Wed, 18 Feb 2009 07:32:38
DGAP-Ad-hoc: Nemetschek AG:Nemetschek holds its ground in times of crisis
Nemetschek AG / Preliminary Results
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Nemetschek holds its ground in times of crisis
Revenues of 150.4 million euros / EBITDA margin of 20.9 percent / Cash
flow for period at 30 million euros
Munich, February 18, 2009 – Nemetschek AG (ISIN 0006452907), Europe’s
largest vendor of software for architecture, civil engineering and the
building industry, managed to hold its ground in the last fiscal year
despite the worldwide economic crisis and grew profitably in 2008 too.
According to the provisional figures, revenues increased by 2.9 percent
from 146.2 million euros to 150.4 million euros and are thus slightly
higher than the most recently announced expectations.
Revenue growth in 2008 is largely attributable to sales in Germany, where
the building industry managed to stay relatively stable. At 57.4 million
euros, sales in Germany accounted for a third of overall revenues. The
company achieved 39 percent of its revenues with long-term maintenance
contracts. The consequences of the financial crisis first became noticeable
in the last three months: in Q4, which is traditionally the strongest sales
quarter, year-on-year revenues dropped by 4.6 percent from 43.4 million
euros to 41.4 million euros.
EBITDA 31.4 million euros
The EBITDA in 2008 amounted to 31.4 million euros after 33.6 million euros
in the previous year. This corresponds to an EBITDA margin of 20.9 percent
after 23.0 percent 2007. In Q4 the EBITDA margin was 21.0 percent. The
operating result (EBIT) was 21.0 million euros after 23.9 million euros in
the previous year, the net income dropped from 15.3 million euros to 11.3
million euros. In particular, as a result of the drop in the interest
level, the new market valuation of the interest rate swaps, which the
company had entered into as part of the acquisition of Graphisoft, made a
significant difference. This revaluation resulted in a one-time impact on
interest of 2.5 million euros, which, however, did not have any effect on
the cash flow.
The cash flow for the period is around 30 million euros and is thus at the
same level as the previous year. The company managed to reduce the
liabilities from the Graphisoft acquisition by more than half within two
years. The debt now stands at 49.3 million euros. Nemetschek AG’s equity
ratio increased from 33.7 to 39.7 percent.
In view of the uncertain global economic situation, the Managing Board will
not provide a specific outlook. The complete annual report 2008 will be
published on March 27, 2009.
'Despite the economic downturn in the second half of the year we managed to
increase our revenues and to cross the revenue threshold of 150 million
euros for the first time in 2008,' says Ernst Homolka, CEO of Nemetschek
AG. He added that the Nemetschek Group had survived the crisis largely
unaffected to date but that from today’s perspective a sustainable forecast
for 2009 could not be made and that the worldwide recession would also
leave its mark on Nemetschek. However, the group had several strengths that
would come to bear in the crisis. Among these were the comprehensive
product portfolio and the broad customer base as well as the fact that the
company achieved almost 40 percent of its revenues from long-term
maintenance contracts. 'Nemetschek will definitely remain a significantly
profitable company,' emphasized Homolka.
The Nemetschek Group is Europe’s largest vendor of software for architects,
engineers and the building industry. Worldwide, the group’s companies
support their customers with solutions for the complete lifecycle of
buildings. These encompass the entire value chain – from design and
visualization to the actual construction process to usage and occupancy.
The closely interlinked software solutions facilitate interdisciplinary
collaboration among all those involved in the building process and thus
make the process itself more efficient.
Nemetschek products are used by more than 270,000 customers in 142
countries worldwide. The company was founded in 1963 by Prof. Georg
Nemetschek and has more than 1,100 employees worldwide. Nemetschek AG,
which has been listed since 1999, achieved revenues exceeding 150 million
euros in fiscal 2008. For more information, visit
Head of Investor Relations
Tel. +49 89 92793-1219
18.02.2009 Financial News transmitted by DGAP
Issuer: Nemetschek AG
Phone: +49 (0)89 92 793-0
Fax: +49 (0)89 927 93-5200
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service