1、The Retail InnovatorsAnnual Report2022Summary of Consolidated Results31.12.202231.12.202131.12.20202022/2021 changesin%TurnoverEUR K152,054130,847117,56016.2Operating incomeEUR K152,054130,847118,39116.2Overall revenueEUR K158,220139,589122,68813.4EBITEUR K16,77917,30610,535(3.0)EBIT,adjustedEUR K18
2、,69113,84835.0EBIT margin(on turnover)%11.013.29.0EBIT margin(on turnover,adjusted)%12.310.6EBITDAEUR K24,76426,79019,078(7.6)EBITDA,adjusted1EUR K25,43723,3329.0EBITDA margin(on turnover)%16.320.516.2EBITDA margin(on turnover,adjusted)%16.717.8EBTEUR K16,91116,4549,0902.8Annual net profit/lossEUR K
3、11,35913,2986,266(14.6)Earnings per share(weighted)EUR4.995.98(1.60)Earnings per share(diluted)EUR4.845.66(1.60)Equity ratio%57.858.044.0Net debtEUR K(46,816)(42,431)11,90710.3Employees1,1681,0961,1686.6Turnover(EUR million)Earnings per share(weighted,EUR)EBIT(EUR million)Equity ratio(%)152.1 4.99 1
4、6.8 57.841 EBITDA 2022:EBITDA 2021,adjusted for transaction costs:Adjusted for revenue from sale of AWEKTurnover distribution by regionEMEAAmericasOther business activities78.5%20.4%1.1%Go to main table of contentsGo to Financial CalendarSearch in documentGo forward a pageGo back a pageGo to previou
5、s viewGo to next viewAnnual Report 2022|GK Software SE2Further informationTo the ShareholdersSummarised Management ReportConsolidated Accounts4 To the Shareholders6 Letter from the Management Board10 Supervisory Boards report13 Corporate Governance Report 17GKSoftwareSEShares17 Basic data17 Summary/
6、share performance20 Products and Services25Newcustomersacquiredin202226 Consolidated Management Report29 Consolidated Management Report29 The Companys Business Model35 Economic report39 Explanation of the business results and analysis of the assets,financial and earnings situation of the GK Software
7、 SE Group52 Explanations of the earnings,financial and assets situations in the individual accounts(German Commercial Code HGB)56 Report on the risks and opportunities fortheGKSoftwareGroup56 Opportunities 57 Risks63 Overall risk position64 Internal monitoring and risk management systems with regard
8、 to the Groups accounting process65 Risk reporting in relation to the use of financial instruments66 Forecast report66 Market environment67 Company outlook69 General statement for 202370 Information relevant to takeovers in accordance withSection315aGermanCommercialCode(HBG)73 Corporate Governance R
9、eport73 Information on separate non-financial report73 Corporate governance statement(Section 289f,Section 315d German Commercial Code HBG)73 Information on ratio of women and diversity approach75 Consolidated Accounts76 Consolidated Balance Sheet77 Consolidated statement of income and accumulated e
10、arnings78Consolidatedstatementofchangesinequity79ConsolidatedCash-FlowStatement80 Notes on the Consolidated Accounts80 1 Principles of Reporting85 2 Accounting Methods94 3 Significant Assessment Uncertainties and Discretionary Decisions98 4 Notes on the Consolidated Balance Sheet115 5 Notes on the C
11、onsolidated Profit and Loss Statement120 6.Notes on the Cash Flow Statement122 7.Items Not Entered123 8.Other Information130 Guarantee by the Legal Representatives 131 Independent Auditors Report131 Report on the Audit of the Consolidated Financial Statements and of the Group Management Report139 Fi
12、nancial Calendar140 Legal noticeFurther informationTo the ShareholdersSummarised Management ReportConsolidated Accounts6 Letter from the Management Board10 Supervisory Boards report13 Corporate Governance Report 17 GKSoftware SE Shares 17 Basic data17 Summary/share performance20 Products and Service
13、s25 New customers acquired in 2022To the ShareholdersFurther informationTo the ShareholdersSummarised Management ReportConsolidated Accounts“We are very satisfied with the results of the 2022 fiscal year and were able to continue to grow successfully in challenging times.”Rainer GlssCEOFurther infor
14、mationTo the ShareholdersSummarised Management ReportConsolidated AccountsLetter from the Management BoardDear shareholders,We are pleased to be able to account for another successful fiscal year as presented in the 2022 annual report for GK Software.1 Despite the globally challenging situation that
15、 was marked by the war in Ukraine and the many consequences resulting from it,we were once again able to improve both our business figures and our market posi-tion.We continued our consistent progress toward becoming a cloud company and,at the same time,were able to maintain the fast pace of our gro
16、wth in turnover.The public offer from Fujitsu ND Solutions AG to acquire all shares in GK Software SE,which was announced after the end of the reporting period and whose exercise con-ditions have been fulfilled according to the announce-ment by Fujitsu ND Solutions AG dated 21 April 2023,is a clear
17、sign of appreciation of our market position and the quality of our solutions.The fact that we have attracted the attention of one of the worlds largest IT companies has proven to us that our consistent internationalisation strategy and our focus on flexible cloud solutions for the retail industry ha
18、ve borne fruit for both the company and the shareholders.We are all the more pleased that the necessary number of shareholders shares this view.A glance at the key figures for the 2022 fiscal year also confirms this assessment.We were able to increase turnover to EUR152.05 million,exceeding the prev
19、ious years result by EUR21.21 million.This equates to a 16.2 percent increase.1 The name GK Software always refers to the corporate group in the following text.“The Company”is also used as a synonym.When GK Software SE is used,it refers exclusively to the individual company.The EBIT adjusted for the
20、 special effects of this and the previous year reached EUR 18.69 million(compared to an adjusted EUR 13.85 million in the previous year)an increase of over a third.These one-off effects were,in the previous year,the sale of AWEK microdata GmbH for EUR 3.46 million and,in the current year,the retroac
21、tive valuation impact of a real-estate transaction carried out in 2023,as well as the prepa-rations for and support of said corporate transaction,which burdened the EBIT by EUR 1.91 million.This set the adjusted EBIT margin at 12.3 percent,exceeding the previous years figure of 10.6 percent and full
22、y meeting our expectations.The EBIT was EUR 16.78 million including the one-off effects(previous year:EUR17.31 million).The accordingly adjusted EBITDA increased from EUR 23.33 million(the EBITDA-relevant special effect for 2022 was EUR 0.67 million)by EUR 2.10 million to EUR 25.44 million.Thus,the
23、reported EBITDA is now EUR 24.76 million compared to EUR 26.79 million in the pre-vious year.In terms of new customer acquisition,in the reporting period we were able to gain five new or existing cus-tomers for significant CLOUD4RETAIL projects,including two new SaaS projects,despite a noticeable de
24、lay in decision-making ability due to the challenging political and economic situation worldwide.In addition to this,there are eight new customers or new projects for GK AIR.Deutsche Fiskal was also able to further expand its solid customer base and,in particular,get many Fiskal Cloud Archiv custome
25、rs up and run-ning.The decision of the Schwarz Group one of the worlds largest retailers to once again opt for GK Software was an outstanding success for the 2022 fiscal year.This means that,in the coming years,we will be working on one of the largest retail Overall,we consider ourselves to be in a
26、good position to continue our growth course and increase our profitability in 2023 and the coming years.Letter from the Management BoardTo the ShareholdersAnnual Report 2022|GK Software SE6Annual Report 2022|GK Software SE6Further informationSummarised Management ReportConsolidated AccountsIT projec
27、ts in the world.Although the actual number of new customers lagged behind the previous years numbers,we have never been able to finalise deals on such a high number of new installations as we did this year.These finalised deals represent,in total,up to 81,000 installations in 18,000 stores in the co
28、ming years.The major market research companies once again confirmed our internationally leading position in 2022.British advisory company RBR confirmed for the fourth year running that,in the respective preceding year(between June 2021 and June 2022),we rolled out more new POS installations worldwid
29、e in our target market(not including fuel stations and hospitality)than any other rival company.In Europe,with 26 percent of new installations,we have further strengthened our leading position over the past few years.The most recent IDC studies,entitled MarketScape Worldwide Point-of-Sale Software V
30、endors in Grocery and Food Store Retail 2022 and Worldwide Point-of-Sale Software for Large Apparel and Softlines Retail 2023,in each of which we were named as leader,further demonstrate the leading position of our range of solutions.The independent study entitled“Customer satisfaction in B2B”carrie
31、d out by Service Value on behalf of the WELT news channel also confirms GKs top marks in the area of customer satisfaction for the second time running.GK Software became the sector winner in the software category,beating a number of other renowned IT companies.In the Research and Development sector,
32、2022 was dominated by numerous further developments to our range of solutions,whereby the focus remained on GK SPOT and GK Engage,after we had already brought GK GO to maturity mid-year.For our big-data platform GK SPOT,the main focus was on the seamless meshing with our newly devel-oped AI use case
33、s for hyperpersonalisation.We officially presented GK SPOT for the first time at this years major trade fairs in New York and Dsseldorf,thereby entering the active sales phase.IDCMarketScape:WorldwidePoint-of-SaleSoftwareVendorsinGrocery and Food Store Retail 2022Letter from the Management BoardTo t
34、he ShareholdersAnnual Report 2022|GK Software SE7Annual Report 2022|GK Software SE7Further informationSummarised Management ReportConsolidated AccountsThere are currently 429,256 installations of various versions of our core range of solu-tions.Around 110,000 additional installations for electronic
35、payment transactions using our TransAction+solution in the USA mean that we have over 540,000 instal-lations on various devices in retail outlets today.This does not include a six-digit number of Deutsche Fiskal installations or the installations of other solutions offered by the Group.The apps avai
36、lable in the Mobile Customer Assistant sector(in future:GK Engage)have been downloaded by well over 4 million consumers.As in previous years,we were able to enhance our business relations with almost all our existing GK/Retail customers,as our customers are permanently adapting their solutions to ne
37、w requirements.Roll-outs in current projects and in new countries as well as the launch of pilot schemes all contribute to the growth in the number of instal-lations.We are almost at the end of the period covered by the medium-term forecast we gave in 2020 regarding business development up to 2023.A
38、s this forecast has also been correct so far,we will be issuing a new forecast that will extend to 2025.At the same time,we naturally want to meet the previous forecast for 2023.This involves adhering in 2023 to the targets that we set for this fiscal year in the previous medium-term fore-cast:Due t
39、o growth that is still assumed to be in the double-digit range,turnover is expected to be between EUR 165 and 170 million,and the operating EBIT margin(i.e.,without the effect on costs of the planned corporate transaction)around 15 percent.For the whole of 2025,we expect to achieve,on average,at lea
40、st a double-digit growth rate in turnover.This means a sales target of between EUR 193 and 205 million for 2025.The margin should develop beyond our previous target margin of 15 percent over the forecast period.Our goal for 2025 is to achieve a target margin that slightly exceeds 15 percent.The fore
