DGAP-News: Nemetschek AG / Key word(s): Quarter Results/9-month
figures
Nemetschek Group with record revenue in the third quarter of 2015
30.10.2015 / 07:00
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Corporate News
Nemetschek Group with record revenue in the third quarter of 2015
- Revenue grows by 38.2% to reach new top mark of EUR 70.7 million in Q3
- Nine-month revenue increases by 34.2% to EUR 205.9 million
- Non-domestic business and software licenses as growth drivers
- EBITDA at EUR 49.4 million (+27.2%) after nine months completely within
expectations
- After revenue forecast is raised, EBITDA target range is also increased
for 2015
Munich, October 30, 2015 - The Nemetschek Group (ISIN 0006452907) continued
to demonstrate dynamic business development in the third quarter of 2015.
The strong growth of 38.2% in the period from July to September - a record
value for a third quarter - was driven organically and as a consequence of
the acquisition of US company Bluebeam Software, Inc. in the previous year.
The greatest growth impulses came from abroad and from the revenue from
software licenses. Parallel to this, the company continued to invest in
extending its international market presence, its sales and its marketing,
and in expanding its BIM 5D expertise. Nemetschek had only recently
adjusted its revenue forecast significantly upwards for 2015 when the
executive board also raised the target range for the Group EBITDA.
"We picked up even more speed in the third quarter. It's becoming clearer
and clearer that our strategic investment in new brands, solutions and
markets is paying off and that we are thus laying the foundations for
future growth," says Patrik Heider, Spokesman of the Executive Board and
CFOO of the Nemetschek Group.
Major indicators of the Group's success
- Group revenue in the third quarter rose to EUR 70.7 million, a growth
of 38.2% compared to the same quarter in the previous year (EUR 51.2
million). In the first nine months of 2015, revenue increased by 34.2%
to EUR 205.9 million (previous year's period: EUR 153.5 million).
Adjusted for currency effects, revenue from January to September rose
by 28.5%. Bluebeam Software contributed EUR 11.1 million to Q3 revenue
and EUR 32.1 million to nine-month revenue. The Group's organic growth
thus remained at a high 16.5% in Q3; 13.3% from a nine-month
perspective.
- Likewise, earnings before interest, taxes, depreciation and
amortization (EBITDA) rose considerably by 27.0% in Q3 to EUR 16.8
million (Q3 2014: EUR 13.2 million). In the first nine months, it was
possible to raise EBITDA to EUR 49.4 million, an increase of 27.2%
(previous year's period: EUR 38.8 million). The earnings figure
accounts for future-oriented investments, e.g. for increasing personnel
in the areas of sales and marketing.
- The EBITDA margin for Group revenue was 24.0% after nine months, and
thus completely within the company's expectations (9M 2014: 25.3%).
- The tax rate after three quarters rose to 31.0% (previous year's
period: 26.9%). The increase is caused in particular by deferred tax
expenses on unrealized intra-Group foreign exchange gains.
- In the first nine months, net income for the year (Group shares) rose
by 8.3% to EUR 24.2 million (previous year's period: EUR 22.3 million).
Accordingly, the earnings per share increased from EUR 0.58 in the
previous year's period to EUR 0.63.
- Adjusted for depreciation and amortization from purchase price
allocation (PPA), which increased as a result of the Bluebeam
acquisition, net income for the year rose even more strongly by 19.0%
to EUR 29.6 million (previous year's period: EUR 24.8 million). This
corresponds to an adjusted earnings per share figure of EUR 0.77
(previous year's period: EUR 0.65 per share).
Global growth course advances
The Nemetschek Group has continued to advance its global market alignment.
In total, non-domestic revenue in the first nine months of 2015 climbed by
50.8% to EUR 137.7 million (9M 2014: EUR 91.3 million). In the USA, the
home market of Bluebeam Software (acquired in 2014), it was possible to
more than triple revenues. Domestic revenue also developed positively and
rose by 9.8% to EUR 68.3 million (9M 2014: EUR 62.2 million).
With a plus of 48.7% to EUR 106.7 million (previous year's period: EUR 71.8
million), revenue from software licenses constituted a further growth
driver. Recurring revenue from software service contracts increased by
21.7% to EUR 89.9 million (previous year's period EUR 73.8 million).
Balance sheet ratios show financial strengths and soundness of the Group
The Group's net asset structure and financial position remain extremely
sound. As of September 30, 2015, the equity ratio rose to 48.9% (December
31, 2014: 46.8%). Moreover, the Nemetschek Group demonstrates very good
cash generation with simultaneously high-quality growth. As of September
30, 2015, cash and cash equivalents increased to EUR 71.5 million (December
31, 2014: EUR 57.0 million) and net liquidity improved to EUR 20.5 million
(December 31, 2014: EUR -3.0 million).
Development of the segments
In the Design segment, revenue in Q3 rose by 18.1% to EUR 49.4 million.
