DGAP-News: Nemetschek AG: Nemetschek reports double-digit growth
(firmenpresse) - DGAP-News: Nemetschek AG / Key word(s): Half Year Results
Nemetschek AG: Nemetschek reports double-digit growth
29.07.2011 / 07:00
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Corporate News
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
Revenues from license sales increased by 10 percent in the first six months
to 38.5 million euros. Revenues from long-term maintenance contracts rose
by 13 percent to 36.5 million euros and thus made up 46 percent of the
total revenue. In the foreign markets, revenues increased by 12 percent to
48 million euros and the proportion of foreign revenue therefore rose from
60 to 61 percent of the total revenue. In Germany, revenues increased by 10
percent compared to the same quarter of the previous year to 31.1 million
euros.
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
Despite the clear growth in revenue, the operating result (EBITDA) rose
only 4 percent compared to the previous year to 18.3 million euros, which
corresponds to an EBITDA margin of 23 percent. One main reason was a
one-time foreign currency loss of 0.8 million euros. Currency-adjusted, the
operating result was 9 percent higher than in the previous year, amounting
to 19.1 million euros, with an EBITDA margin of 24 percent.
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
In the first half of the year, the Group achieved cash flow for the period
of 17.8 million euros, compared with 16 million euros in the previous year.
Following the reduction of liabilities, the cash flow from operating
activities was 18.3 million euros, compared with 20.3 million euros. Cash
flow from investment activities was -3.2 million euros (previous year: -
0.9 million euros). At 2.7 million euros, investments in fixed assets
remained largely at the previous year's level (2.6 million euros), but in
the previous year, an additional 1.6 million euros flowed into the company
as a result of the sale of the DocuWare shares. The free cash flow was thus
15.1 million euros, compared with 19.3 million euros in the same period of
the previous year.
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.
Outlook confirmed
The development in the first half of the year confirms the growth in
revenue of 10 percent forecast for 2011. 'Revenues from license contracts
are now increasing in double figures again, and these are the basis for
future maintenance contracts,' stated Ernst Homolka, CEO of Nemetschek AG.
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.
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 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.
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
End of Corporate News
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Language: English
Company: Nemetschek AG
Konrad-Zuse-Platz 1
81829 München
Germany
Phone: +49 (0)89 92 793-0
Fax: +49 (0)89 927 93-5200
E-mail: investorrelations(at)nemetschek.com
Internet: www.nemetschek.com
ISIN: DE0006452907
WKN: 645290
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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133625 29.07.2011
Datum: 29.07.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 39238
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