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Nemetschek SE — Earnings Release 2018
Apr 27, 2018
301_ip_2018-04-27_fc60ae88-2dd3-4674-b95a-1726998c1cdf.pdf
Earnings Release
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Nemetschek Group
Financial Results Q1 2018 April 27, 2018
Top key figures Q1 2018: High profitability and revenue growth according to plan
Growth driver recurring revenues: Smooth transition towards subscription
Recurring revenues Maintenance and rental models such as subscription, SaaS
Software licenses
Consulting & Hardware
1 Constant currency 2 Previous year
| Recurring revenues yoy +22.4% cc1 +15.6% |
▌ | Above average growth to €50.6m (previous year: €43.8m) |
|---|---|---|
| Subscription yoy +47.3% cc1 +33.8% |
▌ ▌ |
High growth to €4.3m (previous year: €3.2m Strategic change of the business model, smooth transition towards subscriptions while respecting the customer wishes |
| Software licenses yoy +4.8% cc1 -2.6% |
▌ ▌ |
Strong growth in Q1 2017 (+20.4%) Shift to recurring revenues |
Revenue split Q1 2018
1 Constant currency 2 Previous year
Germany
Americas
Segment overview: Build segment is key growth driver
Revenues in €m
1 Constant currency
High cash generation: Cash conversion of more than 90% allows for strategic M&A
1 Operating cash flow/EBITDA 2 Previous year = End of 2017
Entering new markets / Partnerships
- ▌ dRofus adds first US based reseller partner
- ▌ Graphisoft signed new reseller agreement in Ireland and strengthened partnership with Nikken Sekkei for Japan
- ▌ Bluebeam with stronger focus on UK and Germany
▌ Vectorworks partners with Bluebeam to improve project review and approval
Next-generation products & solutions
▌ Solibri released ARCHICAD 21 link for a better interoperability
Increase efficiency
▌ Implementation of groupwide infrastructure is on track
Outlook 2018 confirmed: Q1 figures according to plan to reach full-year guidance
1 The revenue outlook is based on planned exchange rate of 1.18 EUR/USD
Now it's your turn. Q&A
APRIL 2018 FINANCIAL RESULTS Q1 2018 9
Financial Calendar
| May 30, 2018 | AGM in Munich |
|---|---|
| July 27, 2018 | Publication of 6-month report |
| 2nd half of 2018 |
Capital market day |
| October 30, 2018 | Publication of 9-month report |
P+L statement Q1 2018 comparison
| €m | Q1 2018 | Q1 2017 | % YoY |
|---|---|---|---|
| Revenues | 102.2 | 96.3 | +6.2% |
| Own work capitalized/other operating income |
1.0 | 1.0 | -3.7% |
| Operating income | 103.2 | 97.3 | +6.1% |
| Cost of materials/purchased services | -3.3 | -2.7 | +18.9% |
| Personnel expenses | -45.1 | -43.4 | +4.0% |
| Other operating expenses | -26.9 | -24.8 | +8.4% |
| Operating expenses | -75.3 | -70.9 | +6.1% |
| EBITDA | 27.9 | 26.3 | +5.9% |
| Margin | 27.3% | 27.4% | |
| Depreciation of PPA and amortization | -5.3 | -5.5 | -3.2% |
| t/o PPA | -3.4 | -3.5 | -4.0% |
| EBITA (normalized EBIT) |
26.0 | 24.4 | +6.5% |
| EBIT | 22.6 | 20.9 | +8.3% |
| Financial result | -0.1 | -0.2 | |
| EBT | 22.5 | 20.7 | +8.8% |
| Income taxes | -5.5 | -5.9 | -6.3% |
| Non-controlling interests | -0.6 | -0.6 | |
| Net income (group shares) | 16.4 | 14.2 | +15.2% |
| EPS in EUR | 0.43 | 0.37 | +15.2% |
| €m | March 31, 2018 | December 31, 2017 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 120.9 | 104.0 |
| Trade receivables, net | 44.6 | 41.0 |
| Inventories | 0.5 | 0.6 |
| Other current assets | 19.0 | 13.5 |
| Current assets, total | 184.9 | 159.1 |
| Property, plant and equipment | 14.7 | 14.9 |
| Intangible assets | 81.8 | 86.9 |
| Goodwill | 190.7 | 192.7 |
| Other non-current assets | 7.3 | 7.3 |
| Non-current assets, total | 294.6 | 301.7 |
| Total assets | 479.5 | 460.8 |
| €m | March 31, 2018 | December 31, 2017 |
|---|---|---|
| Equity and liabilities | ||
| Short-term borrowings and current portion of long-term loans | 36.0 | 36.0 |
| Trade payables & accrued liabilities | 36.6 | 43.7 |
| Deferred revenue | 87.3 | 68.1 |
| Other current assets | 20.9 | 18.0 |
| Current liabilities, total | 180.9 | 165.7 |
| Long-term borrowings without current portion | 37.4 | 43.9 |
| Deferred tax liabilities | 13.0 | 13.5 |
| Other non-current liabilities | 6.5 | 9.6 |
| Non-current liabilities, total | 56.9 | 67.1 |
| Subscribed capital and capital reserve | 51.0 | 51.0 |
| Retained earnings | 210.1 | 193.2 |
| Other comprehensive income | -22.5 | -18.7 |
| Non-controlling interests | 3.1 | 2.5 |
| Equity, total | 241.7 | 227.9 |
| Total equity and liabilities | 479.5 | 460.8 |
| €m | March 31, 2018 | March 31, 2017 | % YoY |
|---|---|---|---|
| Cash and cash equivalents at the beginning of the period | 104.0 | 112.5 | -7.6% |
| Cash flow from operating activities | 26.6 | 22.2 | +19.6% |
| Cash flow from investing activities | -1.9 | -25.9 | -92.8% |
| t/o CapEX | -1.9 | -1.2 | +57.0% |
| t/o Cash paid for business combinations | 0.0 | -24.5 | |
| Cash flow from financing activities | -6.7 | -6.9 | |
| t/o Repayments of borrowings | -6.5 | -6.5 | |
| FX-effects | -1.1 | -0.5 | |
| Cash and cash equivalents at the end of the period | 120.9 | 101.4 | +19.2% |
| Free cash flow1 | 24.7 | -3.7 | |
| Free cash flow1 (w/o acquisition effects) |
24.7 | 20.8 | +19.0% |
1 Operating cash flow – Investing cash flow
Contact
NEMETSCHEK SE Investor Relations Konrad-Zuse-Platz 1 81829 Munich Germany [email protected] www.nemetschek.com
Disclaimer
This presentation contains forward-looking statements based on the beliefs of Nemetschek SE management. Such statements reflects current views of Nemetschek SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from those projected here, due to factors including changes in general economic and business conditions, changes in currency exchange, the introduction of competing products, lack of market acceptance of new products, services or technologies and changes in business strategy. Nemetschek SE does not intend or assume any obligation to update these forward-looking statements.