Earnings Release • Apr 28, 2017
Earnings Release
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Patrik Heider, Spokesman of the Executive Board and CFOO
After a successful year 2016, the Nemetschek Group has made an extremely dynamic start in the new financial year 2017. It was even possible to accelerate the growth course and again increase profitability compared to the same period in the previous year.
We got the year off to an outstanding start with a smooth continuation of the strong development of the previous year. Our strategic initiatives such as product innovations and stronger internationalization are paying off. We are growing organically in the two-digit range and are additionally strengthening this growth with our acquisitions.
The Group's net asset structure and financial position remained extremely sound as of the end of the first quarter. As of March 31, 2017, the equity ratio rose to 45.2% (December 31, 2016: 44.4%). Despite the acquisition of dRofus, cash and cash equivalents at the beginning of the year were a high EUR 101.4 million (December 31, 2016: EUR 112.5 million); net liquidity amounted to EUR 11.7 million (December 31, 2016: EUR 16.3 million).
All four segments experienced considerable organic growth in the two-digit range in the starting quarter.
In the Design segment, revenue rose in Q1 by 18.0% to EUR 60.7 million (previous year's period: EUR 51.4 million). Purely organic growth was about 15.4%, without considering dRofus, which was acquired at the beginning of the year (revenue amount EUR 1.3 million in Q1). EBITDA increased over-proportionally compared to revenue growth by 27.7% to EUR 17.2 million (Q1 2016: EUR 13.5 million). The EBITDA margin rose accordingly from 26.1% to 28.3%. The growth is attributable to almost all regions and brands.
Supported by the acquisition of Design Data (revenue amount of EUR 3.1 million in Q1), the Build segment expanded very strongly. Segment revenue increased by 42.9% to EUR 27.9 million (previous year's period: EUR 19.5 million). Revenue rose organically by 26.9% – especially as a result of the brand Bluebeam Software acquired in 2014 and Solibri acquired at the end of 2015. In spite of investments in future growth, EBITDA increased by 26.0% from EUR 5.0 million to EUR 6.3 million, resulting in an EBITDA margin of 22.6% (Q1 2016: 25.6%).
In the Manage segment, it was possible to continue with the favorable growth course of the previous year. With a plus of 20.3%, revenue rose to EUR 1.8 million (previous year: EUR 1.5 million). EBITDA rose by 24.6% to EUR 0.3 million, which corresponds to an EBITDA margin of 14.2% (previous year's period: 13.7%).
In the Media & Entertainment segment, it was possible to increase revenue by 13.2% to EUR 5.9 million (previous year's period: EUR 5.2 million). EBITDA rose by 11.9% to EUR 2.6 million, which corresponds to an EBITDA margin of 44.6% (Q1 2016: 45.1%).
Following a very favorable start of the year, we affirm the previous targets for the whole of 2017. We anticipate Group revenue ranging from EUR 395 million to EUR 401 million (+17% to 19%). Purely organic growth is expected to be between 13% and 15%. The forecast for Group EBITDA remains unchanged at between EUR 100 million and EUR 103 million. The objective is to maintain the high EBITDA level of 2016 despite strategic investment in future growth and EBITDA margins which are still below average for the strongly expanding brands acquired.
Thank you for your trust!
Yours sincerely
Patrik Heider
Global share markets got off to a favorable start in 2017. In particular, the very robust global economic data plus the favorable course of the reporting season drove share prices up. This was accompanied by an unvaryingly cautious policy on the part of the US central bank. Over the past weeks, geopolitical factors have taken a backseat.
In Germany, in the first quarter of 2017, in particular the DAX and the technology companies consolidated in the TecDAX achieved considerable gains. In the course of the quarter, the DAX posted a plus of some 7%. The TecDAX was even able to increase its value by about 13%.
The price of the Nemetschek share was subject to some fluctuation, but was able to close with a slight plus in the first three months of 2017. On January 2, 2017 the share kicked off the new year at a price of EUR 55.20 and on January 31, 2017 reached an all-time low for the year of EUR 47.28 after the preliminary figures for 2016 were announced. Thereafter, the Nemetschek share stabilized and rose above the EUR 55 mark after publication of the final figures for the 2016 financial year on March 28, 2017 and the prognosis for the current 2017 financial year. The Nemetschek share closed the first three months with a price of EUR 56.23 – a rise of about 2% since the beginning of the year. The market capitalization of Nemetschek SE accordingly amounted to around EUR 2.16 billion as of March 31, 2017.
