of 1 2 3 In the fiscal year 2021, TeamViewer plans to further plans to pursueIn the fiscal TeamViewer year 2021, direction it hasthe taken and strategic continue its profitable growth also along dimensions chapter three strategic (see an expansion use of cas namely, on on 4); strategy page es, an expansion customer of segments and geographic ex pansion. thus It is a further projecting substantial increase EBITDA and adjusted billings in for the fiscal year 2021. This assessment on the relies assumption a persistently of solid economic setting between rates and stable exchange the andeuro the most important forthe currencies foreign particularlyGroup, the USD. pandemic The influ COVID-19 enced earnings planning positively trends that in the existing the further However, accelerated. digitalisation were toward coursethe of pandemic and its impacton future earnings accurately. cannot forecasted be targets also expected to generate substantial generate to also double-digit expected growth the comingover years. Hence, McKinsey and Company fore castsannual +24 of growth (CAGR) EUR 30.2 2023. in billion - - - % %, %). %). % and 3.5
% recorded 2020 in +3.0 (2019: % in 2021, followed by growth by followed 2021, % in around of
Outlook
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year % in 2022.% in Inthe United States,where the government has EXPECTED MACROECONOMIC AND AND MACROECONOMIC EXPECTED SITUATION INDUSTRY-SPECIFIC Thison forecast the relies assumptionthat the vaccination programmes be implemented will speedilyand across the infec of and that as thewhole as expected, wave society, the next over two years. respectively, 4 launched comprehensive programmes support to the econ tion subsides and the measures curtail taken to the pandemic economic of scaledare a revival lead back, to this will activ For theity. European Union, the IfW anexpects increase in GDP just of under 5 3.7 of GDP a rate at grow to expected is omy, following a slump 3.8 of For the 2021, IfW projects a sharp rise global in output 6.1 of 07 040 ------% of theof % % of the% of target % (and no penalty% (and or claw %, respectively. The other tar%, respectively. % and 200 Short-term variable remuneration/STI bonus Starting with the fiscal year 2020, the Management Board members canannual a variable receive in bonus payable cash the specific of that subject is to achievement financial billings-based performance(using targets and/or adjusted and nonfinancial EBITDAcorporate goals, targets) which are priorset the to start the of fiscal the Supervisory year by Board following discussion a previous with the respective Manage Thement calculation Board the of member. STI bonus addi is tionally based on specific penalty which criteria and clawback the in result reductionmay or complete loss the of STI bonus. If the 100 is target achievement the STI STI) for apply) Mr bonus criteria back Steil is (target EUR 900,000 and for Mr Gaiser EUR 500,000 (gross) (gross). The STI bonus a maximum to limited is 200 of STI bonus. If the employment contract starts or ends a during the STI bonus temporis on rata calculated is a pro basis year, for the period the of employment the in relationship fiscal year question,in the determined is whereby target achievement based on the parameters set originally and the bonus paid is Theout the due at STI date. regular bonus, such if to claim a a bonus be due will for payment exists, six weeks after the adoption the of annual financial statements. In 2020, the performance EUR were 434 targets for billings EBITDA andmillion for adjusted EUR 245 which were million, 180 by exceeded the Supervisorygets by set also Board almost were complete the two by ly exceeded members the of Management Board, so that the Supervisory out Board the pay decided to STI for the2020 fiscalthe year at maximum amount200 of This with performance line in target value. is the exceptional of the two Management Board members busi and the excellent ness performance 2020. in - - - a. during a. during the reporting year. a. the during reporting year. OVERVIEW OF THE REMUNERATION SYSTEM REMUNERATION THE OF OVERVIEW ponents, the STI bonus and LTI (according to the to conditionsponents, the (according STI bonus and LTI theof applicable long-term incentive plan for Management andadditional fringe Boardmembers the of Company (LTIP)), benefits.The long-term remuneration variable component the seeks adjust remuneration to the of Management (LTI) Board members the to Company’slong-term developments and successes. the The of remuneration for approval system ManagementBoard members be submitted to the Super by thevisory German by on which required is pay”) Board (“say Implementing Act the Second Shareholder Rights Directive (Gesetz Umsetzung zur der zweiten Aktionärsrichtlinie – ARUG planned is for the II) Annual General Meeting 2021. remunerationFixed The members the of Management Board basic a fixed receive annualsalary equal in monthly cash, in payable instalments, which for Mr Steil came EUR to 900,000 p. (gross) and for Mrthe Gaiser reporting EUR to 550,000 year, (gross) p. remunerationPerformance-basedvariable their theIn annual addition fixed to Management salary, Board members entitled theare to opportunityan receive STI to bo nus which dependent is on the Company’s annual success the to applicable LTIP. according and an additional LTI In addition to a fixed basic annual salary, the basic annual fixed a remuneration Inaddition salary, to Management of Board members includes two com variable - - - - -
Remuneration report Remuneration
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year BOARD REMUNERATION REMUNERATION BOARD PRINCIPLES OF MANAGEMENT The structure and size of TeamViewer AG’s Management AG’s The TeamViewer of structure and size Boardremuneration the decided on Supervisory by Board meets the the of requirements German Stock Corporation Act the remuneration(AktG). structure In geared particular, is to sustainable corporate development and considers the tasks and performance the of members the of Management Board as theas well Company’s economic situation, its success, and prospects. Prior the determining amount to remunera of
neration the members of TeamViewer’s corporate bodies re neration the members TeamViewer’s of the in 2020 granted ceived or were The report reporting year. complieswith statutory and requirements the recommenda tions the of GCGC as amended December on 16 2019. tion,an independentexternal remuneration advisor assessed whether the and with line in remuneration appropriate was while considering practice, themarket peer environment. assessIn to order the appropriateness the of remuneration the Supervisorywithin the Company, Board has particular in considered the the of ratio remuneration the of Management Board the to remuneration the of senior management and the workforce as a whole and the development this comparison of time. Forover the purpose this comparison, of the Superviso ryBoard has determinedhow theupper management circle workforceand the be delimited. relevant to are 08 The remuneration report describes the the of basic principles remuneration for members system the of Management Board and Supervisory Board and the amount the of individual remu 041 - - - - - %. % (minimum value) and a maxi value) % (minimum 1
1 % (maximum value). If the figure which If the figure % (maximum value). %. If the figure achieved matched against against matched %. achieved If the figure % of the of % an include nonfinancial targetto strategic %. The Supervisory Boardmoreover determines for every mum value which, if reached or exceeded, results in a target in results mum or which, if reached value exceeded, 200 of achievement withhas been a performance respect to achieved target falls belowthe thefor minimum this per targetachievement value, formance 0 target is a performance the maximum or target reaches exceeds val 200 the is ue, target achievement For the fiscal the year 2021, Supervisory Board has supple mented50 ESG-based component. remuneration At the start every of performanceperiod, the Supervisory Board for each the sets of a requirement least at three perfor mance fulfilled, targets. the is If they are target achievement 100 performance target – where possible – a minimum as value the lower end the of target corridor results which, if reached, 50 of a target in achievement - - - %: Net promoter score (surveyed externally) %: Stock yield relative to STOXX® 600 Technology %: Stock yield relative to MDAX® %: Average billings growth 2020–2023 %: Average EBITDA growth 2020–2023 50 50 50 100 Conditions 50 50 % 30 % 20 % Weighting 3. Target based on share price/stock yield 2. Nonfinancial strategic target 1 Average of four annual growth rates 2020 to 2023 Remuneration components for the Management Board Remuneration components for the Management 1. Long-term financial target Based on the currently applicable LTIP, the final number per of Based on the applicable LTIP, currently formance the at shares end calculated the is of performance period multiplying theby initial number performance of shares The target achievement. the degree of overall degree of by using the calculated is target degree of target achievement the of achievement individual targets which the Supervisory Board performance has for set the relevant period. In the con for the performancetext theof initially applicable LTIP period 2020–2023, the targets should comprise one least at long- (i) one nonfinancialterm financial target and target, (ii) strategic one target which based is on(iii) the price/the share stock yield. For the fiscal year 2020, the Supervisory Board the set follow remunerationing target components: nection with the Company’s IPO full rounded to (commercially performance shares). TheEUR is value grant 1,000,000 for MrSteil and EUR 550,000 for Mr Gaiser. Upon the expiry a performance of period, overall a degree of established is target achievement for the performance targets the determined Supervisory by that were Board the before start the of performance period. - - - - -
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ly full rounded performance By to contrast, for the shares). first performance period 2020–2023, the initial number of performance shares corresponds the (which value to grant has been confirmed the to Management Board member in the divided placement by price the of question) shares con in The terms of the current LTIP provide for the provide allocationThe a terms of the LTIP of current tranche virtual of shares (performance the at start shares) of the firstfiscal year the of performance period 2020–2023. Theallocatedinitially tranche performance of shares serves as a basis for the subsequent calculation LTIP a potential of consideringpayout, the performance measurement/target following assessment theachievement expiry the of four-year period.The initial number allocated of performance shares in a tranche generally follows from that has value been a grant confirmedthe to the Management divided by Board member, closing price the of Company’s the 60 sharesaverage over the preceding performance days trading period (commercial rent LTIP continue apply the during to next LTIP performancerent period. The Supervisory Board for determines the terms the of LTIP every performance period If the its at Supervisory discretion. terms, the terms the of theBoard cur LTIP decides review not to fined targets is measured. The first and current LTIP applies to fined to applies targetsmeasured. is The first LTIP and current the fiscal year 2020 with the performance period 2020–2023. ble LTIP beginning with beginning the fiscal LTIP ble year 2020 for the first time. A assessment with every new (performance period begins period) following fiscal year pursuant the to terms the of applicable LTIP, the expiry which of the specific of target achievement pre-de Long-term variable remuneration incentive/LTI) (long-term The Management Board members participated the in applica On 3 February the 2021, Supervisory Board has the set target values for theSTI bonus the In addition to targets 2021. for EBITDA and adjusted billings it sixset the in 2021 fiscal year, individual targets for each whichExecutive Board member, as the theimprovement of ESG include (such explicitly criteria Company’s ESG scores and the and development hiring a of top-class female leadership group). 042 a. if the target a. based on a target achievement %. % (or more) and EUR 4,400,000 more) % (or p. The remuneration the of two Management Board members thus is a maximum STIconsisting salary, and a fixed of LTI EURof 7,350,000 p. 200of 100 is achievement - - % of the% of % of the % of basic annual tinued incapacity of the in payment wages of event for work illnessdue or to death insurance and accident the in event members In addition, all deathof or the of disability. Man agement third-party Board against insured are liability claims through a D&O insurance policy taken out the at Company’s withexpense a deductible accordance in with the provisions under the German StockCorporations 10 totalling Act loss or damage but no more than 150 The salary. Company furthermoreMr provides Gaiserwith his own for specific driver trips. Fringe benefits Fringe Members the of Management Board fringe also are granted benefits.These essentially consist compensation flat-rate of EURtotalling 2,000 per month car for the for use a private of contributions or statutory)business (private health travel, to the statutoryand nursing insurance care (totalling employer contributions statutory to health and nursing insurance care and/or no more than half the of con actual amount spent), - - - - % of the% of value. original grant % (without penalty or clawback criteria applying), % (without penalty applying), criteria or clawback TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Penalties and clawbacks Penalties penalties subject to are criteria The and clawback STI and LTI the Company’s This means IPO). (since that the Superviso The amounts total arising expense from EUR the to LTIP 345,900 for Mr Steil and EUR 190,200 for Mr Gaiser 2020. also con We sider these be components to this remuneration of report. remuneration variable of A repayment amounts paid already out period be within requested may a clawback if a clawback criterion emerges the during period for which the re variable ber performance of shares for the performance period the by closingprices theof Company’saverage shares on the last 60 theend the before of performance days trading period. If the priceshare remains unchanged and the target achievement totals 100 would thusthe correspond amount payout the to the of LTI The value. original grant maximum tranche an of LTI payout considering principle, in penalty(before criteria), orclawback cannot 200 exceed ryBoard, the amount prior determining payout to an of STI checks whether penaltyor LTI, justify criteria a reduction or omissioneven the of remuneration variable amount calculated conditions.based on the and the target achievement LTIP muneration component The period paid. was clawback starts for every remuneration variable on expiry the of underlying performance period and ends two years after this date. The amount payout multiplying the by final calculated num is 043 - - - - These the been all main benefits by shareholder paid have companiesor by not affiliated by with themain shareholder, the Company Inthe case itself. the Oliver of Steil, said in flowsamounted EUR to 39,734,344.93 the in and, case of 2019. in they amounted EUR to Stefan 19,907,507.22 Gaiser, Asoutlined the in Company’s securities prospectus dated two September 2019, allocations share this to added are 11 specific tiedwhich to are conditions. For the tranche matur 2020, in ing these conditions occurred with final effect as of 1 October 2020. on 1 December Consequently, 2020, Mr shares and Mr Gaiser 884,778Steil allocated was 1,765,971 shares from the main shareholder’s holdings. The second outstanding allocation share an of identical amount ex is be the in made pected to fourth quarter 2021 of unless spe this. reasons contractuallycific prevent defined exclusion ------
% of the% of last contractual benefits re petition amounting 50 to Theceived. compensation monthly in paid is instalments. Any paymentsseverance must received be offset com against pensation non-competition. for Third-party from benefits resulting the sale of an indirect participation in and AG from rightsTeamViewer to participate appreciation share Company’s the in The members the of di Management managing Board (as GmbH and Regit of Eins GmbH) TeamViewer of rectors with rights agreed the Company’s main shareholder par to the in Company’s Furthermore, appreciation. ticipate share participation indirect that time,at they acquired the in Com (so-calledpany Management Equity Participation, MEP). Pri theor to Company’s IPO participate the to in rights 2019, in modified. were The appreciation partiallyshare were rights outpaid after the IPO based on the which value increase in andparticipation the indirect achieved, sold.was This was anin inflow fundsresulted of for the two members theof Management Board and claims in for future benefits. If the Management Board activity the due ends to prematurely death a member of the of Management Board, the Company amount the rata pro pay will the of STIbonus, for if applicable, the month which in the death occurred as for the as well three following months the if the to spouse partner or registered or, Management Board member not is married or does not have if any. heirs the of to first order, a partner, The members the of Management Board subject to are a post-contractual on restraint competition lasting twelve months. During this period, the Management Board member questionin entitled compensation is receive to for non-com ------
to redeem participate to earlier the to in rights 1 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year 1 TLO; where the main shareholder is named below, it refers to TLO termination of employment of termination Benefits in case of the premature the Manage When the prematurely, appointment revoked is gation must be fulfilled for thefirst time than no later two years after first theyare appointed as members the of Management Board. The number shares of the in Company be held (re to theremuneration fixed from results divid (i) shares) stricted the the of value shares the in Company (ii) edby the at time theof IPO. TeamViewer’s The by granted shares which were main shareholder mentBoard members payment entitled severance a are to certainsubjectto conditions. If the appointment a mem of ber the of Management an due inabili to Board revoked is ty pursuant section manage to the to Company 84 properly, AktG,(3) duties, of a gross due breach to or other any good cause which the is responsibility the of Management Board pursuant section to 84member, AktG, or if a good cause which the is responsibility the of Management Board mem section berto according 626 the of German Civil Code (BGB) entitled the whichapplies would have Company terminate to the service extraordinary contract by notice, the Management Board member does payment. not a severance receive The Management Board members for obliged the are duration shares. This AG obli theirof appointment hold to TeamViewer Obligationto hold shares low) canDecember be As used thisend. low) 31 of to 2020, Oliver Steil held 706,389 shares and Stefan Gaiser shares. 353,911 Company’s share appreciation (see third-party Company’s(see appreciation share services be 044 – 6 – – n/a 2020 55,153 605,152 550,000 54,203 298,244 604,203 2,705,152 1,000,000 1,100,000 2,100,000 550,000 2020 max. 35,450,474 36,054,676 35,152,230 – – – – – 55,153 605,152 605,152 550,000 2020 min. – n/a Stefan Gaiser 2020 55,153 540,700 605.152 550,000 Stefan Gaiser
2,145,852 1,000,000 1,540,700 5 – n/a Chief Financial Officer (CFO) Chief Financial 2019 58,767 Chief Financial Officer (CFO) – 511,267 511,267 425,625 452,500 n/a 20,333,132 20,844,399 2019 19,907,507 56,142 298,244 508,642 452,500 12,870,886 12,064,000 12,362,244 –
4 n/a – –
2020 21,912 921,912 900,000 22,217 601,500 900,000 922,217 1,800,000 2,000,000 4,721,912 3,800,000 2020 max. 70,763,528 71,685,745 70,162,028 – – – – – 21,912 921,912 921,912 900,000 2020 min.
