RIB SOFTWARE SE Q1 RIB SOFTWARE SE - Quarterly Statement | January - March 2021
2021
RIB Group shows solid growth in Q1 2021
- Software license revenues increase by 23.0% to € 10.7 million (previous year: € 8.7 million)
- EBITDA grows by 46.8% to € 22.6 million (previous year: € 15.4 million)
• Cash flow from operating activities increases by 30.6% to € 32.0 million (previous year: € 24.5 million)
- Domestic revenues grow by 24.1% to € 24.7 million (previous year: € 19.9 million)
- Group revenue increases by 9.4% to € 68.8 million (previous year: € 62.9 million)
- Recurring support revenues grow by 11.9% to € 15.1 million (previous year: € 13.5 million)
CONSOLIDATED FIGURES - OVERVIEW
€ million unless otherwise indicated | 1st quarter 2021 | 1st quarter 2020* | |||||||||
Revenue | 68.8 | 62.9 | |||||||||
ARR | 39.9 | 40.4 | |||||||||
NRR | 10.7 | 8.7 | |||||||||
Services | 18.2 | 13.7 | |||||||||
EBITDA | 22.6 | 15.4 | |||||||||
as % of revenue | 32.8% | 24.5% | |||||||||
Operating EBITDA** | 20.9 | 15.6 | |||||||||
as % of revenue | 30.4% | 24.8% | |||||||||
EBT | 11.5 | 6.4 | |||||||||
as % of revenue | 16.7% | 10.2% | |||||||||
Expenses from purchase price allocations (PPA amortisation) | 5.3 | 4.0 | |||||||||
Cash flow from operating activities | 32.0 | 24.5 | |||||||||
Group liquidity*** | 253.2 | 224.0 | |||||||||
Equity ratio**** | 69.6% | 71.7% | |||||||||
Average number of employees | 2,467 | 1,827 | |||||||||
* The previous year's figures were adjusted by the amounts generated in the discontinued business area xTWO (E-Commerce).
- EBITDA adjusted for currency effects and one-off/special effects.
- Cash and cash equivalents, time deposits and available-for-sale securities, previous year as of December 31, 2020.
- Previous year as of December 31, 2020.
RIB Software SE
Vaihinger Straße 151
70567 Stuttgart
change
9.4%
-1.2%
23.0%
32.8%
46.8%
34.0%
79.7%
32.5%
30.6%
13.0%
35.0%
business development | The results in detail - first quarter 2021
BUSINESS DEVELOPMENT
THE RESULTS IN DETAIL - FIRST QUARTER 2021
Total revenues increased by 9.4% to € 68.8 million (previous year: € 62.9 million). Software revenues (ARR + NRR) increa-
sed by 3.1% to € 50.6 million (previous year: € 49.1 million). Service revenues grew by 32.8% to € 18.2 million (previous
year: € 13.7 million). Organic revenue growth in the Group amounted to 2.3%. EBITDA increased by 46.8% year-on-year to
- 22.6 million (previous year: € 15.4 million). At 32.8%, the EBITDA margin was with 8.3 percentage points significantly above the previous year. Earnings after taxes rose substantially by 112.1% to € 7.0 million (previous year: € 3.3 million).
Net cash flow from operating | activities increased by 30.6% to € 32.0 million (previous | year: € 24.5 million). |
At the end of the first quarter, | Group liquidity amounted to € 253.2 million (December | 31, 2020: € 224.0 million). The average |
number of employees changed by 35.0% to 2,467 (previous year: 1,827). |
DEVELOPMENT OF THE SEGMENTS
iMTWO
Total revenues in the iMTWO segment increased by 9.2% to € 68.7 million (previous year: € 62.9 million). Software revenues (ARR
and NRR) increased by 2.9% to € 50.5 million (previous year: € 49.1 million). The EBITDA margin improved strongly and reached
33.0% (previous year: 24.7%).
YTWO
In the YTWO segment, total revenue was € 0.0 million (previous year: € 0.0 million). The segment EBITDA amounted to
- -0.1million and continues to be strongly characterised by start-up costs in the YTWO segment. In previous years, we divi- ded the reporting segment xYTWO into the two business segments YTWO (SCM) and xTWO (E-commerce). Since the xTWO business segment is not part of our core business, we separated from this area in August 2020 and sold the business segment as a whole. Thus, there will be no further subdivision of the YTWO reporting segment into business segments in the future.
