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OFFON

COMPUGROUP MEDICAL SE & CO. KGAA

(COP)
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CompuGroup Medical : Quarterly Statement

05/06/2021 | 01:25am EST

Quarterly Statement

as of March 31, 2021

Financial Highlights Q1/2021

Group revenues at 229 mEUR, up 25 % compared to prior year quarter

Good organic revenue growth at 4.9 %

Recurring revenue share increases slightly to 69 %

7% increase in adjusted EBITDA to 47 mEUR

EBITDA margin of 20 % as planned below prior year due to investments in growth

Strong Free Cash flow with 70 mEUR above expectations (incl. one-time

effects)

Adjusted earnings per share at 0.33 EUR (prior year: 0.34 EUR)

Financial key figures

01.01.-

01.01.-

kEUR

31.03.2021

31.03.2020

Change

Revenues

228,937

183,143

+25%

Recurring Revenues in %

69%

67%

+2ppt

Organic growth in %

4.9%

1.6%

+3.3ppt

EBITDA adjusted

46,531

43,477

+7%

EBITDA adjusted margin

20%

24%

-4ppt

EPS adjusted (EUR) - diluted

0.33

0.34

-3%

CAPEX

13,414

14,681

-9%

Free Cash flow

70,405

51,038

+38%

Number of shares outstanding ('000)

53,114

48,413

CompuGroup Medical SE & Co. KGaA Quarterly Statement as of March 31, 2021

NOTICES

Unless otherwise stated, all information and explanatory notes in this report refer to the first quarter of 2021 and 2020, i.e. the three- month period January 1 - March 31 (Q1) and all percentage changes to the respective prior-year comparison. Due to rounding, totals and percentages presented in this report may not add up precisely to the totals provided.

BUSINESS DEVELOPMENT - SIGNIFICANT EVENTS

COVID-19-pandemic

Providing the best possible support to our customers while at the same time ensuring comprehensive protection for employee's remains at the forefront of the activities of CompuGroup Medical (CGM) during the COVID-19-pandemic. In the first quarter CompuGroup Medical initiated further specific measures to support the customers in the COVID-19-pandemic in Germany, Austria, France, Spain, Czech Republic, Italy, Belgium, Netherlands, Sweden, Denmark, and Norway, especially:

Since March 2021, CGM offers in Germany, initially free of charge for all CGM customers, the vaccination management solution ImpfDocNE as an integrated module for the practice software. The software module supports medical practices with documenting, creating and tracking of vaccination schedules as well as billing.

In Austria, the "e-vaccination passport" has been offered since January to enable the digital documentation of influenza and COVID-19 vaccinations. The vaccinations are recorded quickly and easily via the patient file directly in the practice software.

In Italy, COVID-19 vaccinations can now also be administered in pharmacies. CGM supports pharmacies in this process by providing CLICKDOC Farmacie free of charge. This will allow pharmacies to have a smooth vaccination process when organizing and planning.

In France a module for monitoring the administration of vaccinations is being used

We continue to expect a significantly increased growth opportunity in the medium term due to the increased sustainable willingness to use digital networking solutions in healthcare as a result of the pandemic.

Additional growth through acquisitions

In the first quarter, the foundation was laid for the successful realignment of the US business. The integration of eMDs and Schuyler House, acquired at the end of 2020, into the existing US activities has started. The main products of eMDs are physician information systems and outsourcing services for medical billing. Schuyler House focuses on the Physician Office Lab (POL), small to medium-sized hospitals, clinics and independent as well reference laboratories.

In addition, CompuGroup Medical plans to strengthen its position in France with the acquisition of the Aatlanta Group. With its "Acteur" product, the Aatlanta Group is a leader in the field of physician information systems for health centers. The transaction is expected to be completed by the end of the second quarter.

Hospital Future Act

In the first quarter, numerous customer inquiries were received in connection with the Hospital Future Act ("Krankenhauszukunftsgesetz"). Intensive exchanges on eligible projects have taken place with a large number of customers. The Hospital Future Act was passed in November 2020 and intends to drive digitization in German hospitals in the next years.

