1 / 22

Company Presentation

Company Presentation Mensch und Maschine Software SE July 2010 Business model Mensch und Maschine Software SE (M+M) is a leading vendor of CAD/CAM solutions in Europe (CAD/CAM = Computer Aided Design/Manufacturing) European CAD/CAM Market: M+M Market share ~7%

johana
Télécharger la présentation

Company Presentation

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CompanyPresentation Mensch und Maschine Software SE July 2010

  2. Business model • Mensch und Maschine Software SE (M+M) is a leading vendor of CAD/CAM solutions in Europe(CAD/CAM = Computer Aided Design/Manufacturing) • European CAD/CAM Market: M+M Market share ~7% • Founded 1984 – 26 years market presence • Leading Value-Added Reseller/Distributor in Europe for global CAD market leader Autodesk • M+M share in Adsk sales: Europe 20-25% / global ~9% • M+M’s own CAD/CAM Software development for differentiation and profile in the market • Open Mind (CAM) & Dataflor (Gardening/Landscaping)

  3. M+MSoftware Development of CAD/CAM Software Worldwide sales Autodesk M+M VAR D/A/CH Value Added Reselling of CAD Software / Service M+M Distribution Europe Resellers End customers Business model SegmentM+M Software Low volume / High margin Sales 2009: EUR 21.8 mln Gross margin ~90% EBITDA margin 2009: 7.1% 2007/08 (=potential): 15-25% SegmentDistribution High volume / Low margin Sales 2009: EUR 106.2 mln Grossmargin ~17% EBITDA margin 2009: 0.8% 2007/08 (=potential): 3-4% SegmentVAR (new in 2009) Medium volume & margin Sales 2009: EUR 35.3 mln Grossmargin ~38% EBITDA margin 2009: -2.9% (Startup) Mid term potential: up to 10%

  4. Business model • Market Offensive 2009: Extensive change from Distribution (indirect) to VAR (Value-Added Reselling) in D/A/CH • Acquisitions of key VAR partners • Germany: Haberzettl, LeyCAD, AtWork, Dressler, BenCon 3D, customX, integra • Austria: IT Consulting, Personal-Entwicklung • Switzerland: CAD-LAN, CADiWare • Additional acquisitions in 2010: Zuberbuehler (CH), CAD-praxis (D), Scholle (D) • Share swap (founders become co-entrepreneurs, low cash requirement). Two step takeover, performance dependent valuation over 2-4 years • With 35 locations, M+M has approached full area coverage (Exception: Eastern Germany) • Added Value (=Gross Margin) ~50/50% from Service / CAD software sales

  5. Business model • Segmentation (group level): Distribution dominating sales, Added Value (Gross Margin) breakdown close to 50/50% 2008: Distribution still largest sales area, but Added Value (Gross Margin) breakdown evenly balanced over the three Segments 1-6/2010:

  6. Business model • Geographical markets: • Distribution & M+M Software in 16 European countries • D/A/CH: VAR Business • Sales offices in Japan, APAC and USA (M+M Software only) • Headcount: • June 30, 2010: 597 (PY: 503) • 110 / 18% Distribution • 292 / 49% VAR Business • 195 / 33% Software

  7. CAD/CAM in practice • Example Mechanical Engineering: Cheese manufacturing facility Customer: Kalt Maschinenbau AG, Luetisburg, Switzerland

  8. CAD/CAM in practice Custumor: Genesis-design GmbH, Munich, Germany • Example Industrial Design

  9. CAD/CAM in practice • Architecture: Klimahaus in Bremerhaven/Germany Customer: agn Niederberghaus und Partner GmbH,Ibbenbueren

  10. CAD/CAM in practice • Example Mechanical Engineering: Filling/sealing facilities for the food and cosmetic industry Customer: ROBOT FOOD Technologies GmbH, Wietze, Germany

  11. CAD/CAM in practice • Electrical Engineering • Product AutoCAD ecscad • Price region: approx. EUR 5,000 per seat • Technology sold to Autodesk on October 15, 2008 Project: Groupwide unique electrical documentation for INA-Schaeffler group, Herzogenaurach

  12. CAD/CAM in practice • Example parametric design: Customer specific configuration of heat exchangers with customX Customer:GEA Happel Klimatechnik Produktions- und Service gesellschaft mbH, Obershausen, Germany

  13. CAD/CAM in practice • Gardening and Landscaping • Subsidiary DATAflor • Price region: approx. EUR 5,000 per seat • Design and maintenance of GaLa Projects Project: Revitalizationof Waldsiedlung, Hanau-Grossauheim

  14. CAD/CAM in practice • CAM – Computer Aided Manufacturing • Subsidiary Open Mind – Product family hyperMill • Price range: EUR 15,000 to >100,000 per seat • Nearly 10% of group revenue / >30% of gross margin Project: CNC programming for the manufacturing of motorsport prototypes by Japanese DAISHIN SEIKI CORPORATION

