Mensch und Maschine Software SE · XETR:MUM

Mensch und Maschine Software — Investor Presentation (April 2017)

29 slides from Mensch und Maschine Software's investor presentation, Apr 24, 2017

  1. Slide 1: Company Presentation

    Company Presentation Mensch und Maschine Software SE Status April 24, 2017 Q1 report 2017

  2. Slide 2: Business model

    Business model  Mensch und Maschine Software SE (M+M) is a leading European vendor of CAD/CAM/PDM/BIM solutions  CAD/CAM = Computer Aided Design / Manufacturing PDM = Product Data Management / BIM = Building Information Management  Founded 1984 – 33 years market presence  Gross Margin approx. 50

  3. Slide 3: Business model until 2008

    Business model  Business model until 2008:  Stable business model since foundation, Software Autodesk expanded beginning 2000  Autodesk Distribution dominating sales volume M+M Software M+M Distribution Europe  2008: For Gross Margin & Development of CAD/CAM Software EBITDA nearly 50/50% Worldwi

  4. Slide 4: Business model 2009 to 2011

    Business model  Business model 2009 to 2011:  In D/A/CH transition from Distribution Autodesk (indirect) to VAR (direct)  Acquisition of ~12 VAR partners through share swap M+M Software M+M Distribution Europe M+M VAR D/A/CH  ~50/50% Gross margin Value Added contribution service / trading Develo

  5. Slide 5: Business model since 2012

    Business model  Business model since 2012:  Q4/2011 Distribution sold off  Price EUR 18+10 mln fixed+variable Autodesk  Price (in mln EUR) booked to: 2011: 12 / 2012: 9 / 2013: 4 / 2014: 3  Transition to VAR Business in Europe M+M Software VAR Business  2016: Gross yield 54.7% Development of V

  6. Slide 6: Business model: geographical sales and headcount

    Business model  Geographical sales contribution (2016): Asia/  Germany: EUR ~75 mln / ~45% America  Austria/Switzerland: EUR ~36.5 mln / ~22% Europe  Europe (other): EUR ~42 mln / ~25% other GER A / CH / F / I / UK / PL / RO / IB  Asia/America: EUR 13.5 mln / ~8% Austria Swiss Japan / APAC / US

  7. Slide 7: Business model: industry balance and installed base

    Business model  Broad industry balance:  ~2/3 Industry: e.g. Mechanical/Electrical Engineering, Tool/Mold/Die Making, Automotive/Aerospace/Shipbuilding Industries, Industrial Design  ~1/3 AEC: e.g. Architecture, Building Services, Structural/Civil Engineering, Infrastructure, Gardening/Landscapin

  8. Slide 8: CAD/CAM in practice

    CAD/CAM in practice  Example: Industry 4.0 meets BIM BIM compatible catalog data for large kitchen planning Customer: Rational AG, Landsberg, Germany

  9. Slide 9: CAD/CAM in practice

    CAD/CAM in practice  Example: Infrastructure Software for Municipalities and public services to use Geographical data for customer service and hazard response Customer: Administration of Monheim am Rhein, Germany

  10. Slide 10: CAD/CAM in practice

    CAD/CAM in practice  Example BIM – Building Information Management: New headquarter building for AOK West in Dortmund Customer : Nattler Architekten GmbH, Essen

  11. Slide 11: CAD/CAM in practice

    CAD/CAM in practice  Example CAD and PDM including ERP integration: Design and manufacturing of modular tower cranes Customer: Wilbert TowerCranes GmbH, Waldlaubersheim, Germany

  12. Slide 12: Some Key Customers VAR

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  13. Slide 13: CAD/CAM in practice

    CAD/CAM in practice  Example Electrical Engineering and Documentation: Shearer loaders for coal and potash underground mining  Product ECSCAD – until 2008 M+M Software, end of 2008 sold to Autodesk – since 2014 licensed back Customer: and developed / supported by M+M (Segment M+M Software) Eickhof

  14. Slide 14: Some Key Customers ecscad

    mensch maschnhe CAD as CAD can Some Key Customers ecscad MSsRAUN Kia Aixte SIEMENS om a +. © MER) S88 CFF FFS eed Eo m@ ran > OB (DB) ADD FAILED OSRAM fi ENERCON U ENON AIRBUS ~ WURTH “J BUNDESBANK I DEUTSCHE C4 Bayer ALSTOM = ENBW [BES a manmachnhe CAD as CAD can EUROSYSTEM

  15. Slide 15: CAD/CAM in practice: Gardening and Landscaping

    CAD/CAM in practice  Gardening and Landscaping (GaLa)  Subsidiary DATAflor – Segment M+M Software  Price range: approx. EUR 5,000 per seat  Design and maintenance of GaLa Projects Project: Revitalization of Waldsiedlung, Hanau-Grossauheim, Germany

