Quarterly Report • Apr 27, 2018
Quarterly Report
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QUARTERLY STATEMENT AS OF MARCH 31, 2018
Patrik Heider, Spokesman of the Executive Board and CFOO
The Nemetschek Group began the 2018 fiscal year according to plan, despite the negative currency effects and a high comparable base from the strong first quarter of last year. The biggest growth impetuses came from the recurring sales from maintenance contracts and rental models (subscriptions).
Despite the negative currency effects, we are satisfied with the development in the first quarter. Nemetschek is completely on schedule. Our economic strength is the prerequisite for being able to sustainably invest in the future viability of Nemetschek. Given our unique solution portfolio and our promising product pipeline, we are confident that we will reach our goals for 2018 and also our goals for the medium-term.
For the current year of 2018, the company confirms its previous outlook and expects group revenues in the range of EUR 447 million to EUR 457 million.* The EBITDA margin is expected to be in the corridor of 25% and 27% that is already achieved and is also sought after moving forward. At the same time, Nemetschek is investing an additional EUR 10 million in strategic projects.
Yours sincerely
Patrik Heider
* The revenue forecast is based on a planned exchange rate of 1.18 EUR/USD.
The share market got off to an extremely volatile start at the beginning of 2018: Concerns that central banks worldwide could end their expansive monetary policies earlier than anticipated weighed on share market listings. In the Euro area, some economic data was subject to weaker performance. In March in particular, political issues affected market developments. Especially punitive tariffs on aluminum and steel, both threatened and partially implemented by the USA, increased fears of global escalation and far-reaching trade impediments.
German indexes were also affected by this market environment. In the first quarter of 2018, the DAX dropped 6.4%, and the technology companies consolidated in the TecDAX fell 1.4%.
On January 2, 2018 the Nemetschek share started at a price of EUR 74.50. In January the share was subject to price fluctuations. At the beginning of February the share dropped to an all-time low of EUR 72.40 (February 9, 2018), primarily as a result of the overall market environment. Thereafter the share experienced a considerable rise, which came to a halt in mid-March, however, in the wake of discussions concerning US punitive tariffs and the consequent decrease in share prices on share markets. The publication of the annual figures for 2017, the positive outlook for the 2018 financial year and the first-time publication of mid-term targets for 2020 were conducive to the share price rising again considerably at the end of March. On the last day of trading in March (March 29, 2018), it was possible to achieve an all-time high of EUR 91.00 in the first quarter since the beginning of the year. All in all, the share has thus rose by some 22% since the beginning of the year. Market capitalization of Nemetschek SE increased accordingly to around EUR 3.5 billion as of March 29, 2018.
Nemetschek SE's share capital as of March 31, 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 March 31, 2018 was 46.9 percent.
* Direct shareholdings as of March 31, 2018.
The annual general meeting of Nemetschek SE will be held in Munich on May 30, 2018. The agenda for the annual general meeting was published in the Federal Gazette on April 18, 2018 and is accessible on the website of the Nemetschek Group together with all the other documents for the annual general meeting. The items on the agenda include inter alia the distribution of dividends. For the 2017 financial year, the supervisory board and executive board propose a dividend in the amount of EUR 0.75 per share, an increase of about 15% compared to the previous year (EUR 0.65 per share). The dividend increase is in keeping with the very positive business development in 2017. With 38.5 million shares entitled to a dividend, the total amount of dividends to be distributed should increase to EUR 28.88 million (previous year: EUR 25.03 million). The dividend payout ratio for the 2017 financial year is therefore approximately 30% – in relation to the operating cash flow amounting to EUR 97.4 million.
| in EUR million | 1st Quarter 2018 | 1st Quarter 2017 | Change |
|---|---|---|---|
| Revenues | 102.2 | 96.3 | 6.2% |
| EBITDA | 27.9 | 26.3 | 5.9% |
| as % of revenue | 27.3% | 27.4% | |
| EBITA | 26.0 | 24.4 | 6.5% |
| as % of revenue | 25.4% | 25.3% | |
| EBIT | 22.6 | 20.9 | 8.3% |
| as % of revenue | 22.1% | 21.7% | |
| Net income (group shares) | 16.4 | 14.2 | 15.2% |
| per share in € | 0.43 | 0.37 | |
| Net income (group shares) before purchase price allocation |
19.1 | 16.7 | 14.3% |
| per share in € | 0.50 | 0.43 | |
| Cash flow from operating activities | 26.6 | 22.2 | 19.6% |
| Free cash flow | 24.7 | –3.7 | |
| Net liquidity/net debt* | 47.4 | 24.0 | |
| Equity ratio* | 50.4% | 49.5% | |
| Headcount as of balance sheet date | 2,227 | 2,029 | 9.8% |
* Presentation of previous year as of December 31, 2017.