41、cast is made on the assumption that the ongoing international crises do not lead to any further negative developments that would have a longer lasting impact on the willingness of the retail industry worldwide to invest.Overall,we consider ourselves to be in a good position to continue our growth co
42、urse and increase our profitability in 2023 and the coming years.So we will continue to be optimistic about the years ahead and are delighted that you are accompanying GK Software SE and its pathway of growth.We would also like to take this opportunity to thank you for placing your long-term trust i
43、n the company.Schneck,27 April 2023The Management BoardRainer GlssChief Executive OfficerAndr HergertChief Financial OfficerLetter from the Management BoardTo the ShareholdersAnnual Report 2022|GK Software SE8Annual Report 2022|GK Software SE8Further informationSummarised Management ReportConsolidat
44、ed Accounts“The Supervisory Board would like to thank the Management Board,the complete management team and all employees for their work in 2022.”Dr Philip ReimannChair of the Supervisory BoardFurther informationTo the ShareholdersSummarised Management ReportConsolidated AccountsSupervisory Boards r
45、eportDear Shareholders,We would like to take this opportunity to present you with the report of the Supervisory Board of GK Software SE for the 2022 fiscal year.The year was characterised by the very encouraging further economic development of GK Software SE despite the international crisis triggere
46、d by Russias war on Ukraine.The results of the fiscal year confirm to the Supervisory Board that the course adopted by the Company since 2019 is leading to the right results.Furthermore,the strategic realignment of GK SOFTWARE SE makes even clearer and more tangible the net-working of decades of exp
47、erience as a leading European provider of integrated branch solutions and thus consistency on the one hand,with the innovative capacity,dyna-mism,readiness for change and agility of GK Software SE on the other,and therefore also contributes significantly to successful development.The Supervisory Boa
48、rd is convinced that,in the 2022 fiscal year,GK Software SE reached further milestones on the way to achieving its goal of becoming the worldwide leading provider of modern cross-channel retail applications.Of particular importance for the work of the Supervi-sory Board in 2022 was,of course,advisin
49、g the Management Board and passing reso-lutions on corporate development issues.These eventually culminated in the 1 March announcement of a public offer from Fujitsu to the shareholders of GK Software SE.The Supervisory Board is convinced that this will open up a wealth of new opportuni-ties for GK
50、 Software and its employees,and supports the offer together with the Man-agement Board,and is pleased to have learned from the corresponding announcement by Fujitsu ND Solutions AG on Friday 21 April 2023 that the exercise conditions of the offer have been fulfilled.Composition of the Supervisory Bo
51、ardIn accordance with the articles of association,the Supervisory Board consists of three members.During the 2022 fiscal year,these were:Dr Philip Reimann(Chair)Thomas Bleier(Deputy Chair)and Herbert Zinn MeetingsThe Supervisory Board held its ordinary meetings on 23 February,27 April,15 June,29 Sep
52、tember,and 8 December 2022,with all meetings able to be held and personally attended in Schneck.Additionally in 2022,regular meetings were held as phone or video conferences,many of which led to resolutions being passed.Such meetings at which resolutions were passed were held on 31 January,4 Februar
53、y,24 February,14 March,25 March,8 April,19 July,29 July and 25 November.There were also several written circular resolutions on 17 January,9 February,16 March,9 August,13 Sep-tember,29 September and 23 November.All members of the board attended all ordinary meetings and conferences.It is cus-tomary
54、practice at GK Software to always involve the representatives of the Manage-ment Board in the meetings.Beyond these meetings,the members of the Supervisory Board were also regularly in contact with each other and particularly through the Chair of the Supervisory Board also with the Management Board
55、and the members of the Group Management Board.Decisions were made during the meetings or by way of a circulation procedure.During its meetings,the Supervisory Board was briefed in detail about the Companys economic and financial situation and its fundamental cor-porate policy by way of verbal and wr
56、itten reports from the Management Board.At the request of the Supervisory Board,the Management Board also provided interim reports on the latest course of business and earnings at regular intervals between Supervisory Boards reportTo the ShareholdersAnnual Report 2022|GK Software SE10Annual Report 2
57、022|GK Software SE10Further informationSummarised Management ReportConsolidated Accountsthe meetings and promptly forwarded the minutes of each Group Management Board meeting.Activities of the Supervisory BoardDuring the 2022 fiscal year,GK Software SE fulfilled the tasks incumbent upon it according
58、 to law,the articles of association,the recommendations of the govern-ments“German Corporate Governance Code”commission and the Supervisory Boards latest rules of procedure,and monitored the Companys management in a con-tinuous and careful manner.In the 2022 fiscal year,the Supervisory Board focused
59、 in particular on the realignment of the strategy and the brand of GK Software SE,as well as,of course,on the impact of the war in Ukraine,especially on GK Software SEs site in Lviv.It also supported the Group Management Board in defining and implementing the targets for the fiscal year and beyond.I
60、n 2022,the Supervisory Board supported and assisted the Management Board with their strategy to establish further sites in Eastern Europe based on the Eurosoftware model.The Supervisory Board welcomes these strategic measures,not least in view of the ever-increasing challenge of finding and holding
61、on to suitable and qualified per-sons for GK.The ongoing development and adaptation of risk-management systems was a sub-ject again pursued by the Supervisory Board during the 2022 fiscal year,as were the increase in efficiency and quality in the HR area,the advancement of further expansion and the
62、continued focus on the topic of data security and protection.The Supervisory Board welcomed the progress made in these respects.The Supervisory Board also focused on the appropriateness of the remuneration paid to Management Board members,particularly in respect of the adjustments that have to be ma
63、de to the existing employment contracts and pension agreements.As in pre-vious years,we focused our attention on the relation of the remuneration payments to the economic situation of the Company and on the conditions prevalent at comparable companies,the soundness of the overall remuneration struct
64、ure within GK Software and the composition of fixed and variable salary elements.In order to monitor the Companys management,the Supervisory Board took the annual budget passed for 2022 for guidance and had reports prepared by the Manage-ment Board,particularly regarding the ongoing cost trends,prof
65、itability,specific char-acteristics of corporate policy,the reasons behind the corporate planning in all busi-ness segments,the further course of business and important measures adopted by the Company.Throughout the entire fiscal year,the Supervisory Board also requested additional reports on busine
66、ss development.Throughout the year,the Management Board also supplied the Supervisory Board with information both during and outside the meetings that was discussed and critically reviewed by the Supervisory Board.Corporate GovernanceThe Supervisory Board and Management Board have been acting for ma
67、ny years in the knowledge that good corporate governance forms an important basis for the Com-panys success and is therefore in the best interests of shareholders and capital mar-kets.In April 2023,the Management Board and the Supervisory Board issued their annual declaration of compliance in accord
68、ance with Section 161 AktG German Stock Corporation Act.The wording of this declaration is included in this annual report as part of the Corporate Governance Report.In this declaration,both the Management Board and the Supervisory Board have pledged to follow the recommendations of the German Corpor
69、ate Governance Code as far as possible.On 31 August 2015,a decision was made on the legal stipulation to have equal representation of women and men in Supervisory Boards reportTo the ShareholdersAnnual Report 2022|GK Software SE11Annual Report 2022|GK Software SE11Further informationSummarised Manag
70、ement ReportConsolidated Accountsmanagement positions;this continues to apply.Again in 2022,no conflicts of interest arose for the members of the Supervisory Board.Sustainability reportingIn line with the statutory provisions,an independent sustainability report is being pub-lished by GK Software SE
71、 together with this report for the fifth time.The Supervisory Board therefore requested an explanation of the principles of reporting and the con-tent of the sustainability report from the Management Board at the same time as the annual and consolidated financial statements in accordance with requir
72、ements.Audit of the annual financial statements for 2022The GK Software SE annual financial statements compiled by the Management Board in keeping with the guidelines set by the German Commercial Code,the IFRS consoli-dated accounts,and the respective management report were audited by the auditing f
73、irm PWC GmbH,Leipzig(Branch),and were given an unqualified audit certificate.Taking into account these audit reports,the Supervisory Board inspected the annual financial statements compiled by the Management Board,the consolidated accounts,the dependency report,the management report of GK Software S
74、E and of the Group,and the Management Boards proposal for the appropriation of profits for 2022.At its meeting on 26 April 2023,the Supervisory Board asked the Management Board to explain the 2022 annual and consolidated financial statements and to report on the profitability,the Companys equity,the
75、 ongoing course of business and the Compa-nys broader situation.All members of the Supervisory Board received the necessary paperwork and documents prior to this meeting.During the meeting,the auditors commented on the Management Boards presenta-tion and explained the audit findings on the basis of
76、the audit reports and answered all the questions on these reports.The auditors were able to satisfactorily answer all issues raised.There are no concerns regarding the auditors independence.At its meeting on 26 April 2023,the Supervisory Board approved the annual financial state-ments of GK Software
77、 SE and endorsed the consolidated financial statements of GK Software.The annual financial statements have therefore been approved.The Management Board also prepared a report on the relationships with associated companies in accordance with Section 312 AktG.The auditors examined this report and gave
78、 a verbal account of the results of their examination at the meeting on 26 April 2023.The review by the Supervisory Board did not give rise to any grounds for objection.Accordingly,it had no objection to the Management Boards final state-ment in its report in accordance with Section 312 AktG and con
79、firmed this by voting in favour of it at the meeting on 26 April 2023.The Supervisory Board would like to thank the Management Board,the complete man-agement team and all employees for their work in 2022.Schneck,26 April 2023Dr Philip ReimannChair of the Supervisory BoardSupervisory Boards reportTo
80、the ShareholdersAnnual Report 2022|GK Software SE12Annual Report 2022|GK Software SE12Further informationSummarised Management ReportConsolidated AccountsCorporate Governance Report in accordance with Section 289a HGB German Commercial CodeGK Software considers responsible and transparent behaviour