3 – n/a Oliver Steil – 2019 n/a Oliver Steil 22,232 2020 748,214 787,500 809,732 21,912 983,000 921,912 900,000 40,482,559 41,292,291 39,734,345 3,704,912 1,800,000 2,783,000 Chairman of the Management Board (CEO) – n/a Chairman of the Management Board (CEO) the Management Board Chairman of 2019 21,732 601,500 809,232 787,500 24,128,000 25,538,732 24,729,500 31 December 2020) 31 December 2020) 31 December – – 7 1 2 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Resulting from the sale of an indirect investment (MEP) in TeamViewer AG (EUR 3,933,049) and from participation commitments to share in the appreciation of the Company (EUR 15,974,458) Total remuneration Total One-year variable remuneration Multi-year variable remuneration Total Pension expense Third-party benefits Fixed remuneration in EUR 2..Paid the by main shareholder or its majority shareholder; in 2020, this payment was made in the form of share transfers 3..Resulting from the sale of an indirect shareholding (MEP) in TeamViewer and AG (EUR from 7,597,201) participation commitments for sharing shares in the4..1,765,971 appreciation at the weighted average of the price Company on 1 December (EUR 32,137,144) 2020 of EUR 39.73 per share; after deduction of all taxes and other costs, the shares5.. are essentially still held 6..884,778 shares at the weighted average price on 1 December 2020 of EUR 39.73 per share; after deduction of all taxes and in other the7..Granted 2019 costs, fiscal theyear shares Regit by are Eins essentially GmbH under still managing held director employment contract One-year variable remuneration Benefits received for the reporting year (1 January 2020 Benefits received for the reporting year (1 January 1 The benefits refer to share appreciationrights and the MEP and are granted the by main shareholder or its own majority shareholder Benefits granted for the reporting year (1 January 2020 for the reporting Benefits granted Multi-year variable remuneration Total Fringe benefits Fringe benefits Fixed remuneration Benefits granted in EUR Benefits granted Total Total Third-party benefits Pension expense Total remuneration Total 045 – n/a n/a n/a n/a n/a 23,206 – 230,706 207,500 n/a 2019 max. 2020
77,065 5,850,764 4,323,700 2,800,000 1,523,700 1,527,064 1,450,000 – – – – n/a 23,206 230,706 230,706 207,500 – – 2019 min. Gesamt 2019 77,874 899,744 – 1,317,874 1,240,000 n/a 38,409,618 37,091,744 36,192,000 2019 Stefan Gaiser 23,206 230,706 163,742 207,500 12,458,447 12,227,742 12,064,000 Chief Financial Officer (CFO) – Member since 19 August 2019 Member since 19 n/a 2020 n/a n/a n/a n/a n/a n/a n/a n/a n/a 55,153 2018 540,700 605,152 550,000 2,145,852 1,540,700 1,000,000 – – n/a n/a n/a n/a n/a n/a 2019 Stefan Gaiser 56,142 9,055 298,244 508,642 452,500 359,055 350,000 12,870,886 12,362,244 12,064,000 2019 max. – – – – n/a – 9,055 n/a 359,055 359,055 350,000 2020 2019 min. 21,912 983,000 921,912 900,000 3,704,912 2,783,000 1,800,000 – n/a Oliver Steil 2019 9,055 – 359,055 309,104 350,000 n/a Oliver Steil 24,796,159 24,437,104 24,128,000 2019 21,732 601,500 809,232 787,500 Member since 19 August 2019 Member since 19 25,538,732 24,729,500 24,128,000 n/a n/a n/a n/a n/a n/a n/a n/a n/a 2018 Chairman of the Management Board (CEO) 31 December 2019) – 31 December 2020) 31 December – 1 2 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Total remuneration Total Third-party benefits Total Pension expense Total Multi-year variable remuneration Total remuneration Total Pension expense Multi-year variable remuneration Fringe benefits One-year variable remuneration Subtotal variable remuneration One-year variable remuneration Third-party benefits 2 The benefits refer to share appreciation rights and the MEP and are granted the by main shareholder or its own majority shareholder Benefits granted for the previous year – TeamViewer AG, previously Regit Beteiligungs-GmbH (1 August 2019 (1 AG, previously Regit Beteiligungs-GmbH TeamViewer Benefits granted for the previous year – 1 Share-based remuneration components Share-based1 remuneration Total remuneration according to GAS 17 (1 January 2020 to GAS 17 (1 January remuneration according Total Fixed remuneration Total in EUR Fringe benefits Benefits granted in EUR Fixed remuneration 046
– 3 – – n/a n/a 2019 2019 32,260 25,806 472,846 589,760 557,500 207,500 233,306
37,254,606 36,664,846 36,192,000 20,140,813 19,907,507 19,907,507 Total n/a n/a n/a n/a n/a n/a n/a n/a n/a 2018 n/a n/a n/a n/a n/a n/a n/a n/a n/a 2018 Stefan Gaiser – n/a Chief Financial Officer (CFO) Chief Financial Member since 19 August 2019 19 Member since 2019 23,206 163,742 230,706 207,500 12,458,447 12,227,742 12,064,000
2 n/a n/a n/a n/a n/a n/a n/a – – n/a n/a 2018 n/a Stefan Gaiser 2019 9,055 350,000 359,055 40,093,400 39,734,345 39,734,345 – n/a 2019 9,055 309,104 359,055 350,000 n/a n/a n/a n/a n/a n/a n/a n/a n/a 24,796,159 24,437,104 24,128,000 Oliver Steil 2018 n/a n/a n/a n/a n/a n/a n/a n/a n/a Oliver Steil Member since 19 August 2019 19 Member since 2018 Chairman of the Management Board (CEO) the Management Board Chairman of 31 December 2019) 31 December 2019) 31 December – – 1 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Resulting from the sale of an indirect participation (MEP) in TeamViewer AG (EUR 3,933,049) and rights to participate in the Company’s share appreciation (EUR 15,974,458) Resulting from the sale of an indirect participation (MEP) in TeamViewer and AG (EUR rights 7,597,201) to participate in the Company’s share appreciation (EUR 32,137,144) Total remuneration Total Pension expense Subtotal variable remuneration Multi-year variable remuneration One-year variable remuneration Third-party benefits Total Fringe benefits Fixed remuneration in EUR Pension expense remuneration Total Total remuneration according to GAS 17 – TeamViewer AG, previously Regit Beteiligungs-GmbH (1 August 2019 previously Regit Beteiligungs-GmbH (1 AG, according to GAS 17 – TeamViewer remuneration Total Benefits received for the previous year – TeamViewer AG, previously Regit Beteiligungs-GmbH (1 August 2019 (1 previously Regit Beteiligungs-GmbH AG, TeamViewer year – for the previous Benefits received 3.. 1..Paid the by main shareholder or their own majority shareholder 2.. One-year variable remuneration Multi-year variable remuneration Total Third-party benefits Fringe benefits Fixed remuneration Total in EUR 047 0 0 2020 75,000 185,000 220,000 242,500 Total 0 0 2019 32,869 82,804 81,420 71,879 0 0 0 0 0 0 2020 0 0 Other 399 2019 5,248 14,672 11,254 0 0 0 2020 55,000 55,000 110,000 - 0 0 0 Activity in committees 2019 40,511 20,255 13,750 0 0 2020 75,000 75,000 165,000 187,500 0 0 Fixed 2019 remuneration 27,261 27,621 60,766 46,875 1 1 Dr. Jörg Rockenhäuser Stefan Dziarski Holger Felgner Axel Salzmann Jacob Fonnesbech Aqraou tional remuneration for their services as these deemed are their contractual by remuneration be covered to with Permira. compensation any They waive generally to are obliged due to them connection in with such positions. Themembers the of Supervisory the by Boardcovered are Company’s D&O insurance with competitivecover. partnersPermira and employees who serve as members of the Company’s Supervisory Board do addi not any receive in EUR Remuneration of members of the Supervisory Board Remuneration of members 1 Stefan Dziarski and Dr JörgRockenhäuser did not receive any remuneration in the fiscal year 2020 due to their association with Permira Dr. Abraham Peled ------
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year THE SUPERVISORY BOARD REMUNERATION OF OF REMUNERATION bers who exercise their on mandate theSupervisory bers who exercise Board, or as chairman or deputy chairman, for only part the of fiscal theiryear receive remuneration basis. In on rata addi a pro tion, the Company reimburses members the of Supervisory of expenses the in Board incurred exercise for appropriate their activities as Supervisory Board member and for the VAT on their remuneration and expenses. tioned Activities above. a maximum in two of committees consideredare for remuneration purposes. If this number is the twoexceeded, functions with the highest remuneration The above-mentioned relevant. are remuneration due is and four in equal instalmentspayable the at end the of quarter for which the remuneration Supervisory paid. is Board mem ly to perform ly to its tasks.The chairmenthe of committees re twiceceive the amount the of committee remuneration men nual salary EUR of 25,000 for their activities the in other com mittees the of Supervisory Board, per committee, provided that the committee question in meets least at once annual mitteean receive additional salary fixed EUR of 30,000. The Supervisory Board members an receive additional an fixed termined alignment in with the Company’s Articles Asso of Theciation. members the of Supervisory Board a receive salaryfixed EUR of 75,000. The chairman the of Supervisory Board salary receives a fixed and deputy his EUR of 187,500 salarya fixed EUR of 165,000. Furthermore, theSupervisory Board members who also are members the of Com Audit The remuneration the of Supervisory Board members de is 048 ------
HOLDERS OF SHARES WITH SPECIAL RIGHTS ASWELL AS TYPE OF VOTING RIGHT CONTROL OF EMPLOYEE SHARES PROVISIONS GOVERNING THE APPOINT MENT AND DISMISSAL OF MEMBERS OF THE MANAGEMENT BOARD AND CHANGES TO THE ARTICLES OF ASSOCIATION The Company has notissued shares any with special rights which an would grant authority control to pursuant § 315a to HGB. and § 289 No em capital held by are (4) interests (4) and § 289 HGB. (5) (5) ployees pursuant § 315 to The appointment and dismissal members of the of Manage ment §§ Board governed by are 84 and 85 AktG conjunction in with the § 6 of Articles AG. The Association of TeamViewer of Supervisory Board determines the actual number members of theof Management AktG, Board. Pursuant§ 179 to amend mentsthe to Articles Association of least at three quar require theof theters capitalat share time theof represented res olution the according Annual by General Meeting. However, the of Articles § 10 AG, theto Association of TeamViewer of Supervisory Board authorised is amendments adopt to the to Articles Association of that only affect their wording. %. %. TLO % of voting rights. voting % of share in the capital of TeamViewer AG through TLO. through AG TLO. the in share capital TeamViewer of 1 % MATERIAL HOLDINGS OF SHAREHOLDERS OF HOLDINGS MATERIAL 1 Share of Permira Holdings Limited refers to last voting rights notification As of 31 December As 31 of 2020, Holdings Permira Limited held a 27.9 Addendum: on AG 18 HoldingsPermira Limited informed TeamViewer February 2021 February that on 16 TLO reduced its 2021, 19.97 to AG shareholding the in capital TeamViewer of Addendum: on AG 18 HoldingsPermira Limitedinformed TeamViewer February 2021 Februarythat on 16 TLO reduced its 2021, 19.97 to AG shareholding the in capital TeamViewer of lock-up a to agreed period 90 of the in course days the of share placement. The Management further any of Boardnot is aware or direct 10 capital exceeding indirect interests - -
Takeover-related disclosures Takeover-related
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year VOTING RIGHT AND TRANSFER- RELATED RESTRICTIONS RELATED COMPOSITION OF THE SUBSCRIBED CAPITAL No restrictions exist in relation to voting rights orrights No the voting transfer to relation in restrictionsexist the best the of Management knowledge, shares.of Board’s To only the following the in contractual 2020 agreement existed fiscal Majorityyear: shareholderTigerLuxOne (TLO) S.àr.l. itself subjected lock-upa to for perioda 90 starting days on the of the transaction date as part the of sale 22 of million shares on 20 October 2020. er shares with the in provided amount It was no par value. of EUR 200,000,000 the change by legal in form Regit of Beteil igungs-GmbH on3 September a stock corporation into (AG) entry of pursuant to the in commercialregister) (date 2019 §§190 the of seqq. (UmwG) Act et German Transformation EUR EURand to increased by 201,070,931.00 1,070,931.00 as part a capital of non-cash increase against contributions, Septembereffective 2020. 16 The the of subscription rights equal All shares have shareholders excluded. existing were EUR of interest rata and hasrights, each 1.00 share a pro in the Company’s capital. share Each no-par grants share value theat oneCompany’s vote Annual General Meeting. As 31 of December 2020, the Company held no treasury shares. TeamViewer AG’s share capital as of 31 December capital share as 31 of AG’s 2020 was TeamViewer ordinary EUR201,070,931 divided bear 201,070,931.00, into 09 049 - - - stake. For the stake. Management this event, Board authorised is with the of Supervisory the approval Board assume to the re guaranteesfor thequired obligations from resulting thebonds or impose to grant and to on the holders these of or creditors bonds conversion or or rights warrant conversion or warrant obligationson shares the of Company. The Management Board furthermore was authorised ex to theclude shareholders’ for issues subscription rights bonds of under certain circumstances with the Supervisory Board’s consent, for non-cash issues including exchange in contri butions, particularly for the purpose companies, acquiring of parts companies of or participations companies. in ------%, e., neither the capitale., share the at time existence in this i. authorisation takes effect nor the capital share at existing the time this authorisation exercised. is tions, especially the in form companies, of parts companies, of participationscompanies, in receivables, or other assets. termined with final effect, which should promptly take place after placement the of shares. This authorisation exclude to only thesubscription rights to applies extent thatthe no tional percentage the of shares of issued under exclusion sen shareholders’ pursuant186 subscription § rights (3) to tence 4 AktG the in capital share does 10 not exceed If new shares are issued in exchange for non-cash issuedIf newshares are exchange in contribu
Furthermore,the Management Board authorisedwas a by resolution the of Annual General Meeting, 3 September dated convertible issueto bearer or and/orregistered 2019, war bondsrant-linked or a combination these of instruments with a total nominal amount EUR up to of 1,400,000,000, with or with 2 September until 2024out maturity, fixed with the Superviso oncery or multiple times approval, Board’s partial in amounts, the grant and holders to these of bonds conversion or option 60,000,000 up to subscribe to to rights ordinary bearer shares with no-par the of value Company with amount rata a pro of the capital EUR share up to totalling 60,000,000 accor in dance with the offering terms these of bonds. The bonds may for conversiona provide or performance obligationrespect in the theof endthe of by warrant The term or an at earlier date. for cashor issue non- bondsexchange of in takeplace may cash contributions. The bonds also may be issued compa by nies which in the Company majority holds or an direct indirect ‧ - - - - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year n the event of the issue of new shares in exchange for cash the of n the issue event new shares of exchange in To grant holders grant convertible of or creditors or war To contributions if the issue amount the of new shares not is significantly lower than the price stock the of market listed the at time theshares the of issue Company, amount de is rant-linked bondsrant-linked issued the Company by and/or its direct majorityor indirect holding companies and convertible participationprofit an new rights option subscribe to to of whichshares they would be to entitled upon exercise theconversion or or rights, warrant performance the of orwarrant conversion obligations. To balance fractional amounts. To I
