Nemetschek continues to grow
Revenue up by 9 percent in first nine months / EBITDA
margin of 24 percent / forecast for 2011 confirmed
Munich, 28. October 2011 - Nemetschek AG (ISIN
0006452907), Europe's largest vendor of software for
architecture and construction, saw a 9 percent increase
in revenues in the first nine months of 2011 to 117.9
million euros. Compared to the previous year, the
operating result (EBITDA) rose by 5 percent to 27.9
million euros, representing an EBITDA margin of 24
Recurring revenues from maintenance contracts rose by 13
In the first nine months, revenues from license sales
rose by 6 percent to 56.7 million euros. Revenues from
long-term maintenance contracts increased by 13 percent
to 55.3 million euros; they thus made up 47 percent of
the total revenue. In foreign markets, revenues rose by 9
percent to 70.5 million euros, making up 60 percent of
the total revenue. In Germany, revenues increased by 8
percent compared to the same quarter of the previous year
to 47.5 million euros.
In the Design business unit, revenue rose 8 percent to
95.0 million euros. The EBITDA margin in this segment was
21 percent, compared to 22 percent in the previous year.
The Multimedia segment was the front runner in terms of
revenue and increased profit: Here, revenues increased by
32 percent to 10.1 million euros and consequently, the
EBITDA margin rose from 38 to 46 percent. In the Build
segment, revenues increased slightly by 2 percent to 10.1
million euros, and the EBITDA margin was 33 percent
(previous year: 38 percent). In the Manage business unit,
which is currently being restructured, revenues (2.7
million euros) and EBITDA (0.3 million euros) remained at
the previous year's level.
Earnings per share 1.38 euros
The operating result (EBITDA) rose by 5 percent compared
to the previous year to 27.9 million euros, which
corresponds to an EBITDA margin of 24 percent. Operating
expenses increased by 9 percent to 100.1 million euros.
Personnel costs rose by 8 percent to 50.9 million euros.
The main reason for this was a change to the employee and
wage structure at Hungarian subsidiary Graphisoft, as
well as a slight increase in personnel in several group
companies. Other operating expenses rose in the first
nine months by 14 percent to 36.1 million euros: In
addition to the foreign currency losses incurred in the
first six months, this is primarily due to the higher
dealer commissions resulting from the increases in
revenue, as well as higher marketing and sales costs
generated by several product launches.
Net income stood at 14.2 million euros, 4 percent higher
than the previous year's value, which was marked by a
one-time gain of 1.6 million euros from the sale of 8
percent of shares in DocuWare AG. The earnings per share
(consolidated shares, basic) was 1.38 euros (previous
year: 1.37 euros).
Cash flow for the period increased by 12 percent
In the first nine months, the Group achieved cash flow
for the period of 27.4 million euros, compared with 24.5
million euros in the previous year. Because of advance
tax payments and the reduction of liabilities, the cash
flow from operating activities was 24.8 million euros,
compared with 27.6 million euros in the previous year.
The cash flow from investment activities amounted to -
4.0 million euros (previous year: - 2.0 million euros).
At 3.5 million euros, investments in fixed assets
remained largely at the previous year's level (3.7
million euros), but in the previous year, an additional
1.6 million euros flowed into the company as a result of
the sale of DocuWare shares. The free cash flow was thus
20.7 million euros, compared with 25.6 million euros in
the same period of the previous year.
After a dividend payment of 9.6 million euros and loan
repayments of 7.8 million euros, the cash and cash
equivalents were 31.4 million and therefore exceeded the
remaining loan for the Graphisoft acquisition by 19.7
million euros. The equity ratio of the Nemetschek Group
is 60 percent.
The development in the first nine months confirms the
growth in sales of around 10 percent forecast for 2011.
So far, the group has experienced only a marginal
weakening of the business climate in some foreign markets
and in project business. In Germany, the group was able
to grow strongly and expects this trend to continue. At
the start of October, the construction industry
association HDB (Hauptverband der deutschen Bauindustrie)
revised its growth forecast for 2011 from 4.5 to 7
The group confirmed its forecasts for the current fiscal
year. Unless the underlying conditions significantly
worsen in the very near future, Nemetschek still expects
an operating result (EBITDA) of around 40 million euros,
equivalent to an EBITDA margin of around 24 percent. The
liabilities resulting from the Graphisoft acquisition
will be almost completely eliminated in 2011, meaning
that the group's interest charges will also fall
further. As a result, the net income for 2011 will
probably increase to more than 20 million euros, as
The Nemetschek Group is Europe's leading vendor of
software for architecture and construction. The
graphical, analytical and commercial solutions cover a
large part of the entire value chain in
construction - from the planning and visualization
of a building and the construction process itself through
to building management. The software programs range from
CAD solutions for architects and engineers to
construction software for cost planning, tenders,
awarding of contracts and execution. These are
complemented by solutions for facility and real estate
management as well as visualization software for
architects and the movie industry.
The company was founded in 1963 and employs over 1.000
people worldwide. Its products are used by more than
300,000 customers in 142 countries worldwide. In 2010,
Nemetschek achieved revenues of 150 million euros and an
operating result (EBITDA) of 37 million euros.
Tel. +49 89 92793-0