Mensch und Maschine Software SE · XETR:MUM
Mensch und Maschine Software — Investor Presentation (October 2012)
29 slides from Mensch und Maschine Software's investor presentation, October 2012
Slide 1: Company Presentation
Company Presentation Mensch und Maschine Software SE October 2012 (Status: Q3 report 2012)
Slide 2: Business model
Business model Mensch und Maschine Software SE (M+M) is a leading vendor of CAD/CAM solutions in Europe (CAD/CAM = Computer Aided Design/Manufacturing) European CAD/CAM Market: M+M Market share 6-7% Founded 1984 – 28 years market presence Leading European Value-Added Reselling Partner for CA
Slide 3: Business model until October 2011
Business model Business model until October 2011: Autodesk M+M Software M+M Distribution Europe M+M VAR D/A/CH Development of Value Added CAD/CAM Software Reselling of CAD Worldwide sales Resellers Software / Service End customers Segment M+M Software Segment Distribution Segment VAR (new since 20
Slide 4: Market Offensive 2009/10/11: VAR acquisitions
Business model Market Offensive 2009/10/11: Extensive change from Distribution (indirect) to VAR (Value-Added Reselling) in D/A/CH Acquisitions of key VAR partners Germany: Haberzettl, LeyCAD, AtWork, Dressler, BenCon 3D, customX, integra, CAD-praxis, Scholle Austria: E&S Switzerland: CAD-
Slide 5: Segmentation development 2008 > 2011
Business model Segmentation development 2008 > 2011: Distribution cut back Sales Gross Margin EBITDA M+M Software M+M Distri- 2008: Software Distri- M+M bution bution Software Distri- bution M+M Software Distri- bution Distri- Distri- bution bution M+M Software 2011: M+M Software VAR business VAR
Slide 6: Market Offensive II: Distribution business sale
Business model Market Offensive II - Corporate news Sept 12, 2011: Distribution business sale to Tech Data Group (closed Oct 28, 2011) Price up to EUR 28 mln EUR 12 mln fix at closing Oct 28, 2011 EUR 6 mln fix at end of March 2012 Up to EUR 10 mln variable – 4/3/3 for 2012/13/14 Subsi
Slide 7: New business model since November 2011
Business model New business model since November 2011: Gross margin Autodesk M+M Software M+M VAR M+M Software Development of Value Added Reselling of VAR Business CAD/CAM Software CAD Software / Service Worldwide sales D/A/CH / Europe EBITDA End customers M+M VAR Higher added value (gross yield
Slide 8: Geographical markets and headcount
Business model Geographical markets: Sales in 14 European countries through approx. 50 locations Sales offices in Japan, APAC and USA (M+M Software only) Headcount: (Status Sept 30, 2012) 662 (PY: 643) 247 / 37% M+M Software 415 / 63% VAR Business
Slide 9: Good segment balance and installed base
Business model Good segment balance: Mechanical: ~50% share AEC/Building services: ~25% Infrastructure & Gardening/ Landscaping: ~15% Electrical Engineering: ~10% Interdisciplinary: PDM, Industrial design / Visualization, Plant / Factory design Installed base: over 50,000 end custome
Slide 10: CAD/CAM in practice: Zurich airport
CAD/CAM in practice Example document management: Electronic archiving of all architectural plans for Zurich airport Customer: Flughafen Zürich AG, Kloten, Switzerland
Slide 11: CAD/CAM in practice: Mettop
CAD/CAM in practice Example Mechanical Engineering: Optimization of metallurgical furnaces for copper production Customer: Mettop GmbH, Leoben, Austria
Slide 12: CAD/CAM in practice: Intersport shop concept
CAD/CAM in practice Example interior design: Shop concept for Intersport Customer: Bohnacker Ladeneinrichtungen GmbH, Blaubeuren
Slide 13: CAD/CAM in practice: Eurovision stage
CAD/CAM in practice Example Design / Simulation: Show stage for the Eurovision Song Contest in Dusseldorf Customer: Studio Hamburg MCI, Hamburg, Germany
Slide 14: CAD/CAM in practice: VIP canteen building
CAD/CAM in practice Example Architecture: VIP canteen building Customer: Haumann & Fuchs Ingenieure AG, Traunstein, Germany
