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Wirecard Payment Schemes allacross boundaries annual report 2013 annual report 2013 report annual key figures Wirecard group 2013 2012 Sales revenues 481,744 394,601 TEUR EBITDA 125,957 109,231 TEUR EBIT 98,548 93,582 TEUR Earnings after taxes 82,729 73,297 TEUR Earnings per share (diluted) 0.74 0.67 EUR Shareholder’s equity 608,411 541,730 TEUR Total assets 1,430,520 1,127,884 TEUR Cash flow on ordinary transactions (adjusted) 107,452 94,900 TEUR Employees 1,025 674 of which part-time 154 147 segments 2013 2012 Payment Processing & Risk Management Sales revenues 351,398 278,206 TEUR EBITDA 98,019 82,608 TEUR Acquiring & Issuing Sales revenues 169,928 140,510 TEUR EBITDA 27,752 26,263 TEUR Call Center & Communication Services Sales revenues 4,797 4,774 TEUR EBITDA 191 433 TEUR Consolidation Sales revenues –44,379 –28,889 TEUR EBITDA –5 –73 TEUR gesamt Sales revenues 481,744 394,601 TEUR EBITDA 125,957 109,231 TEUR „Internet technologies will increasingly determine payment functionalities in specific sales channels in the future. Wirecard is driving this trend.“ Dr. Markus Braun, CEO, Wirecard AG CONTENT Letter from the CEO 7 Report of the Supervisory Board 15 Corporate governance report 20 The Wirecard stock 37 GROUP Management RePORT I. FOUNDAtioNS of THE GroUP 46 1. Group structure, organization and employees 46 2. Business activities and products 52 3. Corporate management, objectives and strategy 60 4. Research and development 66 5. Corporate governance statement 69 II. EcoNOMic REPort 72 1. General conditions and business performance 72 2. Results of operations, financial position and net assets 80 3. Report on events after the balance sheet date 88 III. ForecAst AND REPort ON oPPortUNities AND risKS 92 1. Forecast 92 2. Report on opportunities and risk report 101 3. Overall statement on the Group‘s expected growth (outlook) 127 ConSOLIdated FInancIAL StatementS Consolidated balance sheet 130 Consolidated Income statement 132 Consolidated statement of changes in equity 133 Consolidated cash flow statement 134 Changes in non-current assets 136 Explanatory notes 138 Compliance Statement 223 Glossary 224 Publishing information 230 DR. MARKUS BRAUN CEO, CTO TO OUR SHAREHOLDERS LETTER FROM THE CEO Letter from the CEO Dear shareholders and business partners, We can report on a successful fiscal year for Wirecard AG. Transaction volumes processed over the Wirecard platform grew by 28.4 percent, from EUR 20.8 billion in the previous year to EUR 26.7 billion. Of this total transaction volume, 16.8 percent was attributable to Asia. Consol- idated revenue grew 22.1 percent year-on-year to reach EUR 481.7 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) were up by 15.3 percent to EUR 126 million. When adjusted to reflect investments in the Mobile Payment area, EBITDA would have been up by 24.4 percent. 2013 trends Our core business, which spans global payment processing, risk management and payment acceptance, as well as card issuing, reported an extremely positive trend. Growth in the e-commerce market, the resultant increase in our existing customers' processing volumes, our added value services, sales successes with new customers, strategic expansion in Asia, and innovative strength contributed to this success. Wirecard offers its business customers cost- saving potentials and added values by enabling them to outsource the growing complexity of payment processing to a service-provider. Based on Internet technologies, Wirecard today offers payment processing for all sales channels, whether online, offline or mobile. We continued to integrate further payment systems during the business year elapsed. We present- ed a new standardised solution in 2013 for small and medium-sized companies that simplifies the process of setting up payment pages in online shops, and of equipping them with payment options and standardised risk management solutions according to their specific requirements. As a consequence, we offer a quick and unbureaucratic selection of suitable payment and risk management instruments. 7 We are assuming a leading position on the European market for the issuing of innovative card products, especially in the prepaid card area. Business trends for prepaid cards and co-branded card products, which are issued either as Visa and MasterCard products, or as voucher cards for large retail chains, reported very gratifying progress during 2013. Thanks to its innovative strengths, Wirecard also expanded its position as a leading Europe partner in the new Mobile Payment business areas – both as a key company for technology services and as a card issuer. Thanks to its modular construction, the Wirecard Mobile Wallet Platform offers flexibility at all times, especially with regard to integrating it into different