  16. Slide 16: Some Key Customers GaLa

    menschzmaschne CAD as CAD can Some Key Customers GaLa CUSANUS ¢ GARTEN GartenWerk DUKAT HAUF — AYHOPPET Co, KG ye HALTERN. » © Ite JUNGJOHANN & JENSEN’ KAUFMANN JAK BAU GARTEN- UND LANDSCHAFTSEAU ¢ Alles im griinen Bereich RANOLD \J> «= [Dc ee eo Oppermann Garten- und Landschattsbau manmachne CAD as

  17. Slide 17: CAD/CAM in practice: CAM

    CAD/CAM in practice  CAM – Computer Aided Manufacturing  Subsidiary Open Mind – Segment M+M Software  Price range: EUR 15,000 to >100,000 per seat  ~24% of group revenue / ~43% of group gross margin Project: Flat surface milling 5x faster by using special conical cutters with slightly convex cur

  18. Slide 18: CAM in the product development process

    CAD/CAM in practice  CAM in the product development process: CAD Software CAM Software Precision (construction) and machine tool Postprocessor with NC Control

  19. Slide 19: Flat surface milling speed comparison

    CAD/CAM in practice  Flat surface in 30 sec vs. 5:10 min: Factor 10!

  20. Slide 20: Fast impeller milling

    CAD/CAM in practice  Fast Impeller milling: 1:46 min instead of approx. 1h

  21. Slide 21: Some Key Customers CAM

    menschzmaschne CAD as CAD can Some Key Customers CAM AA GoopZYEAR @ ONDA) IA MAGNA & tirsemvooet | S@ [NWS ae oO AAcLaren” = hore Di G SGLGROUP : B ner THE CARBON COMPANY Turo Systems a SCHAEFFLER (@)BOSCH (UK| XYCARB >< CERAMICS ; BOCARA) BENTELERV AS 2eeRMmaRaneca RENEE BEN GROUP YANG BLOWER WORKS

  22. Slide 22: Sales & gross margin

    Sales & gross margin 60  Sales 2016: EUR 167.07 mln / +4.2% 250 Sales 2015 Sales Distribution Sales 2016 50 Sales 2017  M+M Software: EUR 46.24 mln / +11.6% Sales VAR Business  VAR Business: EUR 120.83 mln / +1.6% 200 Sales Software 40  Sales seasonality impacted by Autodesk‘s transition to rent

  23. Slide 23: Earnings / cash flows / dividend

    Earnings / cash flows / dividend 25  EBITDA 2016: EUR 15.76 mln (PY: 12.81 / +23%) EBITDA Distribution EBITDA Systemhaus  EBITDA yield 2016: 9.4% (PY: 8.0%) EBITDA Software 20  Software: EUR 10.66 mln (PY: 8.21 / +30%) / yield 23.1% (PY: 19.8%) Nettoergebnis  VAR Business: EUR 5.09 mln (PY: 4.60

  24. Slide 24: Balance sheet & financing

    Balance sheet & financing 110  Total assets: Total assets 100  Dec 31, 2016: EUR 100.52 mln / -2% 90  Mar 31, 2017: EUR 104.09 mln / +4% 80  Net bank debt: 70  Dec 31, 2016: EUR 14.31 mln (PY: 16.95) 60  Mar 31, 2017: EUR 8.55 mln 50  Reduced by more than EUR 30 mln 40 03 04 05 06 07 08 09 10

  25. Slide 25: Shareholder structure

    Shareholder structure  # of shares at Mar 31, 2017: Management 9,1% approx. 16.683 mln  Shareholder structure:  44.3% Free float  52.8% Management – CEO / Chairman of the Board Free float Drotleff 44,3% 43,7% Adi Drotleff 43.7% – Other Management approx. 9.1% (formally belongs to free float, as

  26. Slide 26: Investor Relations

    Investor Relations  Designated Sponsors:  LBBW, Stuttgart  Oddo Seydler, Frankfurt  Analyst coverage:  LBBW: „Buy“ - fair value EUR 17.00  Independent Research: „Buy“ - fair value EUR 18.00  SMC Research: „Buy“- fair value EUR 16.20  GBC Research: „Buy“- fair value EUR 18.60  EDISON: scale

  27. Slide 27: Share price development

    Share price development 350% 15,75 CDAX Software (Kurs / Price) 300% 14,00 TecDAX (Kurs / Price) 250% MuM-Aktie / M+M share 12,25 200% 10,50 150% 8,75 100% 7,00 50% 5,25 0% 3,50 -50% 1,75 Jan.10 Jul.10 Jan.11 Jul.11 Jan.12 Jul.12 Jan.13 Jul.13 Jan.14 Jul.14 Jan.15 Jul.15 Jan.16 Jul.16 Jan.17 Jul.17

  28. Slide 28: Review & Outlook

    Review & Outlook 140 20 EBITDA operating  Gross Margin 2012-16: EUR +28.4 mln / +45% Other operating income 120 Gross margin VAR  9.8% organic Gross Margin growth p.a. (target 10%) Gross margin Software 15 100 Spread from 7.1% (2013) to 13% (2015) 80 10  EBITDA purely operating 2012-16: EUR +14.8

  29. Slide 29: Thank you for your attention!

    Thank you for your attention ! For more Information: www.mum.de / Investor Relations

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