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RIB Software SE looks back on a very successful first half of 2020 and shows a strong revenue increase of 42.6% to € 131.9 million

Back31.07.2020

DGAP-News: RIB Software SE / Key word(s): Half Year Results
31.07.2020 / 07:40
The issuer is solely responsible for the content of this announcement.

31-July-2020

RIB Software SE looks back on a very successful first half of 2020 and shows a strong revenue increase of 42.6% to € 131.9 million

- Despite COVID-19, Group revenue increases by 42.6% to € 131.9 million (py: € 92.5 million)

- Recurring revenues (ARR) again grew significantly by 45.0% to € 75.1 million (py: € 51.8 million)

- International sales increase by 52.4% to € 82.6 million (py: € 54.2 million)

- EBITDA increases by 117.2% to € 46.7 million (py: € 21.5 million) - EBITDA margin is 35.4% (py: 23.2%)

- Cash flow from operating activities grows by 47.0% to € 38.8 million (py: € 26.4 million)

- EBT increases by 225.3% to € 28.3 million (py: € 8.7 million)

Stuttgart, Germany, July 31, 2020. RIB Software SE, the world's leading provider of iTWO 4.0 cloud enterprise platform technology, today announced its key financial figures for the first half of 2020.

VERY STRONG REVENUE AND PROFIT DEVELOPMENT IN THE FIRST HALF OF 2020
Despite the global economic impact of the COVID-19 pandemic, we can look back on a very successful first half of the year. The strong growth during the investment phase with a planned average annual growth rate of 30-60% until 2022 continued in the first half of 2020 after the successful Q1 2020. In addition, a phase III contract was concluded in the second quarter of 2020. Group revenues increased by 42.6% to € 131.9 million (previous year: € 92.5 million), whereby the organic revenue growth of the iMTWO software segment was 13.7% above plan. Recurring revenues (ARR) grew by 45.0% to € 75.1 million (previous year: € 51.8 million). Non-recurring revenues (NRR) increased by 38.7% to € 26.9 million (previous year: € 19.4 million). As in the first quarter of 2020, service revenues developed very positively due to the large number of projects, rising by 55.4% to € 25.8 million (previous year: € 16.6 million).

The EBITDA increased by 117.2% to € 46.7 million compared to the previous year (€ 21.5 million). The EBITDA margin of 35.4% exceeded the expected range of 20-30% during the investment phase. The operating EBITDA increased by 102.0% to € 41.2 million (previous year: € 20.4 million). The net cash flow from operating activities increased by 47.0% and reached € 38.8 million (previous year: € 26.4 million). Amortization from purchase price allocation (PPA) amounted to € 7.9 million, up on the previous year (€ 4.8 million). The positive development is also reflected in the EBT, which increased by 225.3% to € 28.3 million (previous year: € 8.7 million). Adjusted for the PPA amortization, the increase is 168.1% to € 36.2 million (previous year: € 13.5 million). EAT rose significantly by 371.7% to € 21.7 million (previous year: € 4.6 million).

SUCCESSFUL TAKEOVER BY SCHNEIDER ELECTRIC
On July 10, 2020, Schneider Electric announced the successful completion of the voluntary public tender offer for all outstanding shares (ISIN: DE000A0Z2XN6) of RIB Software SE. All closing conditions have been fulfilled in the meantime, including the CFIUS approval received on July 2, 2020. The settlement of the voluntary public takeover bid has thus been completed.

GROUP OUTLOOK FOR THE FISCAL YEAR 2020
Due to the uncertainties caused by Covid-19, we have currently limited our M&A activities which will have an impact on the planned revenue and EBITDA contribution from these deals. In the context of further cost reductions and liquidity conservation, we have heavily reduced investments in new business areas, such as xYTWO, and are focusing on the successful expansion of the iMTWO segment. In this context, we plan to sell the E-Commerce business in the segment xYTWO, which does not contribute to EBITDA.

On this basis and taking into account the further probable consequences of the COVID-19 pandemic, provided that these do not intensify during the year, the Company issues a guidance for the 2020 financial year of the RIB Group, according to which the Company now plans to achieve revenues of between € 240 million and € 270 million and an operating EBITDA of between € 55 million and € 75 million. See also our ad hoc release dated June 25, 2020.


CONSOLIDATED FIGURES - OVERVIEW

€ million unless otherwise indicatedQ2 2020Q2 2019∆ in %6 months 20206 months 2019∆ in %
Revenue67.046.145.3%131.992.542.6%
ARR34.726.331.9%75.151.845.0%
NRR18.19.688.5%26.919.438.7%
Services12.17.855.1%25.816.655.4%
E-Commerce2.12.4-12.5%4.24.7-10.6%
EBITDA31.08.7256.3%46.721.5117.2%
as % of revenue46.3%18.9% 35.4%23.2% 
Operating EBITDA*31.18.8253.4%41.220.4102.0%
as % of revenue46.4%19.1% 31.2%22.1% 
EBT21.92.1942.9%28.38.7225.3%
as % of revenue32.7%4.6% 21.5%9.4% 
Amortization from purchase
price allocation (PPA)
3.92.556.0%7.94.864.6%
Cash flow from operating activities   38.826.447.0%
Group Liquidity**   141.3125.812.3%
Equity ratio***   75.1%74.7% 
Average number of employees   1,7941,41127.1%
 

* EBITDA adjusted by currency effects (6M 2020: € -0.3 million; 6M 2019: € +1.1 million) and one-off / special effects
(6M 2020: € +5.7 million; 6M 2019: € 0.0 million).

** Cash and cash equivalents, time deposits and available-for-sale securities. Previous year as of December 31, 2019.

*** Previous year as of December 31, 2019.


The complete Interim Report (January - June 2020) is available for download on the RIB Group website under Investor Relations.

About RIB Group

RIB Software SE is an innovator in the building and construction industry. The company develops and offers cutting-edge digital technologies for construction enterprises and projects across various industries worldwide. iTWO 4.0, RIB's flagship cloud-based platform, provides the world's first enterprise cloud technology based on 5D BIM with AI integration for construction companies, industrial companies, developers and project owners, etc. With over 50 years of experiences in the construction industry, RIB Software SE focuses on IT and engineering and becomes the pioneer in construction innovation, exploring and bringing in new thinking, new working methods and new technologies to enhance construction productivity. RIB is headquartered in Stuttgart, Germany and Hong Kong, China, and listed on the prime standard Frankfurt Stock Exchange since 2011. With over 2,700 talents in more than 25 countries worldwide, RIB is targeting to transform the construction industry into the most advanced and digitalized industry in the 21st century.



31.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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