Quarterly Report • Oct 30, 2018
Quarterly Report
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QUARTERLY STATEMENT AS OF SEPTEMBER 30, 2018
Patrik Heider, Spokesman of the Executive Board and CFOO
The Nemetschek Group has maintained its strong growth in the third quarter and further enhanced its earnings. At the same time, the world's second largest provider of software solutions for the AEC sector invested in strategic projects to be sure of continued double-digit growth in the future.
Our sustained fast pace of growth shows that our strategic priorities are the right ones. The acquisition of MCS Solutions represents a strategically important investment in the Manage segment. We have also maintained the growth dynamic in licenses and recurring revenues from subscriptions and service contracts. And even with our investments in growth, our profitability is still at a very high level. All of this provides an extremely solid basis for the final quarter of the year and beyond.
We have confirmed the goals we had set itself so far for the whole of 2018 and expects to achieve EUR 447-457 million* in Group-wide sales this year. The EBITDA margin is expected to be in the corridor of 25% and 27%.
Yours
Patrik Heider
Stock markets have experienced further volatility in the third quarter. Once again, the trade war between the United States and China proved a stress factor. In addition, political developments such as the Brexit negotiations and budget talks in Italy played their part in dampening the mood.
In the first nine months of 2018, the DAX dropped by 5%, whereas the technology company stocks consolidated in the TecDAX were able to rise by some 11%. The MDAX was at much the same level as at the beginning of the year (–1%).
Since the reorganization of the German stock index on September 24, 2018, the Nemetschek share has been noted in the MDAX as well as in the TecDAX.
On January 2, 2018 the Nemetschek share started at a price of EUR 74.50. At the beginning of February, the share dropped to its lowest price for the year of EUR 72.40 (February 9, 2018), primarily as a result of the overall market environment. Then the share price experienced a considerable rise, but this came to a halt in mid-March in the wake of discussions concerning punitive US tariffs and the consequent slide in share prices on stock markets. The publication of Nemetschek's annual figures for 2017, the positive outlook for the 2018 financial year and the first-time publication of mid-term targets for the year 2020 were conducive to the share price rising again strongly at the end of March. Thereafter the share continued on its upward course until mid-May, at which point it plateaued in keeping with general market development. Following the release of second-quarter results at the end of July 2018, the Nemetschek share began to rise again, a trend continued through the acquisition of MCS Solutions at the end of August. The Nemetschek share achieved its high for the year to date, EUR 153.40, on September 18, 2018. There followed a period of correction, resulting in the Nemetschek share closing significantly under its high at EUR 126.00 at the end of September. All in all, the share has risen by some 69% since the beginning of the year. Nemetschek SE's market capitalization increased accordingly to around EUR 4.85 billion as of the end of September, 2018.
Nemetschek SE's share capital as of September 30, 2018 was unchanged at EUR 38,500,000 and was divided into 38,500,000 no-par value bearer shares.
The free float as of September 30, 2018 was 46.9 percent.
* Direct shareholdings as of September 30, 2018.
Members of the Executive Board and the Supervisory Board or related parties must report reportable transactions in Nemetschek SE shares if the value of the transactions within a calendar year reaches or exceeds EUR 5,000.
