Annual Financial Statement P&I Personal & Informatik AG April 1 ...

P&I Personal & Informatik Combined Management Report (Group and Cooperation)
which arose from the conflicts between various groups of shareholders as well as
changes in the shareholding structure.
in 000 euros 2009/2010 2010/2011
Operatng result (EBIT) 15,337 15,438
EBIT-Margin 24.2% 22.3%
Earnings before tax 16,041 15,897
Consolidated result 10,878 10.860
Return on sales 17.2% 15.7%
Return on assets ROA 1) 31.7% 39.7%
Earnings per share (in euros) 1.45 1.44
Share price end of March in
euros
18.25 27.68
Price-profit ratio 12.59 19.17
1) (EBIT + interest income) / operating assets (consisting of the sum of intangible assets, tangible
assets, stocks, trade receivables as well as payments and cash equivalents)
The higher cost of sales is directly proportional to the increase in sales. Conversely,
the overall development costs have only increased slightly when compared to the
previous year. Marketing costs clearly increased when compared to the previous year
and this was due to personnel costs, which resulted from the higher variable salary
components arising from the incoming orders. The increase in the administrative
costs can be traced back to increased consultation requirements.
The operating result amounted to 15.4 million euros and this is virtually the same
level as recorded during the previous year, despite the growth in sales. Unplanned
legal and consulting costs as well as personnel costs totalled approx. 3.4 million
euros (previous year: approx. 1 million euros), were recorded as a one-off effect and
this has reduced the Company’s EBIT growth. This sum also covers the unplanned
legal and consulting costs that were incurred by the Company as a result of the
disagreements between the members of the Supervisory Board and disagreements
between various groups of shareholders. The Company had no choice but to seek
legal advice to defend itself against putative Supervisory Board resolutions. It also
covers the non-scheduled personnel costs that were incurred as a result of the
exercising of special resignation rights by a member of the Board of Directors on
September 30, 2010 and the resulting Company payment liabilities. Furthermore, the
Company also incurred special charges arising from the closing of a controlling and
profit transfer agreement and the implementation of the necessary measures relating
to the agreement.
Profit Situation in the segments
In '000 euros 2009/2010 2010/2011 Variance
Domestic 12.292 10.962 -1.330
Austria 40 706 666
Other foreign countries 3.005 3.770 765
Operating result
(EBIT) 15.337 15.438 101
20