Munich, July 29, 2016 – The Nemetschek Group (DE ISIN 0006452907) has maintained its dynamic development from the beginning of the year in the second quarter of 2016 and accelerated revenue growth even further. The greatest growth impulses originated from abroad. The operating result rose over-proportionally compared to revenue, which led to a significantly higher operating margin.
Major indicators of the Group’s success
- In the second quarter, Group revenues rose considerably by 22.2% to EUR 83.8 million (previous year: EUR 68.6 million). Organic growth amounted to 20.9%. Revenue for the half year was EUR 161.5 million, which is 19.5% higher than the corresponding value from the previous year (EUR 135.2 million), whereby organic growth reached 18.3%.
- The Nemetschek Group further reinforced its international alignment. In the first half of 2016, revenue abroad rose by 22.0% to EUR 109.7 million (previous year’s period: EUR 90.0 million).
- With a plus of 21.9% to EUR 85.8 million (first half of 2015: EUR 70.4 million), revenue from the sale of software licenses constituted a further growth driver. Recurring revenues from maintenance contracts and rental models also increased considerably in the two-digit range by 16.1% to EUR 67.7 million (first half of 2015: EUR 58.3 million). The share of revenues from recurring revenues amounted to 41.9%.
- Other operating income contains a positive one-time effect in the amount of EUR 1.9 million which is the result of a settlement agreement arising from a legal dispute with a former member of the executive board.
- EBITDA rose over-proportionally compared to revenue. It increased in the first six months by 39.9% to EUR 45.6 million (previous year: EUR 32.6 million), which corresponds to an operating margin of 28.2% (previous year’s period: 24.1%). On the basis of the quarter, EBITDA even rose by 61.5% to EUR 24.6 million (Q2 2015: EUR 15.2 million). EBITDA adjusted by the one-time effect which occurred in Q2 rose in the first half of the year by 34.1% to EUR 43.7 million, which corresponds to an adjusted EBITDA margin of 27.0%. In Q2, the Nemetschek Group achieved an adjusted EBITDA of EUR 22.7 million, an increase over the previous year of 49.0%.
- The net income for the year (Group shares) increased by 56.1% to EUR 24.2 million (first half of 2015: EUR 15.5 million). The earnings per share rose from EUR 0.40 to EUR 0.63. Adjusted for the one-time effect, the Group’s net income for the year is calculated at EUR 22.9 million (+47.5%) with adjusted earnings per share of EUR 0.59.
“In the first half of the year, we have further improved our competitiveness and market position in the AEC market,” said Patrik Heider, Spokesman and CFOO of the Nemetschek Group. “This puts us well on the way to having another record year for the Nemetschek Group. The continued internationalization as well as innovative solutions for our customers are the basic prerequisites for implementing strong growth and making optimum use of our opportunities in the markets,” Heider continued.
Healthy balance sheet and high liquid reserves
The Group’s net asset structure and financial position remain extremely sound. The Nemetschek Group demonstrated an equity ratio of 44.0% at the end of the first half of 2016 (December 31, 2015: 44.0%). Net liquidity improved to EUR 13.5 million (December 31, 2015: EUR 3.3 million).
Development of the segments in the first half of the year
The Design segment continued to develop positively. Revenue rose by 13.7% to EUR 106.8 million (previous year’s period: EUR 94.0 million). EBITDA rose much more strongly than revenue by 34.9% to EUR 29.2 million (previous year’s period in 2015: EUR 21.7 million). The EBITDA margin increased accordingly from 23.1% to 27.4%. The growth is attributable to almost all regions and brands.
As a result of the acquisition of the Finnish company Solibri and the strong organic growth of the US subsidiary Bluebeam Software, revenue in the Build segment increased by 41.1% to EUR 40.3 million (first half of 2015: EUR 28.6 million). Revenue rose organically by about 35%. EBITDA also increased significantly by 44.2% to EUR 9.1 million (previous year's period: EUR 6.3 million), which caused the EBITDA margin to improve to 22.6% (previous year's period: 22.1%).
It was possible to continue to accelerate growth in the Manage segment in the second quarter. In the first half of 2016, revenue rose by 20.5% to EUR 3.2 million (previous year’s period: EUR 2.7 million). It was possible to almost double EBITDA, which amounted to EUR 0.6 million (first half of 2015: EUR 0.3 million), which corresponds to an EBITDA margin of 17.5% (previous year's period: 11.0%).
