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Communication is Key – Annual Report 2009

Notes to the consolidated financial statements

Segment reporting

All figures in €’000 Financial services Feri Holding Consolidation / Other Total
  2009 2008* 2009 2008 2009 2008 2009 2008* 2009 2008*
* Previous year’s values adjusted. The adjustments are disclosed in note 3.
Revenue 472,371 517,376 31,935 35,244 – – – 530 – 353 503,775 552,267
of which total inter-segment revenue 159 202 372 151 – – – 530 – 353 0 0
Other revenue 19,136 23,689 6,874 11,178 16,899 22,551 – 14,543 – 14,484 28,368 42,933
of which total inter-segment revenue 2,458 2,516 – 616 12,084 11,353 – 14,543 – 14,484 0 0
Total revenue 491,507 541,065 38,809 46,422 16,899 22,551 – 15,073 – 14,838 532,143 595,200
Commission expenses – 181,375 – 203,064 – 1,522 – 1,720 – – 278 128 – 182,619 – 204,656
Interest expenses – 12,259 – 23,954 – – – – 3 440 – 12,256 – 23,514
Personnel expenses – 81,734 – 80,217 – 25,125 – 24,424 – 4,528 – 4,228 – – – 111,387 – 108,869
Depreciation / amortisation and impairment – 12,500 – 13,090 – 2,364 – 1,922 – 3,256 –5,958 – – – 18,120 – 20,971
Other operating expenses – 154,716 – 166,172 – 9,704 – 12,692 – 16,333 – 17,603 14,805 14,699 – 165,947 – 181,769
Earnings from shares accounted for using the equity method 368 740 – – – – – – 368 740
Segment earnings before interest and tax (EBIT) 49,291 55,308 94 5,662 – 7,218 – 5,239 14 429 42,182 56,161
Other interest and similar income 945 477 57 309 10,249 15,843 – 3,431 – 11,193 7,820 5,436
Other interest and similar expenses – 3,209 – 1,902 – 265 – 214 – 7,213 – 13,409 341 547 – 10,346 – 14,979
Finance cost – 2,264 – 1,425 – 209 94 3,037 2,434 – 3,090 – 10,646 – 2,526 – 9,543
Earnings before tax (EBT) 47,028 53,883 – 115 5,757 – 4,181 – 2,805 – 3,076 – 10,217 39,656 46,618
Income taxes                 – 12,486 – 15,941
Earnings from continuing operations after tax                 27,170 30,677
Earnings from discontinued operations after tax – 6,094 – 5,991 - - - - 3,109 – 93 – 2,985 – 6,084
Net profit (total)                 24,185 24,593
Segment assets 1,094,592 1,157,426 105,626 110,920 513,831 517,416 – 238,517 – 251,714 1,475,532 1,534,048
of which shares accounted for using the equity method 2,013 2,319 – – – – – – 2,013 2,319
of which tax receivables / deferred tax assets 2,974 2,855 832 1,451 32,223 25,193 – 18 36,028 29,517
of which non-current assets held for sale and disposal groups – 3,281 - – - – - - - 3,281
Segment liabilities 993,722 1,052,974 18,779 19,161 86,975 86,649 – 42,475 – 50,664 1,057,001 1,108,120
of which tax liabilities / deferred tax liabilities 1,382 2 9,636 9,409 8,678 171 – 15 19,696 9,597
of which liabilities in connection with non-current assets held for sale and disposal groups 2,049 2,581 – – – – – – 2,049 2,581
Investments in intangible assets and property, plant and equipment 3,013 8,730 776 2,459 213 1,003 – – 4,002 12,192
Major non-cash expenses:                    
Impairment charges / reversal of impairment charges for receivables and financial investments – 7,462 – 7,876 – 145 – 177 – – – – – 7,607 – 8,053
Increase / decrease of provisions/accrued liabilities – 26,911 – 21,678 – 1,946 – 3,557 – 3,170 – 1,251 – – – 32,027 – 26,485
Interest charge / income – 302 – 189 – – – 3,258 – 3,334 – – – 3,561 – 3,522

