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WKN: A0F5KB | ISIN: CA2052491057 | Ticker-Symbol: 5TJ
Branche
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COMPUTER MODELLING GROUP LTD Chart 1 Jahr
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GlobeNewswire (Europe)
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Computer Modelling Group Ltd: Computer Modelling Group Announces Second Quarter Results and Quarterly Dividend

Finanznachrichten News

CALGARY, Alberta, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. ("CMG Group" or the "Company") announces its financial results for the three and six months ended September 30, 2024, and the approval by its Board of Directors (the "Board") of the payment of a cash dividend of $0.05 per Common Share for the second quarter ended September 30, 2024.

SECOND QUARTER 2025 CONSOLIDATED HIGHLIGHTS

Select financial highlights for the three months ended September 30, 2024

  • Closed the Company's second major acquisition, Sharp Reflections GmbH ("SR" or "Sharp"), on November 12, 2024;
  • Generated total revenue of $29.5 million in the second quarter of fiscal 2025, compared to $22.6 million in the prior year's quarter, reflecting a 1% increase in CMG's revenue and a 29% contribution from BHV;
  • Operating profit increased to $8.4 million, an increase of 9% from the same period of the previous fiscal year, primarily due to a decrease in stock-based compensation in the quarter as a result of the decrease in share price. Adjusted operating profit decreased by 8% from the same period of the previous fiscal year, with CMG contributing to 6% and BHV contributing to 2% of the decrease;
  • Adjusted EBITDA Margin was 34%, compared to 47% in the same period of the previous fiscal year with CMG generating 45% and BHV generating (2%) in Adjusted EBITDA Margin;
  • Net income during the period was $3.8 million, a 42% decrease compared to the prior year's quarter, primarily due to a change in the fair value of contingent consideration and FX loss incurred in the current year's quarter, partially offset by increased operating profit;
  • Earnings per share was $0.05, a 38% decrease compared to the prior year's quarter;
  • Reported Free Cash Flow of $0.07 per share, a decrease of 50%, primarily due to BHV generating negative cash flows.

Select financial highlights for the six months ended September 30, 2024

  • Closed the Company's second major acquisition, Sharp Reflections GmbH ("SR" or "Sharp"), on November 12, 2024;
  • Generated total revenue of $60.0 million for the second quarter fiscal 2025 year-to-date period, compared to $43.4 million in the prior year-to-date period, reflecting a 6% increase in CMG's revenue and a 32% contribution from BHV;
  • Operating profit decreased to $14.1 million, a decrease of 19% from the same year-to-date period of the previous fiscal year, primarily due to increased stock-based compensation as a result of an increase in share price, as well as increased operating expenses from having a full quarter of Bluware operating expenses as compared to 5 days in the previous fiscal year-to-date period. Adjusted operating profit decreased by 6% from the same period of the previous fiscal year, with CMG contributing to 4% and BHV contributing to 2% of the decrease;
  • Adjusted EBITDA Margin was 32%, compared to 48% in the same period of the previous fiscal year with CMG generating 43% and BHV generating (3%) in Adjusted EBITDA Margin;
  • Net income during the period was $7.7 million, a 42% decrease compared to the prior year-to-date period;
  • Earnings per share was $0.09, a 47% decrease compared to the prior year-to-date period;
  • Reported Free Cash Flow of $0.14 per share, a decrease of 39%, primarily due to BHV generating negative cash flows.

MANAGEMENT COMMENTARY

Second Quarter

In the second quarter, total revenue grew by 30% from the prior fiscal year to $29.5 million, reflecting the acquisition of Bluware ("BHV") which contributed 29%, and growth within the CMG operating segment of 1%. Adjusted EBITDA Margin was 34% compared to 47% in the prior year period, reflecting the acquisition of BHV which currently operates at a lower margin than CMG, and a decline in Adjusted EBITDA compared to the prior year period in the CMG operating segment, discussed below. Net income for the quarter declined to $3.8 million from $6.5 million in the prior year period, significantly impacted by a change in the fair value of contingent consideration relating to the acquisition of Bluware and foreign exchange losses. Free Cash Flow declined from $0.14 per share in the prior period to $0.07 per share, impacted by the lower Free Cash Flow generation at BHV resulting from seasonality associated with revenue recognition. Free Cash Flow per share remained constant from the first quarter of 2025. At September 30, 2024, the cash balance was $61.4 million. The effective tax rate for the quarter increased due to the non-deductibility of the change in fair value of the acquisition earnout.