On September 21, 2018, the following transactions were reported to Nemetschek SE in the context of managers' transactions:
| Buyer/Seller | Patrik Heider |
|---|---|
| Name of finance instrument | Nemetschek SE Aktie, ISIN DE0006452907 |
| Type of transaction | Aquisition |
| Date of transaction | September 21, 2018 |
| Place of transaction | Xetra |
| Average share price in EUR | 125.620 |
| Total value in EUR | 62,991.53 |
| in EUR million | 3rd Quarter 2018 | 3rd Quarter 2017 | Change | 9 month 2018 | 9 month 2017 | Change |
|---|---|---|---|---|---|---|
| Revenues | 114.9 | 95.8 | 19.8% | 330.9 | 289.8 | 14.2% |
| EBITDA | 29.2 | 24.8 | 17.8% | 88.2 | 76.5 | 15.3% |
| as % of revenue | 25.5% | 25.9% | 26.7% | 26.4% | ||
| EBITA | 27.0 | 22.8 | 18.4% | 82.0 | 70.5 | 16.2% |
| as % of revenue | 23.5% | 23.8% | 24.8% | 24.3% | ||
| EBIT | 23.2 | 19.5 | 18.8% | 71.4 | 60.3 | 18.3% |
| as % of revenue | 20.2% | 20.4% | 21.6% | 20.8% | ||
| Net income (group shares) | 18.2 | 15.1 | 19.9% | 52.6 | 42.8 | 22.9% |
| per share in € | 0.47 | 0.39 | 1.37 | 1.11 | ||
| Net income (group shares) before purchase price allocation |
21.1 | 17.4 | 20.7% | 61.1 | 50.0 | 22.2% |
| per share in € | 0.55 | 0.45 | 1.59 | 1.30 | ||
| Cash flow from operating activities | 72.1 | 68.2 | 5.8% | |||
| Free cash flow | 1.1 | 36.3 | ||||
| Free cash flow (w/o acquisition effects) | 64.4 | 61.1 | 5.2% | |||
| Net liquidity/net debt* | –32.5 | 24.0 | ||||
| Equity ratio* | 40.7% | 49.5% | ||||
| Headcount as of balance sheet date | 2,529 | 2,094 | 20.8% |
* Presentation of previous year as of December 31, 2017.
The Nemetschek Group increased its revenues in the first nine months by 14.2% to EUR 330.9 million (previous year: EUR 289.8 million). Purely organic growth amounted to 12.4%. Currency-adjusted on the basis of constant currency translation rates, this would result in 18.0% revenue growth, or 16.1% purely organic growth.
EBITDA rose disproportionally compared to revenue growth. With a plus of 15.3%, EBITDA rose to EUR 88.2 million (previous year: EUR 76.5 million), which corresponds to an operating margin of 26.7% (previous year: 26.4%).
During the first nine months, the Nemetschek Group's revenue from software licenses increased by 9.1%, rising to EUR 155.8 million (previous year: EUR 142.8 million). Adjusted for currency fluctuations, the increase amounted to 13.2%. During the same period, recurring revenues rose by 20.5% to EUR 162.4 million (previous year: EUR 134.8 million) – a considerably stronger rise than was achieved in revenue from software licenses. The share of revenue from software licenses amounts to 47.1% (previous year: 49.3%); the share of recurring revenues rose from 46.5% to 49.1%.
Growth impulses by region came particularly from international markets. Revenues within Germany increased by 7.4% to EUR 94.3 million (previous year: EUR 87.8 million). In international markets, the Nemetschek Group achieved revenues of EUR 236.6 million (previous year: EUR 202.0 million), an increase of 17.1% year on year. The share of revenues from international markets amounted to 71.5% (previous year: 69.7%).
In the Design segment, the Nemetschek Group generated revenue growth of 8.9%, which is equivalent to EUR 198.1 million (previous year: EUR 181.9 million). As a result of planned investments, EBITDA decreased slightly by 1.9% to EUR 49.6 million (previous year: EUR 50.5 million). This is equivalent to an operating margin of 25.0%, following 27.8% in the previous year. In the Build segment, continuously strong growth of Bluebeam Software, Inc. brought a 25.6% rise in revenues to EUR 106.2 million, a considerable increase compared to the previous year ( EUR 84.6 million). The EBITDA margin also rose considerably, growing to 27.3% (previous year: 21.7%). The Manage segment maintained the previous year's positive development and increased revenues by 32.4%, achieving EUR 7.7 million. Organic growth was 8.9% and the EBITDA margin rose to 22.0% (previous year: 20.1%). At the end of the first nine months, revenues from the Media & Entertainment segment had increased by 7.9% to EUR 18.9 million (previous year: EUR 17.5 million). The EBITDA margin remained at the very high level of 41.9% (previous year: 36.9%).
Operating expenses rose by 13.3% from EUR 233.0 million to EUR 263.9 million. As a result, material expenses grew to EUR 10.2 million (previous year: EUR 9.7 million). Mainly as a result of a larger workforce, personnel expenses rose by 13.9%, increasing from EUR 127.6 million to EUR 145.3 million. The amortization of assets amounting to EUR 16.8 million was slightly above the previous year's value of EUR 16.2 million. Other operating expenses rose by 15.0% from EUR 79.6 million to EUR 91.5 million.
