Nemetschek AG / Quarter Results
06.11.2009
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Corporate News
Nemetschek confirms outlook for 2009
Nine-month figures presented / revenues fall by 11 percent / EBITDA margin
stable at 20 percent / cash flow from operating activities 18.1 million
euros / expectations for 2009 confirmed
Munich, November 6, 2009 - Nemetschek AG (ISIN 0006452907), Europe's
largest vendor of software for architecture, engineering and the
construction industry achieved revenues of 96.9 million euros in the first
nine months of 2009. Revenues therefore fell by 11 percent compared to the
strong same period of the previous year (109.0 million euros). However, the
company was able to keep its operating margin (EBITDA) more or less stable
at 20 percent. In the same period of the previous year, it was 21 percent.
The EBITDA amounted to 18.9 million euros, compared to 22.7 million euros
in the first nine months of 2008. The net income was 6.5 million euros,
compared to 9.4 million euros in the previous year.
Revenues from maintenance contracts rose slightly
Despite the difficult economic environment, the Nemetschek Group was able
to increase revenues from maintenance contracts by two percent, from 45.3
million euros to 46.1 million euros. As a result, revenues from maintenance
made up 48 percent of total revenues, compared to 42 percent in the same
period of the previous year. Revenues from license sales, on the other
hand, fell by 21 percent from 55.9 million euros to 44.0 million euros.
Revenues from consulting and training dropped by 12 percent from 7.8 to 6.8
million euros.
In the German domestic market, the company saw revenues rise slightly, with
42.0 million euros following 41.3 million euros in the same period of the
previous year. In the foreign markets, however, revenues fell from 67.7
million euros in 2008 to 54.9 million euros. The company's foreign revenue
consequently fell from 62 percent of total revenues in 2008 to 57 percent.
Profitable segments
All four of the Group's segments were profitable in the first nine months
of 2009. The companies in the Design segment, which are, in particular,
responsible for the software solutions focusing on architecture and
engineering, achieved revenues of 78.4 million euros, compared to 90.2
million euros in the previous year. This corresponds to a drop of 13
percent. The EBITDA margin was 17 percent, compared to 20 percent in the
previous year.
In the Build business unit, which comprises the alphanumeric software
products supporting the actual construction process, the companies were
able to increase their revenues by 5 percent, from 9.3 million euros to 9.8
million euros, while the EBITDA margin rose to 34 percent (previous year:
27 percent).
The Manage segment, which develops solutions for commercial real estate
management, achieved practically the same revenues as in 2008, namely 3.0
million euros. The EBITDA margin fell slightly from 19 to 16 percent.
After revenues totaling 6.3 million euros in the same period of the
previous year, the Multimedia segment (3D software for visualization and
animation) achieved 5.8 million euros in the first nine months of 2009. The
EBITDA was 1.5 million euros, corresponding to an operating margin of 26
percent, compared to 30 percent in the previous year.
Costs reduced further
Thanks to strict cost management, Nemetschek was able to absorb the bulk of
the drop in revenues. Overall, operating costs fell by 9 percent and the
measures implemented to date will continue to positively affect the company
results.
Compared to the second quarter 2009, personnel expenses fell by 6 percent.
Other operating costs were reduced by 18 percent from 35.7 million euros to
29.3 million euros. This is due among other things to savings in
advertising, sales expenditure and external personnel costs.
After depreciation of intangible assets from the purchase price allocation
for Graphisoft and Scia of 5.3 million euros, the Group's operating profit
(EBIT) was 11.7 million euros, compared to 15.2 million euros in the same
period of the previous year. Net income amounted to 6.5 million euros
(previous year: 9.4 million euros). The earnings per share (consolidated
shares) were 0.65 euros, compared to 0.93 euros in the same period of the
previous year.
Net debt reduced
In the first nine months of 2009, the company achieved cash flow from
operating activities of 18.1 million euros, compared to 22.8 million euros
in the previous year. The cash flow from financing activities amounted to
-11.5 million euros (previous year: -24.8 million euros). The previous
year's amount contained repayments of 14.8 million euros as well as paid
dividends of 6.3 million euros. Until September 30, 2009 the Nemetschek
Group had repaid loan debts of 9.6 million euros.
Compared to December 31, 2008, the Group's liquid assets increased by 3.5
million euros to 26.7 million euros. As a result, the Group's net debt is
13.0 million euros (December 31, 2008: 26.1 million euros). The equity
capital totals 73.7 million euros, compared to 67.9 million euros on
December 31, 2008 - the equity ratio is 46 percent.
Drop in number of employees
As of September 30, 2009, the Nemetschek Group employed 1,069 people; at
the end of 2008 the company had 1,114 employees worldwide. In recent
months, the number of employees fell primarily in the subsidiaries in the
United States and Belgium.
Outlook confirmed
The construction industry is still feeling the effects of the global
economic crisis. Following a predicted drop in revenues of almost 10
percent in 2009, the European industry association Euroconstruct also
anticipates a fall in revenues of 2 percent for 2010. The industry in
Germany is performing comparatively well: for Germany, the construction
industry association HDB expects a fall in revenues of 3 percent for the
current year. The relatively stable development here is due not least to
the federal government's massive economic programs, which are slowly having
an impact: investment in refurbishment and the preservation of existing
buildings has risen considerably, for example.
The Nemetschek Group is also profiting from this. 'With their solutions for
energy-efficient construction and renovation, our subsidiaries are
addressing exactly the right topics,' states Ernst Homolka, CEO of
Nemetschek AG. In view of this and Nemetschek's strong position in the
domestic market, management confirmed its previous forecasts. According to
these, the Group expects a fall in revenue of around 10 percent, but should
be able to keep its operating margin (EBITDA) steady at around 20 percent.
About Nemetschek
The Nemetschek Group is Europe's largest vendor of software for architects,
engineers and the building industry. Worldwide, the group's companies
support their customers with solutions for the complete lifecycle of
buildings. These encompass the entire value chain - from design and
visualization to the actual construction process to usage and occupancy.
Nemetschek products are used by more than 270,000 customers in 142
countries worldwide. The company was founded in 1963 by Prof. Georg
Nemetschek and has more than 1,000 employees worldwide. Nemetschek AG,
which has been listed since 1999, achieved revenues exceeding 150 million
euros in fiscal 2008. For more information, visit www.nemetschek.com
Further queries:
Nemetschek AG
Regine Petzsch
Tel: +498992793-1219
E-Mail: rpetzsch@nemetschek.com
06.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Nemetschek AG
Konrad-Zuse-Platz 1
81829 München
Deutschland
Phone: +49 (0)89 92 793-0
Fax: +49 (0)89 927 93-5200
E-mail: investorrelations@nemetschek.com
Internet: www.nemetschek.com
ISIN: DE0006452907
WKN: 645290
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
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DGAP-News: Nemetschek confirms outlook for 2009
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