AUTHORITY OF THE MANAGEMENT BOARD TO ISSUE OR BUY BACK SHARES ‧ sent the of Supervisory 100,000,000 issuing to up Board, by ordinarybearer shares with no-par cash against value and/ or non-cash contributions onein tranches or for several a to tal maximum EUR of 100,000,000 the during period 2 up to September 2024 The (Authorised dividend en Capital 2019). titlement deviation be determined fromnew shares of may by AktG.§ 60 (2) Existing shareholders must, asgeneral a rule, the subject to their However, subscriptionbe rights. granted consent the of Supervisory Board, the Management Board is shareholder on subscription rights authorisedone exclude to occasionsor several the in following cases: With a resolution passed the Annual by General Meeting on the3 September Management 2019, Board authorised was increase theto Company’s capital, share the subject to con ‧ ‧ 050 -
FUNDAMENTAL AGREEMENTS IN IN AGREEMENTS FUNDAMENTAL THE EVENT OF A CHANGE OF CONTROL DUE TO A TAKEOVERBID THE WITH AGREEMENT COMPENSATION MANAGEMENT BOARD OR EMPLOYEES IN THE EVENT OF A TAKEOVER BID The senior agreement concluded facilities between TeamView and its erAG lenders agreement which material a containsis a change of provisions control. of applicable the in These event theprovisionsgrant lenders termination the to and right early settlement a change of the control. of of the in repayment event No compensation between agreements exist the Company andthe Management Board or employees a of the in event takeover bid. - - - % of the% of cap share % of the% of capital share as the of date As of 31 DecemberAs 31 of 2020, the Company utilised the Authorised Capital EUR of as part 2019 1,070,931.00 a capital of increase a non-cashagainst contribution. The Contingent Capital 2019 December as 31 of has so far not been Accordingly, utilised. 2020 the Authorised Capital EUR was 2019 98,929,069.00 and the Contingent Capital EUR was 2019 60,000,000.00. The Management Board moreover was authorised acquire, to 2 September until 2024,own shares permitted forany pur pose a total 10 of up to the resolution passed is lower is or – as the of – if this figure time the authority The based on shares acquired exercised. is this authorisation together with other shares the of Company owned the Company by or attributable it pursuant §§ to to 71a AktG seqq. et must no 10 at time exceed ital. The acquisition takes the at place Management Board’s offering a public to choice addressed via the stock exchange, shareholders,all issue of call to an a public offer (acquisition or through the utilisationfer) (put or derivatives of call options or a combination thereof). - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ny instead of pay the amount pay of instead ny due full or in part. in The Company’s capital share has been up to increased by EUR 60,000,000 through the issue 60,000,000 up to of new ordinarybearer shares with no-par (Contingent Capital value The Contingent Capital2019). solely 2019 serves the purpose the new shares to grant ownersto or holders bonds, of which the to authorisingaccording solution the general by adopted meeting on issued 3 September are 2 September until 2019 2024 the Company by or affiliated companies which in the Companyholds or directly indirectly a majority the in interest, or that conversionevent and/or exercised option are rights that conversion and/or met option obligations or are right that shares the of grant Compa to itsthe right Company exercises 051 - - - including the relevant markets and markets customer the needsincluding relevant management and control internal procedures Strategy and strategic managementStrategy and strategic and software-as-a-serviceTechnology companies, (SaaS) IT including andOperations digitalisation and technology, Corporate governance development and management resources Human Finance, accounting, financing, risk including controlling,
Management per be able to Board member must, however, form the tasks associated with this office software listed a in companywith international operations preserve and to the Company’s reputation. expected public In addition, they are an in-depth have to understanding the of Company’s busi ness and environment market possess and to years of several managementIn the view of experience. Company’s business model, least at one member the of Management Board should knowledgehave the of following areas: ‧ ‧ ‧ ‧ ‧ ‧ Given the international focus the of Company’s activities, at least some members the of Management Board should pos sess noteworthy international experience. ------of the TeamViewer AG until 2022 until AG chairman and designated theof TeamViewer theof Management Board. 2022 until AG Board since and, Novem the of TeamViewer ber 2017, as Managing Director of the TeamViewer Germany as Managing Director the of TeamViewer ber 2017, GmbH and CFO the of Group. Oliver Steil appointed member is the of Management Board Stefan Gaiser appointed member is the of Management
MANAGEMENT BOARD MANAGEMENT fessional background. All enablewhich of will the fessionalManage background. call on to as wide as possiblement a Board, its in entirety, knowledge experience, range of and abilities. Diversity within the Management the Board in reflected is members’individual educational and professional careers and the spectrum broad experience of each possesses. Each The Management Board of the TeamViewer AG consistedThe AG of Management Board the of TeamViewer twomembers December as 31 of 2020. the to Ar According AG, the Managementticles Association of the of TeamViewer Board appointed and is dismissed the Supervisory by Board. DecemberAs 31 of 2020, the Company’s Management Board consisted the of following two members: ‧ ‧ Profile of requirements and diversity concept The Supervisory Board the of is opinion thatdiversity as pectssignificanta the rolein also successfulplay develop the addition in to professional skillsment the of Company, and experience the of members the of Management Board. In with line its diversity concept, the Supervisory Board is seeking thattherefore the ensure to Management Board consists members of who the reflect diversity concept and complement eachother termsin their of personal and pro Composition - - -
Corporategovernance statement
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year BASIC APPROACH The Management Board and SupervisoryBoard the of Team ed on 16 Decembered on 16 2019. Viewer submit AG the following corporate governance state d and § 289ment seq. HGB, et pursuant § 315 to which part is the of combinedmanagement report. Init, they report jointly corporate governanceaccordance in with on TeamViewer’s 22Principle the of GCGC. This statement and the documents HGB to also are available mentioned (1a) § 289 in seq. (2) et onthe the public TeamViewer. of relations website investor As a globally operating Group, TeamViewer attaches great TeamViewer As a globally operating Group, importanceand good to corporate governance. Transparent responsible corporate governance, a collaboration between the Management Board and Supervisory Board of a spirit in trust and open capital communications market form its key the standards the by of guided is AG elements.TeamViewer GermanCorporate Governance as last updat Code (GCGC), 10 052 ------ary gainful activities, especially Supervisory Board mandates members by outside the of Management the Company, Board the Supervisoryrequire approval. Board’s planning succession Long-term The Supervisory Board, together with the Management Board, ensures long-term this end, succession To planning. the Supervisory Board up the has drawn above-mentioned formembers requirements of profile the of Management Board and the diversity concept based on which the Super visory Board, together with the Management Board, regular ly analyses the Company’s needs and considers long-term succession contingency In addition to planning. planning, that designed thethisis ensure Companyto can approach suitable early candidates on. Conflicts interest of Members the of Management Board committed are the to inter Theirests the of decision-making Company. must not be guid their owned by personal While interests. working for the Com a comprehensive subject to they are non-competitionpany, andclause must not use business opportunities to available the Company or one its of subsidiaries for their personal gain. The members the of Management Board must not demand re persons other or themselves for benefits other or muneration partiesfrom third or unjustifiable grant parties. benefits third to Every member the of Management Board must disclose con immediately the to chairman interest of flicts the of Supervisory Board and the chairman the of Management Board and inform the other members All the of Management Board accordingly. transactions between the Company or its subsidiaries, on the one and hand, the Management Board members as as well them personsany to or undertakings related personally related must conform them,to the on to standards the applica other, transactions to ble with non-related parties. third Any second ------Themembers the of Management Board jointly are respon The Management Boardcollaborates closely with theSu pervisory Board. their It is joint task an ensure adequate to information of supply the to Supervisory Board. The Manage ment Board notifies the Supervisory timely Board a regular, in andcomprehensive manner the issues all to of relevance of Company and the Group as part its of reporting obligations pursuant § 90 to AktG. busi planning, This includes strategy, ness performance, the risk situation, risk management and compliance. The Management Board addresses deviations businessof performance from the plans and targets and set the reasonsstipulates for them. Documents for relevance of the decision-making the to Su process available made are pervisory Board members ahead a meeting. of well The Man agement the Board Supervisory requires for approval Board’s specific transactions out set the in rules procedure. of sible for thesible management The the of members Company. of the Management Board the business direct assigned area them theto schedule by responsibilities of independently and on theirown account. The members the of Management Board work together as colleagues andadvise and brief each other on a continual basis. TheManagement Board general, everyin two weeks. Management meetsregularly, Board resolutions must be unanimous. ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year laboration between the Management Board members and theinformation of supply the to Supervisory Board set are out the in rules for procedure of the Management Board. The ManagementBoard manages the Company’s operations with the standard a prudent manager of care of and diligent the Articles accordance in with the law, Association, of and the rules The procedure. of Management Board cooperates with the Company’s other bodies collegiality of a spirit in and trust, for the benefit the of Company. The business guiding basic principles management, the col ing theing growth its of sustained The value. enterprise Man agement Board the develops Company’s direction, strategic coordinates it with the Supervisory Boardintervals regular at and ensures its implementation. Tasks The Management Board has sole responsibility for manag the ing Company’s operations. TheManagement Board is the Company’s by guided and committed interests ensur to ture is aimed for, subordinate to the to other mentioned. criteria subordinate aimed is ture for, ment Board and the status their of implementation dis are for female figures representation cussed the in Target Chapter the defined tar positions achieve executive in on 56. page To promote and diversity to figures get general, in the Superviso ry Board has elaborated a comprehensive and detailed diver sity concept which it uses for as appointments a guideline and long-term succession planning. Appointments for members the of Management Board generally endonce the 65. of age they reach An extension for maximuma threeof further years possible. is A heterogeneous struc age The for female target figures representation on the Manage 053 - - - - ment, andcontrol internal procedures (ideally in the in (ideally areas software, of SaaS or technology) footprint Corporate governance and compliance Management a company of with international operations Supervisory positions Germany in and/or abroad Areas and innovation strategy of Corporate development a company of with an international Accounting, financial reporting, controlling/risk manage
‧ The Supervisory Board considers that the skills of and profile expertise implemented is composition. its full in in current Independence The Supervisory Board attaches particular importance the to independence its of members full compliance and to with recommendationsthe relevant the of GCGC on the inde pendence Supervisory of Board members. The Supervisory Board shall take due account the of ownership structure and the of is opinion that the Supervisory Board should at include least two shareholder who representatives independent are of its of Management theCompany, Board and controllinga of shareholder within the meaning recommendation of the of C.6 GCGC. In the opinion the of Supervisory Board, Mr Salzmann, Mr and Aqraou Mr Felgner independent are members within themeaning thisrecommendation. of All members con are independentsidered the of Company and the of Management Board within the meaning recommendation of GCGC. C.7 Profile of skills and expertise TheSupervisory Board members combined mustthe all cover areas expertise of perform to it requires its tasks effectively. This includes particularly in-depth knowledge and experi of, ence the in following: ‧ ‧ ‧ ‧ ‧ - - - - - form the duties the of supervisory in Moreover, board body. accordance with AktG, § 100 (5) the members the of Supervi sory Board combined mustbe familiar with the sectorwhich in with operates, least AG at one memberpossess TeamViewer expertiseing accounting in or the financial of audit statements. The Supervisory Board selects from among its members a chairman who coordinates the work the in Supervisory Board theandrepresents affairs the of Supervisory Board theto outside. In this process, they hold discussions with investors about supervisory board-specific ex issues an appropriate to Thetent. Supervisory Board chairman contact regular in is with the chairman the of Management Board between in meet business development,risk andings discusses the strategy, position, risk management and compliance the of Company. Regarding theRegarding composition the Supervisory the of full body, Board attaches particular The attention members diversity. to must complement each other terms in their of personal and their experience and expertiseprofessional background, so that the board as a whole on can the draw widest possible differentrange of experiences and specialised knowledge. The Supervisory Board must, times, all at be composed in that its memberssuch way combined possess the knowledge, properly per to abilities and professionalexperience required ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year visory Board Stefan Dziarski, Supervisory Board member Supervisory memberHolger Board Felgner, SupervisoryDr Jörg Rockenhäuser, Board member Axel Salzmann, Supervisory member Board Dr Abraham chairman Peled, the of Supervisory Board Jacob Fonnesbech deputy Aqraou, chairman the of Super
