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3-Month Report as at 31 December 2013 / All for One Steeb AG

Filderstadt, 13 February 2014 – Dear Shareholders, Ladies and Gentlemen,

A gain of 22% in revenues to EUR 56.3 million and a 38% increase in EBIT to EUR 4.3 million show just how successful our start in the financial year 2013/14 has been. The EBIT margin for the 3-month period of October to December 2013 im­proved from 6.7% to 7.6%. Unlike the 1st quarter of 2012/13 during which we posted a decline of 19% in what are by their very nature volatile licensing revenues, we realised a gain of 60% for revenues of EUR 11.4 million during this current reporting period.

Licensing sales act like a locomotive that carries the recurring maintenance and outsourcing revenues along with it. And, those who invest in new user licenses are the ones who have confidence in the future. The fact that licensing sales are not limited to only turnkey projects, but are generated across a broad spectrum – we serve the largest base of SAP midmarket customers in German-speaking countries – also means that useful economic signals could be derived from this business. Con­fidence is the dominant sentiment among our customers, which include machinery and equipment manufacturers, auto­motive suppliers, the consumer-goods industry and technical wholesalers. Because a number of core issues remain un­resolved in Europe – such as high levels of government debt – we are keeping a careful watch on further developments and, despite a strong 1st quarter, remain committed to the annual forecast for 2013/14 we made of revenues of EUR 205 to 210 million and an EBIT of between EUR 10.5 and 11.0 million.

Our strategy of being a highly focused SAP full-service provider has enabled us to garner what is a recognised leading position within the SAP midmarket segment in only five years. Our buy & build strategy plays a major role in this, as does our well-rounded business model. Following the acquisition and integration of Steeb (2011/12), OSC, ORGA and WEBMAXX (2012/13), we enlarged our equity interest in our largest subsidiary, KWP Kümmel, Wiedmann + Partner Unternehmens­beratung GmbH (KWP), Heilbronn, from 56% to 100% in the 1st quarter of 2013/14. In addition to cash, we also used shares to fund this transaction, and completed the capital increase against a non-cash contribution at the end of December 2013. Even smaller business transactions have a major impact. A team of SAP technology experts has transferred over to All for One Steeb AG along with notable major customers and established partner relationships. This marks yet another milestone on our way to offering private cloud services for enterprise solutions in association with new technologies such as the SAP HANA real-time data platform, and for which we see great opportunities on the market.

We believe that our shareholders should also profit from this good performance, which is why we recommended the distribution of a dividend of 50 euro cents per share (prior year: 15 euro cents per share) to the annual general meeting scheduled for 27 March 2014. More details are available at www.all-for-one.com.

We look forward to seeing you there.

Yours sincerely,


Lars Landwehrkamp Stefan Land
CEO CFO