As of September 30, 2018, the Group's tax rate amounted to 26.0% (previous year: 25.7%).
The year's net income (Group shares) of EUR 52.6 million thus exceeded the previous year's value of EUR 42.8 million by 22.9%. Consequently, the earnings per share amounted to EUR 1.37 (value of the previous year for comparison: EUR 1.11 per share.) Adjusted for the amortization from the purchase price allocation, net income for the year climbed by 22.2% to EUR 61.1 million (previous year: EUR 50.0 million), and thus the earnings per share reached EUR 1.59 (value of the previous year for comparison: EUR 1.30 per share).
The Nemetschek Group generated an operating cash flow of EUR 72.1 million in the first nine months of 2018 (previous year: EUR 68.2 million). The cash flow from investing activities amounted to EUR –71.1 million (previous year: EUR –31.9 million). The main causes of this rise were the acquisitions of the MCS Solutions Group and 123erfasst.de GmbH in the third quarter of 2018. The cash flow from financing activities of –0.2 million (previous year: EUR –46.7 million) primarily includes the payout of dividends to the value of EUR 28.9 million, the repayment of bank loans amounting to EUR 29.5 million, the procurement of loans of EUR 86.0 million to finance acquisitions, and the payout of EUR 25.5 million in connection with the acquisition of non-controlling interests in Maxon GmbH.
Compared to December 31, 2017, acquisitions meant that the balance sheet total increased from EUR 460.8 million to EUR 558.2 million.
As of September 30, 2018, the Nemetschek Group held cash and cash equivalents amounting to EUR 106.8 million (December 31, 2017: EUR 104.0 million). Similarly, trade receivables rose considerably from EUR 41.0 million to EUR 51.6 million, owing to acquisitions as well as to revenue growth in the third quarter of 2018. Due to the acquisitions of the MSC Solutions Group and 123erfasst.de GmbH, non-current assets increased considerably to EUR 377.0 million (December 31, 2017: EUR 301.7 million).
Deferred revenues increased by EUR 27.5 million to EUR 95.6 million in line with software service contracts invoiced. Current and non-current loans increased by EUR 59.4 million as a result of new borrowings for acquisitions. Equity amounted to EUR 226.9 million (December 31, 2017: EUR 227.9 million). As a result of the acquisition of the non-controlling interests in Maxon GmbH in July 2018, the difference was EUR 27.7 million taking profit carried forward into account. Thus the equity ratio was 40.7%, after 49.5% as of December 31, 2017.
As of the reporting date, September 30, 2018, the Nemetschek Group employed a staff of 2,529 (September 30, 2017: 2,094). The increase is mainly attributable to recruitment in several Group companies and as a result of acquisitions in the past 12 months.
There are no significant changes compared to the information provided in the consolidated financial statements as of December 31, 2017.
For details on significant opportunities and risks for the prospective development of the Nemetschek Group, please see the opportunities and risks described in the Group management report for the year ended December 31, 2017. In the interim period there were no material changes.
The development in the first nine months confirms the expectations for the 2018 financial year. As a result, the Nemetschek Group reaffirms its objective of achieving revenues in the EUR 447 million to EUR 457 million* range. As was the case in the past, the Group EBITDA margin is forecast to remain in the corridor of 25% to 27%. At the same time, the Nemetschek Group is also investing EUR 10 million in strategic projects in order to secure future growth.
The interim financial statements of the Nemetschek Group have been prepared in accordance with the International Financial Reporting Standards (IFRSs), as required to be applied in the European Union, and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and of the Standing Interpretations Committee (SIC). These interim financial statements have been prepared in accordance with the requirements of IAS 34.
The interim financial statements as of September 30, 2018 have not been audited and have not undergone an audit review. With the exception of the changes resulting from the initial application of IFRS 15/IFRS 9 specified below, the same accounting policies and calculation methods are applied to the interim financial statements as for the consolidated financial statements as of December 31, 2017. Significant changes to the consolidated statement of financial position, the consolidated statement of comprehensive income and the consolidated cash flow statement are detailed in the report on the earnings, financial and asset situation.
