Nemetschek Se · XETR:NEM
Nemetschek — Q3 2013 Earnings Presentation
25 slides from Nemetschek's earnings presentation, Oct 31, 2013
Slide 1: Q3 2013 Conference Call
Q3 2013 Conference Call Dr. Tobias Wagner 31 October 2013
Slide 2: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 1
Slide 3: Highlights in the first nine months 2013
Highlights in the first nine months 2013 New executive board Dr. Tobias Wagner, Interim, as of 29/08/2013 Viktor Varkonyi (CEO Graphisoft) and Sean Flaherty (CEO Vectorworks) as of 01/11/2013 New Financial and Operational Executive Manager (CFOO) will be announced soon Growth factors Group revenues
Slide 4: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 3
Slide 5: Solid revenue development
Solid revenue development in mEUR +5.1% 134,2 127,7 +5.1% +4.6% +5.8% 44,8 45,8 43,7 42,8 43,3 41,6 Q1 2012 Q1 2013 Q2 2012 Q2 2013 Q3 2012 Q3 2013 9M 2012 9M 2013 Q3 2013 shows stronger growth with 5.8% than previous quarters YTD 2013 with 5.1% in range of expectations 4
Slide 6: Strong growth of maintenance contracts
Strong growth of maintenance contracts YTD 2012 in % of revenues YTD 2013 in % of revenues 5,2% 5,2% Software & Licences Maintenance Service & Hardware 46,3% 48,5% 48,0% 46,8% Maintenance up by 8.9% yoy leads to higher recurring revenues Stable licenses business, up by 1.5% yoy 5
Slide 7: International revenue split
International revenue split YTD 2013 in % of revenues Europe w/o Germany Germany 39% 40% RoW Americas 1% Asia/Pacific 11% 9% Market leader in core markets DACH Market position in Americas and Asia established Growth potential abroad 6
Slide 8: EBITDA well above previous year
EBITDA well above previous year in mEUR +12.1% 31,8 28,4 +12.0% +14.8% +9.6% 11,4 10,8 10,2 9,4 9,6 8,8 Q1 2012 Q1 2013 Q2 2012 Q2 2013 Q3 2012 Q3 2013 9M 2012 9M 2013 Margin 22.6% 24.6% 20.5% 21.5% 23.6% 25.0% 22.2% 23.7% EBITDA increased over proportional compared with revenues EBITDA margin with
Slide 9: Strong EPS development
Strong EPS development in EUR +24.5% 1,68 1,35 +30.6% +22.2% +19.5% 0,64 0,55 0,49 0,49 0,45 0,41 Q1 2012 Q1 2013 Q2 2012 Q2 2013 Q3 2012 Q3 2013 9M 2012 9M 2013 Strong increase in earnings Net result up by 24.5% to 16.2 mEUR EPS at 1.68 EUR (24.5% yoy) EPS w/o PPA up by 17.9% at 2.17 EUR 8
Slide 10: Net cash development
Net cash development Operating cash flow increased by 8.9% to 28.7 mEUR CapEx 3.9 mEUR in line with forecast (~6 mEUR in FY 2013) Dividend payment 11.1 mEUR in Q2 Cash position 55.4 mEUR (+25.2% YTD) 9M 9M mEUR % YoY 2012 2013 -11,1 -2,6 EBITDA 28.4 31.8 +12.1% 24,8 Operating cash flow 26.3 28.7 +8.
