Nemetschek AG: Nemetschek increases forecast for 2010

Fri, 30 Jul 2010 07:00:24
DGAP-News: Nemetschek AG: Nemetschek increases forecast for 2010


Nemetschek AG / Half Year Results

30.07.2010 07:00

Dissemination of a Corporate News, transmitted by
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Corporate News

Nemetschek increases forecast for 2010

Revenues up by 9 percent in first half of 2010 / EBITDA margin of 25 percent / Forecast for fiscal 2010 increased

Munich, July 30, 2010 - In the first six months of 2010 Nemetschek AG (ISIN 0006452907), Europe's largest vendor of software for architecture, civil engineering and the building industry, managed to increase year-on-year revenues by 9 percent to 71.2 million euros. The EBITDA increased by 36 percent to 17.6 million euros and, for the first time in the company's history, the EBITDA margin was 25 percent. The group thus exceeded its own forecasts. The net income rose from 4.7 million euros to 9.1 million euros. The cash flow from operating activities amounted to 20.3 million euros, up from 13.6 million euros in the same period in the previous year.
License sales up by 18 percent

Compared with the first half of 2009 the group managed above all to increase revenues from license sales: these increased by 18 percent to 34.9 million euros. However, in the first six months of 2009, at the height of the economic crisis, they had suffered a severe drop of 21 percent. Revenues from maintenance contracts increased in the first half of 2010 by 5 percent to 32.1 million euros - thus continuing the positive trend from 2009. In the foreign markets, which were particularly affected by the crisis in 2009, the group also managed to increase revenues significantly: they increased by 14 percent from 37.8 million euros to 42.9 million euros. The German market remained pleasantly stable with an increase in revenues of 3 percent to 28.4 million euros.

The Design and Multimedia business units in particular showed significant growth: in the Design segment revenues rose by 10 percent to 58.4 million euros. The Multimedia division even managed to increase its revenues by 29 percent to 4.5 million euros. With revenues of 6.5 million euros the Build business segment remained roughly at the same level as in the previous year (6.7 million euros). With sales of 1.8 million euros the Manage unit also posted a result similar to the same period in the previous year (2 million euros).

EBITDA margin of 25 percent 

Thanks to the increase in revenues and ongoing cost discipline, the group achieved an EBITDA of 17.6 million euros (previous year: 12.9 million euros) in the first half of 2010. This is equivalent to an operative margin of 25 percent - up from 20 percent in the previous year. At 60.7 million euros the operating costs were only marginally higher than last year (59.0 million years). This is largely attributable to revenue-dependent cost items such as an increase in dealer commissions. The operating profit (EBIT) amounted to 12.9 million euros compared with 8.1 million euros in the previous year. The financial result is marked by a special effect: the sale of 8 percent of the 30 percent holding in DocuWare AG (Germering) resulted in a gain of 1.6 million euros.

The net income thus amounted to 9.1 million euros, up from 4.7 million euros in the previous year. The earnings per share (group shares, undiluted) are 0.92 euros, compared with 0.48 euros in the same period of the previous year.

The good result of the first half of 2010 is also reflected in the cash flow: the cash flow from operating activities increased by 6.7 million euros to 20.3 million euros. The cash flow from investment activities amounted to -1.2 million euros, compared to -2.3 million euros in the first half of 2009. The free cash flow thus amounted to 19 million euros.
Despite a dividend payment (4.8 million euros), loan repayments (5.3 million euros) and interest payments (1.2 million euros), the liquid assets of the Nemetschek Group increased by 7.4 million euros compared with December 31, 2009. They thus exceeded the remaining loan amount from the Graphisoft acquisition (27.0 million euros) by 3.8 million euros. Nemetschek AG's equity ratio is 50.3 percent (December 31, 2009: 49.9 percent).

Forecast increased

'After the significant drop in revenues in the first half of 2009 we are on the right track to recapture lost ground,' says Ernst Homolka, CEO, Nemetschek AG. 'The first half of 2010 was more successful than we had hoped for'. He added that this was all the more remarkable considering that Euroconstruct, the construction industry's research association, predicted a further decline in economic output in the European construction industry in 2010.

Nemetschek AG was thus increasing its forecast for 2010 overall - despite the ongoing presence of several economic uncertainties. Instead of a growth in revenues of 3 to 5 percent the group now expects revenues to increase by 7 to 9 percent. With this background and with a marginal increase in the cost level, the company is aiming for an EBITDA margin of around 24 percent in 2010. 'That would be the highest margin ever achieved by Nemetschek - even in the boom year 2007 it was only 23 percent,' emphasized Homolka.
 


The Nemetschek Group at a
glance
INCOME STATEMENT - KEY 6 months to June 30, 6 months to June 30, FIGURES 2010 2009 EUR millions EUR millions Revenues 71.2 65.2 License sales 34.9 29.7 Maintenance 32.1 30.6 Service & hardware 4.2 4.9 Gross profit 70.0 63.4 as % of revenue 98 97 EBITDA 17.6 12.9 as % of revenue 25 20 EBIT 12.9 8.1 as % of revenue 18 12 Net income (group shares)
Adjusted by PPA effects 11.6 7.5 per share in EUR 1.21 0.77 Net income (consolidated 8.8 4.6 shares)
per share in EUR 0.92 0.48 CASH FLOW - KEY FIGURES as of June 30, 2010 as of June 30, 2010 EUR millions EUR millions Cash flow for the period 16.0 11.7 Cash flow from operating 20.3 13.6 activities
Cash flow from investment -1.2 -2.3 activities
BALANCE SHEET - KEY FIGURES as of June 30, 2010 as of December 31, 2009 EUR millions EUR millions Net debt / Net cash 3.8 -9.3 Liquid assets 30.8 22.9 Equity capital 84.1 79.6 Equity ratio 50.3% 49.9% Headcount as of balance sheet 1,049 1,064 date



About Nemetschek

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 1.049 people worldwide. Its products are used by more than 300,000 customers in 142 countries worldwide. In 2009, Nemetschek achieved revenues of 135.6 million euros and an operating result (EBITDA) of 30.4 million euros.
In case of queries, please contact:

Nemetschek AG
Head of Investor Relations
Regine Petzsch
Konrad-Zuse-Platz 1 
81829 Munich
Germany
Phone: +49 89 92793-1219
Fax: +49 89 92793-5404


30.07.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de

 
Language:     English
Company:      Nemetschek AG
              Konrad-Zuse-Platz 1
              81829 München
              Deutschland
Phone:        +49 (0)89 92 793-0
Fax:          +49 (0)89 927 93-5200
E-mail:       investorrelations@nemetschek.com
Internet:     www.nemetschek.com
ISIN:         DE0006452907
WKN:          645290
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Düsseldorf, Stuttgart, Hamburg  
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