SUPERVISORY BOARD The Supervisory has its set AG Board the of TeamViewer its compositiontargets regarding and has drafted a profile skillsof and expertise and a diversity concept for the entire Theboard. members the of Supervisory Board must be able fulfil theirto tasks as Supervisory Board members a soft of The Supervisory current Board members appointed until are the Annual General Meeting 2023. in ‧ ‧ ‧ ‧ ware companyware with international operations based on their knowledge, competencies and They experience. that ensure sufficient performthey have to time available their tasks care fully and thatthey comply with the maximum number per of mitted mandates pursuant recommendations to and C.5 C.4 theof GCGC. Supervisory A Board member should nothave passed the at the 75 time of age election of and should not be part the of Supervisory Board for more than years. ten As of 31 DecemberAs 31 of 2020, the Supervisory Board the of Com ‧ ‧ ry Board of the TeamViewer AG consists AG six of membersry elect Board the of TeamViewer the Annualed by General Meeting. The Supervisory current Board members appointed as part were the of Company’s transformationand change legal in form for the period ending with the Annual General Meeting 2023. in composed was pany the of following members: In accordance with the Articles Association, of the Superviso Composition 054 ------ing of recommendation C.10 GCGC, has special knowledge recommendation of ing C.10 and experience applying in accounting and principles internal control as procedures financial of audits as statements. well Audit CommitteeAudit The Committee Audit with the following especially, tasked, is the matters: Supervisory Itprepares decision Board’s onthe the of annualapproval financial statements and consolidat ed financial statements and monitors the financial reporting, the financial reporting process and the effectiveness the of controlinternal the system, risk management and system the and deals system audit internal with compliance issues. Ac counting includes the consolidated financial statements and theGroup management report fi ESG (including reporting), nancial information the published during year and the finan statementscial pursuant HGB. to The Committee Audit furthermore the Supervisory prepares the recommendation decisionBoard’s regarding for the se lection theof independent and auditors monitors the indepen dence the of the of auditors financialstatements. It also reviews the additional services theindependent by auditors, provided determines fees, the the to auditor’s focus agrees audits, of and issues the the to independent mandate audit It auditors. assesses the quality theof the of audit financial statements on basis. The a regular Committee Audit moreover discusses the half-year and quarterly statements with the Management Board prior their publication. to The chairman the of Audit Committee,Axel Salzmann, independent is within the mean ------Conflicts interest of TheSupervisory Board memberssolely are committed theto They must the of best not Company. pursue interests personal their in decision-making,interests nor must they use business opportunities offered which the are to Company or one its of subsidiaries for themselves parties. or third Every Supervi sory Board member must the disclose to conflicts interest of chairman the of Supervisory Board. In its report the to Annual GeneralMeeting, the Supervisory Board information provides arisen ad andon how that conflictshave they were interest of dressed. a Supervisory Material involving conflictsinterest of Boardmember not merelythat are temporary should in result the termination Supervisory that of member’s mandate. Board members shall not be members or perform bodies of of, advi sory tasks competitors material at, Advisory the of Company. agreements and other contracts for services and work con a Supervisorycluded by Board member with the Company the Supervisoryrequire approval. Board’s Committees enable the SupervisoryTo Board performto its tasksefficient it has formed an Committee Audit ly, and a Nomination and RemunerationCommittee fromamong its members. Each of these committees least has at three members. The Supervi sory Board must be informed the of regularly work and out comes discussions of on the committees. In accordance with its the rules Supervisory procedure, of Board must hold least at two Fur meetings every calendar year. the in ther Com be called meetings to required if are such are or if a Supervisory interest pany’s Board or Management Board member for applies a meeting be convened, stating to the pur pose and reasons for such a meeting. The Supervisory Board meets on basis, also a regular without the Management Board. ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year sociation its own adopted rules and procedure of them made The on the available TeamViewer. of relations website investor Supervisory Board conducts its business pursuant statuto to ryprovisions, the Articles Association of and the rules pro of It collaborates closelycedure. and trust of a spirit in with the Company’s other bodies, especially the Management Board, for the In the benefit rules the of for procedure of Company. the Management Board, the Supervisory Board has defined the transactions the Supervisory requiring approval. Board’s In a decision dated 19 August 2019, the Supervisory August 2019, In a decision 19 dated Board the of Company’s Articles As of (1) accordancein with § 11 Tasks The Supervisory Board advises regularly the Management Board on the management the of Company and monitors its activities. The Board decisions in must be involved which are fundamentalof importance the to Company. The Supervisory Board convinced is that this kind compo of tation. To take into account take into the Company’s internationalchar tation.To the Supervisoryacter, Board should, as a general include rule, leastat two non-German nationals with global management or The experience. entrepreneurial for female targetfigures rep resentation on the Supervisory Board and the status their of for figures implementation discussed is Target the in chapter positionsfemale representation executive in on 56. page sition ensures independent and efficient monitoring advice, and supervision the of Management Board. nomination Future proposals the Supervisory by Board the to Annual General Meetingshould consider therefore the stated goals aboutits composition while the at same time contributing the to fulfil ment the skills of of and expertise profile the and to achieve ment the of targets the of diversity concept. The Company attaches particularimportance the to diversity itsof workforce The levels. all at Supervisory Board should with especially diversity, of degree balanced a reflect also consideration its of members, the of international background their professional expertise experience, and female represen Diversity Diversity 055
Chairman of the board of directors of Chairman of the board of directors of Member of the board of directors of Chairman of the board ofdirectors of Member of the board of directors of Member of the board of directors of Chairman of the board ofdirectors of Chairman of the board of directors of Member of the supervisory board of Member of the advisory board of Member of the advisory board of MPN Member of the advisory board of None CyberArmor Ltd. CyberArmor Synamedia Ltd. Telenor ASA Loopia Group Wallapop SL Bridge Denmark Aqraou Invest ApS ApS PhaseOne P&I Personal & Informatik AG FlixMobility GmbH Marketplace Networks GmbH Schustermann & Borenstein GmbH
‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ Mandates in accordance with Mandates in § 125 (1) fifth sentence AktG sentence § 125 (1) fifth Supervisory Board member Supervisory Dr. Abraham Peled Dr. Abraham Jacob Fonnesbech Aqraou Stefan Dziarski Holger Felgner Dr. Jörg Rockenhäuser Axel Salzmann ------
ery twoyears, how effectively the Supervisory Board as a whole and its committees fulfil their tasks. qual In addition to the be determined Supervisory – to by itative criteria Board – the self-assessment looks particularly the at procedures used within the Supervisory Board and its committees, the flow of information between the committees and the full Board and the timely and the content-wise informa of supply adequate tionthe to Supervisory Board and its committees. Most re the Supervisorycently, Board, its at meeting on November 5 2020,has determined areas for the self-assessment and car ried out a detailed the of evaluation different areas. of mandates supervisory board Additional members of the Supervisory Board The table below sets out the additional mandates on super visory boards and comparable supervisory bodies currently the Supervisoryheld by AG. Board members TeamViewer of Self-assessment the of GCGC, the Inaccordance with recommendation D.13 Supervisory Board assesses intervals, regular at least at ev ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year As of 31 DecemberAs 31 of 2020, the Nomination and Remuneration Committee the had following members: Axel Salzmann (chair Jacob Fonnesbech Peled Drman), Aqraou, Abraham(Abe) The andDr chairman Jörg the of Rockenhäuser. Nomination and Remuneration Committee, Axel Salzmann, independent is GCGC. within the meaning recommendation of C.10 ing members: Axel Salzmann (chairman), Jacob Fonnesbech members: ing Axel Salzmann (chairman), Stefan DziarskiAqraou, and Peled. Dr Abraham (Abe) bers, remuneration aspects to examinesall and the relating terms employment of for the Management Board and issues recommendations the to Supervisory Board the to relation in amendments of signing and termination to employment of com it will contractsemployees.for of thisgroup If required, mission its own the of independent remuneration review prin and theciples of the remuneration to Man paid packages agement Board members. It presents an assessment the of Management performance Board’s and issues a recommen dation theto Supervisory Boardfor the termsemployment of and remuneration the of Management Board. Nomination and Remuneration Committee Remuneration and Nomination The Nomination and RemunerationCommittee the prepares proposals the of Supervisory Board the to AnnualGeneral theMeeting election regarding Supervisory of Board mem As of 31 DecemberAs31 of 2020,the Committee Audit the had follow 056
of 31 December 2020 Status of implementation as Status of implementation 0 % 0 % 43 % Target period Target Until 31 December 2023 Until 31 December 2023 Until 31 December 2023 Target figure (as a percentage figure (as a percentage Target of members at of the total number date) the respective reporting 33 % 25 % 33 % Supervisory Board Management Board First executive level below the Management Board . - - - 1
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year A second management level below the Management Board does not exist at TeamViewer AG FEMALE REPRESENTATION REPRESENTATION FEMALE EXECUTIVEIN POSITIONS TARGET FIGURES FOR The following table contains an overview the of targets for set female representation on the Supervisory Board, Management Board and below the the two levels Management executive Board together with details on the status implementation. of 1 sentation in monitoring and executive positions. Accordingly, sentation positions. monitoring in and executive Accordingly, the Supervisory Board andthe Management Board attach par ticular importance diversity positions. to when executive filling Over the medium increase the term, they plan to percentage womenof on the Supervisory Board, the Management Board and below the the two levels Management executive Board The Company’s Supervisory Board and Management Board consciousare the of particular importance diversity of gen in and moreeral, notably female repre ensuring of appropriate 057 For the Supervisory Board Dr Abraham Peled - - - % of the% of % of the % of annual fixed compensa Stefan Gaiser tion the of respective Supervisory The current Board member. for the AG members D&O insurance the policy of TeamViewer theof Supervisory Board does The a deductible. not provide Management Board and Supervisory Board the of are opinion no influence thatdeductible a on wouldhave the sense of responsibility and loyalty the of members the of Superviso ry their duties this Board and regarding functions. Moreover, competitiveness AG’s for com would impair the TeamViewer and qualifiedpetent members the of Supervisory Board. Goppingen, December 2020 The Management Board Oliver Steil Section 3.8 para.3 recommended the of Code 2017 thata D&Oinsurance forpolicy the members the of Supervisory Board should a deductible include the in amount 10 of least at damage to up 150 ------
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year BOARD AND SUPERVISORY BOARD OF THE TEAMVIEWERON AG THE RECOMMENDA TIONS OF THE“GOVERNMENT COMMISSION CODE” GOVERNANCE GERMAN CORPORATE PURSUANT AKTG 161 § TO STATEMENT BY THE MANAGEMENT MANAGEMENT THE BY STATEMENT tice and Consumer Protection the in official section the of Ger man (the Federal Gazette April 2017 on 24 (Bundesanzeiger) “Code since issuing its last declaration 2017”) compliance of in December the of with following deviation: the 2019, exception ed on 7 February 2017, published by the Federal published by Ministry Jus of ed on 7 February 2017, The Management Board and Supervisory Board TeamViewer of has complied AG with the also thatAG the declare TeamViewer recommendations the of German Corporate Governance Code applicable prior the to Code 2020 as amend coming force, into ue to complyue to with the recommendations the of 2020 Code in exception. without future the zette (Bundesanzeiger) on 20 (Bundesanzeiger) zette March 2020 “2020 (the Code”) since its publication contin without to and intends exception The Management Board and SupervisoryBoard the of Team has complied AG thatViewer the declare AG TeamViewer with recommendations all the of German Corporate Gover nance Code as amended December on 16 published 2019, the Germanby Federal Ministry Justice of and Consumer Protection the in official section the of German Federal Ga 058 - - - - headed by theheaded Compliance by Office, body the the is of key Compliance Organisation which reports the to Management Board and the Committee Audit the of Supervisory Board. Code of Conduct Conduct of Code the of economic aware is and social responsibili TeamViewer ty its business it has towards partners, and employ investors the Code Conduct of ees.established was Accordingly, as a framework binding for ethical conduct businessa in setting. The document describes the goal communicated the Man by agement Board decision-making that all processes should be and transparency compliance with integrity, appli by guided cable and provisions. laws - - - - - er with any improvements, if applicable, as well as for evaluat for as well as applicable, if improvements, with any er and complianceing mitigating The risks. Compliance Board, Compliance Organisation Compliance The group-wide Compliance Organisation responsible is for compliance and of to adherence the review processes togeth Compliance Management System and rules internal applicable that laws all ensure and reg To Group has estabulations complied are with, the TeamViewer lisheda Compliance ManagementSystem. TheCompliance Management System forms (CMS) a central part the of Group and its geared is risk to situation. The CMS includes neces all sary measures and processes and that internal laws ensure to rules observed. and regulations are based It is on the Code of Group. Conduct the of TeamViewer ------
