Interim / Quarterly Report • Aug 10, 2007
Interim / Quarterly Report
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Half Year Report to June 30, 2007
Ernst Homolka CFO and Board Spokesman
Nemetschek stands for competence and innovation, as our strong fi gures from the half year report of 2007 demonstrate. Sales improved by 37.7 percent to 69.8 million euros, and the EBITDA by 64.5 percent to 14.1 million euros. All business units have developed positively, in particular the Design segment, where Graphisoft made the main contribution. Here, we were able to surpass our ambitious targets for the fi rst six months.
As the leading provider of software and consulting services for the whole life cycle of a building, we are well aware of our customers' needs. The industry is characterized by permanent time and cost pressures and high quality demands. As a result, we are continuously working on making the applications even more powerful, open and intuitive.
Nemetschek is committed to improving and enhancing the new fi le format IFC – Industry Foundation Classes. IFC is at the forefront of our product strategy and supports the manufacturer- and platform-independent, objectoriented representation of building model data. With this standard, we can ensure smooth data exchange between all those involved in the construction process. This is an important step on the road to a fully integrated, intelligent building model (BIM).
In this context, Nemetschek supports the growing trend towards Building Information Modeling (BIM), that is, the transition from drawing-based work to the three-dimensional modeling of building data. All those involved are provided with centralized information relating to a building – across its complete life cycle, from planning and construction right through to management.
In other words: In future, architects, civil engineers, facility managers and clients will all speak the same language. This saves time, ensures smooth processes and increases profi ts for our customers.
Our shareholders should also benefi t from our success at home and abroad. At the AGM in May, a dividend was paid out, for the third time in a row. For the 2006 fi nancial year, this was 0.56 euros per share. We are continuing to trust in an ongoing dividend policy and plan a payout for the current fi nancial year. Shareholders are also benefi ting from the development of the share price: In the fi rst six months of this year, the share saw a growth in value of around 24 percent.
Even more good news: our annual report has received the gold award in the international "Vision Awards" annual report competition organized by the League of American Communication Professionals (LACP). The annual report achieved 96 out of 100 possible points, and came top in fi ve out of ten categories. The clarity and structure of the report and the preparation of the consolidated fi gures received special praise.
The signs are also good for the second half of the year: our strong market position and the high acceptance of our solutions among customers at home and abroad give us cause for optimism. As the same time, we can expect sustained impetus as a result of the all-round positive outlook in the AEC environment. With annual sales of more than 140 million euros, 270,000 customers, software in 16 languages and over 1,000 employees, we are well-equipped for the future.
Best regards,
Ernst Homolka CFO and Board Spokesman
The AGM on May 23, 2007 in Munich impressively documented the successful development of the Nemetschek Group last year. Positive news from the company also gave the shares a boost: the share price for the Nemetschek shares was 22.22 euros at the start of the year. As the year progressed, it continually gained in value, peaking on May 10 at 29.90 euros. Profi t-taking resulted in side-stepping, and on June 30, 2007 the value stood at 27.50 euros – an increase of around 24 % since the start of the year.
The capital market's interest in the Nemetschek stock remains high. In the reporting period, Berenberg, WestLB and Sal. Oppenheim published updates to their studies. BHF-Bank also started coverage. All banks still recommend the purchase of Nemetschek stock with share price targets of up to 33 euros. The managing board sees communication with the capital market – shareholders, investors, analysts and the media – as an important task, and its activities refl ect this. In the fi rst half of the year, Nemetschek was represented at numerous key fi nancial centers, including Amsterdam, London and Paris, and also provided interviews and background meetings with leading fi nancial media.
