Nemetschek Se · XETR:NEM
Nemetschek — FY2013 Earnings Presentation
26 slides from Nemetschek's earnings presentation, Mar 28, 2014
Slide 1: Fiscal Year 2013 and Outlook 2014 Earnings Call
Fiscal Year 2013 and Outlook 2014 Earnings Call March 28th, 2014
Slide 2: Agenda
Agenda Executive summary Financial data Brands and projects Outlook 2014 Appendix 2
Slide 3: Summary Fiscal Year 2013 (1)
Summary Fiscal Year 2013 (1) Revenue growth factors Strong Q4 with revenue increase of 9.0% to 51.7 mEUR Group revenues FY 2013 up by 6.2% to 185.9 mEUR Software service revenues up by 11.2% to 89.1 mEUR Profitability increased EBITDA increased faster than revenues: +13.0% to 46.3 mEUR EBITDA margin
Slide 4: Summary Fiscal Year 2013 (2)
Summary Fiscal Year 2013 (2) Liquidity situation Operating cash flow increased by 10.3% to 40.2 mEUR Net cash high at 48.6 mEUR (+9.6%) despite dividend payment and DDS acquisition Dividend proposal 1.30 EUR per share (+13.0%) Will be paid out after AGM (May 20, 2014) Very sound balance sheet Free o
Slide 5: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 5
Slide 6: Revenues: Strong Q4 2013
Revenues: Strong Q4 2013 in mEUR +6.2% 185,9 175,1 +9.0% +5.1% +4.6% +5.8% 51,7 47,4 44,8 45,8 43,7 42,8 43,3 41,6 Q1 2012 Q1 2013 Q2 2012 Q2 2013 Q3 2012 Q3 2013 Q4 2012 Q4 2013 FY 2012 FY 2013 Q4 2013 showed strongest growth with 9.0% FY 2013 with 6.2% in range of expectations 6
Slide 7: Growth driver: Software service business
Growth driver: Software service business % of revenues Service & Hardware 5.3% Software service: Up by 11.2%: Higher recurring revenues Software services 47.9% Software Software licenses: licenses 46.8% Up by 1.5%: Stable development 7
Slide 8: International revenue split
International revenue split 2009 2013 Asia/Pacific RoW RoW Asia/Pacific 5% 1% 1% 9% Americas 6% Americas 11% Germany Germany 44% 40% 4 yrs Europe w/o Germany Europe w/o 44% Germany 39% DACH: Market leading position, solid base, increasing revenues Market position in Americas and Asia strengthened Gr
Slide 9: Strong EBITDA development
Strong EBITDA development in mEUR +13.0% 46,3 40,9 +15.0% +12.0% 14,5 +14.8% +9.6% 12,6 11,4 10,8 10,2 9,4 9,6 8,8 Q1 2012 Q1 2013 Q2 2012 Q2 2013 Q3 2012 Q3 2013 Q4 2012 Q4 2013 FY 2012 FY 2013 Margin 22.5% 24.6% 20.5% 21.5% 23.6% 25.0% 26.5% 28.0% 23.4% 24.9% EBITDA increased over proportional com
Slide 10: EPS up by 23% yoy
EPS up by 23% yoy in EUR +23.0% 2,49 2,03 +31.1% +30.3% 0,82 0,64 +22.2% 0,62 +19.5% 0,49 0,55 0,49 0,45 0,41 Q1 2012 Q1 2013 Q2 2012 Q2 2013 Q3 2012 Q3 2013 Q4 2012 Q4 2013 FY 2012 FY 2013 Net result (group shares) up by 23.0% to 24.0 mEUR EPS at 2.49 EUR EPS w/o PPA up by 17.4% at 3.08 EUR 10
Slide 11: Segment overview
Segment overview in mEUR Design Build Manage Multimedia +5.5% Revenues 149,5 141,8 +7.4% +8.1% 15,4 16,0 14,3 +20.2% 14,8 5,0 4,2 FY 2012 FY 2013 FY 2012 FY 2013 FY 2012 FY 2013 FY 2012 FY 2013 EBITDA 20.3% 22.1% 36.7% 36.0% 12.4% 22.5% 42.8% 40.7% Margin Growth driven by Moderate growth Strong reve
Slide 12: Net cash development
Net cash development Operating cash flow increased by 10.3% to 40.2 mEUR CapEx 5.4 mEUR as expected Dividend payment 11.1 mEUR in Q2/2013 Acquisition DDS 16.2 mEUR in Q4/2013 Net cash 48.6 mEUR (+9.6%) -11,1 -3,3 FY FY 18,7 mEUR % YoY 2012 2013 EBITDA 40.9 46.3 +13.0% 44,3 48,6 Operating cash flow 3
Slide 13: Dividend proposal at 1.30 EUR
Dividend proposal at 1.30 EUR Dividend per share in EUR 1,40 1,20 1,30 Dividend increases by 13% to 1.30 EUR 1,15 1,15 per share 1,00 1,00 Dividend proposal to the AGM on 0,80 May 20, 2014 In total 12.5 mEUR will be paid out to the 0,60 shareholders 0,40 0,50 0,20 0,00 2009 2010 2011 2012 2013 13