In the CMG operating segment, total revenue was up 1%, however, annuity/maintenance ("A/M") revenue declined compared to the second quarter of 2024. Delays occurred in the closing of a sizeable new contract which would have been accretive to A/M revenue in the second quarter. This was completed after quarter-end and is expected to be recorded starting in the third quarter. Given the timing of the new contract, it did not offset a combination of variability in short-term contracts and the non-renewal of one contract in the US which led to the modest decline.

By geography, total software revenue grew in the Eastern Hemisphere due to strong perpetual licenses, offset primarily by lower A/M licenses in South America and the US, as mentioned above.

Software revenue attributable to energy transition was 19% in the quarter, compared to 22% in the comparable prior year period and 28% in the first quarter of this year. From a trend perspective, on a year-to-date basis, software revenue attributable to energy transition was 24% compared to 22% in the same period of the previous year, evidence of ongoing demand. CMG operating segment operating profit in the second quarter increased to $8.8 million, from $7.6 million in the prior year period, driven by a reduction in stock-based compensation expense due to lower share price, partially offset by increased expenses including headcount and headcount related costs, increased amortization of acquired IP, and other corporate costs. Sequentially from Q1 2025, CMG operating segment Adjusted Operating Profit increased by 3%. CMG operating segment Adjusted EBITDA Margin in the quarter decreased to 45% from 48% in the prior fiscal year, due primarily to higher expenses described above, but represented a small sequential increase from 42% in the first quarter of 2025. Maintaining our customary high renewal rates in the fourth quarter will be critical to achieving our revenue and profitability objectives.

In the BHV operating segment, total software revenue and professional services revenue were materially unchanged from the first quarter of 2025. A small decrease in operating expenses resulted in an Adjusted EBITDA and Adjusted EBITDA Margin of ($0.1 million), or (2%), a slight improvement from ($0.3 million) and (4%) respectively compared to the first quarter of this year. We do not expect material growth in professional services revenue throughout the balance of the year, however software revenue is expected to increase in the second half of 2025, compared to the first half of 2025, as we begin contract renewals in these quarters. The impact of this revenue recognition is expected to drive a commensurate increase in profitability. This pattern of revenue recognition and profitability aligns with our reporting since acquiring BHV. We would continue to encourage shareholders to evaluate BHV operating segment profitability on a full-year basis.

SUMMARY OF FINANCIAL PERFORMANCE

CMGBHVConsolidated
Three months ended September 30,
($ thousands, except per share data)
2024 2023 2024 2023 2024 2023


Annuity/maintenance licenses


16,794


17,441


1,508


169


18,302


17,610
Annuity license fee- - 71 - 71 -
Perpetual licenses2,149 1,176 - - 2,149 1,176
Total software license revenue18,943 18,617 1,579 169 20,522 18,786
Professional services3,382 3,452 5,563 395 8,945 3,847
Total revenue22,325 22,069 7,142 564 29,467 22,633
Total revenue growth1%22%1166% 30%25%
Annuity/maintenance licenses growth(4%)18%792% 4%19%
Cost of revenue2,332 2,271 3,360 222 5,692 2,493
Operating expenses
Sales & marketing3,363 3,362 866 22 4,229 3,384
Research and development4,463 4,651 1,965 116 6,428 4,767
General & administrative3,389 4,214 1,299 49 4,688 4,263
Operating expenses11,215 12,227 4,130 187 15,345 12,414
Operating profit8,778 7,571 (348)155 8,430 7,726
Operating Margin39%34%(5%)27%29%34%
Acquisition related expenses395 573 181 - 576 573
Amortization of acquired intangible assets575 124 89 5 664 129
Stock-based compensation232 2,291 - - 232 2,291
Adjusted operating profit (1)9,980 10,559 (78)160 9,902 10,719
Adjusted Operating Margin (1)45%48%(1%)28%34%47%
Net income (loss)4,630 6,423 (867)93 3,763 6,516
Adjusted EBITDA (1)10,069 10,584 (132)134 9,937 10,718
Adjusted EBITDA Margin (1)45%48%(2%)24%34%47%
Earnings per share - basic 0.05 0.08
Free Cash Flow per share - basic (1) 0.07 0.14
CMGBHVConsolidated
Six months ended September 30,
($ thousands, except per share data)
2024 2023 2024 2023 2024 2023


