half year 2006/2007 - crealogix...2 group key figures crealogix group july-december 2006...

�

Content

2 Group Key Figures

5 Group Balance Sheet

4 Group Income Statement

5 Group Consolidated Statement of Changes in Shareholders’ Equity

6 Group Consolidated Cash Flow Statement

10 Condensed Notes

Financial Report CREALOGIX GROup

�st half year 2006/2007

(3� December 2006)

2

Group Key FiguresCREALOGIX Group

July-December 2006

July-December 2005

Revenue 30’357’126.47 29’522’640.09 % increase 2.8 25.8

Operating profit before interest, taxes, depreciation and amorti-sation (EBITDA)

2’239’503.47 3’923’664.69

in % of revenue 7.5 �3.3 Operating profit (EBIT) 1’042’954.87 2’096’894.23

in % of revenue 3.5 7.� Consolidated profit 1’071’261.19 �’848’709.53

in % of revenue 3.5 6.3 in % of shareholders’ equity 1.6 2.8

Net cash flow from operating activities 8’617’778.92 6’994’994.�9 in % of revenue 28.4 23.7

Net cash flow from investing activities –315’233.23 –2’378’356.80 Depreciation / Amortisation 1’196’548.60 �’826’770.46 Capacity of persons employed 263.3 245.7 Capacity of freelancers 57.8 50.� Capacity, incl. freelancers 321.1 295.8 Revenue per person (equivalent to full-time positions) 94’541.04 99’806.09 personnel expenses per person 64’989.84 69’052.46 Headcount 3� December 294 273 Capacity of persons employed, December 270.3 248.3

31 December 2006 30 June 2006

Total assets 94’378’243.21 �02’744’507.26 Total current assets 62’904’599.96 70’503’307.2�

Cash and cash equivalents and marketable securities of above 45’626’520.48 45’87�’054.86 Non current assets 31’473’643.25 32’24�’200.05 Liabilities 26’272’995.36 35’523’384.53 Shareholders’ equity 68’105’247.85 67’22�’�22.73 Equity ratio (in %) 72.2 65.4

July-December 2006

July-December 2005

Share prices High 96.50 84.90 Low 81.50 65.25

On 3� December 94.0 7�.9 Market capitalization (in million)

High 103.3 90.8 Low 87.2 69.8

Market capitalization 3� December (in million) 100.6 76.9 in % of revenue 165.7 �30.3 in % of shareholders’ equity 147.7 �2�.�

Earnings per share - basic 1.093 �.697 price-earnings ratio (p / E) 43.0 2�.2 Shareholders’ equity per share 65.5 62.0 price-book-value 1.4 �.2

3

Investor InformationCREALOGIX Group

If you have any questions about Crealogix, please contact the officers responsible for investor relations:

Bruno Richle Dr. Jürg Neck

Chairman of the Board of Directors CFO

and CEO

[email protected] [email protected]

T +4� 44 302 �9 25 T +4� 55 253 2� 5�

F +4� 44 302 �9 26 F +4� 55 253 22 85

www.crealogix.com www.crealogix.com

Profil

The CREALOGIX Holding AG (the Company) and its

subsidiaries (the CREALOGIX Group) one of the leading

service providers in e-business and ERp (Enterprise

Resource planning) in Switzerland, Germany and

Austria. The e-business and ERp segments constitute

the core of business. The CREALOGIX Holding AG sha-

res (CLXN) are listed on the SWX Swiss Exchange.

Share data

Shareholder structure Bruno Richle 22.75%, Richard

Dratva 22.36%, Daniel Hiltebrand �5.42%, peter

Süsstrunk 7.20% und Chase Nominees Ltd. 5.32%

Trading platform = SWX Swiss Exchange sec. no = ��

570 and ticker symbol Telekurs = CLXN, Reuters =

CLXZn.S und Bloomberg = CLXN SW

Calendar

– 02 October 2007

presentation of results for 2005/2006 financial year

– 25 October 2007

Annual General Meeting

4

Chairmen’s StatementCREALOGIX Group

Dear Shareholder

The CREALOGIX Group reported sales of CHF 30.4 million for the first six months of the 2006/2007 financial year.