On June 13, 2018, within the scope of an asset deal, Bluebeam, Inc. acquired all material assets of the private company Project Atlas, LLC.
Project Atlas developed a digital mapping module that organizes and visualizes 2D plans and construction data using site data instead of traditional folder structures. This location-based approach makes it possible for experts from the architecture and building sectors to create and search through a flawless digital overview of their project – with plans, people, materials, site photos and drone pictures in highly detailed, zoomable levels.
The purchase price was EUR 3.1 million; a preliminary purchase price allocation identified non-material assets worth EUR 0.6 million. This is in addition to a goodwill or transaction value of EUR 2.5 million.
Effective July 2, 2018, NEVARIS Bausoftware GmbH, Bremen, acquired 100% of the shares in 123erfasst.de GmbH. The latter sells software products for time recording as well as construction diary administration and project management. In addition to the purchase price consisting of a fixed component of EUR 14.5 million, there is a subsequent purchase price obligation (earn-out component) based on the achievement of revenue targets in the 2020 financial year. Within the scope of a preliminary estimate, this obligation was estimated at EUR 2.7 million. As part of a preliminary purchase price allocation, EUR 9.2 million was allocated to non-material assets (technology, customer base, brand name), resulting in a goodwill or transaction value of EUR 11.5 million.
In July 2018, Nemetschek SE acquired the remaining 30% non-controlling interests in Maxon GmbH. The purchase price consists of a fixed component of EUR 25.5 million as well as a variable purchase price of EUR 3.0 million, which is dependent on the revenue targets agreed upon for the years 2018 and 2019. The difference between the purchase price (including earn-out component) and the carrying value of the non-controlling interests at the time of purchase took profit carried forward into account.
On August 28, 2018, the MCS Solutions Group, headquartered in Antwerp, became a wholly owned subsidiary. MCS Solutions offers modular and integrated software solutions for property, facility and workplace management for large private and public organizations. In addition, MCS Solutions developed the COBUNDU™ smart building platform, which uses Internet of Things (IoT) sensors and big data analysis to optimize productivity and efficiency for building administrators.
The preliminary purchase price is EUR 46.1 million. As part of a preliminary purchase price allocation, EUR 17.3 million was allocated to non-material assets (technology, customer base, brand name, non-competes). In addition, the goodwill or transaction value was set at EUR 37.0 million.
The accounting and valuation principles described in the notes to the consolidated financial statements as of December 31, 2017 apply. Changes resulted from IFRS 15 "Revenue from contracts with customers" going into effect as of January 1, 2018 in the area of revenue recognition as well as IFRS 9 in the area of financial instruments.
IFRS 15 introduces a 5-step model for recognizing revenue resulting from customer contracts. The standard went into effect as of January 1, 2018 and replaces IAS 18 "Revenue," IAS 11 "Construction Contracts" and their interpretations. IFRS 15 is to be applied to all revenue resulting from customer contracts unless these are subject to the application of a different standard.
Details on IFRS 15 revenue from contracts with customers:
Revenue is recognized in an amount that reflects the consideration that the company receives in return for the transfer of goods to the customer.
The Nemetschek Group generally distinguishes between the recognition of revenue from the sale of goods and merchandise, revenue from the provision of services and revenue from licenses. Revenue may be recognized only after complete fulfillment of all 5 steps of IFRS 15. These 5 steps are:
The Nemetschek Group's revenue recognition for the various product categories breaks down as follows:
Standard software includes only the "Software" performance obligation. After completion of the 5 steps, revenue from standard software is recognized when control of the software passes on to the customer. Control of the software passes on to the customer after the hardware is shipped to the customer or a link for downloading the software is sent to the customer.
The Nemetschek Group's software rental models usually include the "Software" and "User support" performance obligations. The "User support" performance obligation is a stand-ready obligation that is recognized straight-line over the period during which the service is rendered. For recognition of the "Software" performance obligation, the Nemetschek Group distinguishes between two different models:
In the case of sales transactions with end customers via sales representatives, the income from the sale is recorded as of the point in time that ownership is transferred to the end customer. The sales representative serves only as broker in such transactions, for which he/she receives a commission. The Nemetschek Group acts as the principal; Nemetschek has primary responsibility for fulfilment of the contract and influence on the pricing of such.