Annuity/maintenance licenses


34,551


33,048


3,086


169


37,637


33,217
Annuity license fee- - 249 - 249 -
Perpetual licenses4,259 3,025 - - 4,259 3,025
Total software license revenue38,810 36,073 3,335 169 42,145 36,242
Professional services6,662 6,744 11,183 395 17,845 7,139
Total revenue45,472 42,817 14,518 564 59,990 43,381
Total revenue growth6%25%2474% 38%27%
Annuity/maintenance licenses growth5%17%1726% 13%17%
Cost of revenue4,952 4,176 6,932 222 11,884 4,398
Operating expenses
Sales & marketing7,504 5,717 1,656 22 9,160 5,739
Research and development10,514 8,703 4,159 116 14,673 8,819
General & administrative7,533 6,886 2,644 49 10,177 6,935
Operating expenses25,551 21,306 8,459 187 34,010 21,493
Operating profit14,969 17,335 (873)155 14,096 17,490
Operating Margin33%40%(6%)27%23%40%
Acquisition related expenses395 573 369 - 764 573
Amortization of acquired intangible assets1,151 181 178 5 1,329 186
Stock-based compensation3,138 2,395 - - 3,138 2,395
Adjusted operating profit (1)19,653 20,484 (325)160 19,327 20,644
Adjusted Operating Margin (1)43%48%(2%)28%32%48%
Net income (loss)9,995 13,327 (2,268)93 7,727 13,420
Adjusted EBITDA (1)19,771 20,532 (397)134 19,374 20,666
Adjusted EBITDA Margin (1)43%48%(3%)24%32%48%
Earnings per share - basic 0.09 0.17
Free Cash Flow per share - basic (1) 0.14 0.23
(1) Non-IFRS financial measures are defined in the "Non-IFRS Financial Measures" section of the MD&A.


Q2 2025 Dividend

Computer Modelling Group's Board approved a cash dividend of $0.05 per Common Share. The dividend will be paid on December 13, 2024, to shareholders of record at the close of business on December 5, 2024.

All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.

NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES

Free Cash Flow Reconciliation to Funds Flow from Operations

Free cash flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow per share is calculated by dividing free cash flow by the number of weighted average outstanding shares during the period. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods. Management uses free cash flow and free cash flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.

Fiscal 2023Fiscal 2024 Fiscal 2025
($ thousands, unless otherwise stated)Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Funds flow from operations8,169 7,656 7,920 11,491 8,477 10,367 6,515 7,101
Capital expenditures(1)(211)(1,707)(45)(51)(459)(95)(93)(236)
Repayment of lease liabilities(413)(553)(412)(412)(728)(803)(743)(769)
Free Cash Flow7,545 5,396 7,463 11,028 7,290 9,469 5,679 6,096
Weighted average shares - basic (thousands)80,511 80,603 80,685 80,834 81,067 81,314 81,476 81,887
Free Cash Flow per share - basic0.09 0.07 0.09 0.14 0.09 0.12 0.07 0.07

(1) Capital expenditures include cash consideration for USI acquisition in Q4 2023.

Free Cash Flow per share has decreased by 50% and 39%, respectively, for the three and six months ended September 30, 2024, compared to the same periods of the previous fiscal year. The decrease in Free Cash Flow is primarily a result of negative cash flow generated in the BHV segment, which primarily relates to reduced net income in the period due to revenue recognition being skewed towards the third and fourth quarters of the fiscal year. Additionally, the repayment of lease liabilities has increased compared to the prior year comparative quarter as a result of the acquisition of BHV, resulting in a further decrease in free cash flow for the three and six months ended September 30, 2024, compared to the same periods of the previous fiscal year.