The Media & Entertainment segment showed a considerable increase in revenue in the second quarter following stable development in the first three months. The first half of the year showed a rise in revenue of 11.8% to EUR 11.2 million (previous year's period: EUR 10.0 million). In spite of future-oriented investments, EBITDA rose by 11.1% to EUR 4.8 million (previous year's period: EUR 4.3 million). The EBITDA margin was a high 42.9% (previous year: 43.1%).
Very positive outlook for 2016 continues
Following a very strong first half of the year, the Nemetschek Group anticipates record figures in terms of revenue and operating result for the year 2016 as a whole. Planning forecasts remain unchanged with Group revenues ranging from EUR 319 million to EUR 325 million and an EBITDA adjusted for one-time effects of between EUR 77 million and EUR 80 million. On the basis of the first six months, the executive board anticipates achieving corresponding values at the upper end of this target range.
Overview of key figures for the Group
| In EUR million | Q2 2016 | Q2 2015 | Δ in % | 6M 2016 | 6M 2015 | Δ in % |
|---|---|---|---|---|---|---|
| Revenue | 83.8 | 68.6 | +22.2% | 161.5 | 135.2 | +19.5% |
| - thereof software licences | 45.5 | 35.9 | +26.5% | 85.8 | 70.4 | +21.9% |
| - thereof software service | 34.4 | 29.7 | +16.1% | 67.7 | 58.3 | +16.1% |
| EBITDA | 24.6 | 15.2 | +61.5% | 45.6 | 32.6 | +39.9% |
| Margin | 29.3% | 22.2% | 28.2% | 24.1% | ||
| EBITDA (w/o one-time effect) | 22.7 | 15.2 | +49.0% | 43.7 | 32.6 | +34.1% |
| Margin (w/o one-time effect) | 27.1% | 22.2% | 27.0% | 24.1% | ||
| Net income (Group shares) | 13.1 | 7.1 | +85.1% | 24.2 | 15.5 | +56.1% |
| EPS in euros | 0.34 | 0.18 | +85.1% | 0.63 | 0.40 | +56.1% |
| Net income (w/o one-time effect) | 11.8 | 7.1 | +66.3% | 22.9 | 15.5 | +47.5% |
| EPS in euros (w/o one-time effect) | 0.31 | 0.18 | +66.3% | 0.59 | 0.40 | +47.5% |
| Net income (Group shares) before depreciation from purchase price allocation | 15.1 | 8.9 | +69.5% | 28.0 | 19.1 | +47.1% |
| EPS before depreciation from purchase price allocation | 0.39 | 0.23 | +69.5% | 0.73 | 0.50 | +47.1% |
Key figures by segment
| In EUR million | Q2 2016 | Q2 2015 | Δ in % | 6M 2016 | 6M 2015 | Δ in % |
|---|---|---|---|---|---|---|
| Design | ||||||
| Revenue | 55.4 | 47.8 | +15.8% | 106.8 | 94.0 | +13.7% |
| EBITDA | 15.8 | 10.1 | +56.7% | 29.2 | 21.7 | +34.9% |
| Margin | 28.5% | 21.1% | 27.4% | 23.1% | ||
| Build | ||||||
| Revenue | 20.8 | 14.7 | +41.0% | 40.3 | 28.6 | +41.1% |
| EBITDA | 4.1 | 3.3 | +24.3% | 9.1 | 6.3 | +44.2% |
| Margin | 19.8% | 22.4% | 22.6% | 22.1% | ||
| Manage | ||||||
| Revenue | 1.7 | 1.3 | +28.0% | 3.2 | 2.7 | +20.5% |
| EBITDA | 0.4 | 0.2 | +118.4% | 0.6 | 0.3 | +90.8% |
| Margin | 20.8% | 12.2% | 17.5% | 11.0% | ||
| Media & Entertainment | ||||||
| Revenue | 6.0 | 4.7 | +26.8% | 11.2 | 10.0 | +11.8% |
| EBITDA | 2.4 | 1.7 | +44.8% | 4.8 | 4.3 | +11.1% |
| Margin | 40.9% | 35.8% | 42.9% | 43.1% |
The complete half year report for 2016 is available for download in the Investor Relations section of the company website.