Large order for CGM Clinical

The University Medical Center Hamburg-Eppendorf (UKE), Europe's first fully digital hospital with approximately 13,500 employees, selected all CGM CLINICAL Suite solutions after a two-yearEurope-wide tender process. The project is scheduled to start in May 2021 with a duration of four years and the common goal of a first live operation in 2022.

2 CompuGroup Medical SE & Co. KGaA Quarterly Statement as of March 31, 2021

Telematics Infrastructure: Pharmacy rollout successfully continued

As part of the Telematics Infrastructure the rollout to pharmacies was successfully continued. Since the start of the rollout the CGM connector has been installed at about 6,000 pharmacies.

Digital health applications are becoming established

The Digital health applications (DiGA's or "Apps on prescription") were introduced in November 2020 and are establishing themselves as an integral part of standard care for physicians and health insurers. These applications can be enacted by the physicians free of charge via the "APP-VERORDNUNGSCENTER" developed by CGM. Patients can redeem the prescribed apps via the CLICKDOC Health Center.

Share buyback

CompuGroup Medical conducted a share buyback program from February 26 to April 29, 2021. The buyback of shares via the stock exchange (Xetra trading on the Frankfurt Stock Exchange) is performed by a mandated securities bank. With this CompuGroup Medical made use of the authorization given by the Annual General Meeting on May 15, 2019, to repurchase treasury shares. During the period between February 26 and April 29, 2021, 1,000,000 shares in total have been repurchased at an average rate of EUR 71.25. In the first quarter, a total of 620,667 shares have been purchased at an average rate of EUR 69.80.

Top score for CGM apprenticeship

Capital magazine and Ausbildung.de has awarded CompuGroup Medical five out of five stars, making it one of the best apprenticing companies in Germany in 2020. With 22 out of a maximum of 25 achievable points, CompuGroup Medical performs excellently in Germany.

Change of leadership in the Executive Board

On January 1, 2021, Dr. Dirk Wössner took over the CEO position from the company's founder and long-time CEO Frank Gotthardt (now Chairman of the Board of Directors). Dirk Wössner was a member of the Management Board of Deutsche Telekom AG until 2020, where he had been responsible for the German business since January 1, 2018. Prior to that, he had been responsible for the mobile and cable business with residential customers at the Canadian market leader Rogers Communications since 2015. From 2002 to 2015, he held various management positions at Deutsche Telekom in Germany and England.

3

EARNINGS DEVELOPMENT IN THE GROUP

01.01.-

01.01.-

kEUR

31.03.2021

31.03.2020

Revenues

228,937

183,143

Capitalized inhouse services and other income

10,264

9,795

Expenses for goods and services purchased

-41,452

-32,170

Personnel expenses

-114,481

-89,607

Other expenses and net impairment losses on financial and contract assets

-38,896

-31,050

EBITDA

44,372

40,110

Depreciation of property, plant and equipment, right-of-use assets and amortization of intangible assets

-26,823

-16,782

EBIT

17,549

23,328

Financial result

-1,469

-4,519

EBT

16,080

18,809

Income taxes for the period

-5,081

-5,976

CONSOLIDATED NET INCOME FOR THE PERIOD

10,999

12,833

Compared to the same quarter of last year revenues in the first quarter increased by mEUR 45.8 (25 %) to mEUR 228.9. Organic growth in the first quarter of 2021 amounts to 4.9 % compared to prior year, which is mainly due to higher revenues in connection with the pharmacy rollout within Telematics Infrastructure. Excluding the revenue growth of the Telematics Infrastructure, organic growth amounts to 1.5 % in the quarter.

Adjusted consolidated earnings before interest, taxes, depreciation, and amortization (adjusted Group EBITDA) for the first quarter of 2021 amounts to mEUR 46.5 (prior year: mEUR 43.5) with an adjusted EBITDA margin of 20 % (prior year: 24 %). The margin decrease is due to the announced investments in further growth.