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year COMPLIANCE AUDIT OF FINANCIAL STATEMENTS FINANCIAL REPORTING AND AND REPORTING FINANCIAL ture and further is ture deepened programme. an training internal by TheCompany throughout awareness seeks create theto organ isationactions that all based ensure laws, are on to the relevant domestic and international standards and policies. internal Compliance cultureCompliance corporate cul Compliance firmly is embedded TeamViewer’s in holders contribution a crucial make the to corporate success Group. theof TeamViewer Compliance means business that all processes comply with and the applicable laws all Company’s rules internal and integrity and the and fair open dealingsregulations. Trust, with employees, customers, business partners and share ments accordancein withthe International Financial Report Standardsing the (IFRS) International by Accounting adopted Standards Board (IASB) and the the of interpretations IFRS CommitteeInterpretation (IFRS as applicable the in EU, IC) and additionally the applicable commercial and stockcorpo HGB. rationpursuantregulations 315e § to The annual finan accor in prepared are AG statementscial the of TeamViewer dance with the the of principles HGB. The annual financial AG, the consolidated financial statements the of TeamViewer statements and the Group management report, which com is bined with the Company’s management report, up drawn are the Managementby the Board independent by and audited andauditors the Supervisory Board. The independent audi torstake part the in deliberations the of Committee Audit and the Supervisory Board about the annual financial statements and consolidated financial statements, report on the audit process and answer its hand questions at and to results are additional information. andprovide The independent auditors forthe fiscal year2020 GmbH Wirtschafts Ernst are & Young prüfungsgesellschaft (EY), Stuttgart. The TeamViewer AG prepares itsconsolidated prepares financial AG state The TeamViewer 059 - - - DIRECTORS’ DEALINGS Compliance reporting channels Compliance variousEmployees channels their at have disposal report to complianceviolations or anomalies. The first contact partner In employeesaddition, can notify the is manager. line the Compliance Office email dedicated account. via a separate, Employees can also use the whistle-blower channel report to suspected violations or the of compliance law concerns anon ymouslyand withThe protection. Company alsomaintains an extensive dialogue with external stakeholders promote to comprehensive compliance through open dialogue. All reports and assessed investigated are a timely in manner. applicable. where decided sanctions and are Suitablemeasures information provides AG on the manag The TeamViewer transactionsers’ the of Management Board and Superviso ry Board and and natural legal persons strongly associated with them accordance in with Art. the of EU Market Abuse 19 Regulation (MAR). These transactions can be on viewed the Company’s within law. the website periods by stipulated In the 2020 transactions five reported were to fiscal year, pursuant Art. AG to MAR. 19 TeamViewer on They listed are the TeamViewer. of relations website investor - - - Anti-Bribery & Corruption Policy Anti-Money Laundering Policy CompetitionAntitrust Fair and Policy Data Protection Handbook – Privacy Group Security Dealings Code Health & Safety Policy IT Security Policies Controls and Sanctions Policy Trade Policy Travel
Following the Code of Conduct, therefore, TeamViewer has Following the Code Conduct, of TeamViewer therefore, established code a for and suppliers business partners called the Business Partner & Supplier Code Conduct. of policies supplementSubordinate the compli of set internal ance rules, which include: ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ All policies are reviewed and, where and, on necessary, All adjusted reviewed policies are for employees, all events information basis. Training a regular emails and Group-wide meetings the ensure issues kept are up-to-dateand the policies complied with. Function-specific policies and procedural guidelines supplement thesets rules. of Another important Group the is issue the in TeamViewer health employees. of promote employee In to order health, health and safety policies and the associated have training been implemented. also supports hu standards designed protect to TeamViewer with the Codeman Together Conduct, of rights. recent pro all visions been the of following included. standards have ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year cordance with and ethical standards laws and compli ensure ance with these throughout chain. value the entire Further compliance documents and policies and documents compliance Further also its expects business partners ac in TeamViewer act to The Code relations Conduct of investor published on is the TeamViewer. of website TeamViewer is very is the proud of diversity its of ownTeamViewer employ Working together with the Compliance Board, the Compliance Office verifies that the provisions the of Code Conduct of are as as the acting as well and central applicable, date up to contact for compliance-related all matters. ther important policies internal and procedural guidelines, the in including areas the of corruption, against fight data of security and IT security. ees. People different of ages and genders work the at Com They differ family status, terms in their of nationality, so pany. orientation, sexual and physical and ethniccial background, and mental The state. opportunity for employees all express to themselves freely just is as important as the acceptance all of political convictions. and religious At the same time, Team extremistViewer does thinking, tolerate offen not way any in or propaganda. In this context, TeamViewer behaviour, sive does not support political any or favour organisations. The Code Conductof also serves as a framework for fur ly on internal dealings with each other, dealings with businessly on dealings internal with each other, partners, the corruption against fight and the responsibilities and the confidentiality, environment. security, to linked tightly Accordingly, the Code Conduct of based is Accordingly, on these applicable internationalstandards and provisions. It includes rules main 060 - -
Closing Nonfinancial
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year The Management Board of the TeamViewer AG has created a has created The AG Management Board the of TeamViewer AktG which contains (1) dependency report pursuant § 312 to thefollowing concluding statement: “In hereby we summary, AG, Goppingen, and its subsidiaries that TeamViewer declare consideration appropriate received for the legal transactions the in report listed on with relationships affiliated companies the to circumstancesaccording known the us at to time the legal transactions carried were out not disadvan and were financial report. 12 taged way.” any in The nonfinancial matters relevant to TeamViewer that are not that are The nonfinancial TeamViewer matters to relevant part the of management report detail in Non in presented are 11 statement statement on the statement onthe dependency report 061 - - 0.4 2.9 (1.8) (0.1) (1.8) (3.2) Short fiscal year from 3 July to 31 December 2019 – 11.8 (4.1) (0.2) (6.8) (14.3) to 31 December 2020 Fiscal year from 1 January Fiscal year from 1 January Other operating expenses of EUR 4.1 million (2019: EUR 1.8 EUR 1.8 (2019: million Other operating expenses EUR of 4.1 compriseprimarily legal andmillion) advisory charges, clos and costsing audit and the for the incurred expense Supervi remuneration. sory Board’s expenses amountedInterest EUR to 0.2 the in million fiscal loss net AG’s TeamViewer million). year2020 EUR 0.1 (2019: for the EUR year was million). EUR 6.8 1.8 (2019: million - -
Interest and similar expenses Net loss for the year Other operating expense Personnel expense Profit or loss statement In EUR million Revenue Other operating income vision management of services affiliated to companies and the in million fiscal year 2020 amounted EUR to (2019: 11.8 EUR 2.9 million). The Company’s personnel expenses the in fiscal year were The EUR main reasons 3.2 EUR(2019: million million). 14.3 the due to shortfor the that, the in increase are year, previous only employeesemployed from were August 1, fiscalyear, the performance-related compensation of variable multi-year for the granted first time fiscal in executives 2020, and the in short-term in crease compensation variable for employees. all employed an AG average TeamViewer During the fiscal year, 64of 67). employees (2019: Revenue of TeamViewer AG resulted primarily from resulted AG the pro TeamViewer of Revenue The profit or loss statement of TeamViewer AG for the AG fiscalThe or profit loss statement TeamViewer of year 2020 as is follows: - - - - -
EARNINGS POSITION
OF THE TEAMVIEWER AG
0 1
Management report of TeamViewer AG AG TeamViewer report of Management
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year
13_ (Condensed, in accordance with the German Commercial Code) Commercial German the with accordance in (Condensed, portingyear can be compared to figures with theprior-year only extent. a limited By contrast, both the fiscal year 2020 Group run from and the fiscal previous year the of TeamViewer 1 January contin AG December 31 to because TeamViewer ues the Regit of group Eins GmbH company. as a new parent The fiscal year of TeamViewer AG is the is calendar AG year 2020.The fiscal year TeamViewer of The a short fiscal was year 2019 fiscal year comprising the period from the Company’s establishment on up 3 July 2019 December 31 Thisto means 2019. that the for the figures re The annual financial statements of TeamViewer AG are pre are AG The annualfinancial statements TeamViewer of TeamViewer AG is the parent company of the TeamViewer the is company parent AG the of TeamViewer TeamViewer Group and based Goppingen. in The Company has been with the court district registered Ulm of under (Amtsgericht) HRB number 738852.register accordance in pared with the provisions the of HGB. The con in prepared are financial statementssolidated TeamViewer of accordancewith theIFRS applicable onthe reporting date and the the of interpretations IFRS Committee Interpretations (IFRS the application which of mandatory is IC), the This in EU. differences in results accounting in and valuation methods. In addition to reporting on the TeamViewer Group, the develop Group, reportingIn addition to on the TeamViewer the in AG fiscal year 2020ment TeamViewer of out set is below. 13 062 - - - OPPORTUNITIES AND RISKS OUTLOOK 03 04 13_ 13_ As a holding company, the businessAs development a holding Team of company, certainlyViewer is AG the subject to same opportunities and partic AG TeamViewer Group. the similarrisks to TeamViewer the in opportunitiesipates and and direct its of risks indirect subsidiaries the in full amount. The opportunities and risks risk management in presented andare the system Group’s the Opportunity and Risk Report. Adverse influences on the result may AG subsidiaries TeamViewer of and indirect direct anin impairmentparticipation of the in Regit Eins GmbH the in and the reduce AG annual financial statements TeamViewer of Company’s for the result net year. for the result net dependent year is on the AG’s TeamViewer distributionsprofit the of Regit Eins GmbH. In the fiscal year 2020and the in shortno dividend therewere fiscalyear 2019, payments. Therealso are no dividend payments planned for the fiscal year 2021. The Company projects a modest costs increase in as as well fiscal in AG for TeamViewer a moderate revenue increase in year 2021 together when compared with the year, previous with For loss a net a detailed level. for the the year at prior-year presentation future the of development expected the of Team pleaseViewer see Group, the Outlook. ------% of shares% of Ubimax in GmbH, Current assets as of 31 December assetsCurrent as 31 of 2020 primarily comprised December bankEURin million balances EUR 1.3 2019: (31 million). 5.7 With the 37.56 of purchase issued the new shareswere to founders Ubimax of 1,070,931 GmbH issued that were from authorised capital as part a of capital non-cash increase against contributions. Shareholder The sub new shares are excluded. were subscription rights ject a lock-up to period threeof years and be released will annualin tranches which underscores the long-term commit mentthe of Ubimax founders. The transaction completed was Augustin 2020. At the same time, the capital reserve was EURincreasedby 46.3 In 2020, million. the shares the in Ubi max GmbH contributed the were to capital reserve the of Re Einsgit GmbH, the increasing latter’s investment book value. Considering loss net a for the EUR year of De 6.8 (31 million equity as AG’s of TeamViewer cember million), EUR 2019: 1.8 December31 2020 EUR rose to 4,038.5 December (31 million million The provisions EUR of 7.2 million). EUR2019: 3,997.9 Decemberas 31 of 2020 December EUR 2019: (31 2.0 mil primarily included personnel-related lion) provisions and pro visionsfor closing andcosts audit for the year 2020. The main reasons for the the increase are performance-related multi- remunerationyear variable managers of and an increase in the short-term remuneration variable employees. all of The December Company’s totalled EUR liabilities 4.6 (31 million December which of EUR EUR 2.32019: (31 million 5.9 million), attributed was affiliated to companies. million) EUR2019: 3.1
– 2.0 5.9 0.5 5.7 6.2 3,997.9 4,005.9 3,999.7 4,005.9 3,999.7 31/12/2019
7.2 4.6 0.1 1.3 1.4 0.2 4,038.5 4,050.3 4,048.7 4,050.3 4,048.7 31/12/2020
ASSETS AND FINANCIAL POSITION POSITION FINANCIAL AND ASSETS OF TEAMVIEWER AG
02 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year 13_
Equity Provisions Trade payables, amounts payable to affiliated companies and other payables and liabilities equity Total As of 31 DecemberAs 31 of 2020, EUR 4,048.7 December (31 million investments accounted in 3,999.7 for by were 2019: million) non-current assets. The from increase resulted the acquisition partof the of shares the in Ubimax GmbH. Total assets of the TeamViewer AG as of 31 December as 31 of AG 2020 assets the of TeamViewer Total amounted EUR to 4,050.3 December EUR 2019: (31 million 4,005.9 million). Receivables and other assets Cash at banks Current assets Prepaid expenses Assets and financial position In EUR million Non-current assets The assets and financial position of TeamViewer AG as of 31 as 31 The of AG assets and financial position TeamViewer of December were 2020 date reference and the at prior-year’s as follows: Total assets Total Financial assets 063 469 2,018 3,075 2,375 5,919 -1,795 200,000 3,799,740 4,005,882 EUR thsd 31 Dec. 2019 1
7,230 2,312 2,255 4,568 -8,569 201,071 3,846,015 4,050,315 EUR thsd 31 Dec. 2020 Other provisions 1. Trade payables 2. Liabilities to affiliated companies 3. Other liabilities - of which taxes EUR 1,742 thousand (PY: EUR 1,857 thousand) - of which social security EUR 13 thousand (PY: EUR 473 thousand) III. Net accumulated losses II. Capital reserves I. Subscribed capital C. Liabilities B. Provisions
EQUITY AND LIABILITIES EQUITY A. Equity 5 0 14 488 502 5,660 4,005,882 3,999,715 EUR thsd 31 Dec. 2019 0
5
91 91 169 1,318 4,050,315 4,048,732 EUR thsd
31 Dec. 2020
Balance SheetBalance
2. Other assets 1. Receivables from affiliated companies Shares in affiliated companies Similar rights and assets, and licences in such rights and assets TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year II. Bank balances I. Receivables and other assets II. Long-term financial assets I. Intangible fixed assets
ANNUAL FINANCIAL FINANCIAL ANNUAL STATEMENTS C. Prepaid expenses
B. Current assets
ASSETS A. Fixed assets
for the fiscal AG, Göppingen 2020 year endedDecember 31, TeamViewer of 01 064 0 0 0 439 0,00 0,00 -344 -142 2,927 2,927 -2,864 -3,208 -1,811 -1,795 -1,795 EUR thsd Previous year
0 0 53 -88 -807 -214 -4,007 -6,774 -6,774 -1,795 -8,569 11,847 11,847 -13,558 -14,365 EUR thsd Fiscal year
IncomeStatement
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year b) Social security, post-employment and other employee benefit costs b) Social security, post-employment and other employee a) Wages and salaries - of which gains on currency translation EUR 1 thsd (EUR 0 thsd) - of which gains on currency - of which in respect of old-age pensions EUR 7 thsd (EUR 1 thsd) - of which in respect of old-age pensions EUR 7 thsd (EUR 0 thsd) - of which losses on currency translation EUR 1 thsd 142 thsd) - of which to affiliated companies EUR 212 thsd (EUR
4. Personnel expenses 1. Sales 2. Gross revenue 3. Other operating income 5. Amortisation of intangible fixed assets 6. Other operating expenses 7. Interest and similar expenses 8. Taxes on income 9. Profit after tax 10. Other taxes 11. Net loss for the year 11.