transmission technologies such as Near Field Communication (NFC), both in a classic and in a Host Card Emulation Environment (HCE), as well as Quick Response Code (QR Code) or Bluetooth Low Energy (BLE). Numerous products – whether mobile wallets, the mobile PoS solution Card Reader, and mobile payment applications – are already deployed through our partners on various European markets. This year, we will present further solution approaches in this area through cooperation ventures. Wirecard is also supplementing its highly varied Mobile Payment solutions by combining added value services such as loyalty and couponing. The added value services area forms a key component of mobile user scenarios in the payment area – because added value integrations combine the intelligence of smartphones with global card payments standards. Along with classic wallets and payment apps, added value services are also boosting solutions' appeal and tapping new earnings potentials in the money remittance and mobile card acceptance areas, for example. Integrations of current mobile payment projects into the Wirecard Loyalty and Couponing platform are already being deployed successfully. Together with our partners, we are pushing ahead toward the full geographic footprint of mobile payment offerings. Our aim is to create innovative solutions for a mobile, cashless future. 8 TO OUR SHAREHOLDERS LETTER FROM THE CEO Geographic expansion Our operating business has developed very well, both with existing customers and through concluding new contracts. We have further strengthened our position in Southeast Asia through the two takeovers that we realised in the 2013 fiscal year, and the PT Aprisma transaction in Indonesia that we closed in February 2014. Besides Singapore, we are now operating strongly also in Indonesia, Malaysia, Thailand and Vietnam. Digital convergence In previous years' annual reports – At the Pulse of the Future (2011) and The Power of Convergence (2012) – we already formulated the trends that are now gradually determining our everyday lives. This year's annual report carries the title Across All Boundaries, which in an extended sense refers to both our geographic expansion and, driven by Internet technologies, the convergence of sales channels. Retailing and wholesaling will undergo far-reaching change over the coming years due to the dynamic digitalisation of our lives. Internet technologies as key to all PoS payment processing We expect that, by the end of 2014, every third bricks and mortar PoS in many European countries will be equipped with Near Field Communication (NFC) technology – the capture technology with the largest infrastructure in Europe today. Most purchases are currently paid for in cash at the Point-of-Sale. Several studies anticipate that this option will decline in favour of electronic payments over the coming years, while cash handling will become increasingly expensive for retailers, by contrast. Mobile devices form the bridge between retailing at the Point-of-Sale and e-commerce. Retail- ing is undergoing an evolutionary development towards the personalisation of customers in this context. The information about their customers' purchasing patterns that e-commerce merchants are already deploying today will also be applied in bricks and mortar retailing in the future. Site-related services and marketing offerings can be combined with customer loyalty programs. As a technical service-provider, we are interlinking these real-time functions with targeted marketing products. Bluetooth (BLE) in combination with Beacon technology serves as the related transmission technology. 9 Outlook We will continue to dynamically expand our core business – the global processing of payments based on Internet technologies through our Multi-Channel Payment Gateway. According to our planning, it will also grow faster than the market in Europe this year. We anticipate increasing growth impulses from the geographic expansion of our business, especially in Southeast Asia. We are continuing to integrate further alternative online payment solutions, both in Europe and internationally. Newly developed standard solutions such as our payment portal for SMEs are to be rolled out at international level. The Wirecard Group is also focusing on applications in the areas of Mobile Payment acceptance, mobile money transfer, and the technological provision of loyalty and couponing programs that are fully integrated into Mobile Payment processes. These added value services form an integral component of Mobile Payment products. Our technologi- cal expertise is being combined with various services to form a unique overall offering – from card and payment processing to card management, and through to issuing licensing. Our strategy of primarily
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