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Annual Report 2013 SimCorp Annual Report 2013 Unfolding the potential SimCorp’s vision Mitigate “SimCorp is the most risk,attractive partnerreduce to investmentcost, enable managers and the number one providergrowth of investment management solutions globa lly.” SimCorp Annual Report 2013 1 SimCorp facts and figures SimCorp is a leading provider of software solutions and services to the global buy-side investment management industry. EBIT margin 40 years 24% of experience 1product 166 clients =14 %market share An investment in SimCorp is an investment in: - Dedicated focus - State of the art solutions - A strong market position - A solid business model SimCorp Annual Report 2013 2 Excellence in software development and a proven ability to gain market share secured strong results in 2013. Growth in Ongoing Strong cash revenue above high flow from market average margins operations Gaining High Strong market share profitability balance sheet Revenue EBIT CFFO EURm EURm EURm 225 54 47 +7.6% +15.6% +1.7% Sustained focus on shareholder value: - Sharebuy back program of EUR 42.9m - Combined payout ratio of 160% Contents 3 Contents Management report 4 CEO letter 6 Group financial highlights 2009–2013 7 Main conclusions 2013 8 Strategy 16 Financial targets 2014 18 Risk management 22 Financial review 2013 30 Market unit review 32 Corporate Governance 36 Board of Directors 38 Executive Management Board 39 Group Management Committee 40 Shareholder information 44 Statements and signatures Financial statements 48 Income statement and statement of comprehensive income 49 Cash flow statement 50 Balance sheet 52 Statement of changes in equity 54 Notes 88 Quarterly development 2012 and 2013 Legal Notice This annual report can be downloaded in a Danish and an English version from SimCorp’s website. The original, Danish text shall be the governing text for all purposes, and in case of any discrepancy the Danish wording shall be applicable. To CONTENTS Management report CEO letter 4 Ready to seize the opportunities For SimCorp, 2013 was a year dominated by positive developments. The notable need in the market to replace old legacy systems with modern, integrated, and real-time solutions was clearly reasserted. We improved our position in the front office segment and we gained new clients in our most important growth markets. All in all, we added 7 new clients to our portfolio, which now counts 166 in 23 countries. These highlights are reflected in our annual result. In 2013, are constantly challenged in their ability to efficiently handle SimCorp achieved revenue of EUR 225.1m – an improvement risk, reduce cost, and generate growth – all of which put high of 7.6% – and posted an operating profit (EBIT) of EUR 54.2m. demands on their investment management systems. This exceeded our expectations and confirms the viability of our organic growth strategy. Front office focus A changing market Over recent years, front office is the product area we have invested the most. Now we are beginning to see the invest- Throughout 2013, we have noticed a gradual change of ment pay off, as a number of our large clients have selected atmosphere in the global buy-side investment management SimCorp as front office provider. The latest major win came in industry. The disquieting situation in Europe is stabilizing and October 2013 when one of Europe’s largest asset managers, the positive sentiments from the growing North American MEAG, decided to adopt the entire SimCorp Dimension front market are setting the agenda. office suite, including Compliance Manager, Asset Manager, and Order Manager. Some investment managers are investing in continued internationalization to be closer to the markets they invest We generally see investment managers looking for systems in. Others have a strategic focus on alternative investments. that are fully integrated from front to back office with only What they all have in common is a need to find ways of one engine for keeping all positions. Our front office solutions complying with the large wave of new regulations now are well positioned to handle that, and the MEAG win is just affecting the industry. The individual investment managers one of a number of indications we have of now being able to To CONTENTS Management report CEO letter 5 “We are gaining market shares as more and more companies in the invest ment management industry come to under stand the value to be gained from a modern, integrated, state-of-the-art investment management system.” – Klaus Holse, Chief Executive Officer compete with best-of-breed solutions in the market. As our North America driving growth front office solutions have matured we expect more and more existing clients to see the benefit of adopting these. The US market is the world’s largest capital market and, with a market share of 4%, this is where SimCorp has its largest growth potential. Helped along by the new clients we have Preventing legacy challenges won in 2012 and 2013, we are continuously increasing our profile in North