Adjusted Group EBITDA is derived from reported EBITDA as shown below:

01.01.-

01.01.-

kEUR

31.03.2021

31.03.2020

EBITDA REPORTED

44,372

40,110

Adjustments:

M&A Transactions

73

2,953

Share-based option programs

2,086

461

Restructuring program expenses

0

0

Other non-operative, extraordinary or one-time effects

0

-47

EBITDA ADJUSTED

46,531

43,477

The main developments in operating expenses are:

The cost of purchased goods and services increased by mEUR 9.3 compared to prior year. This is mainly due to increased expenses from acquisitions amounting to mEUR 8.5. The gross margin ((revenues less cost of services purchased) / revenues) remains with 82 % at the level of the prior year.

Personnel expenses increased by 28 % to mEUR 114.5 compared to prior year (prior year: mEUR 89.6). Directors' remuneration, which is no longer reported under personnel expenses due to the change in legal form (now other expenses), was more than offset by new hires in research and development, general wage and salary increases and acquisitions which accounted for mEUR 18.2, or 20 %.

Other expenses, including impairment losses on financial assets and contract assets, are mEUR 7.8 higher than in prior year and amount to mEUR 38.9. This is mainly due to higher expenses for server maintenance and the reclassification of directors' compensation to other expenses after changing the Company's legal form.

4 CompuGroup Medical SE & Co. KGaA Quarterly Statement as of March 31, 2021

Depreciation of property, plant and equipment and rights of use assets amount to mEUR 8.3 in the first quarter and hence are by mEUR 0.9 above the prior year's figure (prior year: mEUR: 7,4). Amortization of intangible assets in the first quarter increased by mEUR 9.1 to mEUR 18.5 (prior year: mEUR 9.4), primarily due to higher amortization from purchase price allocations for company acquisitions and self-developed software.

Financial income decrease from mEUR 0.6 in the first quarter of

2020 to mEUR 0.2 in the first quarter of the current year, mainly due to

interest income from issued loans.

Financial expenses are composed as follows:

01.01.-

01.01.-

kEUR

31.03.2021

31.03.2020

Interest and expenses on loans and financial services

1,278

3,140

Changes in purchase price liabilities

410

136

Exchange rate losses on internal liabilities in foreign currency

85

1,377

Capitalized interest on qualifying assets under construction (IAS 23)

-176

-208

Other

43

91

TOTAL

1,640

4,536

In the first quarter of 2021, consolidated net income amounts to

mEUR 11.0 compared to mEUR 12.8 in the prior year period. The Group

tax rate for the first quarter is 31.6 % compared to 31.8 % in the first quarter of last year.

Adjusted earnings per share are as follows:

01.01.-

01.01.-

kEUR

31.03.2021

31.03.2020

CONSOLIDATED NET INCOME OF THE PERIOD

(ALLOCATED TO SHAREHOLDERS OF THE PARENT COMPANY)

10,975

12,692

Adjustments:

M&A Transactions

5,600

3,243

Share-based option programs

1,910

323

Restructuring program expenses

0

0

Other non-operative, extraordinary or one-time effects

0

768

ADJUSTED CONSOLIDATED NET INCOME FOR THE PERIOD

(ALLOCATED TO SHAREHOLDERS OF THE PARENT COMPANY)

18,485

17,026

ADJUSTED UNDILUTED EARNINGS PER SHARE (IN EUR)

0.34

0.35

ADJUSTED DILUTED EARNINGS PER SHARE (IN EUR)

0.33

0.34

weighted average of outstanding shares acc. to IAS 33 - undiluted ('000)*

53,626

48,413

weighted average of outstanding shares acc. to IAS 33 - diluted ('000)*

56,056

49,413

* Weighted average number of outstanding shares for the quarter calculated from the earnings per shares for the quarter

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CompuGroup Medical SE published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 05:24:02 UTC.


© Publicnow 2021
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Net income 2021 80,6 M 90,9 M 90,9 M
Net Debt 2021 512 M 577 M 577 M
P/E ratio 2021 45,2x
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Last Close Price 68,15 €
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Managers and Directors
Dirk Wössner Chairman-Management Board & CEO
Philipp von Ilberg Chairman-Supervisory Board
Frank Brecher Chief Technology Officer
Sven Thomas Müller Vice Chairman & Chief Information Officer
Ulrike Handel Member-Supervisory Board
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