| in millions of € | June 30, 2007 | June 30, 2006 | Change |
|---|---|---|---|
| Revenue | 69.8 | 50.7 | 37.7 % |
| Operating income | 71.1 | 51.9 | 37.0 % |
| Gross profi t | 66.2 | 48.7 | 36.0 % |
| as % of Revenue | 94.8 % | 96.1 % | |
| EBITDA | 14.1 | 8.6 | 64.5 % |
| as % of Revenue | 20.3 % | 17.0 % | |
| per share in € | 1.47 | 0.89 | |
| EBIT | 9.2 | 7.2 | 29.0 % |
| as % of Revenue | 13.2 % | 14.2 % | |
| per share in € | 0.96 | 0.75 | |
| Net income (Group shares) | 5.6 | 5.7 | – 0.3 % |
| per share in € | 0.58 | 0.59 | |
| Net income | 5.9 | 5.8 | 2.8 % |
| Cash fl ow for the period | 13.1 | 8.6 | 52.4 % |
| Cash and cash equivalents | 33.8 | 23.2 | 45.8 % |
| Equity | 55.6 | 46.7 | 19.1 % |
| Average number of outstanding shares (basic) |
9,625,000 | 9,625,000 | 0.0 % |
End-to-end processing of projects and the exchange of building data between all those involved in the building process has been rare up until now, even though it could help to eliminate errors during planning and the resulting construction losses. Project data is often sent on paper, so descriptions or building sections need to be subsequently added by hand. Alternatively, software systems are often incompatible, leading to either lost data or additional costs for forwarding information. End-to-end data exchange, based on standard formats and which links and integrates all team members, is required for more effi cient planning processes.
Nemetschek and Adobe are working together towards this goal. Both companies want to eliminate the current restrictions in performance and openness during data exchange. PDF format will act here as the central component for modern document processes in architecture and the building industry.
In practice, this means that users can convert their CAD models into PDF format and thus leverage the combined strengths of Allplan, ArchiCAD, VectorWorks, CINEMA 4D and Acrobat for 2D and 3D document workfl ows. All the products in the Nemetschek Group use the same technology, and all applications can therefore communicate with each other at document level.
The use of PDF therefore gives the construction industry and users the opportunity to secure an end-to-end planning process right through to facility management. In future it will be easier for architects and engineers to exchange and match drawings and project documents with customers and partners. The use of a standardized data format allows all participants to be integrated in the building coordination process without technical complications, ensuring successful release and clarifi cation processes. This means optimized processes for senders and recipients and thus shorter planning cycles coupled with lower project costs.
Those involved in planning can evaluate all the details of the planned building and analyze them via walkthrough.
The construction and real estate industry is on the up. More and more architects, designers, facility managers, construction companies and general contractors are using Nemetschek software for design, construction and management, as the good results of the fi rst half-year confi rm. In the Design business unit, we have laid the foundation stone for further growth with new versions of our CAD and cost management software Allplan and Allright 2006.2. Both products meet the requirements for "Works with Windows Vista" and may carry the corresponding logo.
The second quarter was also marked by the further development of our IFC strategy. With the open standard, we want to promote the smooth exchange of component-oriented data between our core products and other systems that support this standard. All current versions of Allplan, ArchiCAD and VectorWorks received the highest certifi cation for the IFC interface from the IAI (International Alliance for Interoperability) in spring.
We have also enjoyed good development abroad. In Austria, Switzerland and Italy, architects and designers can determine quantities and costs even more reliably. The Design2Cost cost accounting method from Nemetschek is now also available in these countries.
The demand for civil engineering software rose again in the second quarter. In June, we presented the D-planning package in Germany as an enhancement to Allplan Civil Engineering. It contains an extensive collection of CAD planning data for more effi cient management of projects. At Glaser, the new steel construction program Stahl 3D had a positive effect on business development. Friedrich + Lochner also shone with excellent results. A new program for calculating wind and snow loads was just one of the things contributing to the company's success.
The mood among construction companies has improved greatly since last year, revealed by their increasing willingness to invest in construction software. As a result, the cost accounting program Bau for Windows of Nemetschek Bausoftware saw a two-fi gure increase to new customers in the past quarter. The joint sales activities for marketing by AUER fi nancials and the Austrian subsidiary AUER are well under way and are already bearing fruit.
The Multimedia business unit exceeded expectations once again. With a new CINEMA 4D package for architecture visualization and service updates for CINEMA 4D and Bodypaint, MAXON, our specialist for 3D animation software, contributed to a sustained increase in sales.
The global economy is still in very good shape. For three years now, global growth has been far higher than the long-time average of around 4 % and this year again, growth of around 5 % is expected. However, we are currently experiencing a certain amount of upheaval: the economic situation in the United States, previously a consumption driver for the global economy, has noticeably weakened since the start of the year, as a result of a tighter monetary policy and a crisis on the real estate market.
