Assets and financial position
The balance sheet total decreased by 0.8 million euros to 59.1 million euros (previous year 59.9 million euros).
On the assets side, intangible assets and property, plant, and equipment increased by 2.1 million euros to 16.9 million euros (previous year 14.8 million euros) as a result of investment activities exceeding depreciation and amortisation. In the case of financial assets, a reclassification of long-term securities investments from current assets to financial assets had an increasing effect of 19.6 million euros. The merger with the photo agency Zentralbild GmbH (–0.2 million euros) and a write-down on an investment (–0.2 million euros) had the opposite effect. Overall, financial assets changed by 19.3 million euros compared to the previous year and increased to 28.1 million euros (previous year 8.9 million euros).
Current assets decreased on balance by 22.2 million euros, mainly as a result of the aforementioned reclassification of securities investments to financial assets (–20.2 million euros). Receivables and other assets developed in the opposite direction and increased by 0.6 million euros, while bank balances decreased by 2.6 million euros.
On the liabilities side, the decrease in provisions of –1.9 million euros was the main factor reducing the balance sheet total. In the opposite direction, equity increased from 1.2 million euros to 45.0 million euros as a result of the net profit for the year. The equity ratio on the balance sheet date was 76.0% (previous year: 73.1%).
With regard to the development of provisions, a provision for a one-off payment under collective bargaining agreements (0.8 million euros) recognised in the previous year no longer applies. Provisions for severance payments and litigation risks were also reduced by a total of 0.8 million euros. This reduction was offset by a 0.5 million euros increase in tax provisions. With regard to the development of liabilities, the increase in accounts payable trade of 0.9 million euros is offset by a decrease in other liabilities of 1.0 million euros. The total increase in liabilities of 0.2 million euros is therefore attributable in particular to the 0.2 million euros increase in liabilities to affiliated companies.
With liquid assets of 2.5 million euros (previous year: 5.1 million euros), the company continues to have a solid financial basis. Long-term fixed assets are almost fully covered by equiFor the 2022 financial year, cash flow from operating activities (including income from profit transfers and investments) amounted to 7,000 euros (previous year: 4.1 million euros).
At 4.7 million euros (previous year: 2.3 million euros), the investment total (excluding financial assets) was higher than in the previous year, with the focus of investment activity in the past financial year being on the expansion of the image portal and on investments in building materials and building technology.
Overall, the management considers the economic situation of the company to be good.
4. Financial performance indicators
The internal management system has been aligned to our corporate strategy and suitable control parameters have been defined. The financial performance indicators include a sustainable increase in profitability and, associated with this, an increase in the value of the company. In terms of profitability, sales and net income are the most important target and control indicators.
