Earnings Release • Nov 9, 2007
Earnings Release
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Quarterly Statement as of September 30, 2007
Ernst Homolka CFO and Board Spokesman
The whole team at Nemetschek has been working extremely hard in recent months. Strategic discussions have focused on three topics: technology, brand profi le and internationality.
Our aim is and remains to secure and strengthen Nemetschek's technology leadership. We are the leading international software company in the AEC industry (architecture, engineering and construction). We have an excellent image in this sector at home and abroad, garner respect and recognition, and have a fi rst-class reputation among customers and partners. We will therefore continue to invest in research and development, new products, technologies and services in the future. Our technological expertise, in particular, has also enabled the Nemetschek Group to ride out the negative aspects of the international – particularly US – real estate crisis. Our fi eld of activities is in information technology – this is where the future lies and our core competence in design, construction and management gives us huge potential here. Our top priority is to take advantage of these oppor t unities, strengthen business with existing customers and win new customers.
A unique and memorable brand profi le for the group is extremely important particularly because we are constantly providing our customers with new and innovative products. We will therefore bundle our top products Allplan, Archicad, VectorWorks, CINEMA 4D and all other group products under the Nemetschek umbrella brand and raise its profi le further. Our international markets require clear positioning, high brand recognition and a global presence.
The IT industry is international. Our customers come from Europe, North America and Asia, but operate in different countries on all continents. In addition to leading industrialized nations, emerging and developing countries are the focus for marketing and sales managers. We therefore also need a dense and global network of partners. We are working towards this. Thanks to the acquisition of Graphisoft, our existing network is already highly professional. However, we will continue to investigate markets, strive for partnerships and exploit opportunities – be this in Eastern Europe, India or China. Our aim: To establish Nemetschek as a global player with international brands.
We will be working hard to achieve this in the coming months. We will make every effort to reach our target for the year of 140 million euros and an EBITDA margin of over 20 percent.
Best regards,
Ernst Homolka CFO and Board Spokesman
Nemetschek – shares strong in volatile capital market environment It is not just the company and its products that are strong in international business, the Nemetschek share price is also stable. On July 2, the shares reached the quarterly high of 27.73 euros, an increase of 25 % since the start of the year. In September, though, they were not able to withstand the adverse effects of the US mortgage crisis and came under more pressure. This should not have been the case, though, as Nemetschek AG continued to perform well. In October, however, the shares recovered again with a sustained positive development. Investors' interest in Nemetschek also continues to be strong. In the reporting period, the managing board presented the company in Paris, Vienna and Frankfurt.
Further meetings will also be held in Frankfurt, Milan and London up to the end of the year.
Four banks continue to cover Nemetschek. All recommend purchase of the shares in their updates with a share price target of between 31 and 33 euros. On September 20, Börsen-Zeitung followed up an analyst report from the BHF Bank and wrote: "Purchase of Nemetschek shares recommended." The good business development and shareholder-oriented policy were underlined at the end of the third quarter with a rise in earnings per share from 0.80 euros in the previous year to the current value of 0.93 euros.
| In millions of € | Sep. 30, 2007 | Sep. 30, 2006 | Change |
|---|---|---|---|
| Revenue | 102.8 | 74.8 | 37.5 % |
| Operating income | 104.7 | 76.2 | 37.4 % |
| Gross profi t | 97.6 | 70.6 | 38.2 % |
| as % of Revenue | 94.9 % | 94.4 % | |
| EBITDA | 21.3 | 11.8 | 80.5 % |
| as % of Revenue | 20.8 % | 15.8 % | |
| per share in € | 2.22 | 1.23 | |
| EBIT | 14.0 | 9.6 | 45.4 % |
| as % of Revenue | 13.6 % | 12.9 % | |
| per share in € | 1.46 | 1.00 | |
| Net income (consolidated shares) | 9.0 | 7.7 | 15.9 % |
| per share in € | 0.93 | 0.80 | |
| Net income | 9.3 | 7.9 | 18.5 % |
| Cash fl ow for the period | 19.2 | 11.9 | 61.3 % |
| Cash and cash equivalents | 26.9 | 26.7 | 0.6 % |
| Equity | 56.1 | 48.8 | 14.9 % |
| Average number of outstanding shares (basic) |
9,625,000 | 9,625,000 | 0.0 % |
During the third quarter of this year, the Nemetschek Group again proved its claim to market leadership by launching a product and sales campaign.
