Nemetschek Se · XETR:NEM
Nemetschek — Investor Presentation (September 2014)
34 slides from Nemetschek's investor presentation, September 2014
Slide 1: Nemetschek Group – Company Presentation
Nemetschek Group – Company Presentation September 2014
Slide 2: Agenda
Agenda Nemetschek Group: In brief Strategy Internationalization Industry mega trends Innovations Financial data first half of 2014 Nemetschek share Why invest? 2
Slide 3: A success story of more than 50 years
A success story of more than 50 years 1963 Company founded by Prof. Georg Nemetschek 1968 First use of computers in the building industry 1980 Nemetschek publishes first Computer Aided Engineering Software 1983 Start of internationalization (Austria, Switzerland) 1984 Release of CAD Software „Allpla
Slide 4: Unique DNA
Unique DNA Positioning Nemetschek Group with 11 strong brands Software solutions, innovations and BIM for the AEC industry (Architecture, Engineering, Construction) More than 1.2 million users Globally present with more than 40 locations in 142 countries Mission & Vision Our claim: Innovative, custo
Slide 5: What makes us so special
What makes us so special Design Build Manage Multimedia Graphisoft Vectorworks Auer Crem Maxon Brands Scia Frilo Bausoftware DDS Glaser Allplan FY 2013 149.5 mEUR 15.4 mEUR 5.0 mEUR 16.0 mEUR Revenues EBITDA margin 22.1% 36.0% 22.5% 40.7% Nemetschek covers complete value chain in AEC + Multimedia St
Slide 6: Agenda
Agenda Nemetschek Group: In brief Strategy Internationalization Industry mega trends Innovations Financial data first half of 2014 Nemetschek share Why invest? 6
Slide 7: Challenges of the AEC industry
Challenges of the AEC industry Time and costs are the critical parameters in the building process, e.g. Industry in transition Airport Berlin, Plan: 2012 completion, 1.7bn EUR, Status: 2017 completion, 5.7bn EUR Digitalization far behind other industries Further projects: Elbphilharmonie, San Franci
Slide 8: What drives our growth
What drives our growth Internationalization Technology trends Innovations The Americas BIM Processes Asia Web Data management Northern Europe Cloud Usability Eastern Europe Collaboration Content Mobile Apps … Major growth markets Strategic areas Focus on customers Growt
Slide 9: International revenue split
International revenue split Revenues 2009: 135.6m EUR Revenues 2013: 185.9m EUR Asia/Pacific RoW RoW Asia/Pacific 5% 1% 1% 9% Americas 6% Americas 11% Germany Germany 44% 40% 4 years Europe w/o Germany Europe w/o 44% Germany 39% DACH: Market leading position, solid base, increasing revenues Market p
Slide 10: Internationalization: Regions on the agenda
Internationalization: Regions on the agenda Strengthening our position in the Americas, Asia, Northern and Eastern Europe Markets with strong growth prospects and increasing demand Leverage via co-operations, acquisitions and early-stage occupation 10
Slide 11: AEC industry in transition
AEC industry in transition 2D drawings 3D drawings 5D end-to-end Slow internet Technologische Fast internet Trends solution Poor hardware Powerful hardware Smart/Mobile/Apps BIM Collaboration along the value chain Cloud computing since 1985 Today Tomorrow 11
Slide 12: Open BIM is one of the growth drivers for AEC
Open BIM is one of the growth drivers for AEC Open BIM 12
Slide 13: Nemetschek Group focus on Open BIM
Nemetschek Group focus on Open BIM Open BIM Innovations along the value chain Focus on customer needs 13
Slide 14: Agenda
Agenda Nemetschek Group: In brief Strategy Financial data first half of 2014 Nemetschek share Why invest? 14
Slide 15: Continued growth in revenues in the second quarter
Continued growth in revenues in the second quarter in mEUR +15.6% 102,3 88,5 +16.7% +14.6% 51,0 51,3 43,7 44,8 Q1 2013 Q1 2014 Q2 2013 Q2 2014 HY 2013 HY 2014 Strong home market (+16.4%) International markets also in growth mode (+15.1%) 15
Slide 16: Well-balanced growth of license and service contracts
Well-balanced growth of license and service contracts % of revenues Service & Hardware Software services: 5.3% Up by 14.6% to 48.5 mEUR: Recurring revenues secured Software services 47.4% Software Software licenses: licenses 47.3% Up by 17.2% to 48.3 mEUR: New customers wins and increasing customer
Slide 17: High EBITDA margin
High EBITDA margin in mEUR +25.5% 25,6 +22.3% +29.2% 20,4 13,2 12,4 10,8 9,6 Q1 2013 Q1 2014 Q2 2013 Q2 2014 HY 2013 HY 2014 Margin 24.6% 25.8% 21.5% 24.2% 23.0% 25.0% EBITDA increased over proportional compared to revenues EBITDA margin up by 2 percentage points to 25.0% 17
Slide 18: Strong EPS development
Strong EPS development in EUR +38.8% 1,50 1,08 +37.2% +40.7% 0,72 0,78 0,51 0,57 Q1 2013 Q1 2014 Q2 2013 Q2 2014 HY 2013 HY 2014 Net result up by 38.8% to 14.4 mEUR, EPS at 1.50 EUR Net result w/o PPA at 16.1 mEUR (+22.1%); EPS w/o PPA at 1.67 EUR 18
