Mensch und Maschine Software SE · XETR:MUM
Mensch und Maschine Software — Investor Presentation (October 2010)
24 slides from Mensch und Maschine Software's investor presentation, October 2010
Slide 1: Company Presentation
Company Presentation Mensch und Maschine Software SE October 2010
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 ~7% Founded 1984 – 26 years market presence Leading Value-Added Reseller/Distributor in Europe for
Slide 3: Business model
Business model M+M Autodesk Software Development of CAD/CAM Software Worldwide sales M+M Distribution Europe M+M VAR D/A/CH Value Added Reselling of CAD Resellers Software / Service End customers Segment M+M Software Segment Distribution Segment VAR (new in 2009) Low volume / High margin High volume
Slide 4: Business model
Business model Market Offensive 2009: 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 Austria: IT Consulting, Personal-Entwicklung Switzerland:
Slide 5: Business model
Business model Segmentation (group level): Sales Gross Margin M +M Software M +M Distribution dominating sales, 2008: Software Distri- Added Value (Gross Margin) bution breakdown close to 50/50% Distri- bution M +M Software M +M Distribution still largest Software Distri- sales area, but Added Val
Slide 6: Business model
Business model Geographical markets: Distribution & M+M Software in 16 European countries D/A/CH: VAR Business Sales offices in Japan, APAC and USA (M+M Software only) Headcount: Sept 30, 2010: 607 (PY: 526) 109 / 18% Distribution 299 / 49% VAR Business 199 / 33% Software
Slide 7: CAD/CAM in practice
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 8: CAD/CAM in practice
CAD/CAM in practice Example Mechanical Engineering: Cheese manufacturing facility Customer: Kalt Maschinenbau AG, Luetisburg, Switzerland
Slide 9: CAD/CAM in practice
CAD/CAM in practice Example Industrial Design Custumor: Genesis-design GmbH, Munich, Germany
Slide 10: CAD/CAM in practice
CAD/CAM in practice Architecture: Klimahaus in Bremerhaven/Germany Customer: agn Niederberghaus und Partner GmbH, Ibbenbueren
Slide 11: CAD/CAM in practice
CAD/CAM in practice Electrical Engineering Product AutoCAD ecscad Price region: approx. EUR 5,000 per seat Technology sold to Autodesk on October 15, 2008 Project: Groupwide unique electrical documentation for INA-Schaeffler group, Herzogenaurach
Slide 12: CAD/CAM in practice
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 13: CAD/CAM in practice
CAD/CAM in practice Gardening and Landscaping Subsidiary DATAflor Price region: approx. EUR 5,000 per seat Design and maintenance of GaLa Projects Project: Revitalization of Waldsiedlung, Hanau-Grossauheim
Slide 14: CAD/CAM in practice
CAD/CAM in practice CAM – Computer Aided Manufacturing Subsidiary Open Mind – Product family hyperMill Price range: EUR 15,000 to >100,000 per seat ~10% of group revenue / ~28% of gross margin Project: CNC programming for the manufacturing of motorsport prototypes by Japanese DAISHIN SEIKI C
Slide 15: CAD/CAM in practice
CAD/CAM in practice CAM in the product development process: CAD Software CAM Software Precision (construction) and machine tool Postprocessor with NC Control
Slide 16: Sales development
Sales development 225 Sales 2009: EUR 163.3 mln / -27% 200 International Germany M+M Software: EUR 21.8 mln / -13% 175 VAR Business: EUR 35.3 mln (PY: 1.5) 150 Distribution: EUR 106.3 mln / -46% 125 Currency effects approx. EUR -6.2 mln 100 Transition to VAR Business in D/A/CH 75 Outsi
Slide 17: Earnings development
Earnings development Operating profit EBITDA 2009 14 12 EUR 1.38 mln (PY: 13.04 / -89%) 10 EBITDA margin 0.8% (PY: 5.8%) 8 6 Segmentation 4 M+M Software: EUR +1.54 mln 2 Distribution: EUR +0.86 mln 0 VAR Business: EUR -1.01 mln (Ramp up) -2 EBITDA -4 Netto Seasonality: Bottom in Q3 -6
Slide 18: Balance sheet development
Balance sheet development Total assets higher (market offensive): 110 Total assets Dec 31, 2009: EUR 101.15 mln (PY: 84.99) 100 Sept 30, 2010: EUR 97.15 mln 90 80 Net bank debt stays on low level: 70 Dec 31, 2009: EUR 12.39 mln (PY: 11.16) 60 Sept 30, 2010: EUR 8.28 mln 50 2003 2004 2005
Slide 19: Shareholder structure
Shareholder structure Schwenkert # of shares at Sept 30, 2010: 5,7% approx. 14.6 mln Shareholder structure: 53.1% Free float 46.9% Management Drotleff – CEO / Chairman of the Board Free Float 41,2% Adi Drotleff 41.2% 53,1% Purchase since beginning of 2006: >800,000 shares / Invest >4.0 MEUR
Slide 20: Investor Relations
Investor Relations Designated Sponsors: LBBW, Stuttgart Close Seydler, Frankfurt Analyst coverage: LBBW: „Buy“ - fair value EUR 4.50 Independent Research: „Buy“ - fair value EUR 6.40 Warburg Research: „Buy“ - fair value EUR 4.50 Performaxx: „Buy“ – fair value EUR 9.03
Slide 21: Share price development
Share price development Since Oct 9, 2008: Share buyback program active
Slide 22: Change to m:access (Mar 31, 2010)
Change to m:access (Mar 31, 2010) Primary motivation: Unification of “Geregelter Markt” and “Amtlicher Handel” resulted in a regulatory environment lifted to DAX level Estimated increase of opportunity costs: ~ 1 MEUR p.a. primarily for audit / legal advisory and additional internal costs in l
Slide 23: Outlook
Outlook 2010E: Q4 approx. as strong as Q1 250 Sales: EUR 185-195 mln / +13-19% 225 Internat'l Germany EBITDA: EUR 4.5-6.5 mln / >+200% Operating margin 2.5 to 3.5% 200 EPS: 3 to 14 Cents (PY: -34) 175 Positive cash flows If targets achieved: Dividend 10 Cents 150 Mid to long term tar
Slide 24: Thank you for your attention!
Thank you for your attention !
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