In September, after two years of development work, Nemetschek North America presented VectorWorks 2008, a comprehensive upgrade of its award-winning CAD software. VectorWorks 2008 offers designers, architects and mechanical engineers a revised user interface, numerous color profi les for presentations and a new technology to improve teamwork, among other features. The latter innovation facilitates usage of the software in large offi ces and for complex projects.
Projects can be subdivided among the parties in charge and results can be re-combined later without data loss. The new version thus permits the implementation of "Building Information Modeling" in VectorWorks. Vector-Works 2008 is launching a new line of products with an annual update cycle. The software is available in seven languages in addition to the English version.
With CINEMA 4D R10.5, Nemetschek subsidiary MAXON has brought to market a new, highly expanded version of its successful 3D software. The upgrade includes more than 120 new features. Core program functions as well as modules were enhanced again. MOCCA and MoGraph now feature new tools, an improved workflow and substantial acceleration of HAIR rendering. DWG import is a highlight of the new version, as users now have the option to enter fi les directly in the widely used CAD exchange format. Even layers, blocks and references are translated completely into CINEMA 4D during the import process. Another new feature is the improved interface with Nemetschek Allplan that can be used to transfer CINEMA 4D data into the new Allplan version without data loss.
The new premium product Allplan BIM 2008 is also ready for launch. Architects, construction engineers, engineering professionals and manufacturers of pre-fabricated units can use the new 3D planning software to decide freely which work method they want to use without having to switch back and forth between different applications. Allplan BIM 2008 covers all levels of a modern CAD system – from 2D drawing and 3D planning to component-oriented building modeling for quantity takeoff and cost determination. The intelligent software increases value for users and is the basis for the integrated overall Building Information Modeling (BIM) process. The sophisticated interoperability of Allplan BIM 2008 leads to shorter coordination and release processes and supports interdisciplinary collaboration across offi ces. For the customers, this means shorter project cycles and lower costs. Allplan BIM 2008 will be available in 16 languages at authorized retailers in January 2008.
Nemetschek is following the integrated planning trend in the area of industrial and commercial construction as well, and the IBD family (IntelligentBuildingData) was supplemented with CAD planning data and components specifi cally for this industry. Allplan IBD Industriebau is part of the Design2Cost solution for integrated, TÜV-certifi ed cost determination and quantity takeoff. As early as the planning process, users can precisely control quantities and costs and create convincing presentations. This is how
Nemetschek shows planners a simple way to switch from familiar 2D design to 3D planning, which is considerably more effi cient. At the same time, Nemetschek also creates for this target group the prerequisite for the Building Information Modeling process.
As in other branches of industry where products are designed, produced, sold and fi nally used, the building industry, too, is looking for ways to improve the efficiency of the design and construction process and to lower costs.
"Building Information Modeling" (BIM) is considered to be the answer. BIM is the computer-aided, three-dimensional process of planning, executing and managing buildings. All the relevant building data is networked and made available to all those involved in the planning and design process. Modern BIM technology ensures that information is exchanged and guarantees ongoing data reconciliation over the entire life cycle of a building.
In this integrated process, architects, civil engineers, design professionals and the parties issuing bid invitations work within a single system. Separate solutions for bid invitations / awarding or for costing are not required. With the help of modern CAD solutions like the products offered by Nemetschek, all parties access the same 2D documents or the same 3D model. Plans are enhanced step-by-step with information and are then available for various reports and analyses. Changes are automatically updated. The effi ciency of a plan is in no small part dependent on the ability to precisely determine quantities and costs. The intelligent software helps here, too: It provides architects and designers with sound features including a quantity structure for cost calculation and invitations to bid.
The fi rst pilot projects have shown that with the help of BIM, the time for planning and execution can be reduced by up to 25 percent. Planning errors occur less frequently, material consumption is optimized and costs are lowered.
The Nemetschek Group was once again able to strengthen its market position at home and abroad in recent months of the 2007 fi nancial year. As a technology group specializing in the design, construction and management of buildings and real estate, Nemetschek offers modern, innovative software solutions for architects, engineers and designers. The group's products are in use in all industrialized nations and many cities of the world. This success is borne out by facts and fi gures. After just nine months of the 2007 fi nancial year, the Nemetschek Group's revenues of 102.8 million euros have
almost equaled the total revenue of 2006. Graphisoft revenues are at 23.0 million euros, in terms of architecture business without the Constructor division, which was deinvested in a spin-off at the start of 2007, the increase was 14.7 %.