America. We expect the significant activity in North America to continue in 2014. To support this growth SimCorp’s extensive and continuous investments in research we have grown our sales and implementation support and development ensure that our clients will never face the organization in North America, now counting more than 100 legacy situation that many of our new clients have struggled employees, and we will continue to hire and relocate SimCorp with before adopting SimCorp Dimension. Dimension experts to the North American market unit. A report published by SimCorp StrategyLab in September 2013 documents that one fourth of all investment managers Generally we expect more than half of our new license agree- globally operate on outdated systems. Infrequently updated ments to come from our growth markets which, in addition and running on outdated technologies, these systems are to North America, include the UK and France. typically a hindrance to meeting today’s increasing require- ments for reporting and real-time overview. In some grave instances, the consequences are mismanagement and Our unique asset deteriorating return as the SimCorp StrategyLab report reveals. In 2013, SimCorp spent 22.0% of revenue on R&D, SimCorp’s potential can only be unleashed by the efforts of 41% of our employees are constantly dedicated to the task highly qualified employees around the world. They are the of developing SimCorp Dimension, retaining our leading true vehicles in providing the value-generating solutions position in providing updated, state-of-the-art software and that move our clients’ businesses in successful directions. professional services to our clients. Our employees have done an outstanding job in 2013 and I am looking immensely forward to embarking on SimCorp’s Investments in up-do-date systems like SimCorp Dimension promising journey in the coming years together with them. will become more and more critical over time and I am con- vinced that more and more companies will realize the business upside in this kind of future-proofing. Klaus Holse Chief Executive Officer To CONTENTS Management report Group financial highlights 2009–2013 6 Group financial highlights 2009–2013 2009 2010 2011 2012 2013 EUR/DKK rate of exchange at 31 December 7.4415 7.4544 7.4342 7.4604 7.4603 Income statement, EUR’000 Revenue 180,375 185,375 194,815 209,190 225,129 Earnings before interest, tax, depreciation 44,147 39,923 50,399 50,650 57,085 and amortization (EBITDA) Profit from operations (EBIT) 39,670 35,199 46,340 46,915 54,236 Financial items 11 (1,962) 833 81 (230) Profit before tax, continuing operations 39,681 33,237 47,173 46,996 54,006 Profit for the year, continuing operations 26,729 24,390 33,956 34,474 39,336 Profit for the year, discontinued operations 196 0 0 0 0 Profit for the year 26,925 24,390 33,956 34,474 39,336 Balance sheet, EUR’000 Share capital 6,179 6,179 6,179 6,045 5,844 Equity 75,654 77,520 83,184 85,864 71,566 Property, plant and equipment 9,341 8,779 7,813 5,213 4,839 Cash and cash equivalents 44,305 42,689 48,149 58,897 47,106 Total assets 116,390 113,011 119,478 125,791 117,469 Cash flow, EUR’000 Cash flow from operating activities 37,006 28,513 38,396 46,665 47,447 Cash flow from investing activities, net (1,025) (2,945) (2,878) (766) (2,843) Cash flow from financing activities (17,391) (27,528) (30,044) (35,362) (55,850) Net change in cash and cash equivalents 18,590 (1,960) 5,474 10,537 (11,246) Employees Average number of employees 1,045 1,077 1,048 1,075 1,093 Financial ratios EBIT margin (%) 22.0 19.0 23.8 22.4 24.1 ROIC (return on invested capital) (%) 89.9 79.0 108.8 124.0 158.8 Debtor turnover rate 7.0 6.1 7.1 7.8 8.6 Equity ratio (%) 65.0 68.3 69.6 68.3 60.9 Return on equity (ROE) (%) 36.3 30.0 40.0 38.7 46.8 Share performance Basic earnings per share of 1 DKK – EPS (EUR) 0.60 0.54 0.77 0.80 0.93 Diluted earnings per share of 1 DKK – EPS-D (EUR) 0.59 0.54 0.76 0.79 0.92 Cash flow per share of 1 DKK – CFPS (EUR) 0.82 0.63 0.87 1.08 1.13 Book value per share at year end – BVPS (EUR) 1.67 1.81 1.91 2.02 1.73 Dividend per share of DKK 1 – DPS (EUR) 0.40 0.40 0.40 0.47 0.54 Dividend per share of DKK 1 – DPS (DKK) 3.00 3.00 3.00 3.50 4.00 Dividend payout ratio (%) 64.0 75.9 54.7 61.2 59.3 Total payout ratio (%) 67.6 119.1 91.4 123.9 160.0 Market value ratios Share price per share of DKK 1 at year end – EUR 13.10 12.01 11.80 16.94 28.62 Share price per share of DKK 1 at year end – DKK 97.50 89.50 87.70 126.40 213.50 Price/book value per share – P/BV (EUR) 7.9 6.6 6.2 8.4 16.5 Diluted Price/earnings (P/E Diluted) 22.0 22.2 15.3 20.9 30.3 Price/cash flow – P/CF 16.0 16.6 13.6 15.6 25.4 Share Capital number of shares at 31 December (m) 46.0 46.0 46.0 45.0 43.5 Average number of shares of DKK 1 (m) 45.1 45.0 44.1 43.1 42.1 Market capitalization – EURm 594 527 514 721 1,183 Financial highlights and key ratios are defined and calculated in accordance with the Danish Society of Financial Analysts’ Recommendations and Financial Ratios 2010.
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