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Company Presentation Nemetschek AG August 2011
 

Company Presentation Nemetschek AG August 2011

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Company Presentation August 2011

Company Presentation August 2011

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    Company Presentation Nemetschek AG August 2011 Company Presentation Nemetschek AG August 2011 Presentation Transcript

    • Company PresentationErnst Homolka, CEOAugust 2011
    • Contents Company Profile and Business Model Market and Growth Drivers Business Development Outlook Background Information 1
    • Nemetschek at a glance Nemetschek is the European leader for software solutions in the AEC sector (Architecture – Engineering – Construction) Holding structure with ten strong product brands Founded in 1963 as an engineering firm by Professor Georg Nemetschek (main shareholder) More than 1,000 employees in 16 countries More than 300,000 customers in 142 countries € 150 million in revenues, EBITDA margin of 25 percent (2010) Nemetschek headquarters, Munich 2
    • Solutions for the whole building process 3
    • Building process calls for better coordination (BIM)Building Information Modeling (BIM): The integrated process of designing, building and managing ofbuildings – ideally supported by one digital Model accessible to every participant Architect Architect Civil Structural Structural Civil Engineer Engineer Engineer EngineerFacilitiesManager HVAC Engineer  Facilities Manager Single Building Model HVAC Engineer Constr. Building Constr. Building Engineer Engineer Owner Owner Controls Controls Engineer Manager Source: BuildingSmart Forum Berlin, 2009 4
    • Nemetschek covers main parts of the value chain Software solutions support communication of all participants Nemetschek Allplan Architecture, ArchiCAD (Graphisoft), Nemetschek Vectorworks Planning Nemetschek Allplan Architect Engineering , Nemetschek Scia, Glaser isb CAD Nemetschek Frilo Structural Civil Engineer Engineer Together with partners, Nemetschek Facilities HVAC e.g. Plancal, ESS Allplan Allfa Manager EngineerManaging Building Constr. Nemetschek Owner Engineer Construction Group* Nemetschek Crem Solutions* Controls Engineer Additional solutions in Nemetschek Allplan und Nemetschek Frilo Construction * Available in German-speaking countries only 5
    • Long-term corporate vision…From European leader to worldwide leader for integrated AEC software solutions Melbourne Convention and Exibition Centre, Australia 6
    • … and how we want to get thereGrow organically and sustainably Developing new solutions – 24 percent of revenues are invested in R&D Consolidating the range of solutions – finding and retaining new partners Step by step internationalization Completing the BIM story – current strong focus on web-based solutionsGrow through acquisitions Broadening the international customer base and product offering Inotera company headquarters, Taipeh/Taiwan 7
    • Contents Company Profile and Business Model Market and Growth Drivers Business Development Outlook Background Information 8
    • AEC Software: Local heroes and 4 international players 2010 Comments revenues (million EUR) Autodesk 427 Revenue in the AEC segment 32% Nemetschek 135 Revenue excluding Multimedia and Real Estate Management 50 % Bentley 105 Nemetschek estimate Tekla* 42 Segment Building & Construction 10% Others 700 Nemetschek estimate 7% 3% Autodesk *Tekla is now part of Trimble Navigation Ltd. Nemetschek Bentley Tekla others 9
    • Nemetschek is number 1 in Europe Leading EMEA AEC Providers 2009 Revenues Nemetschek 118 Autodesk (Building, Buzzsaw & 114 Civils) Bentley (Building Plants & Civils) 106 AVEVA 74 Intergraph (PPM) 63 Tekla 20Source: Cambashi 10
    • Steady growth of AEC Software market Market used to grow by 6 percent p.a. (2002-08)* Growing adoption of BIM-solutions** 2007 2009 20101500 1485 1500 1530 1414 1400 1322 1300 12411000 1089 1008 49% 28% 36%500 North America Europe 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e*Revenue development estimated by GartnerGroup and Nemetschek**Internet survey of industry professionals on the acceptance of BIM working methods and solutions, McGraw-Hill Construction, 2010 11
    • Growth driver for BIM solutions: Cost pressure The construction industry wants to increase productivity ̶ and is ready to invest in software Potential Adoption Drivers in Western Europe Current BIM Investment Priorities Improved communication between all parties 57% Developing internal collaborative 44% in the design and construction process BIM procedures Less time drafting; more time designing 56% BIM Software 42% More accurate construction 54% New / upgraded hardware 40% documents Improved budgeting and 51% BIM Training 34% cost estimating capabilities Marketing your BIM Capabilities 34% Safer worksites 50% Software customization / 33% Reduced construction 50% interoperability solutions costsSource: Internet survey of industry professionals on the acceptance of BIM working methods and solutions, McGraw-Hill Construction, 2010 12
    • Growth driver for BIM solutions: Green buildingConstruction industry needs to deliver sustainable buildings Buildings account for almost 40 percent of all CO2 emissions Energy standards for buildings are being tightened, energy pass mandatory in Europe Economic stimulus packages all over the world have a strong focus on energy efficient building and renovation Planners have to deliver energy consultancy to owners – which is facilitated to a high degree by working with BIM solutions 13
    • Nemetschek is benefiting from these trends Clear Focus on AEC – Architects and Engineers develop solutions for architects and engineers Realized BIM workflow between Nemetschek software products Strong support for open data exchange and non-proprietary exchange formats Broad range of solutions for the planning of sustainable buildings German pavilion EXPO 2010, Shanghai 14