Operating profit (EBIT) came in at CHF �.0 million.

Sales and earnings: In the first half of the 2006/2007 period the CREALOGIX Group succeeded in raising sales to

CHF 30.4 million from CHF 29.5 million for the year-back period. This corresponds to growth of 2.8 percent. EBIT

was CHF �.0 million (H� 2005/2006: CHF 2.� million), with an EBIT margin of 3.5 percent (7.� percent).

Operating results were held back by weak margins in the ERp division, in particular.

Consolidated profit came to CHF �.�. million (H� 2005/2006: CHF �.8 million). Compared with the prior-year pe-

riod, the financial result took an additional charge of CHF 0.8 million owing to the regular adjustment of deferred

purchase price obligations connected with company acquisitions.

Personnel and operating costs: As at 3� December 2006, the CREALOGIX Group employed a workforce of 293.

The number of full-time workers was thus 7 percent higher than a year earlier. Other operating expenses came to

CHF 4.3. million (H� 2005/2006: CHF 3.9 million).

e-business division: The e-business division continued to post pleasing growth. Thanks partly to the recent acqui-

sition of the C-CHANNEL AG, sales expanded by as much as ��.8 percent to CHF �7.8 million. The EBIT margin

was an impressive �2 percent. e-business accounts for 58 percent of consolidated sales.

New customers in the period included Bank Sarasin, LGT Bank Liechtenstein, WIR Bank, Novartis and Swissport,

as well as ASA (the Swiss association of driver and vehicle licensing authorities).

The division also entered into an alliance with Open Source provider JBoss.

ERP division: Sales at the ERp division fell by 8.8 percent year-on-year to CHF �2.7 million. At the same time,

EBIT was negative, at CHF –�.0 million.

The ERp division is being impacted by insufficient productivity, foreign investment and high product development

costs. This results in weak margins. Measures taken to improve the situation have been stepped up during the cur-

rent financial year, leading to higher-than-budgeted costs.

According to the budget, things should be back on track by mid-2007, laying the foundations for profitable growth

in the financial year ahead. Despite the current improvements to software development and project processes, we

continued to pursue the same high level of investment in product development and in growing markets within the

Eu in order to consolidate the excellent position that we have already achieved.

The appeal of our products has brought in a series of new customers, including Mammut Sports Group, Freja

Transport & Logistics, Raymond Weil S.A., peyer Bern Lager and Logistik AG, palexpo, Weckerle GmbH, Berthold

Vollers GmbH, pLM – papierwerk Landshut Mittler GmbH & Co. KG, F. J. Aschwanden AG and Comptoir des

Cotonniers.

5

Outlook: The CREALOGIX Group will continue to pursue its growth strategy and remain true to its “software

powerhouse” vision. products in the e-business division will be strengthened still further, especially within our e-

banking portfolio.

Since we are well positioned in the ERp market we believe that, as soon as corrective action has been taken, we

will have a basis for profitable long-term growth.

The Board of Directors and Management are confident that an improvement in operating results can be achieved

as early as the second half of fiscal 2006/2007.

Bruno Richle Chairman of the Board of Directors and CEO

6

Group Balance SheetCREALOGIX Group

31 December 2006

in % 30 June 2006 in %

ASSETS Current assets Cash and cash equivalents 21’518’660.95 �9’955’486.43 Marketable securities 24’107’859.53 25’9�5’568.43 Trade and other receivables 13’645’952.48 20’950’0�4.0� Work in progress / Inventories 3’632’127.00 3’682’238.34

Total current assets 62’904’599.96 66.7 70’503’307.2� 68.6

Non-current assets property and equipment 4’196’276.55 4’270’333.40 Intangible assets 26’651’073.65 27’277’304.65 Financial assets 200’000.00 275’840.00 Investments in associates 61’960.05 53’389.00 Deferred tax assets 169’333.00 �69’333.00 prepaid pension assets 195’000.00 �95’000.00

