DGAP-News: Nemetschek AG / Key word(s): 9-month figures
Nemetschek successfully continues profitable growth path
30.10.2014 / 07:00
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Corporate News
9-month figures 2014:
Nemetschek successfully continues profitable growth path
- Revenue growth of 14.3% to EUR 153.5 million
- Strong EBITDA growth to EUR 38.8 million (+22.1%) despite acquisition
costs
- Earnings per share significantly higher than in prior year at EUR 2.32
(+33.7%)
- Acquisition of Bluebeam will accelerate growth
Munich, October 30, 2014 - The Nemetschek Group (ISIN 0006452907) was again
able to continue its profitable growth path in the third quarter of 2014
and substantially improve its earnings despite acquisition costs for
Bluebeam. Group revenues rose overall in the first nine months of 2014 by
14.3 % to EUR 153.5 million (previous year: EUR 134.2 million). On a
quarterly basis, we generated revenues amounting to EUR 51.2 million,
representing growth of 11.9 % compared to the previous year's quarter (EUR
45.8 million). The operating result again climbed above-proportionally
compared to revenues. In total, earnings before interest, taxes,
depreciation and amortization (EBITDA) increased in the first nine months
of 2014 to EUR 38.8 million (previous year: EUR 31.8 million), which
represents a rise of 22.1 %. The EBITDA margin improved within one year
from 23.7 % to 25.3 %. From a quarterly perspective we were able to
increase the EBITDA in the third quarter to EUR 13.2 million, a rise of
16.0 % compared to the previous year's quarter. Net income for the year
(Group shares) improved significantly as of September 30, 2014: at EUR 22.3
million, this was 33.7 % higher than in the prior year (EUR 16.7 million).
Accordingly, the earnings per share rose from EUR 1.74 in the previous year
to EUR 2.32. On a quarterly basis, net income for the year (Group shares)
rose by 25.3 % to EUR 7.9 million, which corresponds to earnings per share
of EUR 0.82 (previous year: EUR 0.66).
Growth in all significant regions
We continued to pursue our international growth strategy and to expand our
market presence. In total, non-domestic revenues climbed by 13.4 % to EUR
91.3 million (previous year: EUR 80.5 million). Growth regions include Asia
- in particular Japan - and North and Latin America. Germany continued to
develop positively: With a plus of 15.8% revenues amounted to EUR 62.2
million (previous year: EUR 53.7 million).
Revenue growth for software licenses and software service contracts
With a plus of 14.3 %, by September 30, 2014 revenues from software
licenses had risen to EUR 71.8 million (previous year: EUR 62.8 million).
We were able to increase revenues from software service contracts to EUR
73.8 million, a plus of 14.7 % compared to the previous year (EUR 64.4
million).
Development of the segments
The growth driver of the Nemetschek Group is the Design segment. At 17.8 %
revenues grew substantially to EUR 126.4 million (previous year: EUR 107.3
million). The brands Vectorworks and Graphisoft have contributed in
particular to this positive development. EBITDA climbed over-proportionally
compared to revenue: at EUR 31.0 million, this was 38.3 % higher than in
the prior year (EUR 22.4 million). The EBITDA margin rose accordingly from
20.9 % in the prior year to 24.5 % as at September 30, 2014.
In the Build segment revenues of EUR 10.7 million were about 5.5 % below
the prior year level (EUR 11.3 million). The decline in revenues was mainly
as a result of projects which were either not realized to the extent planed
or were postponed. Furthermore, the longer than planned development times
for commercial and technical solutions lead to shifts in revenue in the
subsequent year. EBITDA reached an amount of EUR 2.0 million (previous
year: EUR 3.9 million), which represents an EBITDA margin of 18.7 %
(previous year: 34.2 %). The decline in the EBITDA margin is in particular
due to the end of the capitalization of development work.
Revenues in the Manage segment rose slightly by 2.3 % to EUR 3.7 million
compared to the previous year. In particular in the third quarter we
noticed customer reservation and a postponement of investments due to the
economic development. Due to planned investments below those of the prior
year EBITDA amounted to EUR 0.6 million and, thus, an EBITDA margin of 16.9
% resulted (previous year: 21.5 %).
The Multimedia segment showed solid revenue growth of 5.5 %. Overall,
revenues in the first nine months amounted to EUR 12.6 million (previous
year: EUR 12.0 million). The EBITDA margin at 41.0 % is still at a high
level (previous year: 39.4 %).