81、to be absolutely essen-tial for its long-term economic value creation.Both the Management and the Super-visory Board have therefore issued the statutory declaration of compliance in accor-dance with Section 161 AktG.Accordingly,monitoring compliance with the declaration is considered an important ta
82、sk for the Management Board and Supervisory Board.The declaration is issued every year and is available to the public on the Internet at https:/investor.gk- in the“Corporate Governance”section.CooperationbetweentheManagementBoardandtheSupervisoryBoardThe Management Board and the Supervisory Board ha
83、ve been working together for many years on a basis of trust.The Management Board reports to the Supervisory Board at regular intervals on profitability and the Groups strategy and its implemen-tation,and also on existing or potential risks.These reports are given during the scheduled Supervisory Boa
84、rd meetings,five of which were held in the past fiscal year,and also directly through regular monthly meetings with the Chair of the Supervisory Board.Further information on this can be found in the Supervisory Boards report.Due to the fact that it has only three members,the Supervisory Board did no
85、t form any committees.All issues are discussed and decided by the full board.The Chair of the Supervisory Board is solely authorised to conduct negotiations on personnel decisions that pertain to the Management Board,but these must be approved by the full board.No conflicts of interest arose for mem
86、bers of the Management Board or the Supervi-sory Board.TransparencyGKSoftware deliberately chose to have its shares listed in the most stringently regu-lated sector at Deutsche Brse the Prime Standard for its flotation in the summer of 2008.The highest possible degree of transparency towards its inv
87、estors and all the other participants in the capital markets has been one of the most important Company principles from the outset.The Company will also appoint a voting proxy for the 2023 Annual General Meeting;this will allow shareholders to exercise their voting rights,even if they are unable to
88、attend the meeting in person.All public information,such as ad-hoc announcements and press releases,financial reports or reports on the annual shareholders meeting,can be viewed at any time on the Companys website.Risk managementThe risk-management system established by the Company is geared towards
89、 the needs of its business.It is designed to help identify risks at an early stage and to pre-vent or limit any risks that occur.Please see the Consolidated Management Report for details.Statement of complianceOn 12 April 2023,the Management Board and the Supervisory Board of GK Software SE declared
90、 that,since issuing the last annual declaration of compliance in April 2022,the recommendations of the governments German Corporate Governance Code com-mission had been met,apart from the exceptions noted in the declaration of April 2022,and will continue to be met with the following exceptions.The
91、Corporate Gov-ernance Code in its 28 April 2022 version,which was valid at the time this declaration was issued,forms the basis for this declaration.Corporate Governance ReportTo the ShareholdersAnnual Report 2022|GK Software SE13Annual Report 2022|GK Software SE13Further informationSummarised Manag
92、ement ReportConsolidated AccountsA.Management and supervisionI.Business management tasks of the Management BoardPrinciple 2,Recommendation A.1 The Management Board takes into account the social and environmental impacts of the Companys activities.An expansion of the corporate strategy to include the
93、se aspects is planned.Principle 3,Recommendation A.2 In the interests of the Company,the candidates for management positions will be selected by the Management Board mainly on the basis of their personal skills and abilities.Only then will other objective background circumstances of the candidates b
94、e taken into account so as not to generally restrict the interests of the Company.When setting the target rate for the proportion of women at the first man-agement level below the Management Board,the Man-agement Board will take into account that this consists of only three members.Principle 4,Recom
95、mendation A.3 The expansion of the internal monitoring system and the risk management system to include sustainability-related objectives as well as the development of processes and systems for recording and processing sustainability-related data is planned.Principle 5,Recommendation A.5 A descripti
96、on of the essential features of the overall internal monitoring system and the risk management system as well as an opinion on the adequacy and effectiveness of these systems is not provided,as the recommendation goes beyond the information required by law and the current description of the accounti
97、ng-related internal monitoring system is considered sufficient.III.Function of the annual shareholders meetingPrinciple 8,Recommendation A.8 In the event of a take-over offer,the Companys articles of association do not provide for the convening of an extraordinary general meeting at which the shareh
98、olders can discuss the take-over offer and,if necessary,decide on measures under company law.The Management Board will comply with the statutory provisions envisaged for these cases and reserves the right to summon an extraordinary share-holders meeting.B.Composition of the Management BoardPrinciple
99、 9,Recommendation B.1 When filling vacant positions on the Management Board,the Supervisory Board will mainly take into account the candidates per-sonal suitability,based on their individual skills and spe-cialist expertise,so as not to generally restrict the inter-ests of the Company.Only then will
100、 other criteria be con-sidered.When setting the target rate for the proportion of women on the Management Board,the Supervisory Board will essentially take into account that this con-sists of only two members.Principle 9,Recommendation B.2 The Supervisory Board and the Management Board will jointly
101、ensure long-term planning with regard to successors.This method will be adapted to the relevant requirements of the specific situation in each individual case and will be described in the declaration on company management for 2023.Principle 9,Recommendation B.5 There is no age limit for members of t
102、he Management Board;GK Software SE believes that the professional qualifications of the members of the Management Board are of greater sig-nificance.C.Composition of the Supervisory BoardI.GeneralrequirementsPrinciple 11,Recommendation C.1 The election and therefore the composition of the Supervisor
103、y Board of GK Software SE is not decided by the Supervisory Board,but by the Companys Annual General Meeting.The Supervisory Board aims at successful cooperation between its members and constructive cooperation with the Management Board.The nominations submitted by the Supervisory Board at the annua
104、l shareholders meeting will take into account the geographical distri-bution and the degree of complexity of the business activities of GK Software.Criteria such as age,origin or gender of the candidates are not preferential factors for admission in considerations.When setting the target Corporate G
105、overnance ReportTo the ShareholdersAnnual Report 2022|GK Software SE14Annual Report 2022|GK Software SE14Further informationSummarised Management ReportConsolidated Accountsrate for the proportion of women on the Supervisory Board,the Supervisory Board will essentially take into account that this co
106、nsists of only three members.Due to the size of the Supervisory Board,no qualification matrix regarding the implementation of the competence profile is disclosed in the Corporate Governance Statement.Principle 11,Recommendation C.2 There is no obliga-tory age limit for the members of the Supervisory
107、 Board as particularly the older members of the Supervisory Board enrich the board with their wealth of experience and their professional qualifications are of greater signif-icance.II.Independence of the members of the Supervisory BoardPrinciple 12,Recommendation C.7 In special situations,such as p
108、roposals for the necessary appointment of members to the Supervisory Board by a court,the Man-agement Board will,in the best interest of the Company,also propose candidates who do not meet the criteria of the Code as regards independence.The Company does not see any restrictions of independence for
109、the Supervi-sory Board members who have served on this board for more than twelve years.Principle 12,Recommendation C.10 In special situa-tions,such as proposals for the necessary appointment of members to the Supervisory Board,who at the same time are to be appointed as Chairs of the Supervisory Bo
110、ard by a court,the Management Board will,in the best interest of the Company,also propose candidates who do not meet the criteria of the Code as regards indepen-dence.D.HowtheSupervisoryBoardoperatesI.Rules of procedureRecommendation D.1 The rules of procedure for the Supervisory Board are not made
111、public.II.CooperationwithintheSupervisoryBoardandwiththe Management BoardPrinciple 14,Recommendation D.2 The Supervisory Board of GK Software SE does not form any commit-tees as,due to its size(the Supervisory Board consists of three members),meetings attended by all members of the Supervisory Board
112、 are the most efficient way to guarantee that consistent and extensive information is provided to all members of the Supervisory Board.All questions can be discussed and answered appropriately when the full board meets.Principle 15,Recommendation D.3 See the justification for the deviation from Reco
113、mmendation D.2.Principle 15,Recommendation D.4 See the justification for the deviation from Recommendation D.2.E.MeetingsandpassingofresolutionsRecommendation D.6 The Supervisory Board usually meets together with the members of the Management Board,as both boards believe that the flow of informa-tio
114、n and the discussion of subjects that concern the Company can be best handled this way.Recommendation D.10 See the justification for the devi-ation from Recommendation D.2.F.Transparency and external reportingRecommendation F.2 The consolidated financial state-ments will not be published within 90 d
115、ays of the end of the fiscal year,but in keeping with the current guide-lines of Deutsche Brse AG after four months.The interim reports will not be presented after 45 days,but in keeping with the current guidelines of Deutsche Brse AG after two months.GK Software SE believes that the periods of time
116、 stipulated by Deutsche Brse AG are suf-ficient to provide shareholders with detailed information.G.Remuneration of the Management Board and the Supervisory BoardI.Remuneration of the Management BoardRecommendation G.1 It is not possible to precisely determine the relative share that the fixed remun
117、eration on the one hand,and short-term variable and long-term variable elements of remuneration on the other hand,have in the overall target remuneration.Whereas the Corporate Governance ReportTo the ShareholdersAnnual Report 2022|GK Software SE15Annual Report 2022|GK Software SE15Further informatio
118、nSummarised Management ReportConsolidated Accountsratio of fixed remuneration and maximum short-term variable remuneration has been clearly defined,the long-term variable remuneration is paid out solely in the form of share options;however,the value these shares will have on the date of issue cannot
119、 be determined at the time the option is exercised.The remuneration system stipulates the correlation between the achievement of the previously agreed per-formance criteria and the variable remuneration.How-ever,the Supervisory Board reserves the right to con-sider the Companys overall situation whe
120、n assessing the targets that have actually been achieved in terms of overall target achievement.Recommendation G.6 The variable remuneration that results from achieving long-term targets does not exceed the proportion resulting from short-term targets pro forma.However,it is deliberately assumed tha
