Nemetschek AG / Key word(s): Half Year Results
- Revenue rises by 33.8% in Q2 to new high of EUR 68.6 million
- Revenue for the half year increases by 32.2% to EUR 135.2 million
- US acquisition of Bluebeam maintains extremely positive development
- Revenues from software licenses in the half year rise with 45.6% to record high of EUR 70.4 million
- EBITDA in the first half year rises by 27.4% to EUR 32.6 million
- Outlook for 2015 affirmed
Dynamic first half year
Likewise, earnings before interest, taxes, depreciation and amortization (EBITDA) rose considerably by 27.4% to EUR 32.6 million after six months (previous year's period: EUR 25.6 million). The EBITDA margin was 24.1% in the half year, following 25.0% in the previous year. Forward-looking investments, e.g. in personnel for sales/distribution and marketing for the brands, had an impact on the margin.
In the first half year, the tax rate increased to 32.7% (previous year: 28.6%). Deferred tax expenses on unrealized intra-Group foreign exchange gains had the effect of increasing the tax rate. In the first half of 2015, net income (Group shares) rose by 7.5% to EUR 15.5 million (previous year's period: EUR 14.4 million). Accordingly, the earnings per share increased from EUR 0.37 in the previous year to EUR 0.40. Adjusted for depreciation and amortization from purchase price allocation (PPA), net income for the half year rose more strongly by 18.7% to EUR 19.1 million (previous year's period: EUR 16.1 million). This corresponds to an adjusted earnings per share of EUR 0.50 (previous year's period: EUR 0.42 per share).
"In the second quarter of 2015, we strengthened the high growth dynamics from the first quarter. The growth drivers were our existing brands as well as the Bluebeam brand acquired last year, whose development we are very satisfied with. Parallel to this, we are investing in the extension of our international market presence, in an effective sales/distribution system, in innovations across the life cycle of the AEC industry and in strengthening our 5D expertise. This is the prerequisite for securing future growth and making optimum use of our great opportunities in the markets," says Patrik Heider, Spokesman and CFOO of the Nemetschek Group.
Focus on internationalization - significant US market gains
Strong growth with software licenses of 45.6%
"Our first half of the year is marked by two positive developments: On the one hand, our non-domestic growth was considerably faster, especially in the USA. On the other hand, the high level of business in software licenses indicates that we have an excellent position in the AEC market and consequently with our customers. We have thus established a good basis for future growth since licenses mean higher service revenues," continues Heider.
Healthy balance sheet and high liquid reserves
Development of the segments
As a result of the Bluebeam acquisition, the Build segment was able to grow very strongly. Revenue increased to EUR 28.6 million, which is more than four times the previous year's figure of EUR 7.1 million. Organic revenue for the half year of EUR 7.6 million was thus 6.2% more than that of the previous year. On a quarterly basis, it was even possible to increase organic revenue by 14%. EBITDA rose to EUR 6.3 million (previous year's period: EUR 1.6 million), which corresponds to an EBITDA margin of 22.1% (H1 2014: 22.6%).
Revenue in the Manage segment rose by 11.3% to EUR 2.7 million (H1 2014: EUR 2.4 million). EBITDA remained at the previous year's level at EUR 0.3 million, which corresponds to an EBITDA margin of 11.0% (previous year's period: 14.4%).
The Media & Entertainment segment showed favorable revenue growth in the first six months, rising by 21.9% to EUR 10.0 million, following EUR 8.2 million in the previous year's period. EBITDA increased to EUR 4.3 million (previous year's period: EUR 3.4 million), which caused the EBITDA margin to reach a high 43.1% (previous year's period: 41.0%).
Outlook for the financial year 2015 affirmed
* for reasons of better comparability, the earnings per share after the stock split are shown
The complete 6-month report for 2015 is available for download in the Investor Relations section of the company website.
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About the Nemetschek Group
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