DEVELOPMENT OF THE NEMETSCHEK SHARE AS WELL AS OF THE TECDAX AND DAX INDEXED
Nemetschek SE's share capital as of March 31, 2017 was unchanged at EUR 38,500,000 and was divided into 38,500,000 no-par value bearer shares.
The free float remained unchanged at 46.43 percent as of March 31, 2017.
* Direct shareholdings as of March 31, 2017.
The annual general meeting of Nemetschek SE will be held in Munich on June 1, 2017. The agenda for the annual general meeting was published in the Federal Gazette on April 20, 2017 and is accessible on the website of the Nemetschek Group together with all the other documents for the annual general meeting. The agenda items include inter alia the distribution of dividends. For the 2016 financial year, the supervisory board and executive board propose a dividend in the amount of EUR 0.65 Euro per share, an increase of about 30% compared to the previous year (EUR 0.50 per share). The considerable dividend increase is in keeping with the very positive business development in 2016. With 38.5 million shares entitled to a dividend, the total amount of dividends to be distributed should increase to EUR 25.03 million (previous year: EUR 19.25 million). The dividend payout ratio for the 2016 financial year is therefore approximately 31% – in relation to the operating cash flow amounting to EUR 79.7 million.
| in EUR million | 1st Quarter 2017 | 1st Quarter 2016 | Change |
|---|---|---|---|
| Revenues | 96.3 | 77.7 | 24.0% |
| EBITDA | 26.3 | 21.0 | 25.5% |
| as % of revenue | 27.4% | 27.0% | |
| EBITA | 24.4 | 19.3 | 26.5% |
| as % of revenue | 25.3% | 24.8% | |
| EBIT | 20.9 | 16.6 | 26.0% |
| as % of revenue | 21.7% | 21.3% | |
| Net income (group shares) | 14.2 | 11.0 | 28.6% |
| per share in € | 0.37 | 0.29 | |
| Net income (group shares) before purchase price allocation |
16.7 | 13.0 | 28.3% |
| per share in € | 0.43 | 0.34 | |
| Cash flow from operating activities | 21.9 | 21.3 | 2.7% |
| Free cash flow | –3.7 | 19.5 | |
| Net liquidity/net debt* | 11.7 | 16.3 | |
| Equity ratio* | 45.2% | 44.4% | |
| Headcount as of balance sheet date | 2,029 | 1,769 | 14.7% |
* Presentation of previous year as of December 31, 2016.
The Nemetschek Group increased its revenues in the first three months by 24.0% to EUR 96.3 million (previous year: EUR 77.7 million). Purely organic growth was a high 18.3%. EBITDA rose over-proportionally compared to revenue. With a plus of 25.5%, EBITDA increased to EUR 26.3 million (previous year: EUR 21.0 million), which corresponds to an operating margin of 27.4% (previous year: 27.0%).
The Nemetschek Group increased revenue from software licenses in the first three months by 20.4% to EUR 48.5 million (previous year: EUR 40.3 million). During the same period, recurring revenue with 31.5% rose even more strongly than software licenses to EUR 43.8 million (previous year: EUR 33.3 million). The share of revenue from software licenses amounts to 50.4% (previous year: 51.9%); it was possible to increase the share of recurring revenue from 42.8% to 45.4%.
In terms of region, the growth impulses came from within Germany as well as from international markets. Revenues within Germany increased by 18.5% to EUR 28.8 million (previous year: EUR 24.3 million). In markets abroad, the Nemetschek Group achieved revenues amounting to EUR 67.5 million, a plus of 26.5% compared to the previous year. The share of revenues from abroad amounted to 70.1%, following 68.7% in the previous year's period.