Accumulated, revenue from the first nine months increased to EUR 143.4
million, a plus of 13.4% over the previous year's period (EUR 126.4
million). From January to September, EBITDA rose to EUR 34.7 million (9M
2014: EUR 31.0 million), which corresponds to an EBITDA margin of 24.2%
(previous year's period: 24.5%). The strong growth is caused, among other
things, by the new releases of the Graphisoft and Vectorworks brands and
their further internationalization.
As a result of the Bluebeam acquisition, the Build segment underwent great
expansion. Bluebeam itself reinforced its international presence, e.g.
through the acquisition of Swedish distributor Bluebeam AB and through new
reseller and technology partnerships. In the first three quarters, segment
revenue increased to EUR 43.5 million, which is more than quadruple the
previous year's value of EUR 10.7 million. Organic nine-month revenue of
EUR 11.4 million was thus 6.5% more than that of the previous year. EBITDA
jumped to EUR 8.0 million (previous year: EUR 2.0 million) with an almost
unchanged EBITDA margin of 18.5% (9M 2014: 18.7%).
Revenue in the Manage segment increased by 11.4% to EUR 4.2 million (9M
2014: EUR 3.7 million). EBITDA remained at the previous year's level at EUR
0.6 million, which corresponds to an EBITDA margin of 15.4% (previous
year's period: 16.9%).
In the first nine months, the Media & Entertainment segment showed a
favorable growth in revenue of 18.0% to EUR 14.9 million following EUR 12.6
million in the previous year's period. EBITDA increased to EUR 6.0 million
(previous year's period: EUR 5.2 million), and thus the EBITDA margin
remained at a high 40.6% (previous year's period: 41.0%).
Outlook for fiscal year 2015: EBITDA forecast increased
Following dynamic development in the first nine months, and in the third
quarter not least of all, the executive board anticipates that in 2015 the
Nemetschek Group will considerably improve Group revenue and consolidated
earnings compared to the previous year and will post new record highs. The
EBITDA forecast was adjusted upwards: EBITDA in the range of EUR 65 million
to 67 million is now expected (previously: EUR 62 to 65 million). The
Nemetschek Group had already increased its revenue forecast at the
beginning of October to a range of EUR 278 million to 282 million
(previously: EUR 262 million to 269 million). Compared to the previous
year's value, this results in a planned growth in revenue (EUR 218.5
million) of 27% to 29% (previously: 20% to 23%).
Overview of key figures
In EUR million Q3 Q3 Î in 9M 9M Î in
2015 2014 % 2015 2014 %
+38. +34.
Revenue 70.7 51.2 2% 205.9 153.5 2%
+55. +48.
- Software licenses revenues 36.4 23.5 0% 106.7 71.8 7%
+24. +21.
- Recurring revenues 31.5 25.3 4% 89.9 73.8 7%
+27. +27.
EBITDA 16.8 13.2 0% 49.4 38.8 2%
Margin 23.8% 25.9% 24.0% 25.3%
+27. +26.
EBITA (normalized EBIT) 15.1 11.9 4% 44.5 35.2 6%
Margin 21.4% 23.2% 21.6% 22.9%
Net income (Group shares) 8.7 7.9 +9.6% 24.2 22.3
+8.3%
Earnings per share in EUR 0.23 0.21* +9.6% 0.63 0.58*
+8.3%
Net income (Group shares) before
depreciation and amortization from +19. +19.
purchase price allocation 10.5 8.8 4% 29.6 24.8 0%
Earnings per share before depreciation
and amortization from purchase price +19. +19.
allocation* 0.27 0.23* 4% 0.77 0.65* 0%
* For reasons of better comparability, the earnings per share after the
stock split are shown
Key figures by segment
In EUR million Q3 2015 Q3 2014 Î in % 9M 2015 9M 2014 Î in %
Design
Revenue 49.4 41.9 +18.1% 143.4 126.4 +13.4%
EBITDA 13.0 10.8 +20.8% 34.7 31.0 +11.7%
Margin 26.3% 25.7% 24.2% 24.5%
Build
Revenue 14.9 3.6 +318.4% 43.5 10.7 +306.8%
EBITDA 1.7 0.4 +355.0% 8.0 2.0 +303.8%
Margin 11.6% 10.7% 18.5% 18.7%
Manage
Revenue 1.5 1.3 +11.7% 4.2 3.7 +11.4%
EBITDA 0.3 0.3 +21.1% 0.6 0.6 +1.3%
Margin 23.2% 21.4% 15.4% 16.9%
Media & Entertainment
Revenue 4.9 4.4 +10.8% 14.9 12.6 +18.0%
EBITDA 1.7 1.8 -3.7% 6.0 5.2 +17.0%
Margin 35.5% 40.8% 40.6% 41.0%
The complete nine-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 12
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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30.10.2015 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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406967 30.10.2015
DGAP-News: Nemetschek Group with record revenue in the third quarter of 2015
| Source: EQS Group AG