121、t the instruments for the remuneration of long-term goals(share options)with a growth value such as the com-pany represents,have an inherent value lever-even if not exactly determinable-which can and should lead to the remuneration of the long-term goals clearly exceeding that for the short-term goa
122、ls.Recommendation G.10 The members of the Manage-ment Board are not expected to invest the variable remu-neration granted to them mainly in Company shares,because the long-term remuneration is already paid out solely in the form of share options.Recommendation G.11 In justified cases,there is no pos
123、sibility for the Supervisory Board at GK Software to withhold or reclaim any variable remuneration earned.In such cases,mutual agreement will be sought with the members of the Management Board.Recommendation G.13 In principle,the Supervisory Board endeavours to follow recommendation G.13 of the GCGC
124、.In the case of the intended termination of the contract of the Chair of the Management Board,Mr Rainer Gl,in the course of the corporate transaction,the Supervisory Board was unable to achieve a different result due to the legal and contractual obligations it entered into for the company by conclud
125、ing the Man-agement Board contract.Moreover,in the opinion of the Supervisory Board,compliance with the recommenda-tion makes the conclusion of Management Board con-tracts of more than three years unattractive for potential candidates and,in addition,is associated with higher annual costs in our est
126、imation.Recommendation G.15 For those members of the Man-agement Board who hold positions on the Supervisory Board within the Group,the remuneration is not currently taken into account in their salaries as the decisions were made before the corresponding rules of the Code were adopted and the additi
127、onal responsibility associated with this is compensated.When making future deci-sions,the Supervisory Board plans to ensure that the remuneration for supervisory board positions within the Group is taken into account in the salaries.Corporate Governance ReportTo the ShareholdersAnnual Report 2022|GK
128、 Software SE16Annual Report 2022|GK Software SE16Further informationSummarised Management ReportConsolidated AccountsGKSoftware SE Shares Basic dataT.01 Basic dataSecurities Identification Number(Wertpapierkennnummer;WKN)757142ISINDE0007571424Trading symbolGKSGKSoftware AG IPO19.6.2008Type of shares
129、Ordinary stock in the name of the holder without any nominal value(indi-vidual share certificates)Trading marketsFrankfurt and XETRAMarket segmentRegulated Market(Prime Standard)Designated sponsorICF Bank AGNumber of shares2258425Share capital EUR 2,258,425Free float59.08%Highest price in 2022EUR 15
130、8.00(3 January 2022)Lowest price in 2022EUR 102.60(11 October 2022)Summary/share performanceIn the 2022 stock market year that was dominated by the war in Ukraine and the growing tensions between the USA and China,as well as the numerous global chal-lenges arising from these,the GK Software share li
131、sted in the Prime Standard of the Frankfurt Stock Exchange showed a persistently negative sideways trend.Never-theless,the GK share stood up comparatively well on the market and reduce the losses again by the end of the year.After the share price started the year at EUR 158.00 and troughed at EUR 10
132、4.40 in mid October,it closed at EUR 128.80 at the end of the reporting period.Market capitalisation was EUR291 million at the end of the year.Share price development(in%)2018 to 2022Share price development(in%)in 20222018JanFebMarAprMayJunJulAugSepOctNovDec201920202021202218020016015014010012050100
133、080GK SoftwareTecDAXGK SoftwareTecDAX20182019202020212022050100150200GK SoftwareJanFebMrAprMaiJunJulAugSepOktNovDez80,00100,00120,00140,00160,00180,00GKSoftware SE SharesTo the ShareholdersAnnual Report 2022|GK Software SE17Annual Report 2022|GK Software SE17Further informationSummarised Management
134、ReportConsolidated AccountsNumber of shares issuedOn 31 December 2022,the total number of voting rights was 2,258,425 shares at the end of the reporting period.Shareholder structureGKSoftware SE has an extremely stable shareholder base and this is enabling the Company to achieve long-term and sustai
135、ned development.The shareholder structure on the reporting date(31 December 2022)was as follows:Rainer Gl,company founder and Chair of the Management Board,directly held 3.00 percent and,indirectly through Rainer Gl Vermgensverwaltungs GmbH&Co.KG,20.57 percent of the shares.Stephan Kronmller,also a
136、company founder and the former Head of Technology and Development,directly held 2.02 percent and,through Stephan Kronmller Vermgens-verwaltungs GmbH&Co.KG,15.33 percent of shares.This meant that 59.08 percent of the shares were in free float on 31 December 2022.On 1 March 2023,Fujitsu Ltd.announced
137、a public offer to the shareholders of GK Software SE,which it pub-lished on 23 March 2023.In connection with this,both of the Companys founders,Rainer Glss and Stephan Kronmller,signed an irrevocable pre-emption right regarding all shares held by them.Fujitsu ND Solutions AG also announced on 21 Apr
138、il 2023 that the minimum acceptance threshold of the offer had been exceeded.The Company was informed about the following hold-ings in GKSoftware SE,which exceeded the 3 percent threshold in the 2022 fiscal year and until the prepara-tion of the annual and consolidated financial statements:T.02Amoun
139、tsexceeding/fallingbelowthethresholdvalue(As of 24 April,18:00)Date of notification ShareholderSharein%3.3.2023Norwegian Ministry of Finance,Oslo1.873.3.2023Fujitsu Limited,Kawasaki40.6520.3.2023Universal-Investment-GmbH,Frankfurt am Main2.2720.4.2023Barclays PLC,London0.4121.4.2013Simon Davies5.912
140、1.4.2023Sand Grove Opportunities,George Town5.8924.4.2023UBS,Zrich2.3324.4.2023Morgan Stanley,Wilmington10.7224.4.2023James Nicholas Barrie Smith5.5624.4.2023Jonathan Esfandi16.53Rainer GlssStephan KronmllerFreefloatShareholder structure on 31 December 202223.57%17.35%59.08%GKSoftware SE SharesTo th
141、e ShareholdersAnnual Report 2022|GK Software SE18Annual Report 2022|GK Software SE18Further informationSummarised Management ReportConsolidated AccountsDirectors dealings in 2022T.03 Directors dealingsDatePerson tradingPositionActivityVolumeQuantityEUR7.9.2022Herbert ZinnSupervisory BoardPurchase121
142、,486.001000Investor relationsGKSoftware deliberately chose to have its shares listed in the most stringently regulated sector at Deutsche Brse the Prime Standard for its flotation in the summer of 2008.The highest possible degree of trans-parency towards its investors and all the other partici-pants
143、 in the capital markets has been one of the most important Company principles from the outset.Andr Hergert,the CFO,is responsible for investor rela-tions,which has been assigned its own department.This guarantees that any enquiries from investors and poten-tial investors are answered immediately.GKS
144、oftware SE also attaches great importance to pro-viding a continuous flow of information for the future.Among other things,this involves the completion of quarterly reports and extensive half-yearly and annual reports in German and English,a finance calendar,com-pulsory announcements,which have to b
145、e published immediately,and corporate news items.The accounting system has been adapted to the international IFRS accounting standards and also meets investors require-ments for information.In 2023,as in previous years,GK Software will again hold its analysts conference during the Frankfurt Equity C
146、apital Forum.Investor and press road shows also take place at regular intervals,so that the Company remains in permanent contact with the capital market.GKSoftware SE SharesTo the ShareholdersAnnual Report 2022|GK Software SE19Annual Report 2022|GK Software SE19Further informationSummarised Manageme
147、nt ReportConsolidated AccountsProducts and ServicesTheCLOUD4RETAILcommerceplatformThe CLOUD4RETAIL platform is the technological basis for the majority of GK Softwares solutions.All solutions based on this cloud platform adhere to identical devel-opment paradigms and a comprehensive framework.The pu
148、rpose of this is to enable software components to be used multiple times and resources to be shifted quickly between the various modules based on the plat-form.CLOUD4RETAILs main goal is to further reduce the complexity of the various retail processes by way of a suitable platform solution and to cr
149、eate solutions that remain operable and manageable for the users despite growing demands,particularly from consumers.“The Retail Innovators”the title claimed by the Company symbolises the standard of market and innovation lead-ership that it practises.This is why the Company has made such significan
150、t investments during the last few years in order to enable the process of digital transfor-mation with specific solutions.This has meant that sig-nificant parts of the range of solutions have been newly developed in order to safeguard the future viability of the GK range of solutions for years to co
151、me,and not just rely on the status quo.The results of this fundamental management decision were not as clearly evident at first glance as,for example,the switch from DOS to Java.However,if we consider the resulting effect,the expendi-ture associated with it and the dimension of this change in genera
152、l terms,the step that has been taken in the field of software development is probably much bigger,as it gives digitalisation a powerful boost and leads to large parts of the corporate IT being transformed into the cloud.One unique feature of the CLOUD4RETAIL platform of solutions is the use of artif
153、icialintelligence to optimise decision processes involving large amounts of data.Using AIR(Artificial Intelligence for Retail),GK Soft-ware has developed the first specifically retail-oriented services based on artificial intelligence in order to optimise retail processes.This is based on a self-de-
154、veloped AI solution,which uses processes such as machine learning and other AI methods to analyse even large amounts of data in real time and generate recom-mended courses of action.The CLOUD4RETAIL platform is not geared to any indi-vidual retail segment,but is equally(not industry spe-cific)suitab
155、le for all formats and segments in the retail sector,ranging from small shops to department stores,from food retailers to fashion and even specialist retailers.The architecture of the platform has been designed to be used not only with a particular type or class of device(device independence).The un
156、derlying open client con-cept ensures that nearly all standard devices can be used on the basis of the same cloud-enabled services.They include mobile and stationary checkouts using very different hardware,scales,self-checkouts,self-scanning devices,mobile data-logging devices for employees,tablets
157、or,not least,the wide variety of consumer smart-phones.The CLOUD4RETAIL platform has been designed for use in very large and widespread branch networks.It is crit-ical for the retail business to be able to ensure that the daily operations involving thousands of devices and the central services assoc
158、iated with these are not disrupted(scalable).Retailers operating internationally are faced with the additional challenge of meeting the legal and fiscal requirements that apply in each country(interna-tionalised for more than 60 countries).Due to this com-plexity,only a few providers worldwide are a
159、ble to imple-ment large international investment projects.ElementsofCLOUD4RETAILThree essential elements form the basis of the CLOUD4RETAIL platform.The first element is the CLOUD4RETAIL platform,which focuses on the retailers processes ranging from the local branch to the head-quarters and the exte