Slide 19: Segment overview
Segment overview in mEUR Design Build Manage Multimedia +19.2% Revenues 84,6 70,9 +5.5% -5.4% 8,2 7,8 7,5 7,1 +8.2% 2,2 2,4 HY 2013 HY 2014 HY 2013 HY 2014 HY 2013 HY 2014 HY 2013 HY 2014 EBITDA 20.0% 24.0% 34.0% 22.6% 18.2% 14.4% 41.9% 41.0% Margin Strong growth in both, licenses and software Proje
Slide 20: Highlights
Highlights Products / Solutions New releases of ArchiCAD 18 by Graphisoft and 30 years edition by Allplan with successful implementation of CineRender (rendering engine of Maxon) buildingSMART Nemetschek has joined Strategic Advisory Council to foster better interoperability in the built environment
Slide 21: Net cash development
Net cash development Operating cash flow Increased by 36.6% yoy to 26.0 mEUR CapEx 1.9 mEUR as expected and below last year End of activation period of own worked capitalized Dividend payment 12.5 mEUR after AGM in May Net cash 58.7 mEUR (+20.7% compared to year-end 2013) -12,5 -1,6 HY HY % 24,2 mEU
Slide 22: Agenda
Agenda Nemetschek Group: In brief Strategy Financial data first half of 2014 Nemetschek share Why invest? 22
Slide 23: Stable shareholder structure
Stable shareholder structure Founded: in 1963 IPO: March 10, 1999 5.2% Number of shares: 9,625,000 Frankfurt Stock Exchange, Prime Standard Bloomberg: NEM GY, Reuters: NEKG.DE Shares Nemetschek family: 53.57% 46.4% Freefloat: 46.43 percent 48.4% Current MarketCap: ~ 720 mEUR Current TecDAX Ranking:
Slide 24: Dividend payment of 1.30 EUR
Dividend payment of 1.30 EUR Dividend per share in EUR 1,40 1,20 1,30 Dividend increased by 13% to 1.30 EUR 1,15 1,15 per share 1,00 1,00 In total 12.5 mEUR was paid out to the 0,80 shareholders in May 2014 Since 2009, we paid 49m EUR in total in the 0,60 last 5 years 0,40 0,50 0,20 0,00 2009 2010 2
Slide 25: Share price increase and higher visibility through TecDAX
Share price increase and higher visibility through TecDAX 85 80 75 70 65 60 55 50 45 01.01.2014 01.02.2014 01.03.2014 01.04.2014 01.05.2014 01.06.2014 01.07.2014 01.08.2014 01.09.2014 Nemetschek TecDAX DAX Time Nemetschek TecDAX DAX Year 2012 +29% +18% +25% Year 2013 +52% +38% +23% YTD 2014 +65% +7%
Slide 26: Agenda
Agenda Nemetschek Group: In brief Strategy Financial data first half of 2014 Nemetschek share Why invest? 26
Slide 27: Investment highlights
Investment highlights Strategic market • Clear focus on AEC market positioning • Leading in Open BIM solutions • Strong global brands • Focus on customer needs • Very good reputation at renowned customers Healthy financial • High margin business • Strong cash generation • Healthy balance sheet Growt
Slide 28: Optimistic outlook 2014
Optimistic outlook 2014 Market conditions • Sound macroeconomic indicators • Robust development of construction markets • Strong growth expected for BIM products and solutions Long-term • AEC industry is changing growth factors • Trends such as BIM, 5D, collaboration, cloud, mobile drive the market
Slide 29: IR calendar 2014 and contact
IR calendar 2014 and contact 31/07/2014 Publication Q2 2014 30/10/2014 Publication Q3 2014 Contact: Stefanie Zimmermann Investor Relations +49 89 92793 1229 [email protected] 29
Slide 30: P+L statement – Q2 / HY comparison
P+L statement – Q2 / HY comparison mEUR Q2 2014 Q2 2013 % YoY HY 2014 HY 2013 % YoY Revenues 51.3 44.8 +14.6% 102.3 88.5 +15.6% Own work capitalized/ other operating income 0.7 0.7 +8.8% 1.7 2.0 -15.2% Operating income 52.0 45.4 +14.5% 103.9 90.4 +14.9% Cost of materials/ purchased services -1.8 -2.
Slide 31: Balance sheet – Assets
Balance sheet – Assets mEUR June 30, 2014 Dec 31, 2013 Assets Cash and cash equivalents 58.7 48.6 Trade receivables, net 24.7 21.9 Other current assets 10.4 9.2 Total current assets 93.8 79.6 Property, plant and equipment 5.4 5.3 Intangible assets 27.5 30.9 Goodwill 59.4 60.1 Other non-current asset
Slide 32: Balance sheet – Equity and liabilities
Balance sheet – Equity and liabilities mEUR June 30, 2014 Dec 31, 2013 Equity and liabilities Trade payables & accrued liabilities 19.5 20.1 Deferred revenue 34.5 23.5 Other current liabilities 10.8 10.4 Total current liabilities 64.8 54.0 Deferred tax liabilities 3.4 4.1 Other non-current liabiliti
Slide 33: Cash flow statement
Cash flow statement mEUR June 30, 2014 June 30, 2013 % YoY Cash at beginning of period 48.6 44.3 +9.6% Operating cash flow 26.0 19.1 +36.6% Investing cash flow -1.8 -2.5 (-26.0) t/o CapEx -1.9 -2.5 Financing cash flow -14.1 -12.1 17.4% FX-effects 0.1 -0,2 Cash at end of period 58.7 48.7 +20.6% Free
Slide 34: Disclaimer
Disclaimer This presentation contains forward-looking statements based on the beliefs of Nemetschek AG management. Such statements reflect current views of Nemetschek AG with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from thos
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