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

P&I Personal & Informatik Combined Management Report (Group and Cooperation)
The sum of short-term liabilities rose by 5.2 million euros to 39.4 million euros.
Included herein are liabilities arising from trade payables, tax liabilities, deferred items
(+2.4 million euros) and other short-term liabilities.
Tax liabilities of 2.9 million euros include P&I AG’s tax on earnings accruals and
business tax charges for fiscal years 2007/2008, 2008/2009 and 2009/2010, which
will be offset against the tax prepayments for this fiscal year. Other short-term
liabilities amounted to 13.9 million euros at the close of the fiscal year (previous year:
9.9 million euros) and included, among others, payment obligations to personnel
resulting from the variable compensation components as well as payments already
received from a major project. There was a clear increase recorded in our deferred
items, which have to be assembled in advance at the start of the calendar year and it
consists of annual invoices that have to be paid and these are reversed on a monthly
basis in compliance with the sales realisations.
5. P&I AG
5.1 Profit Situation
Sales development recorded double-digit sales growth to reach 60.1 million euros,
which is an extremely positive result when compared to the previous year. The
operating result only increased slightly by 0.2 million euros to 14.9 million euros. The
Group earnings situation in fiscal 2010/2011 was characterised by two factors: Sales
increases in the operating activities were offset by one-off costs, which arose from the
conflicts between various groups of shareholders as well as changes in the
shareholding structure.
Sales development
In fiscal 2010/2011, total sales amounted to 60.1 million euros (previous year: 54.3
million euros). This includes 55.3 million euros (previous year: 49.3 million euros)
sales to third parties, which corresponds to an increase aof 4.1 per cent.
Sales in 000 euros to 2009/2010 2010/2011 Variance
- third parties 49,297 55,15 12.2%
- affiliated companies 4,980 4,748 -4.6%
Total 54,277 60,063 10.7%
Net change in inventories -159 391 ./.
Overall performance 54,118 60,454 11.7%
The highest contribution to sales was made by Maintenance. A sales volume of 24.1
million euros (previous year: 21.8 million euros), meant that Maintenance made a
40.1 per cent contribution to our sales. The second strongest sales category was
Consulting with a contribution of 31.4 per cent, which corresponds to 18.9 million
euros (previous year: 17.2 million euros). Licensing sales, which dropped back during
the crisis-ridden previous fiscal year, increased once again to 14.6 million euros
(previous year: 13.4 million euros) and this represents a 24.3 per cent contribution to
overall sales. The volume of other sales, which amounted to 2.5 million euros
(previous year: 1.8 million euros), was 4.2 per cent of overall sales.
The increase in the inventory during the fiscal year that has just ended was a direct
effect of the services that were undertaken as part of the work contracts and fixedprice
projects in Consulting. The increase in the inventory is the result of long-term
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