160、nsive omni-channel features.The second element is the Mobile Consumer Cloud,which is geared toward processes performed and initiated by the customer.The third segment involves power apps,which can be made available to all retailers independent of the other elements and cover special requirements.Pro
161、ducts and ServicesTo the ShareholdersAnnual Report 2022|GK Software SE20Annual Report 2022|GK Software SE20Further informationSummarised Management ReportConsolidated AccountsCLOUD4RETAILasatransactionprocessorforretailStarting in 2015,a fundamental new development in the range of GK solutions was l
162、aunched.The first new solution that emerged from these investments was OmniPOS(POS=point of sale).The experience gained from this and the basic groundwork carried out on it formed the basis for the CLOUD4RETAIL solution plat-form.At the time of its official launch in 2016,OmniPOS was therefore far b
163、etter than the preceding solution GK/Retail POS(version 12),which was already being used by most customers at that time.The idea of the funda-mental architecture behind OmniPOS was to enable all functions to be used in both a modular and distributed way,both with and without user interfaces.Each fun
164、c-tion must be usable as a central service,but also as a local instance and be secure across network bound-aries.At the same time,the central services must be able to handle the simultaneous operation of very many clients at a data centre or in a(private)cloud.This is the only way of guaranteeing op
165、erations at thousands of checkouts,calculating prices at a web shop or safe-guarding communications with a huge number of cus-tomer devices,all at the same time.The CLOUD4RETAIL platform has not only made it pos-sible for GK Software to provide the first major enter-prise-store solution entirely in
166、the cloud,but also allows it to continue to make customised adjustments to the software at the same time.These specific characteris-tics for each individual retail company are just part of the industry-specific necessities being called for.The elements of the GK/Retail range of solutions include var
167、ious components such as the comprehensive omni-channel solution package OmniPOS and the data supply/removal infrastructure for large branch networks asso-ciated with it.Also included are other device-specific components,components that concentrate on certain functions such as OmniScale or Label&Post
168、er Print,and special industry models,such as GK Drive and GK Hospi-tality.In 2021 the existing Scan&Go solution(with scan-ning and payment by smartphone)was complemented by GK GO to permit completely contactless shopping.Here,conventional scanning is carried out completely automatically using integr
169、ated lidar technology and intelligent scales.In addition,we pressed ahead with the development of our new GK SPOT solution,enabling us to distribute hyper-personalised offers in real-time,for example,based on big data.With RETAIL7,the Company offers a completely new cloud product for small retailers
170、 and restaurateurs;this can be purchased on app stores and is offered purely as an SaaS product.GKEngageGK Engage(previously Mobile Consumer Cloud)is another element of the CLOUD4RETAIL platform.This combines all of the solutions that think through pro-cesses from the perspective of the(mobile)custo
171、mers and place these at the head of the process chain.GK Engage was based on the mobile consumer solution Mobile Consumer Assistant(MCA),which is used mod-ularly depending on the customers needs.Over the past years,investments have been made in the further devel-opment of the solution,allowing us to
172、 offer an extensive range of self-scanning and buy-online/pick-up-in-store(BOPIS)products,as well as other mobile application scenarios.GK Engage follows a framework approach for this.Retailers can use the framework and other com-ponents and integrate them into their existing apps so that they can o
173、ffer self-scanning and self-payment options to consumers directly on their smartphones,for example.The solution works together seamlessly with the modules of the CLOUD4RETAIL platform,signifi-The CLOUD4RETAIL platform has been designed for use in very large and widespread branch networks.Products an
174、d ServicesTo the ShareholdersAnnual Report 2022|GK Software SE21Annual Report 2022|GK Software SE21Further informationSummarised Management ReportConsolidated Accountscantly increasing its added value and thus its compet-itive ability.The focus is currently on integrating GK Engage into GK SPOT in o
175、rder to realise the added value resulting from the real-time data analysis,particularly in the areas of personalisation and recommendations for all types of devices,for both retailer and customer.This will add more use cases for GK SPOT.GK GOGK presented GK GO,a complete solution for self-ser-vice s
176、tores that does away with conventional scan-ning and traditional checkouts,for the first time at the EuroCIS 2022 in Dsseldorf.Items are registered fully automatically using lidar sensors and intelligent scales.Checkout is also fully automatic and can be done using a variety of smartphone-or smartwa
177、tch-based methods.GK GO is a further development of the CLOUD4RETAIL platform and can be seamlessly integrated into existing concepts.Unlike computer-vision-based solutions,GK GO offers numerous advantages such as real-time com-munication with the consumers and the absence of camera recordings,which
178、 could cause privacy concerns.Combined with AI processes,GK GO enables direct com-munication with the shopper during the shopping trip(e.g.,offering coupons or recommendations).PowerappsPower apps form the third segment of the CLOUD4RETAIL platform.They share the same techno-logical basis as the GK/
179、Retail range of solutions and GK Engage,but can be used completely as stand-alones.Each power app is geared towards a specific retail-re-lated topic.The main solutions are currently being used in the Deutsche Fiskal and AIR segments.All power apps are usually available as cloud solutions only in a S
180、oft-ware-as-a-Service form.Deutsche FiskalGK Software has been developing a solution to meet the new tax requirements that can be summarised under the heading of“German fiscalisation of till systems”since the end of March 2019,and has put this success-fully on the market through its subsidiary,DF De
181、utsche Fiskal GmbH.GK Software is not only providing a cloud solution for customers of the corporate group,but for all operators of till systems through Deutsche Fiskal.As the requirements in Germany in terms of cryptography and the security architecture are more complex than in any other EU member
182、state,an exclusive partnership has been established with the Bundesdruckerei Federal Printing Office.This cooperation resulted in the devel-opment of the cloud solution by Deutsche Fiskal,while Bundesdruckerei is making the certified technical secu-rity facilities available and is hosting them at it
183、s high-se-curity data centre.GK Software has pooled its activities related to the German legal fiscal system in its subsid-iary known as“DF Deutsche Fiskal GmbH”.Since April 2021,a large number of customers have acti-vated their till and register systems.Transactions in the high double-digit million
184、 range are made every day in real time from the cloud,with an error rate of practically zero.AIRArtificialIntelligenceforRetailIn the AIR Artificial Intelligence for Retail segment,GK Software provides services based on artificial intel-ligence,each of which focuses on specific retail pro-cesses.Ret
185、ailers can automatically introduce many processes by using AIR ranging from dynamic pricing to personalisation and even fraud detection on the basis of machine learning and other AI methods.The The focus is currently on integrating GK Engage into GK SPOT so as to exploit the added value available fr
186、om real-time data analysis.Products and ServicesTo the ShareholdersAnnual Report 2022|GK Software SE22Annual Report 2022|GK Software SE22Further informationSummarised Management ReportConsolidated Accountsmajor solutions in this segment concentrate on dynamic pricing and personalisation/recommendati
187、ons.The AIR|Dynamic Pricing module determines the fair market value for each product at any time.The AI ser-vice reduces the workload for management,optimises the price strategy and makes the best pricing decisions for the product range taking into account the respec-tive targets(for example,increas
188、ed turnover or a higher margin).A number of factors are included such as com-petition,costs,product relationships,relationships between the various price categories and price sensi-tivity.The aim of the real-time solution AIR|Personalisation is to address customers current needs at any time by offer
189、ing intelligent recommendations.Personalisation can be offered at a different place each time it may be on a website,a smartphone or a printed invoice in a parcel.The goal is to offer the customer a personal,rel-evant and positive shopping experience along each step of their customer journey,In the
190、AIR segment,a new solution was developed that makes it possible to open up a new dimension of per-sonalised offers on the basis of image similarity.GK e-receiptAnother power app has emerged in the RETAIL7 seg-ment.The slimline solution for all retailers makes it pos-sible to issue completely digital
191、 receipts,saving cost and reducing environmental waste.GKSoftwaresolutionsundertheSAPbrandSAP is also selling almost the entire portfolio related to the CLOUD4RETAIL platform with identical features using the SAP Omnichannel Point-of-Sale by GK,SAP Mobile Consumer Assistant by GK,SAP Store Inventory
192、 Management by GK,SAP Pricing by GK and SAP Friction-less Checkout by GK product names.Ongoing product developmentIn the last fiscal year,investments were made in the fur-ther development of CLOUD4RETAIL and the associated services of the GK range of solutions,as well as in GK SPOT,GK GO,GK Engage a
193、nd the power apps.The solu-tions sold by SAP,including those from the AIR segment,have once again successfully completed the premium qualification process.New products and functions are checked by SAP as part of this kind of product test and in each case the current version is approved for sale.In t
194、he Deutsche Fiskal segment,in addition to the fur-ther development of products,a new native version was developed for Android devices.Other solutions in the portfolioPayment servicesIn the field of payment services,GK Software,in our view,offers a market-leading solution for handling pay-ments in th
195、e USA in the form of TransAction+and it is able to integrate a large number of point-of-sale sys-tems and a large range of payment authorisation pro-viders.It meets the highest data protection standards and supports credit and debit cards,gift vouchers and“electronic benefits”,as well as handling ch
196、eque authori-sation and accounting for payment providers in the USA.The software controls the payment devices in the branches and makes it possible for retailers to signifi-cantly reduce their costs.We continue to work on the GK presented GK GO,a complete solution for self-service stores that does a
197、way with conventional scanning and traditional check-outs,for the first time at the EuroCIS 2022 in Dsseldorf.Products and ServicesTo the ShareholdersAnnual Report 2022|GK Software SE23Annual Report 2022|GK Software SE23Further informationSummarised Management ReportConsolidated Accountstransition t
198、o cloud technology,meaning that this solu-tion will become a power app in future.DevelopingandadaptingsoftwareIn addition to its products,GKSoftware also provides comprehensive software services.The most important component in this context involves customising and adapting software developments duri
199、ng the initial proj-ects and subsequently introducing change requests,which are a permanent feature of most projects.They include,forexample,adapting software that is already in productive use to broader customer requirements,such as integrating new bonus systems in the checkout envi-ronment.Classic
