Mensch und Maschine Software SE · XETR:MUM

Mensch und Maschine Software — Investor Presentation (July 2018)

22 slides from Mensch und Maschine Software's investor presentation, Jul 27, 2018

  1. Slide 1: Mensch und Maschine Software SE

    Mensch und Maschine Software SE Company Presentation Status July 27, 2018 / Half year report 2018 © 2018 Mensch und Maschine

  2. Slide 2: Business model

    Business model  Leading vendor of CAD/CAM/PDM/BIM solutions  CAD/CAM = Computer Aided Design / Manufacturing PDM = Product Data Management / BIM = Building Information Management  Founded 1984 – 34 years on market // IPO 1997 – 21 years public  Gross Margin approx. 50/50 from two Segments  M+M

  3. Slide 3: Business model

    Business model  Q4/2011: Distribution business sold off Autodesk   Price EUR 18+10 mln fixed+variable Price (in mln EUR) booked to: 2011: 12 / 2012: 9 / 2013: 4 / 2014: 3  2017: Gross yield 59.0% / EBITDA 11.2%  83% proprietary contribution M+M Software M+M VAR Business from M+M Software / Serv

  4. Slide 4: Business model

    Business model  Geographical sales contribution: (2017) Asia/ America  Germany: EUR ~76 mln / ~47%  Austria/Switzerland: EUR ~30 mln / ~19% Europe  Europe (other): EUR ~40 mln / ~25% other GER France / Italy / UK / Poland / Romania / Iberia Austria  Asia/America: EUR ~15 mln / ~9% Swiss Japan /

  5. Slide 5: Business model

    Business model  Broad industry balance:  ~2/3 Industry: e.g. Mechanical/Electrical Engineering, Tool/Mold/Die Making, Automotive/Aerospace/Shipbuilding, Industrial design  ~1/3 AEC: e.g. Architecture, Building Services, Structural/ Civil Engineering, Infrastructure, Gardening/Landscaping  Interd

  6. Slide 6: CAD/CAM in practice (VAR Business)

    CAD/CAM in practice (VAR Business)  Example BIM – Building Information Modelling / Management: General planning of large building projects Customer: Scherr + Klimke, Ulm Germany © 2018 Mensch und Maschine

  7. Slide 7: CAD/CAM in practice (VAR Business)

    CAD/CAM in practice (VAR Business)  Example: Infrastructure/BIM – Steel plant becoming ‘Digital Factory‘ Large project since 2010 including over a dozen modules totally representing several man-years. Here: GPS aided locomotive tracking on the factory premises Customer: HKM Hüttenwerke Krupp Mannes

  8. Slide 8: CAD/CAM in practice (VAR Business)

    CAD/CAM in practice (VAR Business)  Example: Data Management for a train operator Integrated system for design, data management and Office Customer: BLS Bern-Loetschberg-Simplon Bahn AG, Bern, Switzerland © 2018 Mensch und Maschine

  9. Slide 9: CAD/CAM in practice (VAR Business)

    CAD/CAM in practice (VAR Business)  Example: Industry 4.0 meets BIM BIM compatible catalog data for large kitchen planning Customer: Rational AG, Landsberg, Germany © 2018 Mensch und Maschine

  10. Slide 10: Some VAR Business Key Customers

    Some VAR Business Key Customers © 2018 Mensch und Maschine

  11. Slide 11: CAD/CAM in practice (M+M Software)

    CAD/CAM in practice (M+M Software)  Example Electrical Engineering and Documentation: Shearer loaders for coal and potash underground mining  Product ECSCAD – until 2008 M+M Software, end of 2008 sold to Autodesk – since 2014 licensed back and developed / supported by M+M Customer: Eickhoff Bergba

  12. Slide 12: CAD/CAM in practice (M+M Software)

    CAD/CAM in practice (M+M Software)  Gardening / Landscaping / Earthworks for Architects and Implementors  M+M Subsidiary DATAflor, Goettingen  Integrated software solutions not only containing graphical planning but also calculation, tender, quoting, construction site controlling and billing  Tw

  13. Slide 13: CAD/CAM in practice (M+M Software)

    CAD/CAM in practice (M+M Software)  CAM – Computer Aided Manufacturing  Subsidiary Open Mind – Product line hyperMILL  High end: Average revenue approx. EUR 30,000 per seat  ~27% of group revenue / ~45% of group gross margin Project: Flat surface milling 10x faster by using special conical cutte

  14. Slide 14: CAD/CAM in practice (M+M Software)

    CAD/CAM in practice (M+M Software) Fast Impeller milling: 1:46 min instead of approx. 1h Precision machine tools‘ purchase prices are in the six or even seven digit Euro range. hyperMILL reduces milling times by up to 90% through intelligent machining strategies, pushing return on investment for the

  15. Slide 15: CAD/CAM in practice (M+M Software)

    CAD/CAM in practice (M+M Software) CAM (subtractive) meets 3D printing (additive): New hybrid machine tools with an LMD device (Laser Metal Deposition) combine the advantages of 3D metal printing (building parts from scratch) and 5-axis milling (finishing defined surfaces with high accuracy) without

  16. Slide 16: Some CAM Key Customers

    © 2018 Mensch und Maschine Some CAM Key Customers

  17. Slide 17: Sales & gross margin

    Sales & gross margin 60 Sales 2016  Sales 2017: EUR 160.85 mln / -3.7% 200 Sales 2017 Sales VAR Business 50 Sales 2018  M+M Software: EUR 50.47 mln / +9.1% Sales Software  VAR Business: EUR 110.38 mln / -8.6% 150 40  Seasonality returned to the pattern typical for M+M (Q1/Q4 strong, Q3 weakest)

  18. Slide 18: Earnings / cash flows / dividend

    Earnings / cash flows / dividend  Record EBITDA 2017: EUR 18.04 mln (PY: 15.76 / +14.5%) 20 EBITDA VAR Business EBITDA Software  EBITDA yield: 11.2% (PY: 9.4%) Net profit  M+M Software: EUR 12.69 mln (PY: 10.66 / +19%) / yield 25.2% (PY: 23.1%) 15  VAR Business: EUR 5.35 mln (PY: 5.09 / +5.0%) /

  19. Slide 19: Review & Outlook

    Review & Outlook 25 140 EBITDA operativ  Gross Margin 2012-2017: EUR +31.8 mln / +51% Other operating income 120 Gross margin VAR  8.5% organic Gross Margin growth p.a. (target was 10%) 20 Gross margin Software Spread from 3.7% (2017) to 13% (2015) 100 80 15  EBITDA purely operating 2012-2017: EU

  20. Slide 20: The M+M share

    The M+M share Management 700% 28,00 6,3% …and over the full 21 years since IPO  Listings: 650% 30 26,25 600% 24,50  scale, Frankfurt (scale30) 25 550% 22,75  m:access, Munich 500% 20 21,00 450% 15 19,25  Designated Sponsors: Free Float 46,9% Drotleff 45,1% 400% 10 17,50  LBBW, Stuttgart 350% 15

  21. Slide 21: Why invest in the M+M share?

    Why invest in the M+M share?  M+M is a leading vendor of technical software solutions  Founded 1984 – 34 years of established market position  More than 25,000 customers worldwide  Private and 21 years public company  Sustainably profitable growth  Organic growth (CAGR) approx. 10% p.a.  EBIT

  22. Slide 22: Thank you for your attention!

    Thank you for your attention! For more Information: www.mum.de / Investor Relations © 2018 Mensch und Maschine

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