Acquisition of US software provider will accelerate growth
At the start of October 2014 we announced our takeover of Bluebeam, the
leading provider of PDF-based workflow solutions for digital working
processes and collaboration in the AEC industry. Bluebeam is an innovative
and strongly growing company with over 650,000 users worldwide. Today, its
customers include more than 74 % of the top US companies in the
construction industry.
"Bluebeam fits perfectly in our solutions portfolio for the whole
construction process and with our obligation to open standards, since
through the provision of digital and paperless working processes the
platform technology called "Bluebeam Revu" substantially improves the
collaboration of all those involved in the construction process", according
to Patrik Heider, CFOO and spokesman for Nemetschek AG. All Nemetschek
Group solutions can be integrated into the workflow of Bluebeam using the
simple PDF conversion. "With the acquisition we not only extend our range
of solutions but also reinforce our international market presence in North
America", continues Heider.
Successful 9-month status: Prospects for 2014 reinforced
Our current figures show: The Nemetschek Group is on a very positive course
for achieving the objectives set for the whole year. Our forecast presented
at the start of the year for achieving revenues within a range of between
EUR 207 and 212 million (increase of 11 % to 14 %) and an EBITDA margin of
between 23 % and 25 % is substantiated herewith. Currently, we are slightly
above our forecast with both key figures and, thus, we are very confident
that we will close the whole year 2014 successfully. We will adjust the
forecast appropriately for completion of the acquisition of Bluebeam.
Summary of key figures
In million Euro Q3 Q3 - in 9M 9M - in
2014 2013 % 2014 2013 %
+11. +14.
Revenues 51.2 45.8 9% 153.5 134.2 3%
+14.
- thereof software licenses 23.5 21.6 +8.8% 71.8 62.8 3%
+14. +14.
- thereof software service 25.3 22.1 9% 73.8 64.4 7%
+16. +22.
EBITDA 13.2 11.4 0% 38.8 31.8 1%
Margin 25.9% 25.0% 25.3% 23.7%
+14. +22.
EBITA (normalized EBIT) 11.9 10.4 6% 35.2 28.6 8%
Margin 23.2% 22.6% 22.9% 21.3%
+25. +33.
Net income for the year (Group) 7.9 6.3 3% 22.3 16.7 7%
+25. +33.
Earnings per share in Euro 0.82 0.66 3% 2.32 1.74 7%
Net income for the year before
depreciation, amortization and purchase +13. +19.
price allocation 8.8 7.7 7% 24.8 20.9 0%
Earnings per share before amortization +13. +19.
of purchase price allocation 0.91 0.65 7% 2.58 2.17 0%
Key figures segments
In million Euro Q3 2014 Q3 2013 - in % 9M 2014 9M 2013 - in %
Design
Revenue 41.9 36.4 +15.1% 126.4 107.3 +17.8%
EBITDA 10.8 8.3 +30.2% 31.0 22.4 +38.3%
Margin 25.7% 22.8% 24.5% 20.9%
Build
Revenues 3.6 3.8 -5.6% 10.7 11.3 -5.5%
EBITDA 0.4 1.3 -70.7% 2.0 3.9 -48.4%
Margin 10.7% 34.5% 18.7% 34.2%
Manage
Revenues 1.3 1.4 -6.9% 3.7 3.7 +2.3%
EBITDA 0.3 0.4 -25.3% 0.6 0.8 -19.6%
Margin 21.4% 26.6% 16.9% 21.5%
Multimedia
Revenues 4.4 4.2 +5.6% 12.6 12.0 +5.5%
EBITDA 1.8 1.5 +23.8% 5.2 4.7 +9.7%
Margin 40.8% 34.8% 41.0% 39.4%
The complete report 9-monthly report 2014 can be found on the internet page
of the company under Investor Relations as a download.
For further information on the company please contact
Nemetschek AG
Stefanie Zimmermann
Investor Relations
+49 89 92793 1229
szimmermann@nemetschek.com
About Nemetschek Group
Nemetschek, Munich is a leading global software provider for the AEC
industry (Architecture, Engineering, Construction). From more than 40
Locations worldwide and with its 12 brands, the Nemetschek Group today
serves more than 1.8 million users in 142 countries. Founded in 1963 by
Prof. Georg Nemetschek, the Group has always focused on innovations such
as, e.g. Open Building Information Modeling (Open BIM) for the AEC market
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