Total non-current assets 31’473’643.25 33.3 32’24�’200.05 3�.4

Total ASSETS 94’378’243.21 100.0 �02’744’507.26 �00.0

LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Trade and other payables 13’352’817.74 �5’722’543.48 Current income tax liabilities 1’218’837.40 �’494’220.58

Total current liabilities 14’571’655.14 15.4 �7’2�6’764.06 �6.8

Non-current liabilities Financial liabilities 347’500.00 �’947’97�.25 Suspended obligation of purchase price 9’441’466.02 �4’447’99�.02 Deferred income tax liabilities 1’912’374.20 �’9�0’658.20

Total non-current liabilities 11’701’340.22 12.4 �8’306’620.47 �7.8 Total liabillities 26’272’995.36 27.8 35’523’384.53 34.6

Shareholders’ equity Share capital 10’700’000.00 �0’700’000.00 Share premium 39’694’424.68 39’694’424.68 Treasury shares –1’533’897.99 –�’59�’729.99 Other reserves 1’940’220.34 �’440’3�2.6� Retained earnings 17’095’422.06 �6’799’839.52

Total equity before minority interest 67’896’169.09 67’042’846.82 Minority interest 209’078.76 �78’275.9�

Total shareholders’ equity 68’105’247.85 72.2 67’22�’�22.73 65.4

Total LIABILITIES AND SHAREHOLDERS’ EQUITY 94’378’243.21 100.0 �02’744’507.26 �00.0

The condensed notes on pages �0 to �8 are an integral part of this financial report for the first half of the year.

7

Group Income StatementCREALOGIX Group

July-December July-December 2006 in % 2005 in %

Revenue 30’357’126.47 100.0 29’522’640.09 �00.0 Goods and services purchased –7’906’193.31 –26.0 –6’607’�30.34 –22.4 personnel expenses –17’111’825.74 –56.3 –�6’966’�89.32 –57.5 Depreciation –566’145.52 –1.9 –633’0�2.78 –2.� Amortisation –630’403.08 –2.1 –�’�93’757.68 –4.0 Advertising expenses –656’115.20 –2.2 –500’�88.�3 –�.7 Rent, maintenance and replacements –776’375.93 –2.5 –703’088.88 –2.4 General and administration expenses –1’667’112.82 –5.5 –822’378.73 –2.8

Operating profit 1’042’954.87 3.5 2’096’894.23 7.� Financial income 1’588’020.10 5.2 488’40�.46 �.7 Financial expense –1’119’468.05 –3.7 –�2�’05�.00 –0.4 Earnings from associated undertaking 8’571.05 0.0 2’9�4.00 0.0

Profit before tax 1’520’077.97 5.0 2’467’�58.69 8.4 Income tax expense –448’816.78 –1.5 –6�8’449.�6 –2.�

Consolidated profit 1’071’261.19 3.5 �’848’709.53 6.3

Attributable to: Share holders CREALOGIX Holding AG 1’133’699.34 3.7 �’738’484.83 5.9 Minority shareholdings –62’438.15 –0.2 ��0’224.70 0.4 Earnings per share attributable to equity holders Earnings per share - basic 1.093 �.697 Earnings per share - diluted 1.061 �.67�


8

Group Consolidated Statement of Changes in Shareholders’ EquityCREALOGIX Group

Holding Company Minority interests

Total Share-

holders’ equity

Share capital

Share premium

Treasury shares

Other reserves

Retained earnings

per � July 2005 adjusted �0’700’000.00 39’694’424.68 –2’536’548.40 536’430.65 �2’945’564.44 2�9’903.66 6�’559’775.03 Addition resulting from change to scope of con-solidation