200、 consulting,project management and training courses also come under the heading of ser-vices.Maintenance and servicesIn addition to software maintenance that is subject to charges,where the aim is to eliminate errors and faults,GK Software offers other services to the retail trade.A customer-care-ma
201、nagement department has been established as part of focusing the Companys software service portfolio;it supports existing customers in a wide variety of tasks related to operating and adapting the solutions that they use.A special-services depart-ment has also been made available to customers to hel
202、p them continually optimise their productive applications and the way that they interact.Partner trainingThe GK Academy is responsible for qualifying imple-mentation partners and customer employees,as well as training GK Software workers.The Group is also training implementation partners in 2022,whi
203、ch can then intro-duce CLOUD4RETAIL on their own.Products and ServicesTo the ShareholdersAnnual Report 2022|GK Software SE24Annual Report 2022|GK Software SE24Further informationSummarised Management ReportConsolidated AccountsNew customers acquired in 2022GK Software and its subsidiaries support a
204、total of more than 375 customers.A distinction must be made between projects that apply the core solution,which run today under CLOUD4RETAIL,and were primarily sold under the name OmniPOS or GK 12 until 2019.This seg-ment also includes projects that were sold by SAP under the SAP brand,but in most c
205、ases are still implemented and overseen by GK Software.The core solutions seg-ment covers all major and long-term projects.Overall,i.e.,not only directly,but also in cooperation with SAP,in this segment GK Software supports mainly large and medium-sized customers on all continents and in many differ
206、ent retail sectors.SAP also sells a central solu-tion for pricing and promotion,which was developed by GK directly and solely under its own brand.Taking into account this pricing engine,SAP and GK Software share around 100 customers.Further customers are supported by GK Artificial Intelli-gence for
207、Retail AG(GK AIR),the US company and Deut-sche Fiskal.The AI solutions offered by GK AIR and the US companys payment solution TransAction+are each being used by around 50 customers.Some of the solu-tions offered by Deutsche Fiskal are being used by the same customers that use the core solutions.Many
208、 other retailers and partners have opted to use them as well.Today,Deutsche Fiskal has a total of 237 customers.The majority of the Companys customers are retailers,with a focus on large,internationally leading compa-nies.Of the Global TOP 50 retailers alone,GK Software counts 20 percent among its c
209、ustomers.In the reporting period,the Group won five new cus-tomers or existing customers for CLOUD4RETAIL,eight new customers or new projects with existing customers in the GK AIR segment,and additional new Deutsche Fiskal customers.In two cases,existing customers are switching from an older GK solu
210、tion to OmniPOS or to a SaaS contract.In the CLOUD4RETAIL segment,two of the five new contracts in total are SaaS contracts.The decision of the Schwarz Group one of the worlds largest retailers to once again opt for GK Software and the fact that,as a result of this,GK Software will be working on one
211、 of the worlds largest retail IT projects in this field deserve a special mention.Nevertheless,it has become apparent over the course of the fiscal year that the war in Ukraine and the global uncertainties associ-ated with this have affected the willingness of retailers to make decisions more seriou
212、sly than we had expected mid-year.This means that some of decisions expected for 2022 have been postponed.In most cases,the name of the customer is kept secret until the roll-out is completed.The 3 new customers in 2022 come from the food trade,convenience and fashion industries,and geographically f
213、rom Scandinavia,Mexico and the USA.Some of the new customers will be using several GK solutions.The customer from the con-venience industry will also be using the fuel station solu-tion GK Drive.Although the number of new customers lags behind the previous years numbers,GK has never before been able
214、 to finalise deals on such a high number of new installations for the coming years.The total number of deals finalised in 2022 represent up to 81,000 installations in 18,000 stores in the coming years.Besides the new projects,revenue was generated in most of the ongoing projects through the platform
215、 or smart extensions or through the sale of other solutions.The fact that we were able to finalise significant deals with several major existing customers for cloud services the total contract value of which lies in the high dou-ble-digit million range for the coming years deserves a particular ment
216、ion for this segment.It is also encour-aging to see that Deutsche Fiskal was able to consider-ably increase the number of SaaS contracts for Fiskal Cloud Archiv.The total number of deals finalised in 2022 repre-sent up to 81,000 instal-lations in 18,000 stores in the coming years.New customers acqui
217、red in 2022To the ShareholdersAnnual Report 2022|GK Software SE25Annual Report 2022|GK Software SE25Further informationSummarised Management ReportConsolidated Accounts29 Consolidated Management Report29 The Companys Business Model35 Economic report39 Explanation of the business results and analysis
218、 of the assets,financial and earnings situation of the GK Software SE Group52 Explanations of the earnings,financial and assets situations in the individual accounts(German Commercial Code HGB)56 Report on the risks and opportunities for the GKSoftware Group56 Opportunities 57 Risks63 Overall risk p
219、osition64 Internal monitoring and risk management systems with regard to the Groups accounting process65 Risk reporting in relation to the use of financial instruments66 Forecast report66 Market environment67 Company outlook69 General statement for 202370 Information relevant to takeovers in accorda
220、nce with Section 315a German Commercial Code(HGB)73 Corporate Governance Report73 Information on separate non-financial report73 Corporate governance statement73 Information on ratio of women and diversity approachConsolidated Management ReportFurther informationTo the ShareholdersSummarised Managem
221、ent ReportConsolidated Accounts“2022 was a very successful year for GK and we are optimistic about the future.”Andr HergertChief Financial OfficerFurther informationTo the ShareholdersSummarised Management ReportConsolidated AccountsGK Software SE100.0%100.0%100.0%100.0%100.0%100.0%100.0%GK Group IT
222、 Solutions GmbHGK Software USA Inc.Hotel Tannenhaus UGGK Software Africa(Pty)Ltd.DF Deutsche Fiskal GmbHGK Software Australia(Pty)Ltd.Eurosoftware s.r.o.GK AIR Artificial Intelligence for Retail AGTOV Eurosoftware-UAretail7 GmbHGK Software Asia Pte.Ltd.Storeweaver GmbHSubsidiariesNational companiesS
223、ervice companiesOther companiesPixel Kindergarten gUG(limited liability)100.0%100.0%80.12%100.0%100.0%100.0%Summarised Management ReportAnnual Report 2022|GK Software SE28Annual Report 2022|GK Software SE28Further informationTo the ShareholdersConsolidated AccountsConsolidated Management ReportThe C
224、ompanys Business ModelSubject matter and purposeGK Software SE1 is one of the worlds leading technology companies for retail sector software with a special focus on solutions for large and very large retail com-panies with many local stores.GK Software SE and its predecessor company,G&K Datensysteme
225、 GmbH,which was founded in 1990 by Rainer Glss and Stephan Kro-nmller and changed its name to GK Software AG in 2001,have been successfully operating in the market-place for over 30 years.The Companys flotation took place in the Prime Standard segment of the Frankfurt Stock Exchange in 2008.GK Softw
226、are AG was trans-formed into GK Software SE on 19 January 2018.Group structure and holdingsThe Group companies can basically be divided into four groups.National companies provide sales and distri-bution services and support customers in the further development of the standard software platforms use
227、d in various international regions.In addition,the company has subsidiaries that are responsible for the develop-ment,sales and distribution of special portfolio compo-1 The expression GK Software always refers to the corporate Group in the following text.The Group is also used as a synonym for this
228、.When GKSoftware SE is used,this exclusively refers to the individual company.nents of the overall product range of the GK Software Group and have direct market relationships,as well as those that take care of development work within the Group and general services without having relationships with e
229、xternal customers.All subsidiaries are wholly owned by GK Software SE.The sole exception is GK Arti-ficial Intelligence for Retail AG(previously prudsys AG),in which GK Software SE holds more than 80percent of the shares.A fourth group comprises other compa-nies that provide services for the company
230、 that are not related to the Groups range of solutions.The Groups headquarters have been located in Schneck/Vogtl.since it was founded.Alongside its administration department,the product development department,project management and third-level support facilities are all based at this site.GKSoftwar
231、e SE also has a business site in Berlin which is primarily respon-sible for the marketing,sales and partner activities;parts of the software development work are also based there.The branch in Jena started operating in 2018 so that the Company can benefit from the excellent oppor-tunities for gainin
232、g personnel in this high-tech region in the state of Thuringia.There are also other sites located in St.Ingbert,Cologne,Hamburg and Chemnitz.GK Softwares core solution is our CLOUD4RETAIL plat-form,which is now marketed outside the European Union by four companies.The largest of these compa-nies is
233、GKSoftwareUSA,Inc.,founded in December 2013,which takes charge of CLOUD4RETAIL sales in North and South America and at the same time is responsible for specific solutions for the US market such as our Payment solution or the US version for the standard supplementary solution GK Drive.GK Soft-wareAfr
234、ica(Pty)Ltd.in South Africa has been taking The Group companies can be divided into four groups:Sales-oriented national companies,development-oriented subsidiaries with their own sales activities,companies with service tasks for the Group and other companies.Consolidated Management ReportSummarised
235、Management ReportAnnual Report 2022|GK Software SE29Annual Report 2022|GK Software SE29Further informationTo the ShareholdersConsolidated Accountscare of of these activities for CLOUD4RETAIL since 2015.GKSoftware SE has another wholly owned sub-sidiary in Dbendorf in Switzerland called StoreWeaver G
236、mbH,which takes care of the Groups Swiss-based cli-ents.In the 2021 fiscal year,GK Software SE in France was launched as another(legally independent)foreign branch.In addition,GKSoftwareAsiaPte.Ltd.in Singa-pore(back in 2021)and GKSoftwareAustralia(Pty)Ltd.in Melbourne were established as two furthe
237、r national companies.The latter two companies are still in the process of being established and their purpose is both to further develop sales in the respective countries and their environments,and to build up local project organi-sations.1OOOGKSoftwareRUS,located in Russia,is in the process of liqu
238、idation at the time of the preparation of this report.Add-on solutions(so-called power apps)for CLOUD4RETAIL are developed by GKArtificialIntel-ligence for Retail AG(formerly prudsys AG)in Chem-nitz and DF Deutsche Fiskal GmbH in Berlin.GKArtifi-cial Intelligence for Retail AG,in which GK Software S
239、E holds more than 80percent of the shares,develops the Groups solutions,which are based on the application of artificial intelligence methods and are connected to power apps according to customer requirements via the AIR(Artificial Intelligence for Retail)platform concept.1 GK Software Asia Pte.Ltd.