In the case of software service contracts, the performance obligations can be subdivided into two material obligations. First, there is user support, which is available to the customer for the entire term of the contract. Second, customers with software service contracts get the most recent version of the Nemetschek software in question. However, it is at the discretion of the Group to decide the intervals at which new versions of the software will be provided and what functionalities and/or modules of the corresponding software will be changed, modified, reduced or extended. In the case of demand for software versions and user support that are not further defined, IFRS 15 defines these as "stand-ready obligations" for which revenue recognition is straight-line over the term of the contract. Advance payments received from customers for software maintenance contracts are carried as deferred revenue (contract liability) and generally lead to revenue within the next six months.
In the case of consulting services, inasmuch as these constitute a separate performance obligation, revenue is recognized in the period in which they were rendered. Should they not constitute separate performance obligations, consulting services are combined with other contract components to form a separate performance obligation and recognized in accordance with the provisions of IFRS 15.
Revenue from hardware sales is usually recognized at the point in time of the transfer of risk to the customer. Hardware revenue is of minor significance to the Nemetschek Group.
Revenue from training is recognized after the service has been rendered.
As a result of the earlier revenue recognition within the scope of the IFRS 15 transition, in the case of the "download" variation for software rental models, the revenue reserves of the Nemetschek Group rose by EUR 538k as of January 1, 2018.
The change resulted from the release of deferred expenses that were restructured to revenue reserves due to the earlier (partial) recognition of revenue.
Moreover, as of January 1, 2018, additional revenue that had not yet been invoiced was recognized. Consequently, a contract asset in the same amount was recorded. This is recorded in other current assets and successively released in the subsequent periods.
The transition effect as a result of IFRS 15 as of September 30, 2018 is disclosed as follows:
| Thousands of € | Balance Sheet as of January 1, 2018 |
Balance sheet as of December 31, 2017 |
Transition effect |
|---|---|---|---|
| ASSETS | |||
| Contract assets | 399 | 0 | 399 |
| LIABILITIES | |||
| Deferred revenue | 67,745 | 68,097 | –352 |
| Deferred tax liabilities | 13,740 | 13,527 | 213 |
| EQUITY | |||
| Retained earnings | 193,717 | 193,179 | 538 |
The additional revenue from IFRS 15 compared to IAS 18 is disclosed as follows for the third quarter of 2018:
| Thousands of € | P&L as of September 30, 2018 |
P&L as of September 30, 2018 without adoption of IFRS 15 |
Transition effect |
|---|---|---|---|
| P&L | |||
| Subscription revenues | 15,008 | 14,554 | 454 |
The Nemetschek Group's revenue as of September 30, 2018 is disclosed as follows:
| Thousands of € | September 30, 2018 |
September 30, 2017 |
|---|---|---|
| Software and licenses | 155,764 | 142,790 |
| Recurring revenues (software service contracts and rental models) |
162,417 | 134,787 |
| Services (consulting and training) | 12,659 | 12,059 |
| Hardware | 64 | 199 |
| 330,904 | 289,835 |
Revenue from previous periods is disclosed as per IAS 18 or IAS 11.
In the third quarter of 2018, recurring revenue includes revenue from software rental models in the amount of EUR 15,008k (previous year: EUR 9,993k).
The products of the Nemetschek Group are sold via direct and indirect distribution channels, whereby the majority are sold by means of direct distribution.
The Nemetschek Group's revenue by region for the third quarter of 2018 is disclosed as follows:
| Thousands of € | September 30, 2018 |
September 30, 2017 |
|
|---|---|---|---|
| Germany | 94,308 | 87,834 | |
| Abroad | 236,596 | 202,001 | |
| Total | 330,904 | 289,835 |
The Nemetschek Group has been applying IFRS 9 since January 1, 2018; previous periods continue to be disclosed as per IAS 39. As of January 1, 2018, the transition had no effect on equity.