12. Loss brought forward from previous year 13. Net accumulated losses 02 for the fiscal AG, Göppingen 2020 year ended December 31, TeamViewer of 065 ------(1) (1) 274 Liabilities recognised are their at settlement amounts. Assetsall in are denominated currency and liabilities foreign in thecases at reporting using the spot translated rate middle date. taxesDeferred determined are on the temporary basis of dif betweenferences the carrying amounts assets, of liabilities, income expenses and deferred prepaid recognised the in financialstatements and their tax tax bases. If an overall bur it wouldarise, be recognisedtax to den asa deferred were lia bility the in balance sheet. the tax If there is correspond relief, option recognise ing to an assetfor section in provided come lower is than the this in way carrying calculated amount. If the reasonsfor recognising impairment losses no longer ap the impairment a maximum losses up to reversed, ply, are of cost. amortised Receivablesand other assetsrecognised are theirat principal amounts. Bank balances recognised are amounts. their at principal income expenses andPrepaid deferred recognised are sub ject the section of to requirements 250 the of HGB. Other recognised provisions are accordance in with sec tion 249 the of HGB for uncertain all and expected liabilities losses from executory contracts. They recognised are the in settlementamount prudent business by dictated judgement. Provisions with maturity a remaining more of than one year have for the past rate interest market been discounted the at average fiscal for their maturity. seven remaining years appropriate sentence the 2 of HGB not tax is and applied no deferred asset recognised. is Income from management services pro affiliatedvided to companies reported is as sales. ------(2) of the of HGB has(2) been observed. 246 ACCOUNTING POLICIES ACCOUNTING Impairment losses are recognised where necessary. For For necessary. where recognised are losses Impairment shares affiliatedin companies and equity investments,im any pairment losses be recognised to determined are on required the annual basis of impairment tests. They conducted are us theing German income based approach, on the medium-term theplanning of company question in and assuming sustain able after results the annuity”). last planning period (“infinite Impairment lossesrecognised are if thecapitalised grossin ting set out set ting section in Measurements performedare on theassumption thatthe Company continue will as a going concern. Carrying foreseeable all i.e. amounts determined are prudently, andrisks losses that arose prior the to balance have sheet date been account, if taken they became into even known only be tween the balance and on sheet the which the date date annu only been Profits have al financial statements prepared. were the as realised at recognised, balance if they were sheet date. Expenses andincome attributable the to fiscal rec year are the of regardless timing the of related ognised that in year, payments. Purchased assets intangible fixed recognised are cost at and, amortisation, subject to if they are amortisation reduced by in accordance with their useful lives. Long-term financial assets recognised are the at lower cost of and value. fair The been accounting year’s previous retained. policies have The annual financial statements contain assets, all liabilities, income, expenses, deferred expensesprepaid and income, unless specifies the law otherwise. The prohibition on offset - -
Notes to the financial statements financial the to Notes
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ACCOUNTING REGULATIONS ACCOUNTING NOTES TO THE FINANCIAL STATEMENTS FINANCIAL STATEMENTS THE TO NOTES OF APPLICATION FOR THE FISCAL YEAR FROM JANUARY1 TO DECEMBER 31 2020 The annual financial December statements 31 as at 2020 are thousands in presented euro. of The income statement has using been the total cost prepared the of HGB). (2) 275 method (section expense) of (nature TeamViewer AG is a listed company listed a is which has AG its registered TeamViewer office Bahnhofsplatz at 73033 2, The Göppingen, Germany. Company with has been the courtdistrict registered (Amts The the covers period year under review from 1 January 2020 December 31 to 2020; the a short year was previous fiscal the covering period from the establishmentyear, the of Com The annual financial December statements 31 as at 2020 were pursuant sections to ff.prepared and sections 242 264 ff. of the German Commercial Code (Handelsgesetzbuch, HGB) and pursuant the the of to applicable requirements German Stock Corporation (Aktiengesetz, Act AktG) and the Articles Association.of The corporations for large requirements apply. The balance sheet items specified section in 266 the of HGB reportedare order. the in required gericht) of Ulm under register number Ulm of under HRB register gericht) 738852. December the onpany to reporting 3 July 31 2019 2019. date, 03 Göppingen AG, TeamViewer 066
0 1 56 72 72 65 122 203 270 331 1,940 1,525 127,606 EUR thsd Profit or loss for fiscal year 2020 100 100 100 100 100 100 100 100 100 100 100 100 100 in % Interest held 89 -51 -36 275 197 426 551 1057 1,736 2,577 Equity 10,007 268,930 102,175 EUR thsd Deferred taxes Deferred The taxes calculation deferred a net rise to deferred of gave tax the option asset, which not was recognised, exercising sentence the 2 of HGB. tax A (1) for section in provided 274 28.8% of rate the in applied was taxes. calculation deferred of The taxable temporary differences arose from a loss brought forward and different tax bases for provisions. - ous year relate to trade receivables. All trade receivables and to other ous year relate assets due within are one year. Receivables and other assets Receivables Receivables from affiliated companies reported the in previ TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year 1. Regit Eins GmbH, Göppingen, Germany 1. Regit Eins GmbH, Göppingen, 2. TeamViewer Germany GmbH, Göppingen, Germany*,** 2. TeamViewer Germany Ioannina, Greece* 3. TeamViewer Greece EPE, Ltd, Mumbai, India* 4. TeamViewer India Private Tokyo, Japan* 5. TeamViewer Japan KK, Co., Ltd, Shanghai, China* 6. TeamViewer Information Technology (Shanghai) 7. TeamViewer Singapore PTE, Ltd., Singapore* 8. TeamViewer UK Limited, Woking, United Kingdom* 9. TeamViewer Pty Limited, Adelaide, Australia* 10. TeamViewer US Inc, Largo, United States of America* 11. TeamViewer Armenia CJSC, Yerevan, Armenia* 12. Ubimax Inc, Atlanta, United States of America Ubimax S.A. de C.V. Name and registered office * Indirectly held interest * Indirectly ** Net income for the year after transfer profit Information on shareholdings: Assets Balance sheet disclosures 067 5 As at 4,048,732 4,048,737 EUR thsd 31/12/2020 Carrying amounts 0 88 88 As at EUR thsd 31/12/2020 0 0 0 EUR thsd Disposals 0 88 88 EUR thsd Additions 0 0 0 Accumulated amortization and impairment losses Accumulated amortization As at EUR thsd 31/12/2020 93 As at 4,048,732 4,048,825 EUR thsd 31/12/2020 0 0 0 EUR thsd Disposals Cost 93 49,017 49,110 EUR thsd Additions 0 As at 3,999,715 3,999,715 EUR thsd 01/01/2020
II. Financial Assets II. Financial Shares in affiliated companies Assets Similar rights and assets and licences in such rights and assets I. Intangible FIXED ASSETS FIXED TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year A. for the fiscal AG, Göppingen 2020 year ended December 31, TeamViewer of Statement of changes in fixed assets 068 ------tions especially the in form companies, of parts companies, of equity companies, in interests receivables or other assets. bonds issued the Company by and/or or its indirect direct majority and convertible investees participation profit rights new shares the in to subscribe which they extent to to a right the of conversionwould be entitled or upon warrant exercise orrights settlement the of or warrant conversion obligations; contributions if the issue amount the of new shares not is substantially lower than the price stock the of market listed shares the of Company the at time the issue amount de is termined with final effect, which should promptly take place after placement the of shares. This authorisation exclude to only thesubscription rights to applies extent that theno tional percentage the shares of of issued under exclusion sen shareholders’pursuant 186§ (3) subscription rights to tence 4 AktG the in capital share does of 10% notexceed neitherthe capital, the share capital share i.e. at existence in the time this authorisation takes effect nor the capital share the at timeexisting this authorisation exercised; is To balance fractional amounts; fractional balance To holders grant convertible of or creditors or warrant-linked To for cash the of In the issue event new shares of exchange in If new shares are issued in exchange for non-cash issuedIf new shares are exchange in contribu
Furthermore,the Management Board authorisedwas a by resolution the of Annual General Meeting 3 Septem dated convertible issue to bearerber or 2019 and/or registered bonds warrant-linked or combinationa these of instruments with a total nominal amount EUR up to of 1,400,000 thou sand, with or without 2 September until 2024 maturity, fixed with the Supervisory once or multiple times approval, Board’s partialin amounts, the grant and holders to these of bonds conversion 60,000,000 up to or subscribe to option to rights ordinarybearer shares withno-par theof value Company theconsent theof Supervisory Board,the Management Board shareholder on subscription authorisedrights is one exclude to occasionsor several the in followingcases: ‧ ‧ ‧ ‧ ------6,774 -1,795 201,071 4,038,517 3,846,015 31 Dec. 2020 0 0 0 -6,774 -6,774 Net loss for the year Net loss for 0 0 1,071 47,346 46,275 Capital increase ny’s share capital by EUR 1,070,931.00 by issuing 1,070,931 issuing 1,070,931 capital share EUR by by ny’s 1,070,931.00 ordinarybearer shares with no the par at value lowest issue the of AktG,amount at within the meaning i.e. section of 9 (1) an issue amount that corresponds the to notional per value no-par which EUR is share, value 1.00 for each new no-par premium. The difference between excluding share, value the the of value non-cash contribution (less the payment men the of value newshares is and the aggregate tioned above) sued, which amounts EUR to 46.3 reported is million, as an additional capital contribution capital in reserves pursuant to no the 4 of HGB.section (2) 272 In November 2020, the shares Ubimax in GmbH contrib were Regituted to Eins GmbH, Göppingen, their value, at market thus the increasing carrying amount this investment. of theCompany’s authorised Management a of capital way by BoardJuly resolution 2020 15 of and withthe of the approval SupervisoryJuly 2020, Board 13 of increased the Compa ital now amounts 2019 EUR to 98,929,069. subject to However, By way of a resolution of By way passed the Annual by General Meeting on the 3 September Management 2019, Board authorised was increase theto Company’s capital, share the subject to consent theof Supervisory 100,000,000 issuing up to Board, by ordinary bearer shares with no-par cash against value and/or non-cash contributionsone in tranches or for totalseveral a maximum of EUR 100,000 thousand the during period 2 September up to 2024 Of (Authorised this amount, Capital 2019). EUR 1,070,931 usedwas 2020 in the in acquisition Ubimax of GmbH. This means that, following the partial utilisation, the Authorised Cap - - - - - 0 -1,795 200,000 3,997,945 3,799,740 1 Jan. 2020 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Equity Net loss for the year Loss brought forward Capital reserves Subscribed capital In thousands of euro In thousands As at 31 DecemberAs 31 at 2020, the subscribed capital com As at 31 DecemberAs 31 at the subscribed capital 2019, comprised the capital share EUR of 200,000 thousand. This capital share following the transformation created was Regit of Eins Beteili the of 37.56% acquired In August 2020, AG TeamViewer shares Ubimax in GmbH, contributing of Bremen, way by the shares as a non-cash contribution the against granting new sharesof and payment additional of cash consideration EURof for million the non-cash 1.5 non- contribution (mixed AG, utilising Forcash this purpose, contribution). TeamViewer prised the share capital of EUR 201,070,931, divided into prised divided the into capital share EUR of 201,070,931, ordinary201,070,931 bearer shares with A total no par value. the pledged shares to are Company. 1,070,931 of gungs-GmbH a stock shareholder of corporation into way by which also the August led 2019, to resolution change 19 dated thein name the of Company from Regit Eins Beteiligungs-Gm AG. Au As the at transformation 19 date, bH TeamViewer to the capital share gust 2019, Regit of Eins Beteiligungs-GmbH also amounted EUR to 200,000 thousand. After the Company establishedwas on with 3 July capital 2019 a share EUR of 25thousand, the capital share Regit of Eins Beteiligungs-Gm EURbHincreased by was thousand199,975 EURto 200,000 thousandupon the contribution the all of shares Regitin Eins GmbH on 1 August 2019. Equity Equity and liabilities 069 - 375 1,643 2,018 31 Dec. 2019 937 6,293 7,230 31 Dec. 2020 Sales arise primarily from income from management services affiliated to companiesprovided an in amount EUR of 11,516 thousand). 2,927 (EUR thousand income Other operating Other operating income includes mainly income fromthe re versal provisions of an in amount EUR of 52 thousand (EUR thousand). 0 Provisions of euro In thousands Personnel- related provisions Personnel-related provisions provisions include forbonuses, entitlementsholiday and service anniversaries. Liabilities The payables. affiliated trade to companies liabilities to relate due the within are liabilities one year. As the in year, previous Income statement disclosures Sales Other - - - - 71a ff. the of AktG of must 71a no10% at time exceed The Company’s capital share has been up to increased by TEUR 60,000 thousand through the issue 60,000,000 to up of new ordinary bearer shares with no-par(Contingent value The conditionalCapital 2019). capital solely 2019 serves the purposethe new shares to grant owners to or holders of bonds, the which to authorising according solution adopted the Annualby General Meeting on 3 September are 2019 issued September2 until 2024the Company by or affiliated companieswhich in the Company holds or directly indirectly a majority that conversion the in event and/or interest, option or that conversion and/or option obexercised are right rights met or to itsligations are that right theCompany exercises shares the of grant Company the amount pay of instead due in full or part. in The Contingent Capital amounted 2019 EUR to 60,000 thousand December 31 as at 2020. The Management Board moreover was authorised acquire, to 2 September until 2024,own shares permitted forany pur pose the of capital a total 10% share of up to the the as at date resolution passed is lower is or the – as at – if time this figure the authority The on the shares acquired basis exercised. is this authorisationof together with other shares the of Com owned thepany Company by orattributable it pursuant to to sections the capital. share The acquisition takes the at place Manage offering a public ment choice Board’s via the stock exchange, shareholders, all issue to addressed call to an a public offer or offer) through the use (put or derivatives of call (acquisition options or a combination thereof). - - - - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year The Management Board furthermore was authorised ex to ers these of or creditors bonds conversion or or rights warrant conversion or obligations warrant on shares the of Company. ment Board authorised is with the of Supervisory the approval Board assume to guarantees for the the obligations required fromresulting the or bonds imposeto grant andto onthe hold theclude shareholders’ for issues subscription rights bonds of under certain circumstances with the Supervisory Board’s consent, for non-cash issues including exchange in contri butions, particularly for the purpose companies, acquiring of parts companies of or participations companies. in formancethe obligation respect in the end theof of by warrant Theterm or an at earlier issue date. bonds of in takeplace may for cash or non-cashexchange contributions. The bonds may also be issued companies by which in the Company holds an majority or direct indirect For the interest. Manage this event, with amount rata a pro the of capital EURshare to up totalling 60,000thousand accordance in with the offering terms of these bonds. The for a conversion bonds provide or may per 070 23 55 208 163 550 541 1,000 1,647 12,064 12,458 Stefan Gaiser Stefan Gaiser Chief Financial Officer (CFO) Chief Financial Officer (CFO) Chief Financial Officer 9 22 350 308 900 983 1,800 2,807 24,128 24,795 Oliver Steil Oliver Oliver Steil Oliver Chairman of the Management Board (CEO) Chairman of the Management Board Chairman of the Management Board (CEO) Board Chairman of the Management
