Mensch und Maschine Software SE · XETR:MUM
Mensch und Maschine Software — Investor Presentation (July 2016)
27 slides from Mensch und Maschine Software's investor presentation, Jul 28, 2016
Slide 1: Company Presentation
Company Presentation Mensch und Maschine Software SE Status July 28, 2016 Half year report 2016
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 – 32 years market presence Gross Margin approx. 50
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
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
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 2015: Gross yield 52.7% / Development of
Slide 6: Business model: geographical sales and headcount
Business model Geographical sales contribution (2015): Asia/ America Germany: EUR 75 mln / 47% Europe: EUR 72 mln / 45% GER A / CH / F / I / UK / PL / RO / IB Europe Asia/America: EUR 13 mln / 8% Japan / APAC / USA / Brazil (own sales offices / CAM Software only) Headcount: (Status: June 3
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
Slide 8: 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
Slide 9: 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
Slide 10: CAD/CAM in practice
CAD/CAM in practice Example Infrastructure Design and Management: Integrated 3D Infrastructure Database Customer: Stadtwerke Emden, Germany
Slide 11: Some Key Customers VAR
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Slide 12: 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
Slide 13: Some Key Customers ecscad
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Slide 14: 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
Slide 15: Some Key Customers GaLa
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Slide 16: 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 ~22% of group revenue / ~40% of group gross margin Project: Milled instead of cast impellers in turbo motors for higher fracture strength and better
Slide 17: 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
Slide 18: Fast Impeller milling
CAD/CAM in practice Fast Impeller milling: Instead of 1h machining time…
Slide 19: Some Key Customers CAM
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Slide 20: Sales & gross margin
Sales & gross margin 60 Sales 2015: EUR 160.38 mln / +14.5% 250 Sales 2014 Sales Distribution Sales 2015 50 Sales 2016 M+M Software: EUR 41.44 mln / +7.6% Sales VAR Business 200 Sales Software VAR Business: EUR 118.94 mln / +17% 40 Nearly 1/3 from strong CHF // >12% organic growth 30 150 N
Slide 21: Earnings / cash flows / dividend
Earnings / cash flows / dividend EBITDA 2015: EUR 12.81 mln (PY: 10.87 / +18% // purely operating 7.87 / +63%) EBITDA margin 8.0% (PY: 7.8% // purely operating 5.6%) 25 EBITDA Distribution Software: EUR 8.21 mln (PY: 7.21 / +14%) / Margin 19.8% (PY: 18.7%) EBITDA VAR Business VAR Business: E
Slide 22: Balance sheet & financing
Balance sheet & financing Total assets: 110 100 Total assets Dec 31, 2015: EUR 102.52 mln / -2% Receivables -4% in spite of sales +14.5% 90 80 June 30, 2016: EUR 98.39 mln / -4% 70 Net bank debt: 60 Dec 31, 2015: EUR 16.95 mln (PY: 19.34) 50 Jun 30, 2016: EUR 15.82 mln 40 03 04 05 06 0
Slide 23: Shareholder structure
Shareholder structure # of shares at Jun 30, 2016: Management 9,1% approx. 16.683 mln Shareholder structure: 45.5% Free float 52.4% Management – CEO / Chairman of the Board Free float Drotleff 43,3% Adi Drotleff 43.3% 45,5% – Other Management approx. 9.1% (formally belongs to free float, as
Slide 24: Investor Relations
Investor Relations Designated Sponsors: LBBW, Stuttgart Oddo Seydler, Frankfurt Analyst coverage: LBBW: „Hold“ - fair value EUR 14.00 Independent Research: „Hold“ - fair value EUR 15.00 SMC Research: „Hold“- fair value EUR 14.90
Slide 25: 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
Slide 26: Outlook
Outlook 250 Mid-term planning parameters: Sales Distribution Sales VAR Business 200 ~10% organic gross margin growth p.a. Sales Software 150 Step by step progress in EBITDA margin potential: M+M Software (2015: 19.8% / target >25%): ~ +1% p.a. 100 VAR Business (2015: 3.9% / target >10%): ~
Slide 27: Thank you for your attention!
Thank you for your attention ! For more Information: www.mum.de / Investor Relations
Mensch und Maschine Software — Investor Presentation (July 2016) on 6ix