REVENUE DEVELOPMENT IN INDIVIDUAL REGIONS
International revenues grew by 2.8% to € 44.1 million (previous year: € 42.9 million). Domestic revenues increased by 24.1%
to € 24.7 million (previous year: € 19.9 million). The international share of total revenues thus amounts to 64.1% (previous year: 68.2%).
In the EMEA region (Europe, Middle East and Africa), revenues grew by 20.6% to € 41.5 million (previous year: € 34.4 million), while revenues in North America declined by -3.2% and in the APAC region (Asia Pacific) by -5.7%.
2 RIB SOFTWARE SE | QUARTERLY STATEMENT JANUARY - MARCH 2021
The results in detail - first quarter 2021 | business development
FORECAST - 2021 FINANCIAL YEAR
Further business development
Due to the uncertainties caused by Covid-19, we have currently strongly reduced our M&A activities, which in turn will have an impact on the planned revenue and EBITDA contribution from these deals. In the context of further cost reductions and preservation of liquidity, we have strongly reduced investments in new business areas, such as YTWO, and are focusing on the successful expansion of the iMTWO segment.
After the first quarter of 2021, we are sticking to our guidance and forecast a revenue in the range of € 280 million to € 310 million and an operating EBITDA of between € 65 million and € 75 million for the 2021 financial year.
OTHER INFORMATION
We invite our shareholders to regularly follow the current development of the RIB Group using the IR presentations and definitions available on the Investor Relations website.
QUARTERLY STATEMENT JANUARY - MARCH 2021 | RIB SOFTWARE SE | 3 |
main components of the financial statements | Consolidated income statement
MAIN COMPONENTS OF THE FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
For the period: 01.01.2021 to 31.03.2021
figures in € thousand, unless otherwise indicated | 3 months 2021 | 3 months 2020 | ||
Revenue | 68,792 | 62,857 | ||
Cost of sales | -28,854 | -27,563 | ||
Gross profit | 39,938 | 35,294 | ||
Other operating income | 3,157 | 943 | ||
Sales and marketing expenses | -14,529 | -13,989 | ||
General administrative expenses | -8,413 | -9,092 | ||
Research and development costs | -7,522 | -5,565 | ||
Other operating expenses | -829 | -1,093 | ||
Financial income | 82 | 129 | ||
Financial costs | -402 | -275 | ||
Share of earnings from investments accounted for using | ||||
the equity method | 0 | 24 | ||
Profit before tax | 11,482 | 6,377 | ||
Income taxes | -4,506 | -3,051 | ||
Profit after tax | 6,976 | 3,326 | ||
Profit attributable to non-controlling interests
Profit attributable to the owners of the parent company Earnings per share based on the profit attributable to the shareholders of RIB Software SE:
-337567
7,3132,759
basic | 0.14 € | 0.06 € | ||
diluted | 0.14 € | 0.06 € |
4 RIB SOFTWARE SE | QUARTERLY STATEMENT JANUARY - MARCH 2021
Consolidated statement of financial position as of 31.03.2021 and 31.12.2020 | main components of the financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31.03.2021 AND 31.12.2020
Figures in € thousand | 31/03/2021 | 31/12/2020 | ||
Goodwill | 181,778 | 179,034 | ||
Other intangible assets | 175,825 | 176,473 | ||
Property, plant and equipment | 16,201 | 16,209 | ||
Right of use | 13,800 | 13,990 | ||
Investment property | 6,773 | 6,544 | ||
Investments accounted for using the equity method | 5,909 | 5,886 | ||
Prepaid land use lease payments | -10 | 0 | ||
Other financial assets | 5,038 | 4,725 | ||
Deferred tax assets | 1,308 | 1,351 | ||
Total non-current assets | 406,622 | 404,213 | ||
Inventories | 3,557 | 2,573 | ||
Trade receivables | 60,621 | 54,834 | ||
Income tax assets | 1,685 | 1,738 | ||
Other financial assets | 4,363 | 4,476 | ||
Non-current assets held for sale | 2,304 | 2,201 | ||
Other non-financial assets | 19,999 | 14,778 | ||
Cash and cash equivalents | 251,013 | 221,879 | ||
Total current assets | 343,543 | 302,479 | ||
Total assets | 750,165 | 706,692 | ||
QUARTERLY STATEMENT JANUARY - MARCH 2021 | RIB SOFTWARE SE | 5 |
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RIB Software SE published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 05:33:06 UTC.