The US market research institute Gartner forecasts healthy growth of 7.7 % until 2010 for the AEC market as a whole and for architecture software in particular as a result of the boom in the construction industry, in particular in China and India. In addition, customers are increasingly discovering the advantages of BIM (Building Information Modeling), which will have a positive effect on the demand for architecture software.
| Thousands of € 2nd quarter 2007 | 2nd quarter 2006 | 6 month 2007 | 6 month 2006 | |
|---|---|---|---|---|
| Revenue | 35,327 | 26,832 | 69,771 | 50,653 |
| Own work capitalized | 68 | 0 | 232 | 0 |
| Other operating income | 480 | 723 | 1,103 | 1,252 |
| Operating income | 35,875 | 27,555 | 71,106 | 51,905 |
| Cost of materials / cost of purchased services | – 2,574 | – 1,768 | – 4,870 | – 3,219 |
| Personnel expenses | – 15,805 | – 11,814 | – 30,312 | – 23,044 |
| Depreciation of property, plant and equipment and amortization of intangible assets |
– 604 | – 795 | – 1,198 | – 1,427 |
| Depreciation of property, plant and equipment and amortization of intangible assets due to purchase price allocation |
– 1,846 | 0 | – 3,692 | 0 |
| Other operating expenses | – 10,882 | – 9,003 | – 21,794 | – 17,053 |
| Operating expenses | – 31,711 | – 23,380 | – 61,866 | – 44,743 |
| Operating result | 4,164 | 4,175 | 9,240 | 7,162 |
| Interest income | 902 | 115 | 1,385 | 253 |
| Interest expenses | – 1,042 | – 46 | – 2,452 | – 68 |
| Income from associates | 23 | 24 | 67 | 54 |
| Earnings before taxes | 4,047 | 4,268 | 8,240 | 7,401 |
| Income taxes | – 1,104 | – 905 | – 2,088 | – 1,641 |
| Earnings from continued operations | 2,943 | 3,363 | 6,152 | 5,760 |
| Discontinued operations | ||||
| Losses from discontinued operations | 205 | 0 | – 229 | 0 |
| Net income for the period | 3,148 | 3,363 | 5,923 | 5,760 |
| Of this amount: | ||||
| Equity of the parent company | 3,053 | 3,352 | 5,631 | 5,650 |
| Minority interests | 95 | 11 | 292 | 110 |
| 3,148 | 3,363 | 5,923 | 5,760 | |
| Earnings per share (basic) in € | 0.32 | 0.35 | 0.59 | 0.59 |
| Earnings per share (diluted) in € | 0.32 | 0.35 | 0.58 | 0.59 |
| EBITDA per share (basic) in € | 0.69 | 0.52 | 1.47 | 0.89 |
| EBITDA per share (diluted) in € | 0.68 | 0.52 | 1.46 | 0.89 |
| EBIT per share (basic) in € | 0.43 | 0.43 | 0.96 | 0.74 |
| EBIT per share (diluted) in € | 0.43 | 0.43 | 0.96 | 0.74 |
| Average number of outstanding shares (basic) | 9,625,000 | 9,625,000 | 9,625,000 | 9,625,000 |
| Average number of outstanding shares (diluted) | 9,700,000 | 9,625,000 | 9,712,500 | 9,625,000 |
The Organisation for Economic Co-operation and Development (OECD) has signifi cantly increased its economic forecast for Germany. The Organisation has raised its growth expectation for Germany from 2.2 to 2.5 % for the year as a whole.
In 2007, the German construction industry has been able to sustain the economic upturn of 2006. For 2007, the industry can therefore expect a clear increase in sales of nominally 5 %, according to the German construction industry association HDB.
In the fi rst half of 2007, the Nemetschek Group was able to improve sales revenue and EBITDA with a continuingly positive economic and market situation. In the fi rst six months of 2007, Graphisoft contributed to the sales revenue and earnings of the Nemetschek Group for the fi rst time.
The group EBITDA increased by 64.5 % to 14.1 million euros (previous year: 8.6 million euros). This results in an EBITDA margin of 20.3 % (previous year: 17.0 %). The group EBITDA without Graphisoft, of 9.8 million euros (previous year: 8.6 million euros), increased by 14.9 %. This corresponds to an EBITDA margin of 18.3 % (previous year: 17.0 %). With an EBITDA of 4.3 million euros, Graphisoft achieved an EBITDA margin of 26.8 %.