In the Design segment, the Nemetschek Group generated revenue growth of 18.0% to EUR 60.7 million (previous year: EUR 51.4 million). EBITDA grew over-proportionally compared to revenue by 27.7%, reaching EUR 17.2 million (previous year: EUR 13.5 million). This is equivalent to an operating margin of 28.3%, following 26.1% in the previous year. In the Build segment, revenues were clearly above those of the previous year due to the continued strong growth of Bluebeam Software, Inc., reaching EUR 27.9 million (previous year: EUR 19.5 million). The EBITDA margin amounted to 22.6% (previous year: 25.6%). The Manage segment maintained the positive development of the previous year and increased revenues by 20.3%, achieving EUR 1.8 million. It was possible to raise the EBITDA margin to 14.2% (previous year: 13.7%). Revenues in the Media & Entertainment segment amounted to EUR 5.9 million at the end of the first quarter, exceeding the level of the previous year (EUR 5.2 million) by 13.2%. The EBITDA margin remained at a high 44.6% (previous year: 45.1%).
Operating expenses rose by 22.7% from EUR 62.3 million to EUR 76.4 million. The material expenses included grew to EUR 2.7 million (previous year: EUR 2.4 million). Personnel expenses increased by 24.0% from EUR 35.0 million to EUR 43.4 million. Due to higher amortization from purchase price allocations, the amortization and depreciation on fixed assets increased from EUR 4.4 million in the previous year to EUR 5.5 million. In addition, other operating expenses rose by 21.2% from EUR 20.5 million to EUR 24.8 million.
The Group's tax rate in the first quarter of 2017 amounted to 28.4% (previous year: 29.2%). The net income for the year (Group shares) of EUR 14.2 million exceeded the value of the previous year of EUR 11.0 million by 28.6%. Thus the earnings per share amounted to EUR 0.37 (value of the previous year for comparison: EUR 0.29 per share). Adjusted for the amortization from the purchase price allocation, the net income for the year increased by 28.3% to EUR 16.7 million (previous year: EUR 13.0 million), which resulted in an increase in earnings per share to EUR 0.43 (value of the previous year for comparison: EUR 0.34 per share).
The Nemetschek Group generated an operating cash flow of EUR 21.9 million in the first three months of 2017 (previous year: EUR 21.3 million). The comparatively slight rise in operating cash flow is as a result of an earn-out payment due in Q1/2017 in the amount of EUR 5.0 million from the acquisition of Bluebeam Software, Inc. in 2014. Adjusted for this one-off effect, the operating cash flow would amount to EUR 26.9 million. The cash flow from investing activities amounted to EUR 25.6 million (previous year: EUR 1.8 million).This primarily includes outgoing payments in connection with the acquisition of the dRofus Group on January 3, 2017. The cash flow from financing activities of EUR 6.9 million (previous year: EUR 4.8 million) primarily includes the repayment of bank loans amounting to EUR 6.5 million.
At the end of the quarter, the Nemetschek Group held cash and cash equivalents of EUR 101.4 million (December 31, 2016: EUR 112.5 million). The reduction is primarily as a result of purchase price payments in connection with the acquisition of the dRofus Group.
Mainly due to this acquisition as well as higher trade receivables, the balance sheet total increased to EUR 474.6 million (December 31, 2016: EUR 454.8 million). Trade receivables rose primarily due to operative growth by 21.8% to EUR 47.3 million, including an acquisition effect in the amount of EUR 1.2 million. Primarily due to the acquisition, non-current assets rose to EUR 306.8 million (December 31, 2016: EUR 286.8 million).
Deferred revenues increased by EUR 19.9 million to EUR 75.2 million in line with software service contracts invoiced. Non-current liabilities decreased overall primarily as a result of the repayment of bank loans as well as a reclassification of earn-out liabilities into current liabilities by EUR 13.1 million to EUR 93.4 million. Equity amounted to EUR 214.3 million (December 31, 2016: EUR 202.1 million), thus the equity ratio was 45.2% after 44.4% as of December 31, 2016.
Against the backdrop of the current liquidity position, the Nemetschek Group has a solid basis for the proposed dividend distribution of EUR 25.03 million (previous year: EUR 19.25 million). This corresponds to EUR 0.65 per share (previous year: EUR 0.50 per share) and will be presented to the annual general meeting on June 1, 2017 for approval.
There were no significant events after the end of the interim reporting period.
As of the reporting date, March 31, 2017, the Nemetschek Group employed a staff of 2,029 (March 31, 2016: 1,769). The increase is mainly attributable to the recruitment planned in several Group companies as well as to the acquisition of Design Data Corporation and the dRofus Group.