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All figures in €’000 Financial services Feri Holding Consolidation / Other Total
  2009 2008* 2009 2008 2009 2008 2009 2008* 2009 2008*
* Previous year’s values adjusted. The adjustments are disclosed in note 3.
Revenue 472,371 517,376 31,935 35,244 – – – 530 – 353 503,775 552,267
of which total inter-segment revenue 159 202 372 151 – – – 530 – 353 0 0
Other revenue 19,136 23,689 6,874 11,178 16,899 22,551 – 14,543 – 14,484 28,368 42,933
of which total inter-segment revenue 2,458 2,516 – 616 12,084 11,353 – 14,543 – 14,484 0 0
Total revenue 491,507 541,065 38,809 46,422 16,899 22,551 – 15,073 – 14,838 532,143 595,200
Commission expenses – 181,375 – 203,064 – 1,522 – 1,720 – – 278 128 – 182,619 – 204,656
Interest expenses – 12,259 – 23,954 – – – – 3 440 – 12,256 – 23,514
Personnel expenses – 81,734 – 80,217 – 25,125 – 24,424 – 4,528 – 4,228 – – – 111,387 – 108,869
Depreciation / amortisation and impairment – 12,500 – 13,090 – 2,364 – 1,922 – 3,256 –5,958 – – – 18,120 – 20,971
Other operating expenses – 154,716 – 166,172 – 9,704 – 12,692 – 16,333 – 17,603 14,805 14,699 – 165,947 – 181,769
Earnings from shares accounted for using the equity method 368 740 – – – – – – 368 740
Segment earnings before interest and tax (EBIT) 49,291 55,308 94 5,662 – 7,218 – 5,239 14 429 42,182 56,161
Other interest and similar income 945 477 57 309 10,249 15,843 – 3,431 – 11,193 7,820 5,436
Other interest and similar expenses – 3,209 – 1,902 – 265 – 214 – 7,213 – 13,409 341 547 – 10,346 – 14,979
Finance cost – 2,264 – 1,425 – 209 94 3,037 2,434 – 3,090 – 10,646 – 2,526 – 9,543
Earnings before tax (EBT) 47,028 53,883 – 115 5,757 – 4,181 – 2,805 – 3,076 – 10,217 39,656 46,618
Income taxes                 – 12,486 – 15,941
Earnings from continuing operations after tax                 27,170 30,677
Earnings from discontinued operations after tax – 6,094 – 5,991 - - - - 3,109 – 93 – 2,985 – 6,084
Net profit (total)                 24,185 24,593
Segment assets 1,094,592 1,157,426 105,626 110,920 513,831 517,416 – 238,517 – 251,714 1,475,532 1,534,048
of which shares accounted for using the equity method 2,013 2,319 – – – – – – 2,013 2,319
of which tax receivables / deferred tax assets 2,974 2,855 832 1,451 32,223 25,193 – 18 36,028 29,517
of which non-current assets held for sale and disposal groups – 3,281 - – - – - - - 3,281
Segment liabilities 993,722 1,052,974 18,779 19,161 86,975 86,649 – 42,475 – 50,664 1,057,001 1,108,120
of which tax liabilities / deferred tax liabilities 1,382 2 9,636 9,409 8,678 171 – 15 19,696 9,597
of which liabilities in connection with non-current assets held for sale and disposal groups 2,049 2,581 – – – – – – 2,049 2,581
Investments in intangible assets and property, plant and equipment 3,013 8,730 776 2,459 213 1,003 – – 4,002 12,192
Major non-cash expenses:                    
Impairment charges / reversal of impairment charges for receivables and financial investments – 7,462 – 7,876 – 145 – 177 – – – – – 7,607 – 8,053
Increase / decrease of provisions/accrued liabilities – 26,911 – 21,678 – 1,946 – 3,557 – 3,170 – 1,251 – – – 32,027 – 26,485
Interest charge / income – 302 – 189 – – – 3,258 – 3,334 – – – 3,561 – 3,522