Slide 15: CAD/CAM in practice: Wolfwiese reservoir
CAD/CAM in practice Example Infrastructure: Water reservoir for the Ski resort Wolfwiese in Fiss, Tyrol Customer: TASC Engineering – Team Alpine Services und Consulting, Innsbruck, Austria
Slide 16: CAD/CAM in practice: Industrial design
CAD/CAM in practice Example Industrial Design Customer: Genesis-design GmbH, Munich, Germany
Slide 17: CAD/CAM in practice: INA-Schaeffler
CAD/CAM in practice Example Electrical Engineering: Design and documentation of industrial facilities Customer: INA-Schaeffler group, Herzogenaurach, Germany
Slide 18: CAD/CAM in practice: customX heat exchangers
CAD/CAM in practice Example parametric design: Customer specific configuration of heat exchangers with customX Customer: GEA Happel Klimatechnik Produktions- und Service gesellschaft mbH, Obershausen, Germany
Slide 19: Gardening and Landscaping (GaLa)
CAD/CAM in practice Gardening and Landscaping (GaLa) Subsidiary DATAflor – Segment M+M Software Price range: approx. EUR 5,000 per seat Design and maintenance of GaLa Projects Project: Revitalization of Waldsiedlung, Hanau-Grossauheim
Slide 20: CAM – Computer Aided Manufacturing
CAD/CAM in practice CAM – Computer Aided Manufacturing Subsidiary Open Mind – Segment M+M Software Price range: EUR 15,000 to >100,000 per seat ~23% of group revenue / ~40% of group gross margin Project: CNC programming for application department of precision tool manufacturer MORI SEIKI, Ja
Slide 21: CAM in the product development process
CAD/CAM in practice CAM in the product development process: CAD Software CAM Software Precision (construction) and machine tool Postprocessor with NC Control
Slide 22: Sales & gross margin
Sales & gross margin 300 Sales 2011: EUR 191.72 mln / -2% 250 Distribution VAR D/A/CH M+M Software: EUR 29.26 mln / +12% Software 200 VAR Business: EUR 67.74 mln / +18% Distribution: EUR 94.73 mln / -16% (10 months) 150 Gross margin 2011: EUR 70.01 mln / +5.8% 100 M+M Software: EUR 26.41
Slide 23: Earnings & cash flows
Earnings & cash flows 20 EBITDA 2011: EUR 15.63 mln (PY: 6.06) EBITDA non-recurring EBITDA operating Thereof operating: EUR 9.11 mln / +50% 15 Net profit M+M Software: EUR 4.37 mln (PY: 2.82) VAR Business: EUR 1.96 mln (PY: -0.54) 10 Distribution (10 months): EUR 2.78 mln (PY: 3.77) Norm
Slide 24: Balance sheet & bank debt
Balance sheet & bank debt 110 Total assets Dec 31, 2011: 100 Total assets EUR 104.95 mln (PY: 105.10) 90 Sep 30, 2012: EUR 87.82 mln / -16% 80 70 Net bank debt Dec 31, 2011: 60 50 EUR 3.18 mln (PY: 11.86) 40 Reduced by more than EUR 30 mln 02 03 04 05 06 07 08 09 10 11 in 10 years since
Slide 25: Shareholder structure
Shareholder structure # of shares at Sep 30, 2012: Management approx. 15.432 mln 13,0% Shareholder structure: 43.8% Free float 55.4% Management – CEO / Chairman of the Board Drotleff Adi Drotleff 42.4% 42,4% Free float Purchase since beginning of 2006: 43,8% >1,350,000 shares / Invest >6.8 M
Slide 26: Investor Relations
Investor Relations Designated Sponsors: LBBW, Stuttgart Close Seydler, Frankfurt Analyst coverage: LBBW: „Buy“ - fair value EUR 5.85 Independent Research: „Buy“ - fair value EUR 6.70 Warburg Research: „Buy“ - fair value EUR 6.10 Performaxx: „Buy“ – fair value EUR 11.75
Slide 27: Share price development
Share price development Performance incl. EUR 0.95 Dividend total since 2003 Since Oct 9, 2008: Share buyback program (total ~1,180,000 shares)
Slide 28: Outlook
Outlook 250 Parameters: 10-13% p.a. organic sales growth, Distribution VAR Business 200 step by step use of operating margin potential, Software 150 focus on cost management, tax optimization 100 Sales: 50 2012 reduction in spite of growth in Software + D/A/CH Target 2014: EUR ~200 mln (orga
Slide 29: Thank you for your attention!
Thank you for your attention !
Mensch und Maschine Software — Investor Presentation (October 2012) on 6ix