The Nemetschek Group increased its revenues in the first three months by 6.2% to EUR 102.2 million (previous year: EUR 96.3 million). Purely organic growth amounted to 5.3%. Adjusted for currency fluctuations on the basis of constant currency translation rates, this would result in 13.1% revenue growth, or 12.0% purely organic growth.
The increase in EBITDA was practically parallel to revenue growth. With a plus of 5.9%, EBITDA rose to EUR 27.9 million (previous year: EUR 26.3 million), which corresponds to an operating margin of 27.3% (previous year: 27.4%).
During the first three months, the Nemetschek Group's revenue from software licenses decreased by a slight –2.6%, falling to EUR 47.3 million (previous year: EUR 48.5 million). Adjusted for currency fluctuations, it was possible to achieve a slight increase of 4.8%. During the same period, recurring revenue with 15.6% rose considerably more strongly than software licenses to EUR 50.6 million (previous year: EUR 43.8 million). The share of revenue from software licenses amounts to 46.2% (previous year: 50.4%); it was possible to increase the share of recurring revenue from 45.4% to 49.5%.
In terms of region, the growth impulses came from within Germany as well as from international markets. Revenues within Germany increased by 6.1% to EUR 30.6 million (previous year: EUR 28.8 million). In markets abroad, the Nemetschek Group achieved revenues amounting to EUR 71.6 million, a plus of 6.2% compared to the previous year. The share of revenues from abroad amounted to 70.1% as in the previous year.
In the Design segment, the Nemetschek Group generated revenue growth of 3.5%, rising to EUR 62.8 million (previous year: EUR 60.7 million). EBITDA decreased by 11.6% to EUR 15.2 million (previous year: EUR 17.2 million) because of investments. This is equivalent to an operating margin of 24.2%, following 28.3% in the previous year. In the Build segment, revenue was clearly above that of the previous year due to the continued strong growth of Bluebeam Software, Inc., reaching EUR 31.6 million (previous year: EUR 27.9 million). The EBITDA margin also increased significantly to 31.0% (previous year: 22.6%). The Manage segment maintained the positive development of the previous year and increased revenue by 12.2%, achieving EUR 2.0 million. It was possible to raise the EBITDA margin to 17.6% (previous year: 14.2%). Revenue in the Media & Entertainment segment amounted to EUR 5.8 million at the end of the first quarter, slightly below the level of the previous year (EUR 5.9 million). The EBITDA margin remained at a high 44.3% (previous year: 44.6%).
Operating expenses rose by 5.4% from EUR 76.4 million to EUR 80.6 million. This includes material expenses, which grew to EUR 3.3 million (previous year: EUR 2.7 million). Personnel expenses increased by 4.0% from EUR 43.4 million to EUR 45.1 million. The amortization of assets amounting to EUR 5.3 million was slightly below the previous year's value of EUR 5.5 million. Other operating expenses rose by 8.4% from EUR 24.8 million to EUR 26.9 million.
The Group's tax rate in the first quarter of 2018 amounted to 24.5% (previous year: 28.4%). The decrease in the tax rate compared to the previous year was mainly as a result of lower taxes on earnings for the US subsidiaries. The net income for the year (Group shares) of EUR 16.4 million thus exceeded the value of the previous year of EUR 14.2 million by 15.2%. Consequently, the earnings per share amounted to EUR 0.43 (value of the previous year for comparison: EUR 0.37 per share). Adjusted for the amortization from the purchase price allocation, the net income for the year increased by 14.3% to EUR 19.1 million (previous year: EUR 16.7 million), which resulted in an increase in earnings per share to EUR 0.50 (value of the previous year for comparison: EUR 0.43 per share).
The Nemetschek Group generated an operating cash flow of EUR 26.6 million in the first three months of 2018 (previous year: EUR 22.2 million). The cash flow from investing activities amounted to EUR –1.9 million (previous year: EUR –25.9 million). The cash flow from financing activities of EUR –6.7 million (previous year: EUR –6.9 million) primarily includes the repayment of bank loans amounting to EUR 6.5 million.
Compared to December 31, 2017, the balance sheet total increased from EUR 460.8 million to EUR 479.5 million.
At the end of the quarter, the Nemetschek Group held cash and cash equivalents of EUR 120.9 million (December 31, 2017: EUR 104.0 million). The increase is as a result of ordinary operations in the first quarter of 2018. Similarly, trade receivables rose from EUR 41.0 million to EUR 44.6 million, which corresponded to revenue growth. Mainly due to the scheduled amortization of the fixed assets and currency translation, non-current assets decreased to EUR 294.6 million (December 31, 2017: EUR 301.7 million).
