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RIB Software AG: revenue grows by + 45.4% with high profitability

Back31.03.2014

RIB Software AG / Key word(s): Final Results

31.03.2014 / 07:30


31.03.2014

RIB Software AG: revenue grows by + 45.4% with high profitability

- Total revenue increases by 45.4% to EUR 57 million

- Operating EBITDA* surges by 20.1 % to EUR 20.3 million, EBITDA margin at 35.6 %

- Consolidated net profit for the year (adjusted by currency effects) exceeds 10 million for the first time

- Continued strong equity ratio of 80.2 %

- Strong growth planned in 2014

STUTTGART, 31 March 2014. Today, RIB Software AG (ISIN DE000A0Z2XN6), by its own account world market leader in the field of 5D BIG DATA end-to-end enterprise solutions for the construction industry, published its business figures for the financial year 2013 and the outlook for 2014.

Strong revenue growth in 2013

Total revenue of the RIB Group rose by 45.4 % from EUR 39.2 million to EUR 57.0 million in the 2013 financial year. In the software as a service / cloud segment revenue shot up by 139.3 % to EUR 6.7 million (prior year: EUR 2.8 million). International revenue rocketed by 193.8 % from EUR 8.0 million to EUR 23.5 million. Based on the positive revenue development, the RIB Group succeeded in boosting operating EBITDA* compared to the prior year to EUR 20.3 million (+20.1 %). Consolidated net profit for the year, adjusted for currency effects, for the first time exceeded the 10 million mark with EUR 10.1 million (prior year: EUR 9.4 million). The result per share was EUR 0.24.

Thomas Wolf, CEO and Chairman of RIB Software AG, comments: "We've made it! The world's leading IT analysts have got RIB shares on their radar. The iTWO technology 'new IT, new thinking, new work' has the potential to revolutionise global construction and transform a traditional industry into an advanced one. The trust placed in iTWO people and iTWO technology is growing and growing."

"In the Year of the Horse we are following the same principle as in 2011/12 and '13 too, concentrating on an 80% increase in our phase II and III major projects, the development of our strategic alliances with globally leading companies from the strategy and 'change management' consulting, banking, finance, science, government and IT sectors. In addition we will continue to pursue our strategy of investing in customers, networks and R&D. In the Year of the Horse, we could cross the 1,000 iTWO people mark, conclude the first > US$ 10 million BIG DEAL and initiate the first iTWO law, as well as present the first iTWO trade finance platform, the first iTWO risk insurance and the first iTWO e-commerce solution. And in addition, continue to invest with all our might in the iTWO cloud and iTWO people," Wolf continues.

*) adjusted by currency effects (2013: - 1.5 Mio. EUR; 2012: - 0.8 Mio. EUR)

A leading trade financing standard for the global construction industry

Seabury Group TFX (HK) Limited, the up-and-coming provider of trade financing and commodity exchange services and RIB Ltd. (Hong Kong Limited), the leading provider of BIM 5D Big Data solutions for the construction industry, have signed an agreement for a strategic alliance to develop the leading cyber-based trade financing solution for the process chain in CAPEX projects.

Thomas Wolf: "Seabury Group is a company based in New York with core segments in aviation, space, financing and insurance. It is highly innovative and characterised by strong management and a pronounced entrepreneurial spirit. I see a great future for cooperation with Seabury TFX in developing cyber-based trade financing solutions for the construction industry and for the possibility of providing the aviation industry with the most progressive and innovative solutions for its construction projects."

Stable finance and asset position

The capital structure of RIB AG continues to be characterised by a very high equity ratio of 80.2 % of the balance sheet total. The cash flow from operating activities rose by 17.1% to EUR 16.4 million. Despite the acquisitions made in 2013, with its high level of liquidity the RIB Group has financial reserves which can be used for further growth.

Hidden reserves of EUR 10.2 million through purchase of treasury shares

Treasury shares were purchased at an average price of EUR 4.37 per share. Calculated on the basis of the closing price of our share on 28.03.2014, which was EUR 11.56 per share, this represents hidden reserves of approximately EUR 10.2 million. Expenditure from the purchase of treasury shares constituted a non-recurrent charge on the 2013 retained earnings available for dividends of EUR 5.6 million. For this reason, the Executive Board and Supervisory Board will propose a reduced dividend of EUR 0.06 per share to the Annual General Meeting. The dividend for the 2014 financial year should turn out to be much higher and could compensate for the reduced amount for 2013 with a special dividend. The Executive Board and Supervisory Board will decide on this in good time.

**) Calculated with a closing price of the RIB Software AG share on 28.03.2014 of EUR 11.56 per share.

Forecast for the 2014 financial year

In 2014, we expect the demand for 5D technologies and Cloud software in the construction industry to continue to grow. We therefore expect significant revenue growth due to the further market penetration with iTWO 5D and iTWO Cloud and due to the services to be provided in connection with the introduction of software in customer projects. The goal is continued growth of 80 % in Phase II and III deals. For this reason we assume growth in revenue and a result of about 25 %.

Overview of Group figures

In EUR million20132012Change (%)
Revenue57.039.2+45.4 %
Software licences16.214.2+14.1 %
Software as a service/cloud6.72.8+139.3 %
Maintenance19.116.3+17.2 %
Consulting15.15.9+155.9 %
Operating EBITDA*20.316.9+20.1 %
Margin (%)35.643.1 
Consolidated net revenue for the year (adjusted by currency effects) 10.19.4+7.4 %
Result per share in euros0.240.23+4.3 %
Cash and cash equivalents incl. freely disposable securities 82.189.1-7.9 %
Equity142.7148.4-5.7 %
Equity ratio (%) 80.281.8 
Operating cash flow16.414.0+17.1 %

*) adjusted by currency effects (2013: - 1.5 Mio. EUR; 2012: - 0.8 Mio. EUR)

The complete 2013 annual report is available for download on the RIB Group website under investor relations.

About the RIB Group

RIB Software AG is a pioneer in the construction industry. The company conceives, develops and distributes iTWO technology for construction companies around the world. iTWO is the world's first cloud-based big data BIM 5D corporate solution for this sector. Since its foundation in 1961, RIB Software AG has been a pioneer in innovations for the construction segment, for the research and provision of new technologies and for new ways of thinking and working to boost productivity in the construction sector, and as a result has contributed to making the construction industry into one of the most progressive industries in the twenty-first century. RIB is based in Stuttgart and has been quoted in the Prime Standard of the Frankfurt Stock Exchange since 2011. With over 600 qualified employees in more than 30 branches worldwide, RIB looks after 100,000 customers, including construction companies, property development companies, owners, investors and governments and this among other things in the fields of construction, infrastructure and EPC.



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