Munich, October 2018
Patrik Heider Sean Flaherty Viktor Várkonyi
for the period from January 1 to September 30, 2018 and 2017
| Revenues 114,862 95,839 330,904 289,835 Other operating income 1,203 1,342 4,346 3,478 Operating Income 116,065 97,181 335,250 293,313 Cost of materials/cost of purchased services –3,571 –3,373 –10,201 –9,653 Personnel expenses –51,247 –42,082 –145,306 –127,554 Depreciation of property, plant and equipment and amortization of intangible assets –6,022 –5,267 –16,838 –16,159 thereof amortization of intangible assets due to purchase price allocation –3,783 –3,266 –10,586 –10,192 Other operating expenses –32,012 –26,915 –91,530 –79,605 Operating expenses –92,852 –77,637 –263,875 –232,971 Operating results (EBIT) 23,213 19,544 71,375 60,342 Interest income 122 67 280 188 Interest expenses –269 –255 –621 –733 Share of results of associated companies 0 –23 0 –90 Other financial expenses/income 4 1 336 –12 Earnings before taxes (EBT) 23,070 19,334 71,370 59,695 Income taxes –6,065 –3,851 –18,553 –15,327 Net income for the year 17,005 15,483 52,817 44,368 Other comprehensive income: Difference from currency translation 2,218 –5,277 4,633 –19,199 Subtotal of items of other comprehensive income that will be reclassified to income in future periods: 2,218 –5,277 4,633 –19,199 Gains/losses on revaluation of defined benefit pension plans 47 –44 118 22 Tax effect –14 13 –34 –6 Subtotal of items of other comprehensive income that will not be reclassified to income in future periods: 33 –31 84 16 Subtotal other comprehensive income 2,251 –5,308 4,717 –19,183 Total comprehensive income for the year 19,256 10,175 57,534 25,185 Net profit or loss for the period attributable to: Equity holders of the parent 18,163 15,145 52,623 42,834 Non-controlling interests –1,158 338 194 1,534 Net income for the year 17,005 15,483 52,817 44,368 Total comprehensive income for the year attributable to: Equity holders of the parent 20,366 9,872 57,253 23,733 Non-controlling interests –1,110 303 281 1,452 Total comprehensive income for the year 19,256 10,175 57,534 25,185 Earnings per share (undiluted) in euros 0.47 0.39 1.37 1.11 Earnings per share (diluted) in euros 0.47 0.39 1.37 1.11 Average number of shares outstanding (undiluted) 38,500,000 38,500,000 38,500,000 38,500,000 Average number of shares outstanding (diluted) 38,500,000 38,500,000 38,500,000 38,500,000 |
Thousands of € | 3rd Quarter 2018 | 3rd Quarter 2017 | 9 month 2018 | 9 month 2017 |
|---|---|---|---|---|---|
as of September 30, 2018 and December 31, 2017
| ASSETS Thousands of € |
September 30, 2018 | December 31, 2017 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 106,761 | 103,957 |
| Trade receivables, net | 51,590 | 41,011 |
| Inventories | 1,414 | 561 |
| Tax refunded claims for income taxes | 3,027 | 908 |
| Other current financial assets | 207 | 116 |
| Other current assets | 18,216 | 12,514 |
| Current assets, total | 181,215 | 159,067 |
| Non-current assets | ||
| Property, plant and equipment | 16,638 | 14,852 |
| Intangible assets | 104,610 | 86,857 |
| Goodwill | 248,069 | 192,736 |
| Investments in associates and non-current available-for-sale assets | 3,525 | 3,553 |
| Deferred tax assets | 3,172 | 2,569 |
| Non-current financial assets | 34 | 34 |
| Other non-current assets | 963 | 1,114 |
| Non-current assets, total | 377,011 | 301,715 |
Total assets 558,226 460,782
| EQUITY AND LIABILITIES | Thousands of € | September 30, 2018 | December 31, 2017 |
|---|---|---|---|