Adjusted EBITDA and Adjusted EBITDA Margin

CMGBHVConsolidated
Three months ended September 30,
($ thousands)
2024 2023 2024 2023 2024 2023
Net income (loss)4,630 6,423 (867)93 3,763 6,516
Add (deduct):
Depreciation and amortization1,539 1,014 408 7 1,947 1,021
Stock-based compensation232 2,291 - - 232 2,291
Acquisition related expenses395 573 181 - 576 573
Loss on contingent consideration2,112 - - - 2,112 -
Income and other tax expense1,802 2,239 442 38 2,244 2,277
Interest income(680)(692)(81)- (761)(692)
Foreign exchange loss (gain)453 (856)140 - 593 (856)
Repayment of lease liabilities(414)(408)(355)(4)(769)(412)
Adjusted EBITDA (1)10,069 10,584 (132)134 9,937 10,718
Adjusted EBITDA Margin (1)45%48%(2%)24%34%47%

(1) This is a non-IFRS financial measure. Refer to definition of the measures above.

CMGBHVConsolidated
Six months ended September 30,
($ thousands)
2024 2023 2024 2023 2024 2023
Net income (loss)9,995 13,327 (2,268)93 7,727 13,420
Add (deduct):
Depreciation and amortization3,037 1,975 793 7 3,830 1,982
Stock-based compensation3,138 2,395 - - 3,138 2,395
Acquisition related expenses395 573 369 - 764 573
Loss on contingent consideration1,913 - - - 1,913 -
Income and other tax expense3,416 4,483 1,316 38 4,732 4,521
Interest income(1,460)(1,452)(179)- (1,639)(1,452)
Foreign exchange loss (gain)198 51 223 - 421 51
Repayment of lease liabilities(861)(820)(651)(4)(1,512)(824)
Adjusted EBITDA (1)19,771 20,532 (397)134 19,374 20,666
Adjusted EBITDA Margin (1)43%48%(3%)24%32%48%

(1) This is a non-IFRS financial measure. Refer to definition of the measures above.

Adjusted EBITDA Margin was 34% and 32% for both the three and six months ended September 30, 2024, respectively, a decrease from 47% and 48%, respectively for the three and six months ended September 30, 2023.

CMG's Adjusted EBITDA Margin is 45% and 43% for the three and six months ended September 30, 2024, respectively, compared to 48% for both the three and six months ended September 30, 2023, primarily due to an increase in operating expenses as a result of an increase in headcount and headcount related costs and other corporate costs. Refer to the "Operating Expenses" section of the MD&A for further detail on the increase in operating expenses by category.

BHV's Adjusted EBITDA Margin for the three and six months ended September 30, 2024, is (2%) and (3%), respectively, compared to 24% for the three and six months ended September 30, 2023. Contract renewals at BHV typically occur in the third and fourth quarters, resulting in Adjusted EBITDA fluctuation on a quarterly basis. As a result of annuity license fee revenue recognition being skewed towards the last two quarters of the fiscal year, Adjusted EBITDA is expected to be lower in the first and second quarters of the fiscal year.

Condensed Consolidated Statements of Financial Position

UNAUDITED (thousands of Canadian $)September 30, 2024 March 31, 2024 April 1, 2023


Assets
Current assets:
Cash61,373 63,083 66,850
Restricted cash96 142 -
Trade and other receivables34,704 36,550 23,910
Prepaid expenses2,213 2,321 1,060
Prepaid income taxes986 3,841 444
99,372 105,937 92,264
Intangible assets22,354 23,683 1,321
Right-of-use assets29,628 29,072 30,733
Property and equipment9,496 9,877 10,366
Goodwill4,426 4,399 -
Deferred tax asset136 - 2,444
Total assets165,412 172,968 137,128


Liabilities and shareholders' equity
Current liabilities:
Trade payables and accrued liabilities13,920 18,551 11,126
Income taxes payable1,422 2,136 33
Acquisition holdback payable2,288 2,292 -
Acquisition earnout3,416 - -
Deferred revenue32,274 41,120 34,797
Lease liabilities2,263 2,566 1,829
55,583 66,665 47,785
Lease liabilities35,521 34,395 36,151
Stock-based compensation liabilities253 624 742
Acquisition earnout- 1,503 -
Other long-term liabilities200 305 -
Deferred tax liabilities1,776 1,661 -
Total liabilities93,333 105,153 84,678