240、,which has its registered office in Singapore,was regis-tered on 26 November 2021 and started work with its first employee in January 2022.As of 2 April 2022,GK Software Australia(Pty)Ltd.in Melbourne was registered as a new wholly owned subsidiary of GK Software SE.Preparations for starting work ar
241、e currently in progress.With the Fiskal Cloud,DF Deutsche Fiskal GmbH offers a cloud-based core solution to automatically satisfy the requirements of the legislation on so-called“German fis-calisation”.The subsidiaries that take care of software develop-ment and research and development exclusively
242、on behalf of the Group form an essential part of the cor-porate Group.Plzen,Czech Republic,for example,has been the Groups second-largest location for more than 20 years.The subsidiary company Eurosoftwares.r.o.,which is located there,carries out the essential parts of the CLOUD4RETAIL product devel
243、opment,as well as research and development work.This is complemented by the development of enhancements to the platform(so-called extensions)for the Groups customers.Since the beginning of 2016,TOVEurosoftware-UAin Lviv has also been working on developing platform extensions.The previous,externally
244、orientated,business operations of AWEKGmbH,which focused on services,were dis-continued in the 2022 fiscal year.At the end of 2022,this company was renamed GK Group IT Solutions GmbH in order to consolidate IT services within the group and to make them available to the GK Software Group world-wide.T
245、hese services include operating IT infrastruc-tures and collaboration tools as well as security and software solutions.In this context,GK Group IT Solu-tions GmbH is also responsible for coordinating cross-site IT infrastructures and applications.Berlin is also home to the subsidiaryRETAIL7GmbH,foun
246、ded in 2020,which develops and sells a cloud solu-tion for small retailers in a wide range of industries,the marketing of which began in 2021.The Management Board of GK Software SE consists of the company founder Rainer Glss(CEO,Strategy,Marketing&Sales)and Andr Hergert(Finances).The Management Boar
247、d is supported by a Group Manage-ment Board,which consisted of the following members in 2022:Michael Jaszczyk(CEO of GK Software USA,who is responsible for North and South America),Harald Gbel(Senior Vice-President at GK Software SE,who is responsible for Europe,the Middle East and Africa)and Michae
248、l Scheibner(Chief Strategy Officer).The three-member Supervisory Board at GK Software SE has been led by Dr Philip Reimann since 24 March 2020.The 2022 Annual General Meeting confirmed that Dr Reimann would hold this position until the annual share-holders meeting in 2026.Thomas Bleier was elected t
249、o the Supervisory Board in 2003.The annual shareholders meeting in 2022 confirmed that his period in office would continue until the annual shareholders meeting in 2026.Herbert Zinn was first elected to the Supervi-sory Board at the annual shareholders meeting in 2011.His current period in office en
250、ds with the annual share-holders meeting in 2026.In addition,the 2022 Annual General Meeting elected Prof.Dr Alexander Knauer and Prof.Dr Jrg Schrder as replacement candidates in the Consolidated Management ReportSummarised Management ReportAnnual Report 2022|GK Software SE30Annual Report 2022|GK So
251、ftware SE30Further informationTo the ShareholdersConsolidated Accountsevent that a member of the Supervisory Board should leave before the end of his/her period in office.Control parameters for the GroupManagement of the Group is largely determined by two control parameters:turnover and revenue;two
252、main ele-ments are largely used to determine the latter:earnings before interest and taxes(EBIT)and earnings before interest taxes depreciation and amortisation(EBITDA),as well as the relationship between these two revenue factors and turnover(operating performance).Alongside these two group control
253、 parameters,we con-tinue to use the margin of gross profits on turnover.We view gross profits as the surplus achieved by turnover for services purchased from third parties that directly served to provide this turnover in order to be able to monitor the extent and effect of third-party services on th
254、e achieved turnover.This system of key performance indicators,which is geared towards earnings capacity,is accompanied by KPIs that deal with the funding for the group.The issue here is the ability of the Group to be able to service its financial obligations at any time,both in the long and short te
255、rm.The key performance indicators used here concern the equity ratio and the capitalisation ratio in different variants as a measure of matching the matur-ities of assets and the capital used to fund them.Another major aspect concerns the Groups ability to be able to make use of investment opportuni
256、ties that arise at very short notice.A central KPI here is the surplus of cash and cash equivalents over interest-bearing liabil-ities.Depending on the goal of the approach,there are variants for this KPI too.These key indicators are regularly monitored and are the subject to reporting to the manage
257、ment and the Super-visory Board,and any deviations from the set targets trigger the introduction of countermeasures.Human resources 1,168 people in all were employed within the Group on the reporting date of 31 December 2022(excluding members of the Management Board and trainees).This means that 46
258、more people were employed than on the previous years reporting date(1,122)and 54 more than at the end of the first half of 2022.A significant propor-1,168Employees20222021100%60%20%80%40%0%PersonnelstructureofGKSoftware by location as of 31 December 2022SchneckBerlinHamburgSt.IngbertChemnitzKlnJenaT
259、schechienUkraineSchweizFrankreichRusslandSonstige Europische LnderAsienSdafrikaUSA202220210,010,020,030,040,050,060,070,080,090,0100,0SchneckBerlinHamburgSt.IngbertChemnitzKlnJenaTschechienUkraineSchweizFrankreichRusslandSonstige Europische LnderAsienSdafrikaUSA202220210,010,020,030,040,050,060,070,
260、080,090,0100,0SchneckBerlinHamburgSt.IngbertChemnitzCologneJenaCzech RepublicUkraineSwitzerlandFranceRussiaOther European countriesAsiaSouth AfricaUSConsolidated Management ReportSummarised Management ReportAnnual Report 2022|GK Software SE31Annual Report 2022|GK Software SE31Further informationTo t
261、he ShareholdersConsolidated Accountstion of the Groups employees continues to work at the Schneck site The Berlin branch of GK Software SE cur-rently has 84 employees working in the sales and mar-keting,project and partner management and develop-ment fields(the figure was 67 in the previous year)and
262、 a further five employees at DF Deutsche Fiskal GmbH.The number of people employed at the Czech subsid-iary Eurosoftware s.r.o in Plzen declined to 253(as against 273 in the previous year).34 Group employees were employed in Hamburg at the end of the year(pre-vious year:51).The St.Ingbert site had 9
263、7 employees at the end of the year(previous year:104),the Jena site 25(previous year:18)and the Cologne site 18(previous year:17).There were six employees in Dbendorf,Swit-zerland,at this time(previous year:five),and there was one employee at GK Software Asia(Pte)Ltd.One hundred people were working
264、for GK Software in the USA(2021:90).The South African subsidiary employed 45 people on the reporting date(35 in 2021).The number of people employed at TOV Eurosoftware UA in Lviv has decreased from 21 to 17 since the end of 2021.The branch in France has four employees(previous year:four)The head off
265、ice of GK Artificial Intelligence for Retail(previously prudsys AG)in Chemnitz employed 51 people on the reporting date(2021:41).The Group pools its expertise in the field of artificial intelligence at this business site.Huge investments have been made in training and devel-oping employees for years
266、 in order to be able to pro-vide a foundation for and boost growth in turnover at GKSoftware from a human resources point of view too.For example,most of our employees attended training courses at the GK Academy in 2022(some of them on more than one occasion).New employees undergo extensive and stan
267、dardised introductory courses,while a permanently adapted training programme is made available to all employees as well.The range of online training courses has also been extended,and this increases the potential number of those attending them.The Group is also actively involved in training new or f
268、uture employees.They include trainees on apprentice-ship courses,students from universities of cooperative education or students on sandwich courses.These dif-ferent measures are already providing the first success stories in attracting new employees and the aim is to further intensify them in futur
269、e.T.04 Change in employee structure31.12.202231.12.2021Changein%Schneck41837910.3Berlin897223.6Hamburg3451(33.3)St.Ingbert97104(6.7)Chemnitz514124.4Cologne18175.9Jena251838.9Czech Republic253273(7.3)Ukraine1721(19.0)Switzerland6520.0France44100.0Russia12(50.0)Other European countries910(10.0)South A
270、frica453528.6Asia10US1009011.1Total1,1681,1224.1TheGKSoftwareBusinessModelGK Software essentially sells software and services to retail companies.Its range of solutions is grouped around the CLOUD4RETAIL core business.Following the structure of this software platform,this can be further differentiat
271、ed into central process control(GK/Retail portfolio of solutions,including all processes for con-trolling a retailers branch processes as well as their integration with the e-commerce activities)and the power apps,which serve to automate and optimise the Consolidated Management ReportSummarised Mana
272、gement ReportAnnual Report 2022|GK Software SE32Annual Report 2022|GK Software SE32Further informationTo the ShareholdersConsolidated Accountsprocess landscape of both downstream processes as well as central tasks,such as the pricing of the goods on offer.These two blocks are complemented by a produ
273、ct that enables retailers to enter into direct contact with their customers the end consumers and allows the latter to influence the initiation,the process and the con-clusion of trade transactions(Mobile Consumer Cloud).CLOUD4RETAILIn the CLOUD4RETAIL sector,sales are generated pri-marily by the tr
274、ansfer of use of standard software plat-forms,the special development of software enhance-ments at the customers request(so-called extensions)and services related to the introduction of the software platforms and their operation.The solution is completely designed for operation in the cloud,but can
275、be operated in a private,hybrid or public cloud at the customers choice.Revenue from software arises either from the collec-tion of fees from the granting of licences for an unlim-ited period of time(so-called perpetual licences)or from subscription agreements that limit the granting of use to a cer
276、tain period of time.The fees for perpetual licences are paid in one lump sum.For the subscrip-tions,payments are usually agreed in equal amounts over the period of use,with a minimum payment agreed for the period following the introduction of the applica-tion.Where GK Software also takes over the op
277、eration of the applications,the entire solution is made available as software as a service(SaaS)and remunerated through a correspondingly increased subscription price.CLOUD4RETAIL is a platform1 consisting of various solu-tion components that customers select according to their needs and priorities.
278、At the core of this platform,which is geared towards the needs of medium and large retailers,is an application suite that brings together the retailers processes.Examples of this platform core the GK/Retail portfolio of solutions are the processes for cash registers,scales,store merchandise manage-m
279、ent including the associated infrastructure,and the management and monitoring functions.Another part of the CLOUD4RETAIL area is the Mobile Consumer Assis-tant(MCA)range of solutions,which enables direct communication between the customer and the retailer but also offers the customer the possibility
280、,as required,to initiate(Click&Collect),continue and also complete(e.g.,through products such as Scan&Co)the retail pro-cesses that are offered in the GK/Retail portfolio of solu-tions.Implementation takes place with apps branded to the retailer,which end consumers keep available on their mobile dev
281、ices.1 For components of the CLOUD4RETAIL platform see the Products and Services sec-tion above.To accommodate the retailers many ideas,CLOUD4RETAIL is designed as a standard platform that can be quickly adapted to new situations.This is all the more relevant when applications like CLOUD4RETAIL are
282、used over longer periods of time.CLOUD4RETAIL has therefore been especially designed with this need in mind and allows for a quick enhancement of the solu-tions through extensions.It is necessary to distinguish between extensions that are relevant for the customer on a permanent basis,which as platf
283、orm extensions are linked with maintenance contracts that guarantee the release capability of the extension even over long release cycles,and smart extensions that are only of temporary importance for the customer.In the past,we have observed that the sales for these services maintain a very constan
284、t level and represent a reliable foundation for sales expectations in the coming years.CLOUD4RETAIL contracts based on perpetual licences also generate a permanent revenue stream through maintenance services.These maintenance services result as a fraction of the remuneration for the right of use and
285、 are payable for the duration of the use of the respective platform.These maintenance services are included in the subscription payments in the SaaS con-tracts.Because of the customary project size,implementa-tion support is always necessary when implementing the project,thereby generating consultin
286、g turnover.The Consolidated Management ReportSummarised Management ReportAnnual Report 2022|GK Software SE33Annual Report 2022|GK Software SE33Further informationTo the ShareholdersConsolidated Accountsnormal course of the project therefore usually consists of an initial project,after the successful