4�’2�6.�7 –�03’342.00 –62’�25.83

Translation differences �4’600.58 �4’600.58 Consolidated profit �’738’484.83 ��0’224.70 �’848’709.53 Share-based payments 475’668.00 0.00 475’668.00 Change of treasury sha-res

–3�6’��7.35 –3�6’��7.35

Per 31 December 2005 10’700’000.00 39’694’424.68 –2’852’665.75 1’026’699.23 14’725’265.44 226’786.36 63’520’509.96 per � July 2006 �0’700’000.00 39’694’424.68 –�’59�’729.99 �’440’3�2.6� �6’799’839.52 �78’275.9� 67’22�’�22.73 Addition resulting from change to scope of con-solidation

–93’24�.00 93’24�.00 0.00

Translation differences 29’778.63 29’778.63 Consolidated profit �’�33’699.34 –62’438.�5 �’07�’26�.�9 Share-based payments 470’�29.�0 –744’874.80 –274’745.70 Change of treasury sha-res

57’832.00 57’832.00

Per 31 December 2006 10’700’000.00 39’694’424.68 –1’533’897.99 1’940’220.34 17’095’423.06 209’078.76 68’105’248.85

Retained Earnings Statutory reserves Free reserves per � July 2006 4’579’354.02 �2’220’485.50 Per 31 December 2006 4’647’706.81 14’387’935.59


9

Group Consolidated Cash Flow StatementCREALOGIX Group

July- December July - December 2006 2005

Cash flow from operating activities Gross cash flow from operating activities 10’262’969.92 7’484’970.70 Interest paid –954’525.14 –98’079.66 Tax received 0.00 3�’003.77 Tax paid –720’443.49 –422’900.62 Translation differences 29’777.63 0.00

Net cash flow from operating activities 8’617’778.92 6’994’994.�9

Cash flow from investing activities purchase of property and equipment –488’040.40 –477’676.47 Disposals of property and equipment –2’184.03 –2’�25.80 purchase of intangible assets –524’140.30 –704’259.58 Granting / repayment of loans 75’840.00 –48’000.00 Acquisition of subsidiaries, net of cash acquired 0.00 –�’404’642.00 Interest received 623’291.50 258’347.05

Cash flow from investing activities –315’233.23 –2’378’356.80

Cash flow from financing activities Repayment of loans / mortgages –1’600’471.25 –32’408.02 payment obligation of purchase price –5’280’313.00 0.00 purchase / sale of treasury shares – net 57’832.00 –3�6’��7.35

Cash flow from financing activities –6’822’952.25 –348’525.37

Change in cash and cash equivalents 1’479’593.44 4’268’��2.02

Cash and cash equivalent at beginning of period 19’955’486.43 �9’820’359.�6 Currency impacts from cash and cash equivalents 83’581.08 –806.03

Cash and cash equivalent at end of period 21’518’660.95 24’087’665.�5


�0

Condensed NotesCREALOGIX Group

� Summary of significant accounting and valuation

policies

The unaudited consolidated interim financial state-

ments for the first half 2006/2007 as at 3� December

2006 have been prepared in accordance with IAS 34

Interim Financial Reporting.

The present consolidated financial statements have

been prepared in Swiss francs (CHF). The same accoun-

ting policies have been applied as in the consolidated

annual financial statements for 2005/2006. New or

amended standards or interpretations have no or no

material impact on the half-year report.

Crealogix operates in areas which are not subject to

marked seasonal fluctuations. As in the past, there

were no contingent claims or liabilities during the pe-

riod under review.