Slide 14: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 14
Slide 15: Highlights (1)
Highlights (1) Products / Solutions Maxon Group renderer Many new releases (ArchiCAD 17, Vectorworks 2014, Allplan 2014,Cinema 4D 15, Scia Engineer, Nevaris, iX-Haus by NCREM etc.) with good feedback, bim+ went live Cooperations Cooperation Maxon with Adobe Partnership Graphisoft with Nikken Sekkei
Slide 16: Highlights (2)
Highlights (2) Acquisition DDS acquired successfully end of November 2013 100% of shares, DDS already integrated Internationalization Foundation of Graphisoft Mexico as Latin American regional hub Strong business in Japan, access to Asian markets More than 40 locations and 1.2 million users worldwid
Slide 17: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 17
Slide 18: Optimistic outlook 2014
Optimistic outlook 2014 Market conditions • Robust development of construction markets • Strong growth expected for BIM products and solutions Strategic market • Clear focus on AECM market positioning • Leading in Open BIM solutions • Strong and independent global brands Healthy financial • High mar
Slide 19: IR calendar 2014 and contact
IR calendar 2014 and contact 28/03/2014 Publication Annual Report 2013 30/04/2014 Publication Q1 2014 20/05/2014 AGM, Munich 31/07/2014 Publication Q2 2014 30/10/2014 Publication Q3 2014 Contact: Stefanie Zimmermann Investor Relations +49 89 92793 1229 szimmermann@nemetschek.com 19
Slide 20: Agenda
Agenda Executive summary Financial data Brands and projects Outlook Appendix 20
Slide 21: P+L statement – full year comparison
P+L statement – full year comparison mEUR FY 2013 FY 2012 % YoY Revenues 185.9 175.1 +6.2% Own work capitalized/ Other operating income 3.9 4.5 -13.6% Operating income 189.8 179.6 +5.7% Cost of materials/ purchased services -8,7 -7.7 +12.6% Personnel expenses -78.7 -76.8 +2.4% Other operating expens
Slide 22: Sound Balance Sheet
Sound Balance Sheet in mEUR Assets Equity and liabilities Current assets Current liabilities 2012: 74.4 2012: 46.9 2013: 79.6 29% 30% 2013: 54.0 47% 45% 4% 4% Non-current liabilities 2012: 6.2 2013: 6.4 Non-current 67% 66% assets 53% 55% 2012: 85.5 Equity 2013: 98.9 2012: 106.7 2013: 118.2 2012 2013
Slide 23: Balance sheet – Assets
Balance sheet – Assets mEUR Dec 31, 2013 Dec 31, 2012 Assets Cash and cash equivalents 48.5 44.3 Trade receivables, net 21.9 21.4 Other current assets 9.2 8.7 Total current assets 79.6 74.4 Property, plant and equipment 5.3 5.0 Intangible assets 30.9 29.8 Goodwill 60.1 49.0 Other non-current assets
Slide 24: Balance sheet – Equity and liabilities
Balance sheet – Equity and liabilities mEUR Dec 31, 2013 Dec 31, 2012 Equity and liabilities Short-term loans 0.0 0.0 Trade payables & accrued liabilities 20.1 19.0 Deferred revenue 23.5 21.6 Other current liabilities 10.4 6.3 Total current liabilities 54.0 46.9 Deferred tax liabilities 4.1 1.8 Othe
Slide 25: Cash flow statement
Cash flow statement mEUR 31/12//2013 31/12/2012 % YoY Cash at beginning of period 44.3 33.5 +32.2% Operating cash flow 40.2 36.5 +10.3% Investing cash flow -21.6 -6.7 t/o CapEx -5.4 -6.2 Financing cash flow -13.5 -19.2 -29.4% FX-effects -0.9 0.2 Cash at end of period 48.6 44.3 +9.6% Free cash flow(1
Slide 26: Disclaimer
Disclaimer This presentation contains forward-looking statements based on the beliefs of Nemetschek AG management. Such statements reflect current views of Nemetschek AG with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from thos