RIB Software SE with successful development in the first half of 2018

July 31, 2018 - Corporate News

Stuttgart, Germany, 31 July 2018. RIB Software SE, the world’s leading provider of iTWO 5D BIM Big Data technology for the construction industry, today announces its financial figures for the first half of 2018.

 

  • Software licence revenues in the first half-year 2018 up 17.7% (currency-adjusted: 20.2%) to € 18.6 million

 

  • Operating EBITDA* and adjusted for YTWO grows by 10.5% to € 18.9 million in the first half-year 2018

 

  • Maintenance revenues grow by 20.6% (currency-adjusted: 25.3%) to € 19.3 million

 

 

Consolidated figures for the first half of 2018 at a glance

For the RIB Group, 2018 will be the first year of transformation from iTWO 5D technology to cloud-based technology iTWO 4.0. Nevertheless, the RIB Group made a successful start to the first half of 2018. Software licence revenues grew by 17.7% (currency-adjusted: 20.2%) to € 18.6 million (previous year: € 15.8 million). Group revenues rose by 17.1% to € 62.4 million (previous year: € 53.3 million). Adjusted for currency effects, Group revenues increased by 21.3% to € 64.7 million (previous year: € 53.3 million). Sales in Germany grew by 24.4% to € 31.1 million (previous year: € 25.0 million). International sales increased by 10.6% (currency-adjusted: 18.7%) to € 31.3 million (previous year: € 28.3 million). Adjusted for the Key Account sales with a major British customer of € 2.3 million included in Q2 2017, most of which was written off in Q4 2017, international sales increased by 20.4%. In the iTWO segment, revenues rose by 16.3% (currency-adjusted: 20.7%) to € 57.9 million (previous year: € 49.8 million) with an EBITDA margin of 34.1%.

Deferred maintenance revenues increased by 20.6% (currency-adjusted: 25.3%) to € 19.3 million (previous year: € 16.0 million) and continue to make up a large share of recurring revenues. In total, recurring revenues (maintenance and SaaS) rose by 13.7% (currency-adjusted: 17.3) to € 26.6 million (previous year: € 23.4 million). Consulting revenues increased by 18.7% (currency-adjusted: 28.7%) to € 12.7 million (previous year: € 10.7 million).

The previous year’s operating EBITDA of € 24.7 million included other operating income of € 7.6 million from the software delivery to the joint venture YTWO. Adjusted for this effect in the previous year, operating EBITDA rose by 10.5% to € 18.9 million (previous year: € 17.1 million), despite start-up costs for the MTWO segment of € 1 million. The adjusted operating EBITDA margin was with 30.3% still on a high level. The adjusted operating EBT* rose by 7.8% to € 11.0 million in the reporting period (previous year: € 10.2 million), despite high start-up investments totaling € 3 million in the YTWO and MTWO segments

R&D expenses rose to € 7.7 million in the first half of 2018 (previous year: € 6.7 million). The increase was mainly due to the strengthening of our development teams in iTWO 4.0 and in the MTWO segment.

 

MTWO – 150 initial meetings with Managed Service Provider

At the AGM 2018 we have announced to develop 20 operating direct and indirect (partner) global sales and service units with the target to win (AGM Milestone) 123,000 iTWO USER. We could already execute an important step to reach this target. Because of the great attractiveness of MTWO, our leader team could execute a total of 150 meetings on C-level with target partner companies (MSP) out of 46 countries until now.

Based on the initial dates, we expect that the 3-5 partner investments targeted at this year’s Annual General Meeting for 2018 can be achieved and that the establishment of the worldwide RIB Partner Network will be successfully initiated in 2018.

For the MTWO segment, we continue to expect additional start-up costs of up to € 3 million for the 2018 financial year.

 

Confirmation of the guidance for the financial year 2018

Based on the positive development in the first half of 2018 and assuming otherwise stable market conditions, the RIB Group confirms its guidance for 2018 with sales between € 117 million and € 127 million and an EBITDA between € 33 million and € 43 million.

 


Consolidated Figures – Overview


             € million unless otherwise indicated

Q2 2018

Q2 2017

∆ in %

6 months 2018

6 months 2017

∆ in %

Revenue

30.9

27.1

14.0%

62.4

53.3

17.1%

Software licenses

9.8

9.3

5.4%

18.6

15.8

17.7%

Software as a Service / Cloud

3.1

3.0

3.3%

7.3

7.4

-1.4%

Maintenance

9.4

7.8

20.5%

19.3

16.0

20.6%

Consulting

6.2

5.0

24.0%

12.7

10.7

18.7%

e-Commerce

2.4

1.9

26.3%

4.5

3.5

28.6%

EBITDA

9.0

9.2

-2.2%

18.8

24.9

-24.5%

as % of revenue

29.1%

33.9%

 

30.1%

46.7%

 

Operating EBITDA and adjusted for YTWO*

8.1

9.3

-12.9%

18.9

17.1

10.5%

as % of revenue

26.2%

34.3%

 

30.3%

32.1%

 

EBT

5.0

5.8

-13.8%

10.9

17.9

-39.1%

as % of revenue

16.2%

21.4%

 

17.5%

33.6%

 

Operating EBT and adjusted for YTWO*

4.0

6.0

-33.3%

11.0

10.2

7.8%

as % of revenue

12.9%

22.1%

 

17.6%

19.1%

 

Write-downs from purchase price allocations

1.2

0.9

33.3%

2.2

1.8

22.2%

Cash flow from operating activities

 

 

 

21.7

24.8

-12.5%

Cash flow from operating activities adjusted for YTWO**

 

 

 

21.7

20.1

8.0%

Group liquidity***

 

 

 

267.7

134.8

98.6%

Equity ratio****

 

 

 

84.8%

80.5%

 

Average number of employees

 

 

 

942

805

17.0%

 


 

* EBITDA and EBT adjusted by currency effects (Q2 2018: € 0.9 million; Q2 2017: € -0.1 million) / (6M 2018: € 0.4 million; 6M 2017: € -0.2 million) and one-off / special effects (Q2 2018: € 0.0 million; Q2 2017: € 0.0 million) / (6M 2018: € -0.5 million; 6M 2017: € +0.4 million). Previous year adjusted for one-off other operating income: Software delivery YTWO (6M 2017: € 7.6 million)

** Previous year adjusted by one-time software licence payments from YTWO (6M 2018: € 0.0 million; 6M 2017: € 4.7 million)

*** Cash and cash equivalents, time deposits and available-for-sale securities. Previous year as of 31 December 2017

**** Previous year as of 31 December 2017

 

The complete Interim Report (January – June 2018) is available for download on the RIB Group website under investor relations.

 

About RIB

RIB Software SE is an innovator in construction business. Since its inception in 1961, RIB Software SE has been the pioneer in construction innovation, exploring and bringing in iTWO³ – new thinking, new work and new technology – to enhance construction productivity, and to transform the global construction industry into the most advanced and digitalized industry in the 21st century. RIB iTWO today is the world’s first Cloud / License based Big Data 5D BIM enterprise solution for construction, real-estate and industrial business.

RIB is headquartered in Stuttgart, Germany, and listed in Prime Standard Frankfurt Stock Exchange since 2011. With about over 1,000 talents in over 30 offices worldwide, RIB is serving 100,000 users including construction contractors, sub-contractors, developers, owners, investors and governments, in the field of building construction, infrastructure, EPC sector and more.

© 2017 RIB Software SE