Compared to the same period of the previous year, group revenues increased by 37.5 % to 102.8 million euros with all business units reporting an increase in revenues.
| Thousands of € 3rd quarter 2007 3rd quarter 2006 | 9 month 2007 | 9 month 2006 | ||
|---|---|---|---|---|
| Revenue | 33,063 | 24,136 | 102,834 | 74,789 |
| Own work capitalized | 149 | 0 | 381 | 0 |
| Other operating income | 425 | 193 | 1,528 | 1,445 |
| Operating income | 33,637 | 24,329 | 104,743 | 76,234 |
| Cost of materials / cost of purchased services | – 2,240 | – 2,393 | – 7,110 | – 5,612 |
| Personnel expenses | – 14,035 | – 11,367 | – 44,347 | – 34,411 |
| Depreciation of property, plant and equipment and amortization of intangible assets |
– 585 | – 756 | – 1,783 | – 2,183 |
| Depreciation of property, plant and equipment and amortization of intangible assets due to purchase price allocation |
– 1,845 | 0 | – 5,537 | 0 |
| Other operating expenses | – 10,143 | – 7,329 | – 31,937 | – 24,382 |
| Operating expenses | – 28,848 | – 21,845 | – 90,714 | – 66,588 |
| Operating result | 4,789 | 2,484 | 14,029 | 9,646 |
| Interest income | 301 | 134 | 1,686 | 387 |
| Interest expenses | – 1,510 | – 44 | – 3,962 | – 112 |
| Income from associates | 54 | 16 | 121 | 70 |
| Earnings before taxes | 3,634 | 2,590 | 11,874 | 9,991 |
| Income taxes | – 303 | – 466 | – 2,391 | – 2,107 |
| Earnings from continued operations | 3,331 | 2,124 | 9,483 | 7,884 |
| Discontinued operations | ||||
| Losses from discontinued operations | 90 | 0 | – 139 | 0 |
| Net income for the period | 3,421 | 2,124 | 9,344 | 7,884 |
| Of this amount: | ||||
| Equity of the parent company | 3,326 | 2,075 | 8,957 | 7,725 |
| Minority interests | 95 | 49 | 387 | 159 |
| 3,421 | 2,124 | 9,344 | 7,884 | |
| Earnings per share (basic) in € | 0.35 | 0.22 | 0.93 | 0.80 |
| Earnings per share (diluted) in € | 0.35 | 0.22 | 0.92 | 0.80 |
| EBITDA per share (basic) in € | 0.75 | 0.34 | 2.22 | 1.23 |
| EBITDA per share (diluted) in € | 0.75 | 0.34 | 2.20 | 1.23 |
| EBIT per share (basic) in € | 0.50 | 0.26 | 1.46 | 1.00 |
| EBIT per share (diluted) in € | 0.50 | 0.26 | 1.45 | 1.00 |
| Average number of outstanding shares (basic) | 9,625,000 | 9,625,000 | 9,625,000 | 9,625,000 |
| Average number of outstanding shares (diluted) | 9,625,000 | 9,625,000 | 9,683,333 | 9,625,000 |
The group EBITDA increased by 80.5 % to 21.3 million euros (previous year: 11.8 million euros). This results in an EBITDA margin of 20.8 % (previous year: 15.8 %). The group EBITDA without Graphisoft, of 13.8 million euros (previous year: 11.8 million euros), increased by 16.5 %. This corresponds to an EBITDA margin of 17.3 % (previous year: 15.8 %). With an EBITDA of 7.6 million euros, Graphisoft achieved an EBITDA margin of 32.9 %.
The Nemetschek Group grew at home from 31.2 million euros to 38.2 million euros, corresponding to a growth rate of 22.2 %. Abroad, growth is at 48.5 %, with revenues at 64.6 million euros. For the fi rst nine months, the relationship between domestic and foreign revenue was 37.1 % (previous year: 41.7 %) to 62.9 % (previous year: 58.3 %). The managing board expects the proportion of foreign business to reach two thirds in the near future.
Compared to the same period of the previous year, all business units saw a double-digit increase. The Design business unit grew from 57.1 million euros to 82.8 million euros, and the EBITDA margin is 20.0 % (previous year: 15.4 %). In addition to Graphisoft, the main reason for this growth is the increase in license revenues due to new customers.
