Munich, February 17, 2012 – In 2011, Nemetschek AG (ISIN 0006452907), Europe's largest provider of software for architecture and construction, increased revenues by 10 percent to 164 million euros. According to provisional figures, the operating result (EBITDA) was more than 39 million euros, compared with 37 million euros in the previous year. The EBITDA margin was 24 percent, as forecast in March 2011. As a result, the group has again achieved the highest group earnings in the company's history.
Clear increase in revenue from license sales and maintenance agreements
In 2011, revenues from license sales increased by 9 percent to 81 million euros. Revenues from long-term maintenance agreements have been growing continuously for years, and with increasing momentum: In 2011, it rose 11 percent overall to 74 million euros. As a result, more than 45 percent of Nemetschek's revenues is recurring business. In the group's non-German markets, revenues increased by 9 percent to 96 million euros, Nemetschek achieved significant increases in France, the USA and Japan, for example. Thanks to strong growth in the building industry in Germany, revenues at home increased by 11 percent to 68 million euros.
The Nemetschek Group was able to grow in the two global business units Design (software for architecture and engineering) and Multimedia (software for visualization and animation), in particular. In the Design unit, revenue rose 9 percent to 133 million euros; the EBITDA margin in this segment was 21 percent, compared with 22 percent in the previous year. In the Multimedia business unit (the Maxon Group is behind this), revenues increased by 26 percent to almost 14 million euros, and the EBITDA margin reached a record figure of 44 percent (previous year 38 percent). Maxon's success is due to a more streamlined and better positioned product range and the introduction of maintenance agreements, besides the company is profiting from the ever broader media offering worldwide.
In the Build segment (solutions for ERP and project management) revenue rose slightly to almost 14 million euros with an EBITDA margin of 35 percent. In the Manage business unit (ERP software for real estate management), revenue increased slightly to almost 4 million euros, while the EBITDA remained at the previous year's level of 0.3 million euros.
Net income higher than expected
Following the rise in revenues, the Nemetschek Group achieved an EBITDA of more than 39 million euros in 2011 (previous year: 37 million euros). The operating costs were 139 million euros (previous year: 126 million euros). The higher personnel expenses of 71 million euros (previous year 64 million euros) resulted mainly from a policy of workforce expansion in various subsidiaries and the increase in variable salary components caused by the increase in revenue. The other operating costs were round about 50 million euros (previous year: over 44 million euros). The reasons for this were amongst others the higher costs for the market launch of new product versions in the subsidiaries and revenue-dependent costs for dealer commissions.
By the end of 2011, the headcount in the Nemetschek Group had increased to 1,173 employees (previous year 1,076).
According to the provisional figures, the operating result (EBIT) rose by 6 percent to 29 million euros. As a result of tax rate changes in Hungary, the group also posted income from deferred tax of 1.4 million euros, resulting in a higher rise in net earnings of 12 percent to more than 22 million euros; after minority interests, it was just under 21 million euros (group shares). The earnings per share are thus 2.16 euros, compared with 1.97 euros in the previous year.
Free cash flow increased to around 32 million euros
The strong operating result is also reflected in the cash flow: Compared with the previous year, the cash flow from operating activities improved by 15 percent to 37 million euros. The cash flow from investing activities was almost 6 million euros. As a result, the free cash flow was almost 32 million euros. Compared to December 31, 2010, the liquid assets rose to almost 34 million euros and now exceed the remaining loan from the Graphisoft acquisition (5 million euros) by 29 million euros. The equity ratio of the Nemetschek Group is 64 percent (December 31, 2010: 57 percent).
Nemetschek will publish the complete 2011 annual report on March 30, 2012; management will also take this opportunity to provide an outlook for the current financial year.