In thousands of euro In thousands of euro Total remuneration of the remuneration the of Total members ofthe Management Board: the members of remuneration Total theof Management Board 2020: in the members of remuneration Total theof Management Board 2019: in Third-party benefits Fixed remuneration Fixed remuneration Fringe benefits One-year variable remuneration remuneration Total Fringe benefits One-year variable remuneration Multi-year variable remuneration Total remuneration Total - 67 Previous year 65 2020 TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year er Management Board August for 2019. three years on 19 AG ManagementAG Board for three years and nominated as its Chairman August 2019. on 19 Stefan Gaiserappointed as was a member the of TeamView Oliver Steil was appointed as a member of the TeamViewer Oliver Steil appointed as was a member the of TeamViewer
Employees OTHER DISCLOSURES The members the of Company’s Management Board have noappointments management in or supervisory bodies of other companies. 2.1 Management2.1 Board 2. Disclosures on governing bodies 2. governing on Disclosures Average number employeesof theduring reportingAverage period: ‧ ‧ 1. Headcount 1. 071 Occupation Partner at Permira Co-Chief Executive Entrepreneur and investor Officer at Chrono24 GmbH Partner at Peled Ventures LLC Partner at Peled Ventures Partner and Head of DACH at Permira Partner and Head of DACH Chief Financial Officer at Hensoldt AG Chief Financial Officer at Member of the Management Board and Member of the Management Board Position Board Member Board Member Board Member Board Member Chairman of the Board of Directors of CyberArmor Ltd. Chairman of the Board of Directors of Synamedia Ltd. Member of the Board of Directors of Telenor ASA Chairman of the Board of Directors of Loopia Group Member of the Board of Directors of Wallapop SL Member of the Board of Directors of Denmark Bridge Chairman of the Board of Directors of Aqraou Invest ApS Chairman of the Board of Directors of PhaseOne Group Member of the Supervisory Board of P&I Personal & Informatik AG Member of the Advisory Board of FlixMobility GmbH Member of the Advisory Board of MPN Marketplace Networks GmbH Member of the Advisory Board of Schustermann & Borenstein GmbH Member of the Supervisory Board of HUGO BOSS AG
‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ ‧ Chairman of the Supervisory Board Chairman of the Supervisory Deputy Chairman of the Supervisory Deputy Chairman of the Supervisory 2023 2023 2023 2023 2023 2023 Appointed until 2019 2019 2019 2019 2019 2019 Member since* 1945 1972 1980 1971 1966 1958 Year of birth Year Dr. Abraham Peled Dr. Jacob Fonnesbech Aqraou Jacob Fonnesbech Stefan Dziarski Holger Felgner Jörg Rockenhäuser Dr. Axel Salzmann - - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Name Dr. Abraham Peled Jacob Fonnesbach Aqraou Stefan Dziarski Holger Felgner Dr. Jörg Rockenhäuser Axel Salzmann Members appointments any do here not not have oth in listed (1) sen pursuant (1) section to companiesing 125 (disclosure tence the 5 of AktG): er companies. The members the of Company’sSupervisory Board alsoare members a Supervisory of Board committee or members of similar domestic supervisory and foreign bodies the of follow * Appointed in August 2019 The appointed as following individuals were members the of Supervisory Board: 2.2Supervisory Board 072
5.0 4.7* 2.94 3.02 3.05 date 19.97 rights in % Publication 3 March 2021 10 March 2020 Share of voting 26 January 2021 26 January 2021 18 February 2021 3 December 2020
9,386,210 5,915,646 6,080,741 6,129,499 10,053,140 40,149,251 Section 34 Section 34 Section 34 Section 34 Section 34 Section 34 Attribution of voting rights of voting Absolute number pursuant to WpHG 5 5 3 3 3 20 Notification threshold in %
up up up down down down Direction of - crossing threshold 2020 2020 2021 2021 2021 2021 Date of crossing 10 March threshold 21 January 21 January 16 February 26 February 30 November
Registered office Los Angeles, California, United States of America Wilmington, United States of America Frankfurt am Main, Germany Boston, United States of America St Peter Port, Guernsey Baltimore, Maryland, United States of America
Entity subject to reporting requirement The Capital Group Companies, Inc. Blackrock Inc. DWS Investment GmbH Euro Pacific Growth Fund Permira Holdings Limited T. Rowe Price Group, Inc. Euro Pacific Growth Fund Permira Holdings Limited As at the balance sheet date, 31 DecemberAs the at balance 31 sheet 2020, date, sharehold the in beenings that company had notified existed pursuant Act the of German or Securities (2) Trading sectionto 33 (1) (Wertpapierhandelsgesetz, and published as WpHG) follows the of WpHG: pursuant section to 40 (1) *Additionally relevant pursuant to section no 1 of the 38 WpHG: (1) 424,628 loaned(0.21%) securities, and pursuant to section no 2 of the 38 WpHG: (1) 37,325 (0.02%) contracts for difference Entity subject to reporting requirement Blackrock Inc. DWS Investment GmbH T. Rowe Price Group, Inc. 4. Independent auditor’s fees Independent4. auditor’s This not is pursuant made disclosure section to 285 of no 17 theHGB, since the thein made is consolidated disclosure AG. financial Statements TeamViewer of Disclosures5. pursuant to no 8 of the AktGsection 160 (1) The Capital Group Companies, Inc.
- - 75 83 33 81 72 243 220 185 Total Total 2019 in 2020 Total in Total 5 0 15 11 0 Other 55 55 110 0 40 20 14 Activity in
committees
75 75 Activity in 188 165 committees Fixed
28 28 61 47 Fixed remuneration remuneration 161 of the of German 161 Stock Corporation (Aktiengesetz, Act TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year Axel Salzmann Holger Felgner Jacob Fonnesbach Aqraou in TEUR In thousands of euro Dr. Abraham Peled Dr. Abraham Peled Jacob Fonnesbach Aqraou Holger Felgner Axel Salzmann AktG) and published it on the Company’s https:// at: website ir.teamviewer.com/download/companies/teamviewer/Corporat eGovernance/Entsprechenserklaerung_Dec_2020_EN.pdf. tion 3. Declaration of conformity with the German Code Governance Corporate In December 2020 the Management Board and the Supervisory sec the by made AG declaration required Board TeamViewer of Supervisory Board members not receive did here not listed remunerationany fiscal in year 2019. Remuneration the of members the of Supervisory Board 2019 in Supervisory Board members not receive did here not listed remunerationany fiscal in year2020. Remunerationthe of members the of SupervisoryBoard 2020 in Remuneration of the members members the of Remuneration of the Supervisory Board 073 - - - - Stefan Gaiser TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year 7. Disclosure 7. The annual and consolidated Financial Statements Team of Oliver Steil In the previous year, TigerLuxOne Luxembourg, its in l., In the year, previous S. à. r. capacity consolidat of group (largest parent group as ultimate March 2021 Göppingen, 17 ments for the smallest consolidated of group companies in which The it included. is consolidated financial statements are thepublished in electronic Federal Gazette. consolidated financial statements prepared edcompanies) as included. was AG December 31 at which in TeamViewer 2019 The consolidated financial statements published the in were Due the to re Luxembourg commercial (www.lbr.lu). register duction this has not held, the in been interest done for 2020. published the in Viewer are German AG Federal Gazette. TeamViewer AG prepares theconsolidated prepares financial AG state TeamViewer 6. Group membership Group 6. 074 - -
Stefan Gaiser
Responsibilitystatement
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year FURTHER INFORMATION FURTHER Oliver Steil Goppingen, 17 March 2021 Goppingen, 17 plicable reporting the principles, financial statements a give true and view the of fair assets, financial liabilities, position AG, and the managementand or profit loss TeamViewer of report, which combined is with the management group report, the of developmentincludes and review a fair performance theof AG, together business and the position TeamViewer of with a description the opportunities of principal and as risks AG. withsociated development the TeamViewer expected of To the best ourof knowledge, and accordance in To with theap 01 075 - - -
The assurance engagement performed Ernst by (EY) & Young relates exclusi vely to the German version of the annual financial statements and the combined management report of TeamViewer AG. The following text is a translation of the Report. Auditor’s German Independent original For the purpose impairment of the testing, Company’s exec determine theutive for directors shares value affiliates, in fair the to shares Regit in Eins GmbH, relate on which exclusively an annual basis using a discounted cash flow method. The the of result valuation depends on highly the estimation of the future cash directors, the inflows Company’s by executive also taking the effects as pandemic, as well the of COVID-19 theused discount and thusis judgment. rate subject to Due to the materiality the of shares Regit in Eins GmbH as the as well that thefact judgment calculation degree of a large involves and uncertainties, determined we the recoverability shares of Regitin matter. Eins audit GmbH be key a to 1 Key auditKey matters inthe audit annual the financialof statements matters audit those are Key matters that, our in professional mostjudgment, of were significance our in the of audit an nual financial statements for the fiscal year from 1 January December 31 to 2020. These matters the in addressed were context our of the of audit annual financial statements asa whole, and forming in our opinion do thereon; we not provide opinion ona separate these matters. matter: describe audit we consider what we be the to Below, key Recoverability of the shares in Regit Eins GmbH Reasons why the matter was determined audit to be a key matter: ate to provide a basis for our provide opinions to onate the annual financial statements and on the managementreport. ------1 322 (3) Sentence 322HGB,1 (3) that declare we rial respects, this management report consistent is with the annual financial statements, complies with German legal presents the andrequirements opportunities appropriately and future of risks development. Our opinion on the man agement report does not the cover content the of statement above. on to corporate governance referred the accompanying management report as a whole provides view the of Company’san appropriate position. mate In all PursuantSec. to ourhas reservations not any audit led the to to legal relating compliance the of annual financial statements and the of management report. December31 2020 compliance in with German legally re quired accountingquired and principles,
Basis for the opinions conducted ourWe the of audit annual financial statements and the of management report accordance in with Sec. 317 HGB to referred and the EU Regulation Audit (No. 537/2014, subsequently as “EU and Regulation”) Audit compliance in with German Generally Standards Accepted for Financial Wirtschafts der the Institut by promulgated Statement Audits (IDW).prüfer [Institute Public Auditors of Germany] in Our responsibilities under those and are requirements principles responsibilitiesfurther for the au described the in “Auditor’s the of dit annual financial statements and the of management report” section report. our of independent auditor’s are of We the Company accordance in with the Europe of requirements and anGerman law and we commercial and professional law, fulfilled our otherhave German professional responsibilities accordance in with these Inaccor in addition, requirements. dance f) with Art. the of EU Regulation, Audit declare (2) we 10 non-audit not provided have that we services un prohibited that the the of EU Regulation. Audit believe We der Art. 5 (1) obtained sufficient is evidence have audit we and appropri 2. 1. ------December 2020 and its of December2020. In accordance January 31 to
Independent report auditor’s December2020, and the income statement for the fiscal
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year mercial law applicable to business applicable to law corporationsmercial a and give true and view the of fair assets, and financial liabilities po sition the of Company 31 as at financial performance for the fiscal year from 1 January to all material respects, material all with the German of requirements com the accompanying annual in financial statements comply,
In our opinion, on the the basis of knowledge obtained in the audit, We have audited theannual audited financial statements have Team of We Report on the audit of the annual financial state Independent auditor’s reportIndependent auditor’s AG TeamViewer To Opinions ments and of thecombined management report Viewer AG, Göppingen, which comprise the balance sheet as 31 of year from 1 January December 31 to 2020 the and notes to financial statements, the including recognition and measure audited ment have In addition, we therein. policies presented AG, whichthe has been management report TeamViewer of combined with the management group report, for the financial yearfrom 1 with the German the not audited have legal we requirements, content the of statement on corporate governance contained thein management report pursuant Sec. to 289f HGB [“Han delsgesetzbuch”: German Commercial Code]. ments and management report purpos for disclosure prepared HGB” (“ESEF (3b) esaccordance in with Report”).Section 317 The subject matter underlying the ESEF Note (ESEFdocuments not is attached. be audited) to The ESEF audited documents can be or in viewed downloaded from the Federal Gazette. 02 The report auditor’s below reproduced also includes a “Report on the theof audit electronic reproductions the of financial state ‧ 076 ------
The supervisory board responsible is for overseeing the Com financial reportingpany’s process for the the of preparation annual financial statements and the of management report. the for responsibilities Auditor’s annual the financialof audit statements and of the management report Our obtain objectives reasonable to are assurance about whether the annual financial statements as a whole free are andfrom misstatement, material whether or fraud error, due to whether the management report aswhole a an provides ap view the of Company’spropriate position material all in and, respects, consistent is with the annual financial statements and the knowledge obtained the in compliesaudit, with the German presents the legal and requirements appropriately opportunities and future of risks development, as to as well reportissue an auditor’s that includes our opinions on the an nual financial statements and on the management report. free from misstatement, material whether or fraud error. due to theIn annual preparing financial statements, di the executive responsible are forrectors assessing the Company’s ability to continue as a going concern. the They responsibil also have ity going matters con to for as disclosing, applicable, related cern. responsible In addition, they are for financial reporting based on the going concern accounting, basis of no provided therewith. conflict circumstances or legal actual Furthermore, responsible are for the directors the executive the of preparation management report that, as a whole, pro view the of vides Company’s an appropriate position and is, respects, material all consistentin with the annual financial ap and with German complies requirements legal statements, presents the opportunitiespropriately and future of risks devel responsible are for opment. directors In addition, the executive con as they have such arrangements and measures (systems) necessarysidered enable the to a management of preparation report accordance thatin is with the applicable German legal sufficient provide be and able to requirements, to appropriate evidence for the assertions the in management report. ------is materially inconsistent materially is with the annual financial state ments, with the management report or our knowledge ob tained the in or audit,