The Nemetschek Group saw strong growth abroad, from 29.8 million euros to 43.9 million euros, corresponding to a growth rate of 47.6 %. On the German market, the Nemetschek Group profi ted from the positive economic
| Assets Thousands of € |
June 30, 2007 December 31, 2006 | |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 33,826 | 32,033 |
| Securities | 1,521 | 3,820 |
| Trade receivables, net | 21,134 | 24,680 |
| Inventories | 919 | 814 |
| Tax refunded claims from income taxes | 2,272 | 2,139 |
| Prepaid expenses and other current assets | 4,994 | 19,509 |
| Assets classifi ed as held for sale | 560 | 560 |
| Current assets, total | 65,226 | 83,555 |
| Non-current assets | ||
| Property, plant and equipment | 4,270 | 4,508 |
| Intangible assets | 63,531 | 67,043 |
| Goodwill | 50,784 | 43,560 |
| Shares in associates / fi nancial assets | 361 | 484 |
| Deferred taxes | 3,366 | 3,354 |
| Other non-current assets | 1,536 | 1,628 |
| Non-current assets, total | 123,848 | 120,577 |
situation. Domestic revenues rose to 25.8 million euros (growth: 23.8 %). For the fi rst six months, the relationship between domestic and foreign revenue was 37.0 % (previous year: 41.2 %) to 63.0 % (previous year: 58.8 %).
Compared to the same period of the previous year, all business units saw an increase. The Design business unit rose from 38.3 million euros to 56.1 million euros, and the EBITDA margin was 18.8 % (previous year: 16.5 %).
Revenue in the Maxon Group increased by 15.3 % in the Multimedia business unit, with an EBITDA margin of 32.4 % (previous year: 20.6 %) contributing to the consolidated results. This is due in particular to the current version of the CINEMA 4D product and strong revenue in the United States. In the Manage business unit, CREM Solutions increased revenue by 12.9 % thanks to a higher demand for ERP solutions. This is also refl ected in a very positive EBITDA of 0.4 million euros (previous year: – 0.3 million euros). In the Build business unit, revenue saw a slight increase of 7.4 %. At 29.1 %, the EBITDA margin is almost at previous year's level (30.4 %).
The higher EBITDA in the fi rst six months of the fi nancial year also had a positive effect on cash fl ow. The cash fl ow for the period increased to 13.1 million euros (previous year: 8.6 million euros). Cash fl ow from normal business activities rose by 5.2 million euros to 16.2 million euros.
Cash fl ow from investing activities is – 98.5 million euros, 97.2 million euros of which was paid for the fi nal acquisition of 100 % of the Graphisoft SE shares. On June 30, 2007 the group had already repaid 22.0 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 key date were 33.8 million euros (on December 31, 2006: 32.0 million euros).
| Equity and liabilities | Thousands of € | June 30, 2007 December 31, 2006 | |
|---|---|---|---|
| Current liabilities | |||
| Short-term loans and current portion of long-term loans | 11,161 | 797 | |
| Trade payables | 4,189 | 5,986 | |
| Payments on account | 77 | 310 | |
| Provisions and accrued liabilities | 14,767 | 12,087 | |
| Deferred income | 13,731 | 10,322 | |
| Income taxes | 73 | 3,692 | |
| Other current liabilities | 4,666 | 101,408 | |
| Current liabilities, total | 48,664 | 134,602 | |
| Non-current liabilities | |||
| Long-term loans without current portion | 69,655 | 242 | |
| Deferred taxes | 12,430 | 12,956 | |
| Pension provisions | 602 | 590 | |
| Other non-current liabilities | 2,093 | 636 | |
| Non-current liabilities, total | 84,780 | 14,424 | |
| Equity | |||
| Subscribed capital | 9,625 | 9,625 | |
| Capital reserves | 41,707 | 41,640 | |
| Revenue reserve | 52 | 52 | |
| Currency translation | – 2,344 | – 2,810 | |
| Retained earnings / accumulated loss | 5,439 | 5,242 | |
| Minority interests | 1,151 | 1,357 | |
| Equity, total | 55,630 | 55,106 | |
| Total equity and liabilities | 189,074 | 204,132 | |
| Thousands of € | 2007 | 2006 |
|---|---|---|
| Earnings (before taxes) | 8,109 | 7,401 |
| Amortization and depreciation of non-current assets | 1,198 | 1,427 |
| Amortization and depreciation due to purchase price allocation | 3,692 | 0 |
