DGAP-News: Nemetschek AG / Key word(s): Half Year Results
Nemetschek Group presents strong half-year figures: Revenue growth in
the second quarter continues to accelerate
31.07.2015 / 07:00
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Corporate News
Nemetschek Group presents strong half-year figures:
Revenue growth in the second quarter continues to accelerate
- 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
Munich, July 31, 2015 - The Nemetschek Group (ISIN 0006452907) maintained
its dynamic development from the first quarter of 2015 and accelerated
revenue growth in the second quarter. The high level of growth in the first
half of the year, which was primarily non-domestic and with software
licenses, is accompanied by key strategic measures, e.g. investments in
further internationalization of the brands, extension of BIM 5D expertise
and increased sales/distribution and marketing activities.
Dynamic first half year
Group revenue in the second quarter rose to EUR 68.6 million, a growth of
33.8% compared to the same quarter in the previous year (EUR 51.3 million).
In the first half of 2015, revenue increased by 32.2% to EUR 135.2 million
(previous year's period: EUR 102.3 million). Adjusted for currency
fluctuations, revenue in the first half year rose by about 26%. Bluebeam
Software, Inc., acquired as of October 31, 2014, contributed EUR 21.0
million to revenue in the first half year. The Group's purely organic
growth was thus at a high 11.6% and consequently exceeded the target range
of 6% to 9%.
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
The Nemetschek Group was able to reinforce its growth and considerably
extend its market presence on international markets. In total, non-domestic
revenue in the first half of 2015 climbed by 47.2% to EUR 90.0 million (H1
2014: EUR 61.2 million). In the USA, Bluebeam's home market, it was
possible to more than triple revenues. Domestic revenue also developed
positively and rose by 9.8% to EUR 45.2 million (previous year's period:
EUR 41.1 million).
Strong growth with software licenses of 45.6%
Revenues from software licenses rose in the first six months of 2015 with a
clear plus of 45.6% to a record high of EUR 70.4 million (previous year's
period: EUR 48.3 million). Revenues from software service contracts
increased to EUR 58.3 million, a rise of 20.3% compared to the previous
year's figure of EUR 48.5 million.
"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
As of the end of the first half of 2015, the Nemetschek Group maintained an
extremely sound net asset structure and financial position. As of June 30,
2015, the equity ratio rose to 47.2% (December 31, 2014: 46.8%). The Group
had cash and cash equivalents amounting to EUR 65.0 million and a net
liquidity of EUR 11.0 million (December 31, 2014: EUR -3.0 million).
Development of the segments
The Design segment continued to develop positively. Revenue rose by 11.1%
in the half year to EUR 94.0 million (previous year's period: EUR 84.6
million). EBITDA rose to EUR 21.7 million (previous year's period: EUR 20.3
million), which corresponds to an EBITDA margin of 23.1% (previous year:
24.0%).
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
The Nemetschek Group affirms its forecast for the 2015 financial year on
the basis of the strong development in the first half of 2015 and the
anticipated revenue and earnings development in the remaining course of the
financial year. Revenue in a target range of EUR 262 million to EUR 269
million is expected (corresponding to an increase of 20% to 23%; of this 6%
to 9% organic). EBITDA is forecast at between EUR 62 million and EUR 65
million.
Overview of key figures
In EUR million Q2 Q2 Î in 6M 6M Î in
2015 2014 % 2015 2014 %
+33. +32.
Revenue 68.6 51.3 8% 135.2 102.3 2%
+49. +45.
- thereof software licenses 35.9 24.0 8% 70.4 48.3 6%
+20. +20.
- thereof software service 29.7 24.7 0% 58.3 48.5 3%
+22. +27.
EBITDA 15.2 12.4 6% 32.6 25.6 4%
Margin 22.2% 24.2% 24.1% 25.0%
Net income (Group shares) 7.1 6.9 +3.0% 15.5 14.4
+7.5%
Earnings per share in euros 0.18 0.18* +3.0% 0.40 0.37*
+7.5%
Net income (Group shares) before
depreciation from purchase price +14. +18.
allocation 8.9 7.8 5% 19.1 16.1 7%
Earnings per share before depreciation +14. +18.
from purchase price allocation 0.23 0.20* 5% 0.50 0.42* 7%
* for reasons of better comparability, the earnings per share after the
stock split are shown
Key figures by segment
In EUR million Q2 2015 Q2 2014 Î in % 6M 2015 6M 2014 Î in %
Design
Revenue 47.8 42.7 +12.1% 94.0 84.6 +11.1%
EBITDA 10.1 10.0 +0.9% 21.7 20.3 +6.9%
Margin 21.0% 23.4% 23.1% 24.0%
Build
Revenue 14.7 3.3 +351.8% 28.6 7.1 +301.1%
EBITDA 3.3 0.7 +350.9% 6.3 1.6 +291.8%
Margin 22.4% 22.5% 22.1% 22.6%
Manage
Revenue 1.3 1.2 +10.5% 2.7 2.4 +11.3%
EBITDA 0.2 0.1 +14.0% 0.3 0.3 -15.0%
Margin 12.2% 11.8% 11.0% 14.4%
Media & Entertainment
Revenue 4.7 4.1 +14.0% 10.0 8.2 +21.9%
EBITDA 1.7 1.6 +7.7% 4.3 3.4 +28.1%
Margin 35.8% 37.9% 43.1% 41.0%
The complete 6-month report for 2015 is available for download in the
Investor Relations section of the company website.
For further information on the company, please contact
Nemetschek Group
Stefanie Zimmermann
Investor Relations
+49 89 92793 1229
szimmermann@nemetschek.com
About the Nemetschek Group
The Nemetschek Group, Munich, is a globally leading software provider for
the AEC (Architecture, Engineering, Construction) industry. With its 13
brands, the Nemetschek Group now serves more than 1.8 million users in 142
countries from more than 50 locations worldwide. Founded in 1963 by
Professor Georg Nemetschek, the company focuses on innovations such as Open
Building Information Modeling (Open BIM) for the AEC market of tomorrow.
Publicly listed since 1999 and quoted on the TecDAX, the company achieved
revenue of EUR 218.5 million and an EBITDA of EUR 56.8 million in 2014.
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31.07.2015 Dissemination of a Corporate News, transmitted by DGAP - a
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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@nemetschek.com
Internet: www.nemetschek.com
ISIN: DE0006452907
WKN: 645290
Indices: TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart
End of News DGAP News-Service
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382393 31.07.2015
DGAP-News: Nemetschek Group presents strong half-year figures: Revenue growth in the second quarter continues to accelerate
| Source: EQS Group AG