Deferred revenues increased by EUR 19.2 million to EUR 87.3 million in line with software service contracts invoiced. Non-current liabilities decreased overall by EUR 10.2 million to EUR 56.9 million primarily as a result of the repayment of bank loans as well as a restructuring of earn-out liabilities into current liabilities. Equity amounted to EUR 241.7 million (December 31, 2017: EUR 227.9 million), thus the equity ratio was 50.4% after 49.5% as of December 31, 2017.
Against the backdrop of the current liquidity position, the Nemetschek Group has a solid basis for the proposed dividend distribution of EUR 28.88 million (previous year: EUR 25.03 million). This represents EUR 0.75 per share (previous year: EUR 0.65 per share) and will be presented to the annual general meeting on May 30, 2018 for approval.
There were no significant events after the end of the interim reporting period.
As of the reporting date, March 31, 2018, the Nemetschek Group employed a staff of 2,227 (March 31, 2017: 2,029). The increase is mainly attributable to recruitment in several Group companies as well as to the acquisition of RISA Tech, Inc.
There are no significant changes compared to the information provided in the consolidated financial statements as of December 31, 2017.
Please see the opportunities and risks described in the Group management report for the year ended December 31, 2017 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 2018 financial year. Therefore, the Nemetschek Group firmly maintains its objective of achieving revenues ranging from EUR 447 million to EUR 457 million*. Despite major investments, as was the case in the past, the Group EBITDA margin is forecast to remain in the corridor of 25% to 27% in the future.
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 accordance with the requirements of IAS 34. The interim financial statements as of March 31, 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.
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 which 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 only be recognized 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 only includes the Software performance obligation. After completion of the five 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 performance obligations "Software" and "User support". The performance obligation "User support" is a "stand-ready obligation" which is recognized straight-line over the period during which the service is rendered. For recognition of the performance obligation "Software", 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 in the function of a 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 pricing of such.
The performance obligations in the case of software service contracts can be subdivided into two material obligations. On the one hand, user support, which is available to the customer for the entire term of the contract. On the other hand, with software service contracts, customers 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 which are not further defined, these are so-called "stand-ready obligations" according to IFRS 15, for which revenue recognition is straight-line beyond the term of the contract. Advance payments received from customers for software maintenance contracts are carried as
deferred revenue (contract liability) and normally lead to revenue within the next six months.
In the case of consulting services, inasmuch as such constitute a separate performance obligation, revenue is recognized in the period in which they were rendered. In the case that they do 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 of the transition date January 1, 2018, the Nemetschek Group applies the modified retrospective method to contracts whose terms have not expired.
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 538 k as of January 1, 2018.
On the one hand, the change resulted from the release of deferred expenses which were restructured to revenue reserves due to the earlier (partial) recognition of revenue.
On the other hand, as of January 1, 2018, additional revenue which 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 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 first quarter of 2018:
| Thousands of € | P&L as of March 31, 2018 |
P&L as of March 31, 2018 without adoption of IFRS 15 |
Transition effect |
|---|---|---|---|
| P&L | |||
| Subscription revenues | 4,312 | 4,163 | 149 |
The Nemetschek Group's revenue as of March 31, 2018 is disclosed as follows:
| 102,223 | 96,298 | |
|---|---|---|
| Hardware | 26 | 28 |
| Services (consulting and training) | 4,368 | 3,985 |
| Recurring revenues (software service contracts and rental models) |
50,568 | 43,753 |
| Software and licenses | 47,261 | 48,532 |
| Thousands of € | March 31, 2018 | March 31, 2017 |
Revenue from previous periods is disclosed as per IAS 18 or IAS 11.
Recurring revenue includes revenue from software rental models in the amount of EUR 4,312 k (previous year: EUR 3,229 k).
The products of the Nemetschek Group are sold via direct and indirect distribution channels with almost identical proportions in both cases, approx. 50% respectively.