| Current liabilities | |||
| Short-term borrowings and current portion of long-term loans | 52,103 | 36,003 | |
| Trade payables | 6,671 | 8,189 | |
| Provisions and accrued liabilities | 37,889 | 35,465 | |
| Deferred revenue | 95,583 | 68,097 | |
| Income tax liabilities | 5,790 | 7,715 | |
| Other current financial obligations | 4,150 | 601 | |
| Other current liabilities | 9,675 | 9,677 | |
| Current liabilities, total | 211,861 | 165,747 | |
| Non-current liabilities | |||
| Long-term borrowings without current portion | 87,204 | 43,944 | |
| Deferred tax liabilities | 20,055 | 13,527 | |
| Pensions and related obligations | 1,641 | 1,703 | |
| Non-current deferred revenue | 217 | 738 | |
| Non-current financial obligations | 4,195 | 1,738 | |
| Other non-current liabilities | 6,120 | 5,440 | |
| Non-current liabilities, total | 119,432 | 67,090 | |
| Equity | |||
| Subscribed capital | 38,500 | 38,500 | |
| Capital reserve | 12,485 | 12,485 | |
| Retained earnings | 189,683 | 193,179 | |
| Other comprehensive income | –13,964 | –18,691 | |
| Equity (Group shares) | 226,704 | 225,473 | |
| Non-controlling interests | 229 | 2,472 | |
| Equity, total | 226,933 | 227,945 | |
| Total equity and liabilities | 558,226 | 460,782 |
for the period from January 1 to September 30, 2018 and 2017
| Thousands of € | 9 month 2018 | 9 month 2017 |
|---|---|---|
| Profit (before tax) | 71,370 | 59,695 |
| Depreciation and amortization of fixed assets | 16,838 | 16,159 |
| Change in pension provision | 56 | 88 |
| Other non-cash transactions | 4 | 899 |
| Portion of the result of non-controlling interests | 0 | 90 |
| Result from disposal of fixed assets | 46 | 75 |
| Cash flow for the period | 88,314 | 77,006 |
| Interest income | –280 | –188 |
| Interest expenses | 621 | 733 |
| Change in other provisions | 962 | 3,513 |
| Change in trade receivables | –6,102 | –8,575 |
| Change in other assets | –6,663 | 1,113 |
| Change in trade payables | –1,658 | –1,206 |
| Change in other liabilities | 16,900 | 10,345 |
| Dividend received from associated companies | 28 | 0 |
| Interest received | 278 | 185 |
| Income taxes received | 844 | 1,975 |
| Income taxes paid | –21,102 | –16,699 |
| Cash flow from operating activities | 72,142 | 68,202 |
| Capital expenditure | –7,755 | –6,917 |
| Changes in liabilities from acquistions | –40 | –275 |
| Cash received from disposal of fixed assets | 5 | 139 |
| Cash paid for acquisition of subsidiaries, net of cash acquired | –63,264 | –24,862 |
| Cash flow from investing activities | –71,054 | –31,915 |
| Dividend payments | –28,875 | –25,025 |
| Dividend payments to non-controlling interests | –1,711 | –1,424 |
| Interest paid | –572 | –607 |
| Repayment of borrowings | –29,500 | –19,500 |
| Changes in bank liabilities due to company acquisitions | 86,000 | 0 |
| Payments for acquisition of non-controlling interests | –25,500 | –151 |
| Cash flow from financing activities | –158 | –46,707 |
| Changes in cash and cash equivalents | 930 | –10,420 |
| Effect of exchange rate differences on cash and cash equivalents | 1,874 | –5,903 |
| Cash and cash equivalents at the beginning of the period | 103,957 | 112,482 |
| Cash and cash equivalents at the end of the period | 106,761 | 96,159 |
for the period from January 1 to September 30, 2018 and 2017
| 2018 | Thousands of € | Total | Elimination | Design | Build | Manage | Media & Entertainment |
|---|---|---|---|---|---|---|---|
| Revenue, external | 330,904 | – | 198,052 | 106,202 | 7,737 | 18,913 | |