��


2 Property and equipment

July – December 2005 Property & equipment

Fixed installations

Office equipment

Vehicles Real estate Total

Opening net carrying amount

707’665.57 76’795.37 699’604.97 430’304.64 0.00 �’9�4’370.55

Translation differences on opening holdings

353.37 34.02 399.04 0.00 0.00 786.43

Elimination from acquisi-tion cost of property, plant and equipmentno longer in use

–350’000.00 –4’9�0.7� –727’000.00 –�0�’699.93 0.00 –�’�83’6�0.64

Additions 45’�2�.73 54�.85 247’804.69 �84’208.20 0.00 477’676.47 Disposals 0.00 0.00 0.00 –6’300.07 0.00 –6’300.07 Depreciation –66’060.3� –6’277.43 –466’004.04 –94’67�.00 0.00 –633’0�2.78 Elimination from accu-mulated depreciation of property, plant and equipment no longer in use

350’000.00 4’9�0.7� 727’000.00 �0�’699.93 0.00 �’�83’6�0.64

Translation differences on acquisitions / dispo-sals

0.00 –0.0� 0.00 0.00 0.00 –0.0�

Closing net carrying amount

687’080.36 71’093.80 481’804.66 513’541.77 0.00 1’753’520.59

3� December 2005 Acquisition cost 85�’325.36 �0�’352.69 �’430’795.42 884’339.3� 0.00 3’267’8�2.78 Accumulated deprecia-tion

–�64’245.00 –30’258.89 –948’990.76 –370’797.54 0.00 –�’5�4’292.�9

Net carrying amount 687’080.36 71’093.80 481’804.66 513’541.77 0.00 1’753’520.59 Fire insurance value of property and equipment

3� December 2005 8’336’000.00 (of which buildings) (0.00)

�2


2 Property and equipment

July – December 2006 Property & equipment

Fixed installations

Office equipment

Vehicles Real estate Total

Opening net carrying amount

907’��4.68 �95’925.60 4�7’877.56 470’562.56 2’278’853.00 4’270’333.40

Translation differences on opening holdings

�’480.86 �32.03 �’334.3� 838.47 0.00 3’785.67

Elimination from acquisi-tion cost of property, plant and equipmentno longer in use

0.00 0.00 0.00 0.00 0.00 0.00

Additions 22’430.88 22’088.44 �58’6�6.28 284’904.80 0.00 488’040.40 Disposals 0.00 0.00 0.00 0.00 0.00 0.00 Depreciation –69’444.03 –27’484.07 –328’780.76 –�08’668.64 –3�’768.02 –566’�45.52 Elimination from accu-mulated depreciation of property, plant and equipment no longer in use

0.00 0.00 0.00 0.00 0.00 0.00

Translation differences on acquisitions / dispo-sals

56.34 –6.54 254.72 –4�.92 0.00 262.60

Closing net carrying amount

861’638.73 190’655.46 249’302.11 647’595.27 2’247’084.98 4’196’276.55

31 December 2006 Acquisition cost �’309’965.97 55�’994.40 2’5�3’666.62 �’248’264.78 2’54�’465.00 8’�65’356.77 Accumulated deprecia-tion

–448’327.24 –36�’338.94 –2’264’364.5� –600’669.5� –294’380.02 –3’969’080.22

Net carrying amount 861’638.73 190’655.46 249’302.11 647’595.27 2’247’084.98 4’196’276.55 Fire insurance value of property and equipment

31 December 2006 10’624’072.00 (of which buildings) (�’�65’000.00)

�3


3 Intangible assets

Goodwill Software licences acquired

Capitalised soft-ware develop-

ment costs 1)

Total Group

Opening net carrying amount �7’��3’950.69 ��5’488.64 3’460’373.00 20’689’8�2.33 Translation differences on opening holdings

0.00 �9.60 0.00 �9.60

Elimination from acquisition cost of intangible assets no longer in use

0.00 –980’000.00 0.00 –980’000.00

Additions 0.00 �46’055.32 558’204.27 704’259.59 Disposals 0.00 0.00 0.00 0.00 Amortisation 0.00 –�84’995.06 –�’008’762.62 –�’�93’757.68 Elimination from accumulated amortisation of intangible assets no longer in use

0.00 980’000.00 0.00 980’000.00

Translation differences on acquisitions / disposals

0.00 –0.0� 0.00 –0.0�

Closing net carrying amount 17’113’950.69 76’568.49 3’009’814.65 20’200’333.83 3� December 2005 Acquisition cost �7’��3’950.69 550’670.06 5’248’404.27 22’9�3’025.02 Accumulated amortisation and impairment