  15. Sales development • Sales 2009: EUR 163.3 mln / -27% • M+M Software: EUR 21.8 mln / -13% • VAR Business: EUR 35.3 mln (PY: 1.5) • Distribution: EUR 106.3 mln / -46% • Currency effects approx. EUR -6.2 mln • Transition to VAR Business in D/A/CH • Outside D/A/CH: -25% in local currencies • Seasonality: Q1-Q3 -29% / Q4 -19.5% • Gross margin EUR 51.0 mln / -8.7% • Gross yield 31.2% (PY: 25.1%) • Sales 1-6/2010: EUR 97.43 mln / +14.5% • M+M Software: EUR 12.18 mln / +8% • VAR Business: EUR 27.23 mln / +79% • Distribution: EUR 58.02 mln / -1% • Gross margin 1-6/10: EUR 31.93 mln / +22% • Gross yield 32.8% (PY: 30.7%)

  16. Earnings development • Operating profit EBITDA 2009 EUR 1.38 mln (PY: 13.04 / -89%) • EBITDA margin 0.8% (PY: 5.8%) • Segmentation • M+M Software: EUR +1.54 mln • Distribution: EUR +0.86 mln • VAR Business: EUR -1.01 mln (Ramp up) • Seasonality: Bottom in Q3 • Net: EUR -4.78 mln (PY: +5.76) • Mainly from Depreciation/Amortization/Impairmt. • Cash flow: EUR +5.66 mln (PY: 9.32) • 1-6/2010: Positive development • EBITDA: EUR 2.90 mln / +21% • Software +1.44 / Distribution +1.83 / VAR Business -0.37 • Cash flow: EUR +2.72 mln (PY: -0.89)

  17. Balance sheet development • Total assets higher (market offensive): • Dec 31, 2009: EUR 101.15 mln (PY: 84.99) • June 30, 2010: EUR 103.92 mln Total assets • Net bank debt stays on low level: • Dec 31, 2009: EUR 12.39 mln (PY: 11.16) • June 30, 2010: EUR 10.47 mln • Shareholders‘ equity nominally lower: • Dec 31, 2009: EUR 24.22 mln (PY: 26.40) • Capital ratio 23.9% (PY: 31.1%) • June 30, 2010: EUR 25.18 mln / ratio 24.2% • IFRS special: Minority shares in VAR acquisitions have to be booked as non-current liabilities, though payable non-cash by share swaps • Adjusted Equity: EUR ~33.2 mln • Capital ratio ~32.0% Net bank debt

  18. Shareholder structure • # of shares at June 30, 2010: approx. 14.6 mln • Shareholder structure: • 53.1% Free float • 46.9% Management • CEO / Chairman of the Board Adi Drotleff 41.2% Purchase since beginning of 2006:>800,000 shares / Invest >4.0 MEUR • CTO Werner Schwenkert 5.7% • M+M is both a public and private company

  19. Investor Relations • Designated Sponsors: • LBBW, Stuttgart • Close Seydler, Frankfurt • Analyst coverage: • LBBW: „Buy“ - fair value EUR 4.50 • Independent Research: „Buy“ - fair value EUR 5.90 • SES Research: „Buy“ - fair value EUR 4.50 • Performaxx: „Buy“ – fair value EUR 8.54 • GSC Research: „Neutral“ – fair value EUR 3.90

  20. Change to m:access (Mar 31, 2010) • Primary motivation: • Unification of “Geregelter Markt” and “Amtlicher Handel” resulted in a regulatory environment lifted to DAX level • Estimated increase of opportunity costs:~ 1 MEUR p.a. primarily for audit / legal advisory and additional internal costs in legal / finance departments • m:access offers optimal cost/performance ratio including full consideration of shareholders’ transparency interests • Tradability through Xetra fully guaranteed • M+M will overfulfill m:access rules • Continued full quarterly reports, including Q1 and Q3 • German/English reporting und corporate news • Group financial statements according to IFRS

  21. Outlook • 2010E: H2 approx. mirrored to H1 • Sales: EUR 185-190 mln / +13-16% • EBITDA: EUR 4.5-6.5 mln / >+200% • Operating margin 2.5 to 3.5% • EPS: 3 to 14 Cents • Positive cash flows • If targets achieved: Dividend 10 Cents • Mid to long term targets: • Sales: Return to former CAGR path ~15% p.a. • 2011E: >200 mln / 2012E: >230 mln • More return from revenue due to higher margin in VAR business • EBITDA 2011E: >10 mln / Margin ~5.0%EBITDA 2012E: >15 mln / Margin ~6.5% • EPS 2011E: ~30 Cents / 2012E: >50 Cents

  22. Thank you for your attention !

More Related