| Change in pension provision | 12 | 17 |
| Non-cash transactions | 193 | 97 |
| Expense / income from associates | – 67 | – 171 |
| Expense / income from disposal of property, plant and equipment | – 11 | – 157 |
| Cash fl ow for the period | 13,126 | 8,614 |
| Interest income | – 1,385 | – 253 |
| Interest expenses | 2,452 | 68 |
| Change in other provisions and accruals | 1,033 | – 4 |
| Change in trade receivables | 3,546 | 366 |
| Change in inventories, other assets | 1,273 | – 662 |
| Change in trade payables | – 1,797 | – 735 |
| Change in other liabilities | – 1,688 | 4,239 |
| Cash received from payouts from associates | 134 | 141 |
| Interest received | 801 | 253 |
| Income taxes received | 514 | 650 |
| Income taxes paid | – 1,782 | – 1,658 |
| Cash fl ow from operating activities | 16,227 | 11,019 |
| Capital expenditure | – 1,260 | – 1,198 |
| 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 | 14 | 4 |
| Disposal of liquid assets from deconsolidation | – 41 | 0 |
| Cash fl ow from investing activities | – 98,484 | – 9,830 |
| Dividend payment | – 5,390 | – 6,256 |
| Minority interests paid | – 548 | – 360 |
| Proceeds from borrowings | 100,000 | 0 |
| Repayment of borrowings | – 22,000 | 0 |
| Change in liabilities to banks due to acquisition | – 1,000 | 0 |
| Interest paid | – 2,363 | – 57 |
| Payment received from loan receivables | 14,514 | 0 |
| Cash fl ow from fi nancing activities | 83,213 | – 6,673 |
| Changes in cash and cash equivalents | 956 | – 5,484 |
| Effects of exchange rate differences on cash and cash equivalents | – 120 | – 256 |
| Cash and cash equivalents at the beginning of the period | 34,511 | 28,966 |
| Cash and cash equivalents at the end of the period | 35,347 | 23,226 |
| Thousands of € | 2007 Revenue |
2007 Amortization and depreciation |
2007 EBIT |
2006 Revenue |
2006 Amortization and depreciation |
2006 EBIT |
|---|---|---|---|---|---|---|
| Design | 56,111 | 4,677 | 5,881 | 38,341 | 1,206 | 5,137 |
| Build | 6,327 | 85 | 1,753 | 5,893 | 81 | 1,712 |
| Manage | 3,265 | 38 | 378 | 2,891 | 32 | – 306 |
| Multimedia | 4,068 | 90 | 1,228 | 3,528 | 108 | 619 |
| Total | 69,771 | 4,890 | 9,240 | 50,653 | 1,427 | 7,162 |
| 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 | |||||
| Share-based compensation | 67 | 67 | 67 | |||||
| Income payment from minority interests |
– 44 | – 44 | – 504 | – 548 | ||||
| Changes from currency translation | 467 | 467 | 467 | |||||
| Dividend payments | – 5,390 | – 5,390 | – 5,390 | |||||
| Net income for the period | 5,631 | 5,631 | 292 | 5,923 | ||||
| As of June 30, 2007 | 9,625 | 41,707 | 52 | – 2,344 | 5,439 | 54,479 | 1,151 | 55,630 |
| Number of shares Subscription rights | ||
|---|---|---|
| Managing board | ||
| Ernst Homolka | 225 | 0 |
| Michael Westfahl | 0 | 50,000 |
| Supervisory board | ||
| Kurt Dobitsch | 0 | 0 |
| Prof. Georg Nemetschek | 2,408,222 | 0 |
| Rüdiger Herzog | 0 | 0 |
The current assets were reduced by 18.3 million euros primarily as a result of the repayment of the loan by Graphisoft Park Kft. (14.5 million euros) to Graphisoft SE. The value of non-current assets rose by 3.3 million euros. On the one hand, Graphisoft SE's goodwill increased following acquisition of the remaining shares. On the other, the group wrote off 3.7 million euros of assets as planned from the purchase price allocation. 10.6 million euros of the current liabilities relate to the current portion of the bank loan from the Graphisoft acquisition including interest. 69.5 million euros of the noncurrent liabilities relate to the long-term portion of the bank loan. The equity capital is 55.6 million euros (December 31, 2006: 55.1 million euros). This is equivalent to an equity ratio of 29.4 % (December 31, 2006: 27.0 %).
The Nemetschek Group slightly increased its net income to 5.9 million euros despite depreciation from purchase price allocation of – 3.7 million euros (previous year: 0 million euros), and interest of – 2.5 million euros (previous year: 0 million euros). The earnings per share (basic) of 0.59 euros are at the same level as previous year.