0.00 –474’�0�.57 –2’238’589.62 –2’7�2’69�.�9

Net carrying amount 17’113’950.69 76’568.49 3’009’814.65 20’200’333.83

�) Other intangible assets comprise capitalized software development costs and other costs

�4


3 Intangible assets

Goodwill Software licences acquired

Capitalised soft-ware develop-

ment costs 1)

Total Group

Opening net carrying amount 2�’935’598.�0 33’80�.55 5’307’905.00 27’277’304.65 Translation differences on opening holdings

0.00 45.40 0.00 45.40

Elimination from acquisition cost of intangible assets no longer in use

–520’0�2.00 0.00 0.00 –520’0�2.00

Additions 0.00 4�’550.�3 482’590.�7 524’�40.30 Disposals 0.00 0.00 0.00 0.00 Amortisation 0.00 –8’295.5� –622’�07.57 –630’403.08 Elimination from accumulated amortisation of intangible assets no longer in use

0.00 0.00 0.00 0.00

Translation differences on acquisi-tions / disposals

0.00 –�.62 0.00 –�.62

Closing net carrying amount 21’415’586.10 67’099.95 5’168’387.60 26’651’073.65 31 December 2006 Acquisition cost 2�’4�5’586.�0 650’095.67 9’�42’�20.24 3�’207’802.0� Accumulated amortisation and impairment

0.00 –582’995.72 –3’973’732.64 –4’556’728.36

Net carrying amount 21’415’586.10 67’099.95 5’168’387.60 26’651’073.65

�) Other intangible assets comprise capitalized software development costs and other costs

�5

4 Segment information

As at 3� December 2006, the Group was organized into two main business segments:

(�) e-business (electronic business)

(2) ERp (Enterprise Resource planning)

Segment results for the � July to 3� December 2006 period are as follows; year-back figures are given as a

comparison:


The Group‘s holdings in major associates are as follows. None of these associates is listed:

4 Holdings in associates

31 December 2006 30 June 2006 At beginning of period 53’389.00 �9’076.00 Share in result 8’571.05 34’3�3.00

At end of period 61’960.05 53’389.00

Name Country of domicile

Assets Liabilities Third-party sales

Result Percentage

31 December 2006

Circon Czech Repu-blic

216’993.39 94’626.22 57’973.03 17’142.15 50%

30 June 2005 Circon Czech Repu-blic

2�8’972.75 ��3’849.84 226’805.28 68’626.00 50%

July – December 2006 e-business ERP Other Elimination Group Segment revenue �7’676’000.43 �2’68�’�26.04 0.00 0.00 30’357’�26.47 Inter-segment revenue 93’86�.25 5�3.82 0.00 –94’375.07 0.00 Revenue 17’769’861.68 12’681’639.86 0.00 –94’375.07 30’357’126.47 Operating profit (EBIT) 2’102’469.42 –973’614.14 –85’900.41 0.00 1’042’954.87 Financial income 468’552.05 Share of profits of associates �) 8’57�.05 Profit before tax 1’520’077.97 Income tax expense –448’8�6.78 Consolidated profit 1’071’261.19 (of which minority interests) –62’438.�5

�) Refers to ERp segment

�6


July – December 2005 e-business ERP Other Elimination Group Segment revenue �5’655’996.68 �3’866’643.4� 0.00 0.00 29’522’640.09 Inter-segment revenue 3��’049.3� 30’389.98 0.00 –34�’439.29 0.00 Revenue �5’967’045.99 �3’897’033.39 0.00 –34�’439.29 29’522’640.09 Operating profit (EBIT) 2’030’221.37 80’666.28 –13’993.42 0.00 2’096’894.23 Financial income 367’350.46 Share of profits of associates �) 2’9�4.00 Profit before tax 2’467’158.69 Income tax expense –6�8’449.�6 Consolidated profit 1’848’709.53 (of which minority interests) ��0’224.70

