Munich, April 30, 2010 – Nemetschek AG (ISIN 0006452907), Europe's largest vendor of software for architecture, civil engineering and the building industry, started off well in fiscal year 2010. In the first quarter the revenues in the group increased by 6 percent from 33.6 million euros to 35.4 million euros. The EBITDA increased by 15 percent to 8.3 million euros (7.3 million euros in the previous year). The net income increased by more than 50 % to 3.6 million euros (2.3 million euros in 2009). The cash flow from ordinary activities amounted to 12.9 million euros after 9.5 million euros in the first quarter of 2009.
Licence revenues in particular have increased again significantly for the first time - by 10 percent from 15.8 million euros to 17.4 million euros. Revenues from maintenance contracts improved by 3 percent to 15.7 million euros (previous year: 15.3 million euros). The Nemetschek Group's revenues abroad also increased: they went up by 8 percent to 21 million euros (19.6 million euros in the previous year). The revenues in Germany amounted to 14.3 million euros - a plus of 3 percent in comparison with the same period in the previous year (14 million euros).
The Design and Multimedia business units in particular managed to grow. In the Design segment revenues increased by 5 percent to 28.9 million euros. The Multimedia segment even managed to improve its sales revenues by 27 percent to 2.3 million euros - up from 1.8 million euros in 2009. With revenues of 3.2 million euros the Build unit succeeded in maintaining the high revenue level achieved in the same quarter last year (3.3 million euros), and with revenues of 1.0 million euros the Manage business unit also achieved sales revenues at last year's level.
EBITDA margin of 24 percent
As a result of the increase in revenues and the ongoing strict cost management the group achieved an EBITDA of 8.3 million euros in the first quarter of 2010, after 7.3 million euros in the previous year. This is equivalent to an operating margin of 24 percent, after 22 percent in the first quarter of 2009. The operating expenses dropped once again slightly from 30.3 million euros to 30.1 million euros. The operating profit (EBIT) amounted to almost 6 million euros, after 4.8 million euros in the first quarter of 2009; the net income was 3.6 million euros, after 2.3 million euros. The earnings per share (consolidated shares, basic) thus amount to 0.35 euros, after 0.24 euros in the same quarter of the previous year.
The positive result of the first three months of 2010 is also reflected in the cash flow: the cash flow from operating activities increased from 9.5 million euros in 2009 to 12.9 million euros. The cash flow from investment activities amounted to -1.0 million euros, after -0.5 million euros in the same quarter of the previous year. Nemetschek's free cash flow in the first quarter of 2010 thus amounted to almost 12 million euros. Compared to December 31, 2009, the Nemetschek Group's liquid assets increased by 11.9 million euros to 34.8 million euros. These are now set against liabilities of 32.3 million euros from the financing of the Graphisoft acquisition. 'This means that the group is free of net debt since the first quarter of 2010', emphasized Ernst Homolka, CEO, Nemetschek AG. Nemetschek AG's equity ratio is 49 percent.
'The start to the new fiscal year was successful, but prudence is still required', said Homolka. He added that there were still question marks surrounding the economic development and the growth outlooks for the most important markets were cautious. The planned growth in revenue throughout the group of between three and five percent was thus realistic from today's perspective. The company continues to count on a recovery of license sales, primarily in the non-German markets.
'On balance, higher sales revenues will also have a positive effect on earnings, as the non-sales-dependent costs are largely set to remain stable', said Homolka. Furthermore, the interest expense for the reduction in liabilities from the Graphisoft acquisition will continue to fall and the net income will increase as a result.