9-month figures 2014: Nemetschek successfully continues profitable growth path

  • Revenue growth of 14.3% to EUR 153.5 million
  • Strong EBITDA growth to EUR 38.8 million (+22.1%) despite acquisition costs
  • Earnings per share significantly higher than in prior year at EUR 2.32 (+33.7%)
  • Acquisition of Bluebeam will accelerate growth

Munich, October 30, 2014 – The Nemetschek Group (ISIN 0006452907) was again able to continue its profitable growth path in the third quarter of 2014 and substantially improve its earnings despite acquisition costs for Bluebeam. Group revenues rose overall in the first nine months of 2014 by 14.3 % to EUR 153.5 million (previous year: EUR 134.2 million). On a quarterly basis, we generated revenues amounting to EUR 51.2 million, representing growth of 11.9 % compared to the previous year's quarter (EUR 45.8 million). The operating result again climbed above-proportionally compared to revenues. In total, earnings before interest, taxes, depreciation and amortization (EBITDA) increased in the first nine months of 2014 to EUR 38.8 million (previous year: EUR 31.8 million), which represents a rise of 22.1 %. The EBITDA margin improved within one year from 23.7 % to 25.3 %. From a quarterly perspective we were able to increase the EBITDA in the third quarter to EUR 13.2 million, a rise of 16.0 % compared to the previous year's quarter. Net income for the year (Group shares) improved significantly as of September 30, 2014: at EUR 22.3 million, this was 33.7 % higher than in the prior year (EUR 16.7 million). Accordingly, the earnings per share rose from EUR 1.74 in the previous year to EUR 2.32. On a quarterly basis, net income for the year (Group shares) rose by 25.3 % to EUR 7.9 million, which corresponds to earnings per share of EUR 0.82 (previous year: EUR 0.66).

Growth in all significant regions

We continued to pursue our international growth strategy and to expand our market presence. In total, non-domestic revenues climbed by 13.4 % to EUR 91.3 million (previous year: EUR 80.5 million). Growth regions include Asia – in particular Japan – and North and Latin America. Germany continued to develop positively: With a plus of 15.8% revenues amounted to EUR 62.2 million (previous year: EUR 53.7 million).

Revenue growth for software licenses and software service contracts

With a plus of 14.3 %, by September 30, 2014 revenues from software licenses had risen to EUR 71.8 million (previous year: EUR 62.8 million). We were able to increase revenues from software service contracts to EUR 73.8 million, a plus of 14.7 % compared to the previous year (EUR 64.4 million).

Development of the segments

The growth driver of the Nemetschek Group is the Design segment. At 17.8 % revenues grew substantially to EUR 126.4 million (previous year: EUR 107.3 million). The brands Vectorworks and Graphisoft have contributed in particular to this positive development. EBITDA climbed over-proportionally compared to revenue: at EUR 31.0 million, this was 38.3 % higher than in the prior year (EUR 22.4 million). The EBITDA margin rose accordingly from 20.9 % in the prior year to 24.5 % as at September 30, 2014.

In the Build segment revenues of EUR 10.7 million were about 5.5 % below the prior year level (EUR 11.3 million). The decline in revenues was mainly as a result of projects which were either not realized to the extent planed or were postponed. Furthermore, the longer than planned development times for commercial and technical solutions lead to shifts in revenue in the subsequent year. EBITDA reached an amount of EUR 2.0 million (previous year: EUR 3.9 million), which represents an EBITDA margin of 18.7 % (previous year: 34.2 %). The decline in the EBITDA margin is in particular due to the end of the capitalization of development work.

Revenues in the Manage segment rose slightly by 2.3 % to EUR 3.7 million compared to the previous year. In particular in the third quarter we noticed customer reservation and a postponement of investments due to the economic development. Due to planned investments below those of the prior year EBITDA amounted to EUR 0.6 million and, thus, an EBITDA margin of 16.9 % resulted (previous year: 21.5 %).

The Multimedia segment showed solid revenue growth of 5.5 %. Overall, revenues in the first nine months amounted to EUR 12.6 million (previous year: EUR 12.0 million). The EBITDA margin at 41.0 % is still at a high level (previous year: 39.4 %).

Acquisition of US software provider will accelerate growth

At the start of October 2014 we announced our takeover of Bluebeam, the leading provider of PDF-based workflow solutions for digital working processes and collaboration in the AEC industry. Bluebeam is an innovative and strongly growing company with over 650,000 users worldwide. Today, its customers include more than 74 % of the top US companies in the construction industry.

"Bluebeam fits perfectly in our solutions portfolio for the whole construction process and with our obligation to open standards, since through the provision of digital and paperless working processes the platform technology called "Bluebeam Revu" substantially improves the collaboration of all those involved in the construction process", according to Patrik Heider, CFOO and spokesman for Nemetschek AG. All Nemetschek Group solutions can be integrated into the workflow of Bluebeam using the simple PDF conversion. "With the acquisition we not only extend our range of solutions but also reinforce our international market presence in North America", continues Heider.

Successful 9-month status: Prospects for 2014 reinforced

Our current figures show: The Nemetschek Group is on a very positive course for achieving the objectives set for the whole year. Our forecast presented at the start of the year for achieving revenues within a range of between EUR 207 and 212 million (increase of 11 % to 14 %) and an EBITDA margin of between 23 % and 25 % is substantiated herewith. Currently, we are slightly above our forecast with both key figures and, thus, we are very confident that we will close the whole year 2014 successfully. We will adjust the forecast appropriately for completion of the acquisition of Bluebeam.

Summary of key figures

In milion EuroQ3 2014Q3 2013Δ in %9M 20149M 2013Δ in %
Revenues51.245.8+11.9%153.5134.2+14.3%
- thereof software licenses23.521.6+8.8%71.862.8+14.3%
- thereof software service25.322.1+14.9%73.864.4+14.7%
EBITDA13.211.4+16.0%38.831.8+22.1%
Margin25.9%25.0% 25.3%23.7% 
EBITA (normalized EBIT)11.910.4+14.6%35.228.6+22.8%
Margin23.2%22.6% 22.9%21.3% 
Net income for the year (Group)7.96.3+25.3%22.316.7+33.7%
Earnings per share in Euro0.820.66+25.3%2.321.74+33.7%
Net income for the year before depreciation, amortization and purchase price allocation8.80.66+13.7%24.820.9+19.0%
Earnings per share before amortization of purchase price allocation0.910.65+13.7%2.582.17+19.0%

Key figures segments

In million EuroQ3 2014Q3 2013Δ in %9M 20149M 2013Δ in %
Design      
Revenue41.936.4+15.1%126.4107.4+17.8%
EBITDA10.88.3+30.2%31.022.4+38.3%
Margin25.7%22.8% 24.5%20.9% 
Build      
Revenue3.63.8-5.6%10.711.3-5.5%
EBITDA0.41.3-70.7%2.03.9-48.4%
Marge10.7%34.5% 18.7%34.2% 
Manage      
Revenue1.31.4-6.9%3.73.7+2.3%
EBITDA0.30.4-25.3%0.60.8-19.6%
Margin21.4%26.6% 16.9%21.5% 
Multimedia      
Revenue4.44.2+5.6%12.612.0+5.5%
EBITDA1.81.5+23.8%5.24.7+9.7%
Margin40.8%34.8% 41.0%39.4% 

The complete report 9-monthly report 2014 can be found on the internet page of the company under Investor Relations as a download.

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