�) Refers to ERp segment

6 Share capital

July – December 2005 Number of shares Ordinary shares

Treasury shares Total

Issued Treasury At beginning of period �’070’000 –43’703 �0’700’000.00 –2’536’548.40 8’�63’45�.60 purchase of treasury shares –47’525 –2’608’268.25 –2’608’268.25 Sale of treasury shares 34’688 647’6�8.25 647’6�8.25 Treasury shares used for share and option plans

8’528 �’644’532.65 �’644’532.65

At end of period 1’070’000 –48’012 10’700’000.00 –2’852’665.75 7’847’334.25 July – December 2006 At beginning of period �’070’000 –32’77� �0’700’000.00 –�’59�’729.99 9’�08’270.0� purchase of treasury shares –55’489 –4’�24’793.20 –4’�24’793.20 Sale of treasury shares 3�’6�8 2’690’��0.00 2’690’��0.00 Treasury shares used for share and option plans

27’06� �’492’5�5.20 �’492’5�5.20

At end of period 1’070’000 –29’581 10’700’000.00 –1’533’897.99 9’166’102.01

�7


Legal restructuring of the CIRCON Group

The remaining 38 percent ownership interest in CIRCON Development AG in Glattbrugg/Rümlang was acquired as

at � July 2006 for CHF �.00.

CIRCON Development AG was merged with CIRCON Circle Consulting AG Glattbrugg/Rümlang on

28 November 2006 with retroactive effect as at � July 2006.

7 Share Options

On 30 November 2006 �2,663 staff share options were granted at a strike price of CHF 95.40. The options will

expire on 20��. The granted options will be blocked for three years. Between � July and 3� December 2006, the

“personnel expenses” item included compensation expenses of CHF 305,258 relating to staff share options granted

after 7 November 2002. The corresponding figure for the prior-year period (� July 2005 to 3� December 2005)

came to CHF 475,668. Changes in the number of outstanding share options and in the attendant weighted

average strike price are shown in the following summary:

July – December 2005 Average strike price per share

Number of options

Outstanding at beginning of period 69.45 �79’642 Granted 69.50 54’�08 Forfeited 88.28 –3’632 Exercised 45.2� –8’528 Expired unexercised 0.00 0 Outstanding at end of period 70.07 221’590 Exercisable at end of financial year 95.89 81’379 July – December 2006 Outstanding at beginning of period 70.47 208’339 Granted 95.40 �2’663 Forfeited �04.40 –2’737 Exercised 5�.�8 –20’�82 Expired unexercised 0.00 0 Outstanding at end of period 73.55 198’083 Exercisable at end of financial year 85.75 96’882

8 Minorities

2006 2005

At beginning of period 178’275.91 2�9’903.66 Acquisition of subsidiaries 93’241.00 –�03’342.00 Share in result –62’438.15 ��0’224.70

At end of period 209’078.76 226’786.36

�8


9 Subsidiaries

The following subsidiaries exist and are fully consolidated:

Company Activity Capital Interest held

proportion of voting rights

CREALOGIX AG Bubikon, Switzerland

Consultancy and services in information technology and data comminication

CHF �00’000 �00 % �00 %

CREALOGIX Corp.Toronto, Canada


CAD �00’000 �00 % �00 %

CREALOGIX AGFrankfurt, Germany


EuR �00’000 �00 % �00 %

CREALOGIX E-Banking Solutions AG Zurich, Switzerland


CHF �00’000 �00 % �00 %

CIRCON Holding AGBaar, Switzerland

Management of investments CHF �’000’000 �00 % 70 %

CIRCON Circle Consulting AG Glattbrugg, Switzerland

Development of/trading in software

CHF �50‘000 �00 % 70 %

CIRCON Circle Consulting AG Villingen, Germany


EuR 200’000 60 % 42 %

CIRCON Circle Consulting AGThalheim, Austria


EuR �50’000 80 % 56 %

CIRCON Circle Consulting GmbHDornbirn, Austria


EuR 75’000 �00 % 70 %

Balzano Informatik AG Zurich, Switzerland

Services in information technology and trading in hardware and software

CHF 200’000 �00 % 80 %

C-CHANNEL AGHünenberg, Switzerland

Services in information technology, development of software, trading in hardware and software