287、 completion of which the customer can roll out the solution.These ser-vices,called retail consulting,are provided both when software solutions of GK Software are introduced at new customers and when additional components of the stan-dard platforms are introduced at existing customers.Even during the
288、 initial project,but especially afterwards,additional or new requirements(smart or platform extensions)arise to extend the solution.Furthermore,GK Software also offers services for classic on-prem-ises operations that support the customer in the opera-tion of the software.These main groups are compl
289、emented by the power apps.The same service offers as for CLOUD4RETAIL are provided for the power apps,even though their signifi-cance is different.The power apps make it possible to present further pro-cess steps that are not directly included in the core part of the branch processes or automate and
290、 optimise main processes.The Deutsche Fiskal solutions constitute one block of these power apps.Deutsche Fiskal offers its services exclusively as software as a service.The Fiskal Cloud range of solutions based on the CLOUD4RETAIL platform offers as a service the generation and storage of the legall
291、y required electronic signature as well as the associated storage of various receipt-related transac-tions.Other management and monitoring functions are also available to the customers.Fiskal Cloud Archiv is likewise a pure SaaS offering,enabling the storage and provision of the data required by the
292、 tax authorities in the prescribed format.The Email-Bon solution for the digital implementation of the legal receipt obligation also belongs in this context.CLOUD4RETAIL provides AI solutions for the automation and optimisation of the main trading processes.These are developed by GK ArtificialIntell
293、igenceforRetail and are offered to brick-and-mortar retailers under the AIR(Artificial Intelligence for Retail)brand as part of the CLOUD4RETAIL platform.The prudsys brand continues to be used for pure e-com-merce.The solutions from the AIR platform are also mostly positioned as SaaS offerings and f
294、lanked by advi-sory and introductory offers.Transaction+GK Software USA offers the Transaction+solution exclusively in the USA.Up to now,this has been sold in the classic licensing business,for which maintenance is incurred accordingly.On top of this comes regular extension business that also requir
295、es maintenance as an extension of the licence.The US organisation is cur-rently converting the solution so that it can be offered as software as a service and thus be integrated into CLOUD4RETAIL as a power app.RETAIL7RETAIL7 GmbH has developed a completely new solu-tion for small and micro retailer
296、s,which had its market launch in 2021.It primarily generates SaaS revenue only,since as few as possible individual changes to the solution are planned for individual customers.RETAIL7 GmbH has also developed the eReceipt solution(emailbon.de),which is also sold by GK Software.GK AcademyThe GK Academ
297、y generates sales through the sale of training and the provision of certifications.Sales via partnersThe most important partner generating sales for GK Software is SAP,which sells a considerable part of the CLOUD4RETAIL platform under its own brand.A cor-responding agreement on the sharing of licenc
298、e and maintenance revenues exists in this connection.In addi-tion,there are implementation partners who purchase services from GK Software that they cannot provide themselves.Consolidated Management ReportSummarised Management ReportAnnual Report 2022|GK Software SE34Annual Report 2022|GK Software S
299、E34Further informationTo the ShareholdersConsolidated AccountsResearch and development GK Software has always focused on the ongoing devel-opment of existing products and the development of new software solutions during the past financial years and they will be strategic competitive factors in the f
300、uture too.This is also reflected in the significant number of employees working in this field.GK Software is continually investing in research and development in order to maintain its leading technolog-ical position in the long term too.A distinction is to be made here between applied research,which
301、 is handled by its own innovation and research teams,and appli-cation-oriented product development.The expenditure for research amounted to EUR2.41 million in 2022.The research teams are based at several of the Groups busi-ness sites.Application-related product development work is primarily conducte
302、d in Germany and the Czech Republic.Overall,about EUR19.80 million was spent on this work during the past year.GK Software spent a total of EUR22.21 million on research and development work during the 2022 fiscal year,corresponding to about 15percent of the Groups sales.Economic reportGeneral econom
303、ic and industry-related conditionsBusiness developments at GKSoftware are determined by several factors and their effects in different economic regions.The most important determining factors are the general economic conditions,the current situation and the expected business prospects for the retail
304、sector.With GKSoftwares business expansion into more and more economic areas,it goes without saying that the number of factors affecting its business have increased,as the situation in some individual markets may move in different directions in spite of global economic trends.However,this provides a
305、t least a partial detachment in the Companys general operations from the develop-ments in its original core markets primarily in Central Europe without these markets losing their significance for GKSoftware.The Company is now in a position to be able to routinely compensate for low revenue or a tota
306、l lack of revenue from licence agreements in Ger-many,Austria and Switzerland with revenue from other regions.2022,or at least the first few months of it,was still impacted by the global pandemic,albeit to a signifi-cantly lesser extent than the previous year.A return to 22.21Million euroR&D expense
307、sConsolidated Management ReportSummarised Management ReportAnnual Report 2022|GK Software SE35Annual Report 2022|GK Software SE35Further informationTo the ShareholdersConsolidated Accountsnormality was evident in spring,however.However,the war in Ukraine triggered new challenges,such as rising infla
308、tion and global instability from the start of the year.Once again,the companys large share of customers from the food and DIY sectors proved to be a key ele-ment of stability.Despite the challenging situation,global economic per-formance increased by 3.2percent in 2022.1 However,according to the Int
309、ernational Monetary Fund(IMF),emerging and developing countries showed a stronger increase in their economic performance of 3.7 percent than industrialised countries,which recorded only 2.4percent growth.There were also considerable dif-ferences between the individual states.The US economy grew by o
310、nly 1.6percent in 2022,while the economy in the euro area grew by 3.1percent.Germanys eco-nomic output grew by 1.5percent in 2022.2 Inflation had a particular impact on the development of the global economy,rising to 8.8percent in 2022.However,the IMF is assuming lower global inflation for 2023 at a
311、 rate of 6.5percent.3In parallel with the basic economic trends in the mar-kets served directly or through sales partners,the gen-1 https:/www.imf.org/en/Publications/WEO/Issues/2022/10/11/world-economic-out-look-october-20222 https:/www.imf.org/en/Publications/WEO/Issues/2022/10/11/world-economic-o
312、ut-look-october-20223 https:/www.imf.org/en/Publications/WEO/Issues/2022/10/11/world-economic-out-look-october-2022eral trends in the retail sector are also an extremely important factor influencing the Companys business.The issue of unified commerce(formerly known as omni-channel retailing)continue
313、s to be a major area of focus,because it is exerting a huge influence on retailers strategic decisions in all markets.Beyond this,the introduction of genuine cloud services based on enterprise POS solutions is gaining further importance for retailers of all sizes.As a result,demand is almost exclusi
314、vely focused on subscription products(SaaS)in some markets.Long-term issues like demographic developments,new ways of establishing customer loy-alty and internationalisation also remain important driving forces and are becoming more and more con-nected to the mega-trend of unified commerce.GK Soft-w
315、are responded to these priorities in the retail sector at an early stage and made significant preparations for the future through CLOUD4RETAIL.In addition to its cloud platform,new solutions such as GK SPOT,GK Engage and GK GO are further enhancing the companys com-petitive position.In the 2022 fina
316、ncial year,the licensing business was driven by a single major customer in Germany to a signif-icant extent.This shows that,regardless of the increas-ingly international nature of the companys business and customer base,developments in Germany,Austria and Switzerland continue to remain very signific
317、ant for the direct business of GK Software,as this is an interna-tionally leading market in the sector and many existing customers have their headquarters in this region.The German retail sector,Europes largest single market,experienced very varied trends in 2022 depending on the sector.Overall,the
318、trade sector(excluding motor vehi-cles,fuel stations,fuels and pharmacies)had a turnover of around EUR632.0 billion in 2022,a nominal increase of 7.2percent.4 While it was a patchy year for seg-ments such as online retail and food,other areas,such as clothing,shoes,textiles and leather goods recorde
319、d a significant increase in turnover of around 27percent compared to the previous year.5 In a scenario published for 2023,the German Retail Association has assumed a nominal increase in turnover of approximately 2percent for retail as a whole.6 In 2022,the European retail sector as a whole achieved
320、an increase in turnover compared to the previous year.7 On the other hand,turnover in the United Kingdom fell by around 3percent compared to the previous year.While food businesses recorded increasing turnover,the fuel business in the United Kingdom was particularly weak.8 Similarly,in the USA,a con
321、tinuous upward trend in retail sales has been observed in recent years,which has 4 https:/einzelhandel.de/images/presse/Pressekonferenz/2023/HDE-Pressekon-ferenz-Charts.pdf5 https:/www.destatis.de/DE/Presse/Pressemitteilungen/2023/01/PD23_039_45212.html#:text=WIESBADEN%20%E2%80%93%20Die%20Einzelhand
322、elsun-ternehmen%20in%20Deutschland,mehr%20umgesetzt%20als%20im%20Vorjahr.6 https:/einzelhandel.de/images/presse/Pressekonferenz/2023/HDE-Pressekon-ferenz-Charts.pdf7 https:/ec.europa.eu/eurostat/databrowser/view/sts_trtu_a/default/table?lang=de8 https:/www.boersen-zeitung.de/ticker/Grossbritannien-U
323、msaetze-im-Einzelhan-del-ueberraschend-gesunken-e6cc468d-01fd-47cd-b0d4-8d834fb68fd6Consolidated Management ReportSummarised Management ReportAnnual Report 2022|GK Software SE36Annual Report 2022|GK Software SE36Further informationTo the ShareholdersConsolidated Accountscaused more movement in the w
324、orlds largest retail mar-ket.1 At USD4.86trillion,retail sales in 2022 exceeded the previous years high of USD4.4trillion.2E-commerce is also continuing its lively development.This area achieved an increase in turnover of around 25percent since 2019 but,for the first time,had to face a drop in turno
325、ver of 8.8percent in 2022 compared to the previous year.3 However,this was also due to the fact that e-commerce benefited to a disproportionate extent during the coronavirus pandemic and is now returning to a normal growth track.While the share of online retail trade amounts to 18.8percent of total
326、retail sales in the US,this figure was only 10.2percent in Italy in 2022,for example.4It is generally assumed,however,that online retail sales will continue to grow in all developed retail markets.5Turnover in e-commerce fell to around EUR102.7bil-lion in 2022,but the bevh(German Association of E-Co
327、mmerce&Mail-Order Businesses)is nevertheless assuming that the e-commerce segment will see future growth in Germany.6 GK Software has been preparing its solutions for this movement towards successful uni-1 http:/ https:/ cent-and-8-per cent3 https:/www.bevh.org/presse/pressemitteilungen/details/umsa
328、etze-im-e-com-merce-mit-waren-und-dienstleistungen-erneut-ueber-100-milliarden-euro.html4 https:/www.retailresearch.org/online-retail.html 5 https:/ https:/www.bevh.org/presse/pressemitteilungen/details/umsaetze-im-e-com-merce-mit-waren-und-dienstleistungen-erneut-ueber-100-milliarden-euro.htmlfied
329、commerce for years and therefore believes that it is in an excellent position to meet the relevant demands.These unabated developments are triggering huge chal-lenges for the in-store retail sector and the challenges are also being driven by other innovations.General assessment of the course of busi
330、ness For the 2022 fiscal year,the Management Board had forecast a slight increase in revenue from turnover and a further slight improvement in the EBIT margin as part of the medium-term forecast until 2023.This outlook was subject to the continued uncertainty of the development of the COVID-19 pande
331、mic.While such disruptions were not reflected in the companys financial figures despite further impediments to sales activities the onset of Russias war against Ukraine saw a number of general economic consequences that had a thoroughly negative impact on GK Softwares business activities.GK Soft-war
332、es business nevertheless developed in such a robust manner that the results for the 2022 fiscal year were fully in line with the forecast.The 2022 fiscal year recorded an increased growth in turnover of 16.2percent or EUR21.21 million as fore-cast compared to the previous year(EUR13.29 million or 11
333、.3percent)and adjusted earnings before interest and taxes on income(EBIT)of EUR18.69million(after EUR13.85million in the previous year).The special effects taken into consideration in this context concerned the sale of AWEK microdata GmbH(EUR3.46 million)in 2021 and a real estate transaction(see the Assets situation section of the report)in the year under review,as well as the preparations for the
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