Revenues in the Maxon Group increased by 16.6 % in the Multimedia business unit, with an EBITDA margin of 29.6 % (previous year: 19.2 %) contributing to the consolidated results. This is mainly due to the current version of the CINEMA4D product and strong revenues in the United States. In the Manage business unit, CREM Solutions reported a growth in revenues of 10.6 % to 4.7 million euros with a positive EBITDA of 0.4 million euros (previous year: – 0.3 million euros).
In the Build business unit, revenues saw an increase of 11.6 %. At 27.5 %, the EBITDA margin is almost at the previous year's level (28.8 %).
| Assets Thousands of € |
Sep. 30, 2007 | Dec. 31, 2006 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 26,871 | 32,033 |
| Securities | 2,637 | 3,820 |
| Trade receivables, net | 21,224 | 24,680 |
| Inventories | 978 | 814 |
| Tax refunded claims from income taxes | 2,288 | 2,139 |
| Prepaid expenses and other current assets | 5,447 | 19,509 |
| Assets classifi ed as held for sale | 560 | 560 |
| Current assets, total | 60,005 | 83,555 |
| Non-current assets | ||
| Property, plant and equipment | 4,122 | 4,508 |
| Intangible assets | 61,864 | 67,043 |
| Goodwill | 51,037 | 43,560 |
| Shares in associates / fi nancial assets | 420 | 484 |
| Deferred taxes | 3,287 | 3,354 |
| Other non-current assets | 1,458 | 1,628 |
| Non-current assets, total | 122,188 | 120,577 |
The higher EBITDA in the fi rst nine months of the fi nancial year also had a positive effect on cash fl ow. The cash fl ow for the period increased to 19.2 million euros (previous year: 11.9 million euros). The cash fl ow from operating activities rose by 3.6 million euros to 19.4 million euros.
Cash fl ow from investing activities is – 99.2 million euros, with a total of 97.2 million euros of this fi gure paid for 100 % of the shares in Graphisoft SE. On September 30, 2007 the group had already repaid 27.0 million euros of the bank loan taken out for fi nancing purposes. Cash fl ow from fi nancing activities contains the dividend payout of 0.56 euros per share, paid on May 24, 2007.
After repayment of the bank loan and payment of the dividend, the liquid assets on the balance sheet date were 29.5 million euros (on December 31, 2006: 32.0 million euros).
The current assets were reduced by 23.6 million euros primarily as a result of the repayment of the loan by Graphisoft Park Kft. (14.5 million euros) to Graphisoft SE and the rapid reduction of debt.
The value of non-current assets increased by 1.6 million euros. On the one hand, the goodwill of Graphisoft SE and SCIA International rose after acquisition of the remaining shares. On the other, the group amortized assets due to the purchase price allocation as planned with 5.5 million euros.
18.5 million euros of the current liabilities relate to the current portion of the bank loan from the Graphisoft acquisition including interest. 55.5 million euros of the non-current liabilities relate to the long-term portion of the bank loan.
| Equity and liabilities | Sep. 30, 2007 Thousands of € |
Dec. 31, 2006 |
|---|---|---|
| Current liabilities | ||
| Short-term loans and current portion of long-term loans | 18,540 | 797 |
| Trade payables | 3,586 | 5,986 |
| Payments on account | 20 | 310 |
| Provisions and accrued liabilities | 13,914 | 12,087 |
| Deferred income | 15,713 | 10,322 |
| Income taxes | 117 | 3,692 |
| Other current liabilities | 5,193 | 101,408 |
| Current liabilities, total | 57,083 | 134,602 |
| Non-current liabilities | ||
| Long-term loans without current portion | 55,620 | 242 |
| Deferred taxes | 11,897 | 12,956 |
| Pension provisions | 608 | 590 |
| Other non-current liabilities | 904 | 636 |
| Non-current liabilities, total | 69,029 | 14,424 |
| Equity | ||
| Subscribed capital | 9,625 | 9,625 |
| Capital reserves | 39,769 | 41,640 |
| Revenue reserve | 52 | 52 |
| Currency translation | – 3,325 | – 2,810 |
| Retained earnings / accumulated loss | 8,765 | 5,242 |
| Minority interests | 1,195 | 1,357 |
| Equity, total | 56,081 | 55,106 |
| Total equity and liabilities | 182,193 | 204,132 |
| Thousands of € | 2007 | 2006 |
|---|---|---|
| Earnings (before taxes) | 11,874 | 9,990 |
| Amortization and depreciation of non-current assets | 1,783 | 2,183 |
| Amortization and depreciation due to purchase price allocation | 5,537 | 0 |
| Change in pension provision | 18 | 26 |