In mid-May, Dr. Peter Mossack, Vice President of Research and Development, left the company to pursue new professional challenges.
100 % of Graphisoft shares were transferred to Nemetschek with effect from June 14, 2007. This was also the last day of trading for the Graphisoft stock on the Budapest stock exchange.
Signifi cant business with affi liates did not occur in the reporting period.
On June 30, the Nemetschek Group employed 1,085 people, 201 more than in the same period of the previous year. The increase in employees is due mainly to the Graphisoft acquisition.
In the 2006 fi nancial year, Nemetschek reported in detail on the various risks the group believes it is exposed to. This report explained what measures are used to counter the individual risks. The most important risks, which could lead to a signifi cant worsening of the Nemetschek Group's economic situation, are in the market- and industry-related sphere. The risk is disseminated through a broad customer base and wide-ranging product portfolio. We describe the corresponding opportunities in the Outlook in this report and in detail in the Outlook in the 2006 annual report.
For 2007, the growth forecast for business as a whole is very positive. The German economy, in particular, may see strong growth again in the fourth quarter of this year, according to OECD. Nemetschek is likely to profi t from this, and in addition, Nemetschek assumes there will be an increase in demand as a result of the new software generation, which is to be launched in fall. Management therefore expects a sustained increase in sales, in particular in the fourth quarter, and with a two-digit increase for the year as a whole for both sales revenue and operating profi t.
Section 37y of the WpHG in conjunction with section 37w para. 2 no. 3 of the WpHG
"To the best of our knowledge, and in accordance with the applicable reporting principles for interim fi nancial reporting, the interim consolidated fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the group, and the interim management report of the group includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining months of the fi nancial year."
Munich, August 2007
Ernst Homolka Michael Westfahl
CFO and Board Spokesman Member of the Managing Board
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 June 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.
The group of companies corresponds to the situation on December 31, 2006 with the following differences:
North College, Amherst College
Founded in Massachussetts in 1821, Amherst College is widely regarded as the premier liberal arts college in the US In 2001, the college initiated a comprehensive renovation program to renovate fi ve historic residence halls. The college wanted to preserve the historic character of the fi ve buildings, yet provide the functionality and modern conveniences of new construction. To do so, senior administration enlisted the help of Sacco + McKinney Architects, PC, a New York fi rm with expertise in historic renovation and restoration work. The goal was to achieve life safety and accessibility compliance equal to those required of new construction, while preserving the historical elements. That's where VectorWorks came in.
The conversion of Williston Hall (1858) from a classroom building to a residence hall was one of the fi rst components of Amherst's residential master plan. Construction required careful dismantling of the interior wood timber frame structure and replacing it with a steel and concrete fl oor system.
When it came to renovating the classrooms into living space, the 3D modeling capabilities built in VectorWorks helped the residence life staff and administration to visualize the fl oor plans. So Sacco + McKinney showed them 3D models created using RenderWorks, a visualization plug-in for VectorWorks.
South College and North College are the original buildings of Amherst College and form the centerpiece of historic College Row. Both needed extensive restoration and reconstruction of the original brick walls using historically appropriate lime putty mortar and a complete interior redesign. In addition, new exterior pathways needed to be added and sensitive modifi cations had to be made to entries to make them wheelchair accessible.
Sacco + McKinney used the digital terrain modeling technology within VectorWorks to accurately show the impact of the new accessible walkways that were needed to meet code requirements. College trustees were initially skeptical and concerned about potentially negative impacts on the historic settings, but once they viewed the 3D models, they were reassured.
From communicating design intent to quantifying construction materials, Sacco + McKinney relied on VectorWorks to successfully complete the renovation and restoration of these and other buildings on Amherst College's campus. "VectorWorks has given us the building blocks for effi ciency—a large part of our success and client satisfaction is predicated upon how long it takes us to get a project in and out the door. And using VectorWorks has expedited that process every step of the way", says Jim McKinney from Sacco + McKinney.
Nemetschek Aktiengesellschaft 81829 Munich Germany Phone: +49 (0) 89-9 27 93 – 1219 Fax: +49 (0) 89-9 27 93 – 5404 Imprint Copyright 2007 Nemetschek AG, Munich
Concept and Editorial Offi ce Nemetschek AG
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 pages 10 –11: copyright: Amherst College
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