Assets and Financial Position
The balance sheet total increased by 2.7 million euros to 59.9 million euros (previous year 57.2 million euros).
On the assets side, scheduled depreciation reduced intangible assets and property, plant and equipment by 0.4 million euros to 14.8 million euros (previous year 15.2 million euros). Financial assets changed by 0.3 million euros compared to the previous year and fell to 8.9 million euros (previous year 9.2 million euros). Lower investment values resulted from a write-down on the book value of nma 2 Beteiligungs-GmbH & Co. KG (–0.2 million euros), the sale of shares in next media accelerator Management GmbH and the merger of dpa-digital services GmbH with dpa as of 1 January 2021 (–0.1 million euros).
Current assets increased on balance by 3.0 million euros, characterised by the increase in securities held (+1.7 million euros). Receivables and other assets also increased by 0.8 million euros, bank balances by 0.5 million euros.
On the liabilities side, the increase in equity and higher provisions had the main effect of increasing the balance sheet total. The increase in equity capital to 43.8 million euros is entirely due to the net profit for the year of 2.0 million euros. The equity ratio on the balance sheet date was 73.1 % (previous year 73.0 %).
In the reporting year, in contrast to the previous year, there was a tax provision of 0.2 million euros. Pension and other provisions were roughly at the same level as the previous year. The other provisions consist mainly of allotted sums for a one-off payment under collective bargaining agreements, other personnel expenses, litigation risks and outstanding invoices. Slightly higher liabilities of 5.6 million euros (previous year 5.4 million euros) result primarily from an increase in other liabilities of 0.8 million euros, while liabilities to affiliated companies fell by just under 0.6 million euros.
With liquid funds (including short-term realisable securities) of 25.4 million euros (previous year 23.2 million euros), the financial basis remains solid. The long-term fixed assets continue to be fully covered by equity.
For the 2021 financial year, cash flow from operating activities (including income from profit transfers and investments) amounted to 4.1 million euros (previous year 9.2 million euros). The investment sum (without financial assets) was slightly higher than in the previous year at 2.3 million euros (previous year 2.2 million euros), whereby the focus of investment activity in the past financial year was again on the further development of individual modules of our editorial and ERP systems, the expansion of the image portal and the replacement of operating and office equipment.
4. Financial and Non-financial Performance Indicators
The internal control system was aligned with our corporate strategy and suitable control parameters were defined. dpa distinguishes between financial and non-financial performance indicators. The financial performance indicators include the sustainable increase in profitability and the associated increase in the value of the company. In terms of profitability, turnover and net profit are the most important target and control variables.
In the case of non-financial performance indicators, data such as the development of premium volumes are important control features. In addition, the changes desired by the market towards longer premiums and premiums with a pronounced explanatory component – i.e. time-consuming premiums – must be taken into account.
The development of premium volumes in 2021 again reflects the special influences of the pandemic. 2020 was year 1 of the Corona pandemic, and the demand for quick news related to this topic was high. This was also reflected in the increase in the number of contributions to 195,000, including a significant increase in very brief breaking news reports to around 1,500. In pandemic year 2, the number of these breaking news reports fell by around 30 % back to the level of the years before 2020. The total number of articles also declined to 187,000. The Corona theme continued to dominate, but no longer had as much of the breaking news character of the previous year.
Nevertheless, the demand for very long texts (80 agency lines or more) remained high and was also offered at the previous year’s level of 2,500 contributions. Texts with a more explanatory content remained in demand, especially on the subject of Corona. The broad print use on the client side (20, 30 or more impressions) for texts with explanation and classification was again somewhat above the previous year at around 3,000 contributions (2,800). Part of this increase is influenced by a special evaluation in sport in the fourth quarter of 2021. Digital use is still difficult to measure, but the trend corresponds with print use.
In the photo sector, output increased in 2021: the number of images rose from 342,000 to around 362,000. The increase of around 20,000 images can be attributed to international image broadcasting with an increase of around 11,500 and to national image broadcasting with an increase of 8,500.