Nemetschek AG / Key word(s): Half Year Results
Nemetschek reports double-digit growth
Revenue up by 11 percent in first half year / EBITDA margin of 23 percent / forecast for 2011 confirmed
Munich, July 29, 2011: Nemetschek AG (ISIN 0006452907), Europe's largest vendor of software for architecture and construction, remained on a growth course in the first half of 2011: revenues increased by 11 percent to 79.1 million euros, and the operating result (EBITDA) rose from 17.6 in the previous year to 18.3 million euros. This is equivalent to an EBITDA margin of 23 percent, currency-adjusted, the operating margin was 24 percent.
Double-digit increase in license and maintenance revenues
In the Design business unit, revenue rose by 8 percent year-on-year to 63.3 million euros. As a result of higher operating expenses, the EBITDA margin in this segment fell from 23 to 19 percent. The Multimedia segment was once again the front runner in terms of revenue and increased profit: Here, revenues increased by 56 percent to 7 million euros and consequently, the EBITDA margin rose from 34 to 51 percent. In the Build segment, revenues increased by 8 percent to 7 million euros, and the EBITDA margin was 34 percent (previous year: 37 percent). In the Manage business unit, revenues (1.8 million euros) and EBITDA (0.1 million euros) were at the same level as in the previous year; this unit is currently being restructured and recently acquired numerous new customers.
Earnings per share 0.94 euros
As a result of the announced growth and innovation initiatives, operating expenses rose by 10 percent from 60.7 million euros to 67.1 million euros. Personnel costs increased by 9 percent from 31.4 million euros to 34.3 million euros. This was primarily due to the changes made to the employee and salary structure at the Hungarian group subsidiary Graphisoft as well as a moderate increase in personnel in several Group companies. Other operating expenses rose by 15 percent from 21.0 to 24.1 million euros. The reasons for this included the foreign currency losses, higher dealer commissions and marketing costs, as well as additional costs for consulting services and external staff.
After amortization from the purchase price allocation of 3.5 million euros and positive net interest income of 0.1 million euros, the net income was 9.8 million euros, 7 percent higher than in the previous year (9.1 million euros). The good result in the previous year was characterized by one-time earnings of 1.6 million euros from the sale of 8 percent of shares in DocuWare AG. The earnings per share (group shares, basic) are 0.94 euros (previous year: 0.92 euros).
Cash flow for the period increases by 11 percent
After a dividend payment of 9.6 million euros and loan repayments of 7.8 million euros, cash and cash equivalents were 26.1 million and therefore exceeded the remaining loan for the Graphisoft acquisition by 14.4 million euros. The equity ratio of the Nemetschek Group is 58 percent.
As expected, Nemetschek grew in Germany and abroad, with the focus on the foreign markets. According to new industry analyses, building output in Germany, France and Switzerland will grow more strongly in 2011 than expected, and Nemetschek should continue to benefit from this. In addition, the Group wants to grow significantly in all relevant foreign markets in the future. 'This takes time, but we need to lay the foundations for it now,' said Homolka. The opening of a Nemetschek branch in Brazil was just one step in this direction.
In view of the expected revenue growth on the one hand, and the growth initiatives that have been launched on the other, the Group continues to forecast an operating result (EBITDA) in the 40 million euro range for 2011, which would correspond to an EBITDA margin of around 24 percent. Net income should increase to over 20 million euros in 2011, as expected.
The Nemetschek Group is Europe's leading vendor of software for architecture and construction. The graphical, analytical and commercial solutions cover a large part of the entire value chain in construction - from the planning and visualization of a building and the construction process itself through to building management. The software programs range from CAD solutions for architects and engineers to construction software for cost planning, tenders, awarding of contracts and execution. These are complemented by solutions for facility and real estate management as well as visualization software for architects and the movie industry.
The company was founded in 1963 and employs more than 1,000 people worldwide. Its products are used by more than 300,000 customers in 142 countries worldwide. In 2010, Nemetschek achieved revenues of 150 million euros and an operating result (EBITDA) of 37 million euros.
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