| Non-cash transactions | 163 | 97 |
| Expense / income from associates | – 121 | – 210 |
| Expense / income from disposal of property, plant and equipment | – 17 | – 157 |
| Cash fl ow for the period | 19,237 | 11,929 |
| Interest income | – 1,686 | – 387 |
| Interest expenses | 3,962 | 112 |
| Change in other provisions and accruals | 1,827 | 1,229 |
| Change in trade receivables | 3,456 | 1,862 |
| Change in inventories, other assets | 3,338 | – 540 |
| Change in trade payables | – 2,400 | – 1,097 |
| Change in other liabilities | – 8,170 | 3,609 |
| Cash received from distributions from associates | 134 | 141 |
| Interest received | 1,460 | 387 |
| Income taxes received | 711 | 655 |
| Income taxes paid | – 2,517 | – 2,143 |
| Cash fl ow from operating activities | 19,352 | 15,757 |
| Capital expenditure | – 1,954 | – 2,313 |
| Acquisition of entities after deduction of acquired cash and cash equivalents | 0 | – 3,341 |
| Change in liabilities from acquisitions | – 97,197 | – 5,295 |
| Cash received from the disposal of non-current assets | 26 | 4 |
| Disposal of cash and cash equivalents assets from deconsolidation | – 41 | 0 |
| Cash fl ow from investing activities | – 99,166 | – 10,945 |
| Dividend payment | – 5,390 | – 6,256 |
| Minority interests paid | – 545 | – 387 |
| Proceeds from borrowings | 100,000 | 0 |
| Repayment of borrowings | – 27,000 | 0 |
| Change in liabilities to banks due to acquisition | – 1,000 | 0 |
| Interest paid | – 3,484 | – 78 |
| Payment received from loan receivables | 14,514 | 0 |
| Payments for redemption of own shares | – 1,981 | 0 |
| Cash fl ow from fi nancing activities | 75,114 | – 6,721 |
| Changes in cash and cash equivalents | – 4,700 | – 1,909 |
| Effects of exchange rate differences on cash and cash equivalents | – 303 | – 320 |
| Cash and cash equivalents at the beginning of the period | 34,511 | 28,966 |
| Cash and cash equivalents at the end of the period | 29,508 | 26,737 |
| Thousands of € | 2007 Revenue |
2007 Amortization and depreciation |
2007 EBIT |
2006 Revenue |
2006 Amortization and depreciation |
2006 EBIT |
|---|---|---|---|---|---|---|
| Design | 82,831 | 7,020 | 9,574 | 57,058 | 1,862 | 6,908 |
| Build | 9,272 | 124 | 2,427 | 8,308 | 121 | 2,273 |
| Manage | 4,733 | 45 | 385 | 4,279 | 47 | – 370 |
| Multimedia | 5,998 | 131 | 1,643 | 5,144 | 153 | 835 |
| Total | 102,834 | 7,320 | 14,029 | 74,789 | 2,183 | 9,646 |
| Thousands of € | Equity applicable to the parent company's shareholders | |||||||
|---|---|---|---|---|---|---|---|---|
| Subscribed capital |
Capital reserve | Revenue reserve |
Currency translation |
Retained earnings / accumulated loss |
Total | Minority interests |
Total Equity |
|
| As of December 31, 2005 | 9,625 | 41,354 | 52 | – 1,851 | – 2,084 | 47,097 | 1,037 | 48,134 |
| Additional share purchases | 0 | – 51 | – 51 | |||||
| Share-based compensation | 194 | 194 | 194 | |||||
| Issuance costs prior years | 92 | 92 | 92 | |||||
| Income payment from minority interests |
– 10 | – 10 | – 387 | – 397 | ||||
| Difference from currency translation | – 960 | – 960 | – 960 | |||||
| Dividend payments | – 6,256 | – 6,256 | – 6,256 | |||||
| Net income for the year | 13,592 | 13,592 | 758 | 14,350 | ||||
| As of December 31, 2006 | 9,625 | 41,640 | 52 | – 2,811 | 5,242 | 53,748 | 1,357 | 55,106 |
| Minority share purchases | 0 | 6 | 6 | |||||
| Additional share purchases | 0 | – 20 | – 20 | |||||
| Redemption of own shares | – 1,981 | – 1,981 | – 1,981 | |||||
| Share-based compensation | 110 | 110 | 110 | |||||
| Income payment from minority interests |
– 43 | – 43 | – 502 | – 545 | ||||
| Changes from currency translation | – 514 | – 514 | – 33 | – 547 | ||||
| Dividend payments | – 5,390 | – 5,390 | – 5,390 | |||||
| Net income for the period | 8,957 | 8,957 | 387 | 9,344 | ||||
| As of September 30, 2007 | 9,625 | 39,769 | 52 | – 3,325 | 8,765 | 54,886 | 1,195 | 56,081 |
| Number of shares Subscription rights | ||
|---|---|---|
| Managing board | ||
| Ernst Homolka | 225 | 50,000 |
| Michael Westfahl | 0 | 50,000 |
| Supervisory board | ||
| Kurt Dobitsch | 0 | 0 |
| Prof. Georg Nemetschek | 2,411,322 | 0 |
| Rüdiger Herzog | 0 | 0 |
The equity capital is 56.1 million euros (December 31, 2006: 55.1 million euros). This is equivalent to an equity ratio of 30.8 % (December 31, 2006: 27.0 %).