The Nemetschek Group's revenue by region for the first quarter of 2018 is disclosed as follows:
| Total | 102,223 | 96,298 | |
|---|---|---|---|
| Non-Germany | 71,629 | 67,464 | |
| Germany | 30,594 | 28,834 | |
| Thousands of € | March 31, 2018 | March 31, 2017 | |
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, April 2018
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, 2018 and 2017
| Revenues 102,223 96,298 Other operating income 951 Operating Income 103,174 97,286 Cost of materials/cost of purchased services –3,254 –2,736 Personnel expenses –45,137 –43,411 Depreciation of property, plant and equipment and amortization of intangible assets –5,305 thereof amortization of intangible assets due to purchase price allocation –3,370 Other operating expenses –26,876 Operating expenses –80,572 Operating results (EBIT) 22,602 20,869 Interest income 70 Interest expenses –189 Share of results of associated companies 0 Other financial expenses/income 0 Earnings before taxes (EBT) 22,483 Income taxes –5,498 Net income for the year 16,985 Other comprehensive income: Difference from currency translation –3,802 Subtotal of items of other comprehensive income that will be reclassified to income in future periods: –3,802 Gains/losses on revaluation of defined benefit pension plans 95 Tax effect –27 Subtotal of items of other comprehensive income that will not be reclassified to income in future periods: 68 Subtotal other comprehensive income –3,734 –2,476 Total comprehensive income for the year 13,251 12,319 Net profit or loss for the period attributable to: Equity holders of the parent 16,368 14,205 Non-controlling interests 617 590 Net income for the year 16,985 14,795 Total comprehensive income for the year attributable to: Equity holders of the parent 12,631 11,749 Non-controlling interests 620 570 Total comprehensive income for the year 13,251 12,319 Earnings per share (undiluted) in euros 0.43 0.37 Earnings per share (diluted) in euros 0.43 0.37 Average number of shares outstanding (undiluted) 38,500,000 38,500,000 Average number of shares outstanding (diluted) 38,500,000 38,500,000 |
Thousands of € 1st Quarter 2018 |
1st Quarter 2017 |
|---|---|---|
| 988 | ||
| –5,480 | ||
| –3,509 | ||
| –24,790 | ||
| –76,417 | ||
| 54 | ||
| –240 | ||
| –18 | ||
| –3 | ||
| 20,662 | ||
| –5,867 | ||
| 14,795 | ||
| –2,442 | ||
| –2,442 | ||
| –46 | ||
| 12 | ||
| –34 | ||
as of March 31, 2018 and December 31, 2017
| ASSETS Thousands of € |
March 31, 2018 | December 31, 2017 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 120,882 | 103,957 |
| Trade receivables, net | 44,566 | 41,011 |
| Inventories | 474 | 561 |
| Tax refunded claims for income taxes | 1,907 | 908 |
| Other current financial assets | 146 | 116 |
| Other current assets | 16,947 | 12,514 |
| Current assets, total | 184,922 | 159,067 |
| Non-current assets | ||
| Property, plant and equipment | 14,723 | 14,852 |
| Intangible assets | 81,847 | 86,857 |
| Goodwill | 190,705 | 192,736 |
| Investments in associates and non-current available-for-sale assets | 3,553 | 3,553 |
| Deferred tax assets | 2,579 | 2,569 |
| Non-current financial assets | 34 | 34 |
| Other non-current assets | 1,183 | 1,114 |
| Non-current assets, total | 294,624 | 301,715 |
Total assets 479,546 460,782
| EQUITY AND LIABILITIES | Thousands of € | March 31, 2018 | December 31, 2017 |
|---|---|---|---|
| Current liabilities | |||
| Short-term borrowings and current portion of long-term loans | 36,003 | 36,003 | |
| Trade payables | 8,036 | 8,189 | |
| Provisions and accrued liabilities | 28,601 | 35,465 | |
| Deferred revenue | 87,310 | 68,097 | |
| Income tax liabilities | 6,811 | 7,715 | |
| Other current financial obligations | 2,258 | 601 | |
| Other current liabilities | 11,855 | 9,677 | |
| Current liabilities, total | 180,874 | 165,747 | |
| Non-current liabilities | |||
| Long-term borrowings without current portion | 37,444 | 43,944 | |
| Deferred tax liabilities | 13,013 | 13,527 | |
| Pensions and related obligations | 1,631 | 1,703 | |
| Non-current deferred revenue | 585 | 738 | |
| Non-current financial obligations | 31 | 1,738 | |
| Other non-current liabilities | 4,233 | 5,440 | |
| Non-current liabilities, total | 56,937 | 67,090 | |
| Equity | |||
| Subscribed capital | 38,500 | 38,500 | |