    • Contents Company Profile and Business Model Market and Growth Drivers Business Development Outlook Background Information 15
    • Highlights in the first half year 2011Strong growth Group revenues up by 11 percent Double-digit growth of maintenance and license revenues International revenues up by 12 percentOperating margin influenced by one-off effects EBITDA-margin at 23 percent (24 percent foreign currency adjusted) Net income of almost 10 million euros, EPS at 0,94 eurosNew products, new clients and new people ArchiCAD 15 launched in June – new solution for conversion and restoration design Branch office in Brazil opened in May – promising response from potential customers Allplan Precast solution wins new customers in China and Singapore New head of cloud strategy at Nemetschek – strategy is well under way 16
    • Back on the growth path180 26160 165.0 25140 150.4 149.7 25 146.2 24120 135.6 24100 23 23 80 22 60 22 21 40 21 20 20 0 19 2007 2008 2009 2010 2011e 2007 2008 2009 2010 2011e Revenues in EUR millions EBITDA margin in % 17
    • High rate of maintenance contracts Software and licenses: 49 percent - New licenses sold, update and upgrade business Maintenance: 46 percent - Software service contracts running from 12 to 36 months Services & Hardware: 5 percent - Training, consulting, customizing in projects 5.0 5.0 46.0 46.0 Maintenance 49.0 49.0 Software & Licences Service & Hardware YTD 2010 YTD 2011 18
    • Global business recovered Stable business in Germany served as a solid basis in times of crisis Nemetschek again generates more than 60 percent of its revenues outside its domestic market120,00100,00 16.0 80,00 38.20 43.00 40.70 60,00 39.0 40,00 61.80 57.00 59.30 20,00 45.0 0,00 2008 2009 2010 Germany Germany International Europe excl. Germany RoW Revenue development by region in % YTD 2011 19
    • High margins in the relevant business units140,0 45120,0 40 121.6 38 39 38 35100,0 109.6 30 80,0 25 29 60,0 20 17 22 20 15 40,0 9 10 20,0 14.0 13.5 11.1 4.0 8.1 3.6 5 0,0 0 2009 2010 2009 2010 Design Build Manage Multimedia Design Build Manage Multimedia Revenue development in EUR millions EBITDA margin in % 20
    • Strong operating result and strong cash flow45 3540 30 32.2 40 30.435 37.1 2530 33.6 25.3 31.4 30.4 23.425 2020 1515 1010 5 5 0 0 2007 2008 2009 2010 2011e 2007 2008 2009 2010 Operating result (EBITDA) Cash flow from operating activities in EUR millions in EUR millions 21
    • Key Figures 2010 2009 HY 2011 HY 2010 in EUR millions in EUR millions in EUR millions in EUR millionsRevenues 149.7 135.6 79.1 71.2EBITDA 37.1 30.4 18.3 17.6EBITDA margin 25% 22% 23%**) 25%**)EBIT 27.5 20.9 13.3 12.9Cash flow from operating 32.3 23.4 18.3 20.3activitiesCash flow from investing -3.8 -3.6 -3.2 -0.9activitiesEquity *) 93.5 79.6 98.5 93.5Equity ratio *) 57% 50% 57% 57%Net income 18.9 12.2 9.0 8.8(group shares)Earnings per share in EUR 1.97 1.27 0.94 0.92*) Presentation of previous year as of December 31, 2010**) 24% Foreign currency adjusted 22
    • Contents Company Profile and Business Model Market and Growth Drivers Business Development Outlook Background Information 23
    • Outlook 2011General market conditions are positive Total construction sector output in Western Europe remains stable – Germany, France and Switzerland with stronger growth than expected* Relevant growth of construction sector output expected in South America, Asia, Middle East and Eastern Europe**Nemetschek plans significant growth Revenue growth in the region of 10 percent – most of the growth is in non-domestic Further investments in cloud strategy and international market presenceProfitability will stay high EBITDA-margin of around 24 percent Net income above 20 million euros* Estimates from EuroConstruct, June 2011** Estimates from IHS Global Insight, April 2011 24
    • Key takeawaysReliable basis of business Strong profitability – EBITDA margin of around 24 percent High cash flows – operating result is reflected in a corresponding cash flow Strong earnings basis – almost 50 percent maintenance contractsStrong growth drivers Growing demand for BIM software solutions Relevant growth expected thanks to new products and services Dornier Museum, Friedrichshafen 25
    • Contents Company Profile and Business Model Market and Growth Drivers Business Development Latest Developments and Outlook Background Information 26
    • Current shareholder structure Number of shares: 9,625,000 IPO: March 10, 1999 Frankfurt Stock Exchange, Prime Standard Market capitalization: approx. € 265 million 25.1% Shares held by the Nemetschek family: 54 percent 46.43% 11.51% 11.51% 5.44% Prof. Georg Nemetschek Dr. Ralf Nemetschek Alexander Nemetschek Ingrid Nemetschek Free float 27
    • Share price developmentCoverageDZ-BankGoldman SachsMacquarieWestLB 28
    • Calendar and contactCalendar 2011 3/28/2011 Annual Report 2010 4/29/2011 Q1 Report 2011 5/24/2011 Annual General Meeting 7/29/2011 Half Year Report 2011 10/28/2011 Q 3 Report 2011ContactRegine PetzschHead of Investor RelationsPhone: +49 89 92793 – 1219Fax: +49 89 92793 – 4219rpetzsch@nemetschek.comwww.nemetschek.com 29
    • Disclaimer This presentation contains forward-looking statements based on beliefs of Nemetschek AG management. Such statements reflect current views of Nemetschek AG with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from those projected here, due to factors including changes in general economic and business conditions, changes in currency exchange, the introduction of competing products, lack of market acceptance of new products, services or technologies and changes in business strategy. Nemetschek AG does not intend or assume any obligation to update these forward-looking statements. Nemetschek AG, August 2011 30