| Intersegment revenue | – | –2,894 | 33 | 1,700 | 0 | 1,160 | |
| Total revenue | 330,904 | –2,894 | 198,085 | 107,902 | 7,737 | 20,074 | |
| EBITDA | 88,213 | – | 49,572 | 29,011 | 1,699 | 7,930 | |
| Depreciation/amortization | –16,838 | – | –7,016 | –9,312 | –173 | –338 | |
| Segment operating result (EBIT) | 71,375 | – | 42,556 | 19,700 | 1,526 | 7,593 |
| 2017 | Thousands of € | Total | Elimination | Design | Build | Manage | Media & Entertainment |
|---|---|---|---|---|---|---|---|
| Revenue, external | 289,835 | – | 181,886 | 84,573 | 5,845 | 17,531 | |
| Intersegment revenue | – | –1,786 | 12 | 654 | 0 | 1,120 | |
| Total revenue | 289,835 | –1,786 | 181,898 | 85,227 | 5,845 | 18,651 | |
| EBITDA | 76,501 | – | 50,513 | 18,351 | 1,174 | 6,463 | |
| Depreciation/amortization | –16,159 | – | –5,873 | –9,864 | –48 | –374 | |
| Segment operating result (EBIT) | 60,342 | – | 44,640 | 8,487 | 1,126 | 6,089 |
for the period from January 1 to September 30, 2018 and 2017
| Equity attributable to the parent company's shareholders | |||||||
|---|---|---|---|---|---|---|---|
| Thousands of € | Subscribed capital | Capital reserve | Retained earnings | Currency conversion |
Total | Non-controlling interests |
Total equity |
| As of January 1, 2017 | 38,500 | 12,485 | 143,954 | 4,363 | 199,302 | 2,816 | 202,118 |
| Difference from currency translation |
– | – | – | –19,113 | –19,113 | –87 | –19,200 |
| Remeasurement gains/loss es from pensions and related obligations |
– | – | 11 | – | 11 | 5 | 16 |
| Net income for the year | – | – | 42,834 | – | 42,834 | 1,534 | 44,368 |
| Total comprehensive income for the year |
0 | 0 | 42,845 | –19,113 | 23,732 | 1,452 | 25,184 |
| Transactions with non-controlling interests |
– | – | –358 | – | –358 | 319 | –39 |
| Dividend payments to non-controlling interests |
– | – | – | – | 0 | –1,424 | –1,424 |
| Dividend payment | – | – | –25,025 | – | –25,025 | – | –25,025 |
| As of September 30, 2017 | 38,500 | 12,485 | 161,416 | –14,750 | 197,651 | 3,163 | 200,814 |
| As of January 1, 2018 | 38,500 | 12,485 | 193,179 | –18,691 | 225,473 | 2,472 | 227,945 |
| Difference from currency translation |
– | – | – | 4,727 | 4,727 | –94 | 4,633 |
| Remeasurement gains/loss es from pensions and related obligations |
– | – | –96 | – | –96 | 181 | 85 |
| Net income for the year | – | – | 52,623 | – | 52,623 | 194 | 52,817 |
| Total comprehensive income for the year |
0 | 0 | 52,527 | 4,727 | 57,254 | 281 | 57,535 |
| Transition effects of new In ternational Financial Reporting Standards (IFRS) |
– | – | 538 | – | 538 | – | 538 |
| Transactions with non-controlling interests |
– | – | –27,686 | – | –27,686 | –813 | –28,499 |
| Dividend payments to non-controlling interests |
– | – | – | – | 0 | –1,711 | –1,711 |
| Dividend payment | – | – | –28,875 | – | –28,875 | – | –28,875 |
| As of September 30, 2018 | 38,500 | 12,485 | 189,683 | –13,964 | 226,704 | 229 | 226,933 |
November 13, 2018 November 26. – 28, 2018 December 06, 2018
Capital Markets Day, Frankfurt / Main
German Equity Forum, Frankfurt / Main
Berenberg European Conference 2018 Pennyhill Park
Nemetschek SE Investor Relations, Konrad-Zuse-Platz 1, 81829 Munich
Contact: Stefanie Zimmermann, VP Investor Relations and Corporate Communication Tel.: +49 89 540459-250, Fax: +49 89 540459-444,
E-Mail: [email protected]
NEMETSCHEK SE Konrad-Zuse-Platz 1 81829 Munich Tel.: +49 89 540459-0 Fax: +49 89 540459-414 [email protected] www.nemetschek.com
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