Slide 11: Segment overview
Segment overview in mEUR Design Build Manage Multimedia +3.9% Revenues 107,3 103,3 +6.6% +11.4% 12,0 11,3 10,6 +21.2% 10,7 3,7 3,0 9M 2012 9M 2013 9M 2012 9M 2013 9M 2012 9M 2013 9M 2012 9M 2013 EBITDA 18.9% 20.9% 36.0% 34.3% 12.2% 21.5% 43.2% 39.4% Margin Solid revenue Moderate growth Strong revenu
Slide 12: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 11
Slide 13: Brands and projects (excerpt)
Brands and projects (excerpt) Highlights New management team completed to implement future growth strategy Next steps Release of Allplan version 2014 in November: Better 3D modeling, comprehensive collaboration and usability, direct connection to cloud-based bim+ platform Focus: Planning and develop
Slide 14: Brands and projects (excerpt)
Brands and projects (excerpt) Highlights New release of BIM software ArchiCAD 17 (26 country-specific versions) Foundation of Graphisoft Mexico as South & Central American regional hub Next steps New versions: BIMx Hyper-Model mobile app, EcoDesigner STAR, BIM Cloud Enterprise solution Highlights Ne
Slide 15: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 14
Slide 16: 3 pillars for future growth
3 pillars for future growth Market leadership for Open BIM solutions in AECO 1 2 3 Internationalization Industry mega trends Innovations The Americas BIM Data management Asia Web Usability Northern Europe Cloud Content Eastern Europe Big data Apps Collaboration Processes
Slide 17: Outlook
Outlook Market conditions • Robust development of construction markets • Strong growth expected for BIM products and solutions Strategic market • Clear focus on AECO market positioning • Leading in Open BIM solutions • Strong global brands Healthy financial • High margin business • Strong cash gener
Slide 18: IR-calendar 2013 and contact
IR-calendar 2013 and contact 31/10 Publication of Q3 Report 11-13/11 Equity Forum Frankfurt 05/12 Berenberg European Conference, London Contact: Stefanie Zimmermann Investor Relations +49 89 92793 1229 [email protected] 17
Slide 19: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 18
Slide 20: P+L statement – quarterly comparison
P+L statement – quarterly comparison mEUR Q3 2013 Q3 2012 % YoY Revenues 45.8 43.3 +5.8% Own work capitalized/ Other operating income 0.7 0.8 -13.6% Operating income 46.5 44.1 +5.4% Cost of materials/ purchased services -2.0 -1.9 +6.9% Personnel expenses -19.3 -19.1 +1.4% Other operating expenses -1
Slide 21: P+L statement – 9 months comparison
P+L statement – 9 months comparison mEUR 9M 2013 9M 2012 % YoY Revenues 134.2 127.7 +5.1% Own work capitalized/ Other operating income 2.7 3.0 -10.6% Operating income 136.9 130.7 +4.8% Cost of materials/ purchased services -6.3 -5.5 +14.2% Personnel expenses -57.7 -56.8 +1.6% Other operating expense
Slide 22: Balance sheet – Assets
Balance sheet – Assets mEUR Sep 30, 2013 Dec 31, 2012 Assets Cash and cash equivalents 55.4 44.3 Trade receivables, net 21.7 21.4 Other current assets 10.2 8.7 Total current assets 87.4 74.4 Tangible assets 4.9 5.0 Intangible assets 26.7 31.4 Goodwill 52.8 52.6 Other non-current assets 2.2 1.6 Total
Slide 23: Balance sheet – Equity and liabilities
Balance sheet – Equity and liabilities mEUR Sep 30, 2013 Dec 31, 2012 Equity and liabilities Short-term loans 0.0 0.0 Trade payables & accrued liabilities 17.3 19.0 Deferred revenue 28.8 21.6 Other current liabilities 7.6 6.3 Total current liabilities 53.7 46.9 Deferred tax liabilities 1.6 1.7 Other
Slide 24: Cash flow statement
Cash flow statement mEUR 30/09/2013 30/09/2012 % YoY Cash at beginning of period 44.3 33.5 +32.2% Operating cash flow 28.7 26.3 +8.9% Investing cash flow -3.9 -4.4 -11.4% t/o CapEx -3.9 -3.9 Financing cash flow -13.1 -18.0 -27.2% FX-effects -0.5 0.4 Cash at end of period 55.4 37.8 +46.8% Free cash f
Slide 25: 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