There are no significant changes compared to the information provided in the consolidated financial statements as of December 31, 2016.
Please see the opportunities and risks described in the Group management report for the year ended December 31, 2016 for details on significant opportunities and risks for the prospective development of the Nemetschek Group. In the interim period there were no material changes.
The development in the first three months confirms the expectations for the 2017 financial year. Therefore, Nemetschek firmly maintains its objective of achieving revenues ranging from EUR 395 million to EUR 401 million (increase of 17% to 19%). An EBITDA of between EUR 100 million and EUR 103 million is expected.
The interim financial statements of the Nemetschek Group have been prepared in accordance with the International Financial Reporting Standards (IFRS), 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 agreement with the requirements of IAS 34.
The interim financial statements as of March 31, 2017 have not been audited and have not undergone an audit review. The same accounting policies and calculation methods are applied to the interim financial statements as to the consolidated financial statements dated December 31, 2016. 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.
With legal effect from January 3, 2017, Nemetschek SE acquired 100% of the shares in the Norwegian software provider dRofus AS. dRofus is a leading provider of BIM-based planning and collaboration tools. The company operates globally with a focus on Europe, the USA and Australia. The dRofus Group was included in the consolidated financial statements of Nemetschek Group as of January 1, 2017. The purchase price for the shares amounted to EUR 25,786k. The financing was made from own funds and the use of credit lines. Within the scope of the preliminary purchase price allocation, intangible assets (customer base, brand name and technology) totaling EUR 9,950k and goodwill totaling EUR 16,473k were identified. The acquired net assets have preliminary value of EUR 1,824k. In the first three months of 2017, dRofus contributed revenues of EUR 1.3 million as well as an EBITDA of EUR 137k to the Group's success.
Munich, April 2017
Patrik Heider Sean Flaherty Viktor Várkonyi
As the result of rounding, it is possible that the individual figures in this quarterly report do not exactly add up to the totals given and that the percentage disclosures do not reflect the absolute values from which they are derived.
for the period from January 1 to March 31, 2017 and 2016
| Thousands of € | 1st Quarter 2017 | 1st Quarter 2016 |
|---|---|---|
| Revenues | 96,298 | 77,681 |
| Other operating income | 988 | 1,168 |
| Operating Income | 97,286 | 78,849 |
| Cost of materials/cost of purchased services | –2,736 | –2,393 |
| Personnel expenses | –43,411 | –35,004 |
| Depreciation of property, plant and equipment and amortization of intangible assets |
–5,480 | –4,426 |
| thereof amortization of intangible assets due to purchase price allocation | –3,509 | –2,697 |
| Other operating expenses | –24,790 | –20,457 |
| Operating expenses | –76,417 | –62,280 |
| Operating results (EBIT) | 20,869 | 16,569 |
| Interest income Interest expenses |
54 –240 |
16 –234 |
| Share of results of associated companies | –18 | 0 |
| Other financial expenses/income | –3 | 0 |
| Earnings before taxes (EBT) | 20,662 | 16,351 |
| Income taxes | –5,867 | –4,770 |
| Net income for the year | 14,795 | 11,581 |
| Other comprehensive income: | ||
| Difference from currency translation | –2,442 | –4,593 |
| Subtotal of items of other comprehensive income that will be reclassified to income in future periods: |
–2,442 | –4,593 |
| Gains/losses on revaluation of defined benefit pension plans | –46 | –107 |
| Tax effect | 12 | 30 |