otherwise appears to be materially misstated. otherwise materially be to appears
spects, with the requirements of German commercial law ap German of law commercial with the requirements spects, businessplicable to corporations, and that the annual financial statements a true give and view the of fair assets, liabilities, financialposition and financial performance the of Company compliancein with German accounting legally prin required responsible for are directors In addition, theciples. executive accordance in with Germansuch control internal as they, legally determined necessary accounting have principles, required to enable the annual of preparation financial statements that are sponsible for the AktG declaration pursuant Sec. to 161 [“Ak Germantiengesetz”: Stock Corporation on the German Act] Corporate Governance Code, which partis the of statement on corporate governance. other In all respects, the executive responsible are for thedirectors other information. Other infor mation comprises the statement on corporate governance in cluded the in management report and combined the separate non-financial report. Our opinions on the annual financial statements and on the management report do not the cover other information, and consequently an do opinion we not express or other any form thereon. conclusion assurance of In connection with our our audit, responsibility the read to is other information so consider in and, doing, to whether the information other 1. 2. directors and executive the of Responsibilities the supervisory boardfor the annual financial statements and the management report responsible are for the directors of preparation The executive the re annual material all in financial statements that comply, Other information and the directors The Supervisory executive Board re are - - -
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year cies” and “Equity”. and “Equity”. cies” Reference to related disclosures related to Reference disclosures on the directors’ recoverability The of executive the shares affiliates, in the accounting policies as applied as thewell associated judgment contained are the in notes theto financial statements poli the in sections “Accounting Our audit procedures regarding theOur recoverability shares of in procedures audit regarding reservations.affiliates any not lead to did In addition, we examined the examined In addition, we growth for income rates and expenses forward used roll comparing to the planning by them with data and market performing sensitivity analyses impairment potential estimate any to order in risk associated with a change one in the of significant assumptions used in the valuation. We analyzedWe the planning used for the impairment using test the the the in to adherence budget past, compared it with the forecast and with analysts,prior-year estimates by discussed it with and obtained directors the Company’s evidence executive substantiating the individual assumptions the of forecasts. We assessedWe as the the as well methodolo clerical accuracy gy the of valuation model used and the derivation the of dis andcount its individual components rate with the assistance ourof measurement internal specialists. For the discount particularlywe analyzed rate, comparedthe peer the group, parameters used with data and market the checked clerical accuracy of the calculation. Auditor’s response Auditor’s 077 - - - - - Perform procedures audit on the prospective information the in directors management the executive by presented report. On the sufficient basis of evidence audit appropriate thesignificant assumptions particular, in used evaluate, we as a basis forthe directors prospective the executive by theinformation, proper derivation theand of evaluate pro spective information from these assumptions. do not We opinion on a separate theexpress prospective information and on the assumptions used as a basis. There a sub is differstantial will risk that future events unavoidable materi ally from the prospective information. Evaluate theconsistency the of managementEvaluate report with the annual financial statements, its conformity with [German] and the view the of Company’s positionlaw, it provides.
We also provide those also provide We with charged governance with a state compliedment with independence have that we the relevant andrequirements, communicate with them and relationships all other matters reasonably that may be thought bear to on our independence safeguards. and the where applicable, related 7. communicateWe with those withcharged governance regard amonging, other matters, the planned scope and timing the of significant any and audit significant including findings, audit controldeficiencies internal in identify that we our during audit. 6. ------Evaluate the appropriateness accounting of policiesEvaluate used by and the directors reasonablenessthe executive estimates of disclosures. and related directors the executive by made Conclude on direc the appropriateness the of executive tors’ use the of tors’ going concern accounting basis of and, based on the evidence audit obtained, whether a material uncertainty or conditions events to that may related exists cast significantdoubt on the Company’s ability contin to ueas goinga concern. conclude If we un that material a certainty attention draw to the in required are we exists, report disclosuresthe in auditor’s annual the to related financial statements and the in management if report or, modify to inadequate, such disclosuresare our respective opinions. Our conclusions based are on the evidence audit fu report. ourobtained of the auditor’s up to date However, or conditions events ture cause the may Company cease to continue be able to to as a going concern. presentation, the structure and overall content of Evaluate the annual financial statements, the including disclosures, and whether the annual financial statements the present underlying transactions a manner in and events that the annual financial statements a true give and view the of fair assets, financial liabilities, position and financial perfor mance the of Company compliance in with German legally accounting principles. required Obtain an understandingthe to control internal of relevant the of audit annual financial statements and arrange of the theof to audit relevant mentsand measures(systems) management report procedures design audit to order in the in circumstances, appropriate that are but not for the purpose an opinion expressing of on the effectiveness of these the systems of Company.
4. 2. 5. 3. - - - - - TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year sions, misrepresentations, or control. internal of the override cedures those responsive to and risks, obtain evidence audit that sufficient is a basis for our provide to and appropriate opinions. The misstatement risk not a material of detecting from thanresulting higher is fraud for one from resulting er intentional omis collusion, involve forgery, may as fraud ror, Identify and assess the misstatement material of risks the of annual financial statements and the of management report, design and perform whether orpro fraud audit error, due to
1. We exercise professional judgment and maintain professional exercise We throughoutskepticism also: the We audit. ually or in the aggregate, they couldreasonably to uallyor be expected the in aggregate, influence the economic decisions users of taken on the basis of these annual financial statements and this management report. man Generally Standards Accepted for Financial Statement Wirtschaftsprüfer der the Institut by (IDW) promulgated Audits misstatement. material a detect always Misstatementswill can arise individ from or fraud error considered and if, are material Reasonable assurance,of assurance but notis level a a high is guarantee that an conducted audit accordance in with Sec. 317 HGBand the EU Regulation Audit and compliance in with Ger 078 -
Evaluate the technical validity the of ESEFEvaluate documents, i.e., whether the electronic file containing theESEF documents meets the requirements of Delegated Regulation (EU) the asin the of version reporting on valid 2019/815, date, the technical specification for this electronic file. Obtain an understanding the to control internal of relevant assurance on the ESEF documents design assur to order in the in ance circumstances, proceduresappropriate that are butnot for thepurpose an assurance expressing of opinion on the effectiveness these of controls. Evaluate whether the Evaluate ESEF documents enable an XHTML reproduction with content annual the equivalent to audited financial statements management the and to audited report. Identify and assess the non-compliance material of risks with HGB, whether fraud duethe to Sec. of requirements 328 (1) design and performor procedures error, audit responsive to those and risks, obtain assurance evidence that sufficient is basis for a ourprovide assurance to opinion. andappropriate
2. 4. Auditor’s responsibilities for the the for responsibilities Auditor’s assurance work on the ESEF documents Our obtain objective reasonable to is assurance about whether the ESEFdocuments free from are non-compliance material HGB, whetherwith due the to Sec. of requirements 328 (1) professional judgment and maintain exercise We orfraud error. throughout professional skepticism the · engagement.also: We 1. cial statementscial and managementthe audited report as well as otherdocuments the bepublishedthe to operator of to Gazette]. Federal [German Bundesanzeiger The supervisory board responsible is for overseeing the the of preparation ESEF documents as part the of financial reporting process. 3. ------annualfinancial statements and the accompanying manage ment report for the fiscal year from 1 January Decem 31 to ber 2020 contained the in “Report onthe the of audit annual financial statements and the of management report” above. ble forble the submission the of ESEF documents together with reportthe auditor’s and the attached annual audited finan 328 (1) HGB for the electronicments reporting Sec. of 328 format, (1) whether or fraud error. due to the of directors CompanyThe also are executive responsi We conducted our We assurance work on the reproduction the of annual financial statements and the management report con tained the in abovementioned attached electronic file accor in HGB and Exposure(3b) Draftdance with Sec.IDW of 317 As surance Standard: (3b) Assurance Accordance in with Sec. 317 HGB on the Electronic Reproduction Financial of Statements and Management Reports for Publication Prepared Purposes Our responsibilities under that standard are (ED IDW AsS 410). responsibilitiesfurther for the assur described the in “Auditor’s ance work on the ESEF documents” section. Our firm audit ap theplied standards for the quality assurance forth set system IDWin Quality an Qual die Control Standard: “Anforderungen Wirtschaftsprüferpraxis” der for in itätssicherung [Requirements Quality (IDW QS Control 1). the in Practice Public Auditors] of directors and executive the of Responsibilities the Supervisory Board for the ESEF documents the of directors CompanyThe responsible executive are for the the of preparation ESEF documents the including elec tronic reproduction the of annual financial statements and the management Sen report accordance in with Sec. 328 (1) tence 4 No. 1 HGB. the of directors CompanyIn addition, the re are executive sponsible for considered such control internal as they have necessary enable the to ESEF of preparation documents free fromthat are non-compliance material with the require Basis for the opinion ------TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year ments and the management reportcontained the in above mentioned attached electronic for pub file and prepared lication purposes complies respects material with all in the HGB for the electronic reporting Sec. of requirements 328 (1) opinion any doformat. not on express We the information con tainedthisreproduction in nor on other any information con tained the in abovementioned this reasonable file beyond as surance opinion and our opinion audit on the accompanying In our opinion, the reproduction the of annual financial state versionthe of information contained the in annual financial statements and the management report theESEF into format neither the to relates information andtherefore contained in this reproduction nor other any to information contained in file. electronic abovementioned the porting format (“ESEF format”). In accordance with German legal this assurance requirements, only the extends to con uments”) contained the in attached electronic file “Team viewer_AG_JA+LB_ESEF-2020-12-31.zip” for and prepared publication purposes complies respects material with all in HGB for the electronic re the Sec. of requirements 328 (1) We have performed have We assurance work accordance in with HGB obtain reasonable to assurance (3b) about Sec. 317 whether the reproduction the of annual financial statements and the management report (hereinafter the “ESEF doc Opinion Other and legal regulatory requirements Report on (3b) the assurance accordance in with Sec. 317 HGB on the electronic reproduction the of annual financial statementsand the management report for publi prepared purposes cation From the matters communicated with those with charged determinegovernance, those we matters most of that were significance the in the of audit annual financial statements of matters. audit theperiod the We current key therefore and are describe these matters report our in auditor’s unless or law regulation precludes disclosure public about the matter. 079
Wirtschaftsprüfer [German Public Auditor]
Maurer Steffen Maurer. responsible for the engagement engagement the for responsible Stuttgart, March 2021 17 GmbH Ernst & Young Wirtschaftsprüfungsgesellschaft Koch Wirtschaftsprüfer [German Public Auditor] German Public Auditor Auditor German Public The German responsible Public Auditor for the engagement is Mr. - - -
TeamViewer AG · Annual AG TeamViewer Financial Statements Fiscal 2020 Year In addition to the performedIn addition we to audit, the of interim a review financial statements permissible and rendered tax consult services.ing In addition to the financial statement audit, we have provided the provided In addition to financial statement have we audit, the to Company or entities controlled it the following by ser We declare that re the declare opinionsWe this in auditor’s expressed port consistent are with the additional report the to Audit Committee the of EU Regulation Audit pursuant Art. to 11 report). audit (long-form vicesnot disclosedthat are the in annual financial statements or the in management report: We were elected as auditor by the annual elected by as auditor general were meetingWe on 29 2020. May the Supervisory engaged by were We Board Julyon 21 2020. been the TeamViewer of have auditor We withoutAG fiscal interruption since year 2019. the abbreviated Further information pursuant to Art. of the EU 10 Audit Regulation TeamViewer AG Bahnhofsplatz 2 73033 Goppingen Germany [email protected] www.teamviewer.com