Shareholders' equity:
Share capital91,083 87,304 81,820
Contributed surplus15,892 15,667 15,471
Cumulative translation adjustment343 (367)-
Deficit(35,239)(34,789)(44,841)
Total shareholders' equity72,079 67,815 52,450
Total liabilities and shareholders' equity165,412 172,968 137,128


Condensed Consolidated
Statements of Operations and Comprehensive Income

Three months ended
September 30
Six months ended
September 30
UNAUDITED (thousands of Canadian $ except per share amounts)2024
2023
2024
2023
Revenue
Cost of revenue
29,467
5,692
22,633
2,493
59,990
11,884
43,381
4,398
Gross profit 23,775 20,140 48,106 38,983
Operating expenses
Sales and marketing4,229 3,384 9,160 5,739
Research and development6,428 4,767 14,673 8,819
General and administrative4,688 4,263 10,177 6,935
15,345 12,414 34,010 21,493
Operating profit8,430 7,726 14,096 17,490
Finance income761 1,548 1,639 1,452
Finance costs(1,072)(481)(1,363)(1,001)
Change in fair value of contingent consideration(2,112)- (1,913)-
Profit before income and other taxes6,007 8,793 12,459 17,941
Income and other taxes2,244 2,277 4,732 4,521
Net income for the period3,763 6,516 7,727 13,420
Other comprehensive income:
Foreign currency translation adjustment(189)4 710 4
Other comprehensive income (189)4 710 4
Total comprehensive income 3,574 6,520 8,437 13,424
Net income per share - basic0.05 0.08 0.09 0.17
Net income per share - diluted0.05 0.08 0.09 0.16
Dividend per share0.05 0.05 0.10 0.10


Condensed Consolidated
Statements of Cash Flows

Three months ended
September 30
Six months ended
September 30
UNAUDITED (thousands of Canadian $)2024
2023
2024
2023
Operating activities
Net income3,763 6,516 7,727 13,420
Adjustments for:
Depreciation and amortization of property, equipment, right-
of use assets
1,283 892 2,501 1,796
Amortization of intangible assets664 129 1,329 186
Deferred income tax expense (recovery)575 2,028 (78)1,978
Stock-based compensation(2,106)1,604 (214)1,709
Foreign exchange and other non-cash items810 322 438 322
Change in fair value of contingent consideration2,112 - 1,913 -
Funds flow from operations7,101 11,491 13,616 19,411
Movement in non-cash working capital:
Trade and other receivables(11,965)(581)1,846 3,301
Trade payables and accrued liabilities264 405 (3,067)(2,389)
Prepaid expenses and other assets74 291 108 290
Income taxes receivable (payable)687 (1,612)2,111 (1,251)
Deferred revenue1,384 3,044 (8,846)(5,137)
Change in non-cash working capital(9,556)1,547 (7,848)(5,186)
Net cash provided by (used in) operating activities(2,455)13,038 5,768 14,225
Financing activities
Repayment of acquired line of credit- (2,012)- (2,012)
Proceeds from issuance of common shares480 512 2,729 1,213
Repayment of lease liabilities(769)(412)(1,512)(824)
Dividends paid(4,101)(4,042)(8,177)(8,081)
Net cash used in financing activities(4,390)(5,954)(6,960)(9,704)
Investing activities
Corporate acquisition, net of cash acquired- (23,050)- (23,050)
Property and equipment additions(236)(51)(329)(96)
Net cash used in investing activities(236)(23,101)(329)(23,146)
Increase (decrease) in cash(7,081)(16,017)(1,521)(18,625)
Effect of foreign exchange on cash(638)- (189)-
Cash, beginning of period69,092 64,242 63,083 66,850
Cash, end of period61,373 48,225 61,373 48,225
Supplementary cash flow information
Interest received761 692 1,639 1,452
Interest paid479 481 942 950
Income taxes paid4,229 2,580 5,725 4,358


CORPORATE PROFILE

CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.

QUARTERLY FILINGS AND RELATED QUARTERLY FINANCIAL INFORMATION

Management's Discussion and Analysis ("MD&A") and condensed consolidated interim financial statements and the notes thereto for the three and six months ended September 30, 2024, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group's SEDAR profile www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the benefits of the acquired technology, the ongoing development thereof; and the ability of data analytics to improve efficiency, cut costs and reduce risks.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies' public filings.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


© 2024 GlobeNewswire (Europe)
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