| Subtotal of items of other comprehensive income that will not be reclassified to income in future periods: |
–34 | –77 |
| Subtotal other comprehensive income | –2,476 | –4,670 |
| Total comprehensive income for the year | 12,319 | 6,911 |
| Net profit or loss for the period attributable to: | ||
| Equity holders of the parent | 14,205 | 11,049 |
| Non-controlling interests | 590 | 532 |
| Net income for the year | 14,795 | 11,581 |
| Total comprehensive income for the year attributable to: | ||
| Equity holders of the parent | 11,749 | 6,465 |
| Non-controlling interests | 570 | 446 |
| Total comprehensive income for the year | 12,319 | 6,911 |
| Earnings per share (undiluted) in euros | 0.37 | 0.29 |
| Earnings per share (diluted) in euros | 0.37 | 0.29 |
| Average number of shares outstanding (undiluted) | 38,500,000 | 38,500,000 |
| Average number of shares outstanding (diluted) | 38,500,000 | 38,500,000 |
as of March 31, 2017 and December 31, 2016
| ASSETS Thousands of € |
March 31, 2017 | December 31, 2016 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 101,385 | 112,482 |
| Trade receivables, net | 47,263 | 38,794 |
| Inventories | 541 | 597 |
| Tax refunded claims for income taxes | 2,790 | 3,477 |
| Other current financial assets | 10 | 10 |
| Other current assets | 15,807 | 12,546 |
| Current assets, total | 167,796 | 167,906 |
| Non-current assets | ||
| Property, plant and equipment | 13,880 | 14,255 |
| Intangible assets | 94,594 | 89,729 |
| Goodwill | 192,182 | 177,178 |
| Investments in associates and non-current available-for-sale assets | 2,455 | 2,474 |
| Deferred tax assets | 2,283 | 2,234 |
| Non-current financial assets | 43 | 43 |
| Other non-current assets | 1,330 | 929 |
| Non-current assets, total | 306,767 | 286,842 |
| Total assets | 474,563 | 454,748 |
|---|---|---|
| EQUITY AND LIABILITIES Thousands of € |
March 31, 2017 | December 31, 2016 |
|---|---|---|
| Current liabilities | ||
| Short-term borrowings and current portion of long-term loans | 26,144 | 26,000 |
| Trade payables | 8,150 | 7,922 |
| Provisions and accrued liabilities | 25,671 | 32,778 |
| Deferred revenue | 75,216 | 55,293 |
| Income tax liabilities | 9,753 | 7,353 |
| Other current financial obligations | 8,595 | 1,224 |
| Other current liabilities | 13,305 | 15,539 |
| Current liabilities, total | 166,834 | 146,109 |
| Non-current liabilities | ||
| Long-term borrowings without current portion | 63,587 | 70,231 |
| Deferred tax liabilities | 22,056 | 20,600 |
| Pensions and related obligations | 1,734 | 1,660 |
| Non-current financial obligations | 2,060 | 9,721 |
| Other non-current liabilities | 3,996 | 4,309 |
| Non-current liabilities, total | 93,433 | 106,521 |
| Equity | ||
| Subscribed capital | 38,500 | 38,500 |
| Capital reserve | 12,485 | 12,485 |
| Retained earnings | 158,135 | 143,954 |
| Other comprehensive income | 1,931 | 4,363 |
| Equity (Group shares) | 211,051 | 199,302 |
| Non-controlling interests | 3,245 | 2,816 |
| Equity, total | 214,296 | 202,118 |
| Total equity and liabilities | 474,563 | 454,748 |
for the period from January 1 to March 31, 2017 and 2016
| Thousands of € | 1st Quarter 2017 | 1st Quarter 2016 |
|---|---|---|
| Profit (before tax) | 20,662 | 16,351 |
| Depreciation and amortization of fixed assets | 5,480 | 4,426 |
| Change in pension provision | 28 | 12 |
| Other non-cash transactions | 31 | 81 |
| Portion of the result of non-controlling interests | 18 | 0 |
| Result from disposal of fixed assets | –304 | 10 |
| Cash flow for the period | 25,915 | 20,880 |
| Interest income | –54 | –16 |
| Interest expenses | 240 | 234 |
| Change in other provisions | –7,494 | –5,480 |
| Change in trade receivables | –7,562 | –4,118 |
| Change in other assets | –2,092 | –1,981 |
| Change in trade payables | 94 | –1,744 |
| Change in other liabilities | 15,475 | 15,919 |
| Interest received | 54 | 16 |
| Income taxes received | 1,138 | 912 |