| Capital reserve | 12,485 | 12,485 | |
| Retained earnings | 210,134 | 193,179 | |
| Other comprehensive income | –22,476 | –18,691 | |
| Equity (Group shares) | 238,643 | 225,473 | |
| Non-controlling interests | 3,092 | 2,472 | |
| Equity, total | 241,735 | 227,945 | |
| Total equity and liabilities | 479,546 | 460,782 |
for the period from January 1 to March 31, 2018 and 2017
| Thousands of € | 1st Quarter 2018 | 1st Quarter 2017 |
|---|---|---|
| Profit (before tax) | 22,483 | 20,662 |
| Depreciation and amortization of fixed assets | 5,305 | 5,480 |
| Change in pension provision | 23 | 28 |
| Other non-cash transactions | 116 | 31 |
| Portion of the result of non-controlling interests | 0 | 18 |
| Result from disposal of fixed assets | 11 | 3* |
| Cash flow for the period | 27,938 | 26,222* |
| Interest income | –70 | –54 |
| Interest expenses | 189 | 240 |
| Change in other provisions | –6,629 | –7,494 |
| Change in trade receivables | –4,146 | –7,562 |
| Change in other assets | –5,114 | –2,092 |
| Change in trade payables | –130 | 94 |
| Change in other liabilities | 21,372 | 15,475 |
| Interest received | 70 | 54 |
| Income taxes received | 301 | 1,138 |
| Income taxes paid | –7,219 | –3,806 |
| Cash flow from operating activities | 26,562 | 22,215* |
| Capital expenditure | –1,868 | –1,190 |
| Changes in liabilities from acquistions | 0 | –275 |
| Cash received from disposal of fixed assets | 3 | 4* |
| Cash paid for acquisition of subsidiaries, net of cash acquired | 0 | –24,479 |
| Cash flow from investing activities | –1,865 | –25,940 |
| Dividend payments to non-controlling interests | 0 | –141 |
| Interest paid | –180 | –232 |
| Repayment of borrowings | –6,500 | –6,500 |
| Payments for acquisition of non-controlling interests | 0 | 0 |
| Cash flow from financing activities | –6,680 | –6,873 |
| Changes in cash and cash equivalents | 18,017 | –10,598 |
| Effect of exchange rate differences on cash and cash equivalents | –1,092 | –498 |
| Cash and cash equivalents at the beginning of the period | 103,957 | 112,482 |
| Cash and cash equivalents at the end of the period | 120,882 | 101,386 |
* Previous year values adjusted.
for the period from January 1 to March 31, 2018 and 2017
| Media & | |||||||
|---|---|---|---|---|---|---|---|
| 2018 | Thousands of € | Total | Elimination | Design | Build | Manage | Entertainment |
| Revenue, external | 102,223 | – | 62,797 | 31,592 | 2,046 | 5,788 | |
| Intersegment revenue | – | –867 | 0 | 500 | 0 | 367 | |
| Total revenue | 102,223 | –867 | 62,797 | 32,092 | 2,046 | 6,155 | |
| EBITDA | 27,907 | – | 15,178 | 9,806 | 359 | 2,564 | |
| Depreciation/amortization | –5,305 | – | –2,234 | –2,947 | –16 | –108 | |
| Segment operating result (EBIT) | 22,602 | – | 12,944 | 6,859 | 343 | 2,456 |
| 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 |
for the period from January 1 to March 31, 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 |
– | – | – | –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 |
| Transactions with non-controlling interests |
– | – | – | – | 0 | – | 0 |
| Dividend payments to non-controlling interests |
– | – | – | – | 0 | –141 | –141 |
| Dividend payment | – | – | – | – | 0 | – | 0 |
| As of March 31, 2017 | 38,500 | 12,485 | 158,135 | 1,931 | 211,051 | 3,245 | 214,296 |
| As of January 1, 2018 | 38,500 | 12,485 | 193,179 | –18,691 | 225,473 | 2,472 | 227,945 |
| Difference from currency translation |
– | – | – | –3,785 | –3,785 | –17 | –3,802 |
| Remeasurement gains / losses from pensions and related obligations |
– | – | 48 | – | 48 | 20 | 68 |
| Net income for the year | – | – | 16,368 | – | 16,368 | 617 | 16,985 |
| Total comprehensive income for the year |
0 | 0 | 16,416 | –3,785 | 12,631 | 620 | 13,251 |
| Transition effects of new International Financial Reporting Standards (IFRS) |
– | – | 539 | – | 539 | – | 539 |
| Dividend payments to non-controlling interests |
– | – | – | – | 0 | – | 0 |
| Dividend payment | – | – | – | – | 0 | – | 0 |
| As of March 31, 2018 | 38,500 | 12,485 | 210,134 | –22,476 | 238,643 | 3,092 | 241,735 |
Nemetschek SE, Munich Investor Relations, Konrad-Zuse-Platz 1, 81829 Munich
Contact: Stefanie Zimmermann,
Director 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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