The Nemetschek Group increased its net income to 9.3 million euros despite depreciation from purchase price allocation of – 5.5 million euros (previous year: 0 million euros), and interest of – 4.0 million euros (previous year: – 0.1 million euros). The earnings per share (basic) improved by 15.9 % to 0.93 euros (previous year: 0.80 euros).
On August 15, 2007, Nemetschek AG launched a share redemption program for 81,360 of its own shares, which was completed on September 28, 2007. The purchased shares served as acquisition currency for the full purchase of SCIA Group International NV, Belgium. With the acquisition of the remaining 21.16 % of SCIA shares, the SCIA Group became a 100 % group company of Nemetschek AG.
Experts expect continued stable growth rates and therefore positive impetus for the technology sector in the AEC division. Despite the less dynamic economy, the upturn in Germany is robust and set to last.
With the good operational fi gures for the fi rst nine months of this year, which are again marked by sustained growth and improved margins, Nemetschek believes there is a very good chance of meeting all the forecast targets for the 2007 fi nancial year. In the fourth quarter, Nemetschek is already seeing higher demand for the new software generations launched in the fall. This impetus will continue beyond the end of the year and sustain dynamic business developments in 2008. For the current fi nancial year, management expects total sales of more than 140 million euros and an EBITDA margin of over 20 percent.
The Nemetschek Group's quarterly statement is compiled in accordance with the International Accounting Standards Board's (IASB) International Financial Reporting Standards. The consolidated fi nancial statement on September 30, 2007 is unaudited. It is based on the same accounting, appraisal and calculation methods as the annual fi nancial statement dated December 31, 2006, with the following changes:
After the resolution of the Business Tax Reform Act 2008 by the Lower House of German Parliament in May 2007, the Upper House of German Parliament adopted it on July 6, 2007. As the Business Tax Reform Act goes into effect on January 1, 2008, applicable tax rates in Germany for corporate income tax and trade tax will decrease. The resulting tax rate change from the current 40.5 % rate to approximately 33.0 % affects the assessment of deferred taxes for the current quarterly statement. The assessment change was presented as a "discrete item" in accordance with the IAS 34 requirement. The tax rate change adjustment led to a one-time effect amounting to 0.2 million euros income from deferred taxes.
The group of companies corresponds to the situation on December 31, 2006, with the following changes:
Acquisition on May 23, 2007: A 70 % participation via SCIA Group NV, Herk-de-Stad, Belgium, in the newly founded Online Projects bvba, Herkde-Stad, Belgium.
Renovated rooftop of a mansion in Linz (copper strip)
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Renovated rooftop of a mansion in the Salzkammergut, Austria (eternit shingles and copper) New building of a technology centre in the Salzkammergut, Austria (aluminium coated strip)
Nemetschek Aktiengesellschaft Konrad-Zuse-Platz 1 81829 Munich Germany Phone: +49 (0) 89-9 27 93 – 1219 Fax: +49 (0) 89-9 27 93 – 5404 E-mail: [email protected] Nemetschek AG, Munich Concept and Editorial Offi ce Investor Relations Nemetschek AG
Imprint Copyright 2007
Design and Realization FIRST RABBIT GmbH, Cologne
Pre Press FIRST RABBIT GmbH, Cologne
Producer Mediahaus Biering GmbH, Munich
Pictures cover: PFP Architekten BDA, Hamburg, copyright: Ralf Buscher page 2: copyright: Nemetschek AG page 4: Nemetschek AG, copyright: Wilhelm Zedler page 11: copyright: STEFFNER DACH + WAND
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