| Income taxes paid | –3,806 | –3,298 |
| Cash flow from operating activities | 21,908 | 21,324 |
| Capital expenditure | –1,190 | –1,949 |
| Changes in liabilities from acquistions | –275 | 0 |
| Cash received from disposal of fixed assets | 311 | 162 |
| Cash paid for acquisition of subsidiaries, net of cash acquired | –24,479 | 0 |
| Cash flow from investing activities | –25,633 | –1,787 |
| Dividend payments to non-controlling interests | –141 | 0 |
| Interest paid | –232 | –229 |
| Repayment of borrowings | –6,500 | –4,600 |
| Cash flow from financing activities | –6,873 | –4,829 |
| Changes in cash and cash equivalents | –10,598 | 14,708 |
| Effect of exchange rate differences on cash and cash equivalents | –498 | –1,468 |
| Cash and cash equivalents at the beginning of the period | 112,482 | 83,966 |
| Cash and cash equivalents at the end of the period | 101,386 | 97,206 |
for the period from January 1 to March 31, 2017 and 2016
| SEGMENT REPORTING | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2017 Thousands of € |
Total | Elimination | Design | Build | Manage | Media & Entertainment |
||
| Revenue, external | 96,298 | 60,686 | 27,926 | 1,823 | 5,863 | |||
| Intersegment revenue | –662 | 0 | 288 | 0 | 374 | |||
| Total revenue | 96,298 | –662 | 60,686 | 28,214 | 1,823 | 6,237 | ||
| EBITDA | 26,349 | 17,175 | 6,302 | 258 | 2,614 | |||
| Depreciation/amortization | –5,480 | –1,947 | –3,400 | –14 | –119 | |||
| Segment operating result (EBIT) |
20,869 | 15,228 | 2,902 | 244 | 2,495 |
| 2016 | Thousands of € | Total | Elimination | Design | Build | Manage | Media & Entertainment |
|---|---|---|---|---|---|---|---|
| Revenue, external | 77,681 | 51,440 | 19,547 | 1,515 | 5,179 | ||
| Intersegment revenue | –539 | 0 | 183 | 2 | 354 | ||
| Total revenue | 77,681 | –539 | 51,440 | 19,730 | 1,517 | 5,533 | |
| EBITDA | 20,995 | 13,450 | 5,003 | 207 | 2,335 | ||
| Depreciation/amortization | –4,426 | –1,797 | –2,538 | –12 | –79 | ||
| Segment operating result (EBIT) |
16,569 | 11,653 | 2,465 | 195 | 2,256 |
for the period from January 1 to March 31, 2017 and 2016
| 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, 2016 | 38,500 | 12,485 | 116,345 | –2,498 | 164,832 | 2,085 | 166,917 |
| Difference from currency translation |
–4,530 | –4,530 | –63 | –4,593 | |||
| Remeasurement gains/ losses from pensions and related obligations |
–54 | –54 | –23 | –77 | |||
| Net income for the year | 11,049 | 11,049 | 532 | 11,581 | |||
| Total comprehensive income for the year |
0 | 0 | 10,995 | –4,530 | 6,465 | 446 | 6,911 |
| Transactions with non-controlling interests |
0 | 0 | 0 | ||||
| Dividend payments to non-controlling interests |
0 | 0 | 0 | ||||
| Dividend payment | 0 | 0 | 0 | ||||
| As of March 31, 2016 | 38,500 | 12,485 | 127,340 | –7,028 | 171,297 | 2,531 | 173,828 |
| As of January 1, 2017 | 38,500 | 12,485 | 143,954 | 4,363 | 199,302 | 2,816 | 202,118 |
| Difference from currency translation |
–2,432 | –2,432 | –10 | –2,442 | |||
| Remeasurement gains/losses from pensions and related |
|||||||
| obligations | –24 | –24 | –10 | –34 | |||
| Net income for the year | 14,205 | 14,205 | 590 | 14,795 | |||
| Total comprehensive income for the year |
0 | 0 | 14,181 | –2,432 | 11,749 | 570 | 12,319 |
| Dividend payments to non-controlling interests |
0 | 0 | –141 | –141 | |||
| Dividend payment | 0 | 0 | 0 | 0 | |||
| As of March 31, 2017 | 38,500 | 12,485 | 158,135 | 1,931 | 211,051 | 3,245 | 214,296 |
Nemetschek SE, Munich Investor Relations, Konrad-Zuse-Platz 1, 81829 Munich
Contact: Stefanie Zimmermann,
Director Investor Relations and Corporate Communication
Tel.: +49 89 92793-1229, Fax: +49 89 92793-4229,
E-Mail: [email protected]
NEMETSCHEK SE Konrad-Zuse-Platz 1 81829 Munich Tel.: +49 89 92793-0 Fax: +49 89 92793-5511 [email protected] www.nemetschek.com
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