CHF 550’000 �00 % �00 %

10 Events after the balance sheet dateNo events occurred after the balance sheet date of 3� December 2006.

�9

Addresses and Locations CREALOGIX Group

Villingen

ZurichLyss

BaarHünenberg

Bern

Dornbirn

Thalheim

Graz

prague

Leichlingen

Hannover

CREALOGIX

CREALOGIX E-Banking

CIRCON

Balzano

C-CHANNEL

CIRCON Holding AG

Oberneuhofstrasse 6

CH-6340 Baar

T +4� 44 874 23 00

F +4� 44 874 23 �0

www.circon.net

CIRCON Circle Consulting AG

Industriestrasse 54

CH-8�52 Glattbrugg/ZH

T +4� 44 874 23 00

F +4� 44 874 23 �0

www.circon.net

CIRCON Development AG

Industriestrasse 54

CH-8�52 Glattbrugg/ZH

T +4� 44 874 23 00

F +4� 44 874 23 �0

www.circon.net

CIRCON Circle Consulting

Werkstrasse 37

CH-3250 Lyss

T +4� 32 387 00 �0

F +4� 32 387 00 ��

www.circon.net


Schloss Eicherhof

D-42799 Leichlingen

T +49 2�75 6986 0

F +49 2�75 6986 9

www.circon.net


podbielskistrasse �66A

D-30�77 Hanover

T +49 5�� 228 959 �0

F +49 5�� 228 959 20

www.circon.net


pontalierstrasse 9

D-78048 VS-Villingen

T +49 772� 2029 0

F +49 772� 2029 20

www.circon.net


Reinberghof 2

A-4600 Thalheim

T +43 7242 2��2 200

F +43 7242 2��2 2050

www.circon.net


Eckertstrasse 7

A-8020 Graz

T +43 3�65 7424 2

F +43 3�65 7424 22

www.circon.net

CIRCON

Circle Consulting GmbH

Färbergasse �3

A-6850 Dornbirn

T +43 5572 3942 53

F +43 5572 3942 53 �5

www.circon.net

CIRCON

Circle Consulting s.r.o.

Sokolovská 20�/270

CZ-�90 00 prague 9

T +420 227 024 �20

F +420 227 024 �80

www.circon.cz

Balzano Informatik AG

Clausiusstrasse 70

CH-8006 Zurich

T +4� 44 268 �� 33

F +4� 44 268 �� 43

www.evento.ch

C-CHANNEL AG

Bösch 83B

CH-633� Hünenberg

T +4� 44 784 55 55

F +4� 44 784 55 66

www.c-channel.ch

CREALOGIX Holding AG

Hohlstrasse 535

CH-8048 Zurich

T +4� 44 302 �9 25

F +4� 44 302 �9 26

www.crealogix.com

CREALOGIX AG

Rosengartenstrasse 6

CH-8608 Bubikon/ZH

T +4� 55 253 2� 2�

F +4� 55 253 2� 20

www.crealogix.com

CREALOGIX

Oberneuhofstrasse 6

CH-6340 Baar

T +4� 4� 768 0� 50

F +4� 4� 76� 48 �8

www.crealogix.com

CREALOGIX

Mühlemattstrasse 53

CH-3007 Berne

T +4� 3� 38� 3� 57

www.crealogix.com

CREALOGIX

E-Banking Solutions AG

Hohlstrasse 535

CH-8048 Zurich

T +4� 44 439 57 57

F +4� 44 433 �5 �7

www.e-banking.crealogix.com

half year 2006/2007 - crealogix...2 group key figures crealogix group july-december 2006...

Documents