17
April 26, 2016 RESULTS 1 st QUARTER 2016 (IFRS, UNAUDITED) © 2016 Software AG. All rights reserved.

RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

  • Upload
    others

  • View
    0

  • Download
    0

Embed Size (px)

Citation preview

Page 1: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

April 26, 2016

RESULTS 1st QUARTER 2016 (IFRS, UNAUDITED)

© 2016 Software AG. All rights reserved.

Page 2: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

2 |

SAFE HARBOR

This presentation includes forward-looking statements based on the beliefs of Software AG

management. Such statements reflect current views of Software AG with respect to future events

and results and are subject to risks and uncertainties. Actual results may vary materially from those

projected here, due to factors including changes in general economic and business conditions,

changes in currency exchange, the introduction of competing products, lack of market acceptance

of new products, services or technologies and changes in business strategy. Software AG does not

intend or assume any obligation to update these forward-looking statements.

This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way

securities of Software AG or any of the companies that are members of the Group at present or in the

future, nor does it form part of such an offer and it should not be understood as such. This presentation

does not constitute an offer of sale of securities in the United States of America. Securities may not be

offered or sold in the United States of America without registration or exemption from registration in

accordance with the U.S. Securities‘ Act of 1933 in its currently valid form.

© 2016 Software AG. All rights reserved.

Page 3: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

3 |

CURRENCY IMPACT ON REVENUE

© 2016 Software AG. All rights reserved.

Q1 2016

Euro 33%

US Dollar 32%

Other 11%

ILS 6%

ZAR 5%

BRL 3%

GBP 7%

(in €m; yoy)

Q1

2016

Q1

in %

Licenses -2.0 -3%

Maintenance -2.3 -2%

Consulting & Other -0.6 -1%

Total -4.9 -2%

Currency impact on revenue

33% revenue in Euro

67% revenue in foreign currency

Currency split Q1 2016

AUD 3%

Page 4: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

4 |

DIGITAL BUSINESS PLATFORM

© 2016 Software AG. All rights reserved.

SEGMENT REPORT Q1 2016

(in €m) Q1 2016 Q1 2015 ∆% ∆% acc

Licenses 32.7 31.1 5% 7%

Maintenance 61.9 59.9 3% 5%

Total revenue 94.6 91.0 4% 6%

Cost of sales -8.3 -7.0 19% 19%

Gross profit 86.3 84.0 3% 5%

Sales & Marketing -40.4 -46.1 -12% -11%

Research & Development -22.1 -22.0 - 1%

Segment result 23.8 15.9 50% 56%

Margin in % 25.2% 17.5%

Page 5: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

5 |

ADABAS & NATURAL

© 2016 Software AG. All rights reserved.

SEGMENT REPORT Q1 2016

(in €m) Q1 2016 Q1 2015 ∆% ∆% acc

Licenses 26.4 15.5 70% 79%

Maintenance 37.0 39.7 -7% -4%

Product revenue 63.4 55.2 15% 20%

Other 0.2 0.2 - -

Total revenue 63.6 55.4 15% 20%

Cost of sales -3.2 -3.4 -6% -5%

Gross profit 60.4 52.0 16% 21%

Sales & Marketing -10.3 -8.7 18% 23%

Research & Development -5.3 -5.4 -2% -1%

Segment result 44.8 37.9 18% 24%

Margin in % 70.4% 68.4%

Page 6: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

6 |

CONSULTING

© 2016 Software AG. All rights reserved.

SEGMENT REPORT Q1 2016

(in €m) Q1 2016 Q1 2015 ∆% ∆% acc

Total revenue 48.0 47.7 1% 2%

Cost of sales -41.7 -39.2 6% 8%

Gross profit 6.3 8.5 -26% -24%

Sales & Marketing -4.4 -4.7 -6% -6%

Segment result 1.9 3.8 -50% -47%

Margin in % 4.0% 8.0%

Page 7: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

7 |

RESULTS

© 2016 Software AG. All rights reserved.

Q1 2016

(in €m) Q1 2016 Q1 2015 ∆% ∆% acc

Total revenue 206.2 194.1 6% 9%

Cost of sales -56.0 -54.8 2% 3%

Gross profit 150.2 139.3 8% 11%

Margin in % 72.8% 71.8%

Research & Development -27.5 -27.4 - -

Sales & Marketing -59.6 -64.1 -7% -6%

Administration -19.2 -20.1 -4% -3%

Other income / expense 1.4 1.6 -13% -13%

EBIT 45.3 29.3 55% 67%

Margin in % 22.0% 15.1%

Page 8: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

8 |

NON-IFRS EARNINGS

© 2016 Software AG. All rights reserved.

Q1 2016

* Corrected on July 20, 2016 from previously €41.6m and €0.55 respectively

** Weighted average shares outstanding (basic) Q1 2016 76.2m / Q1 2015: 78.9m

(in €m) Q1 2016 Q1 2015

EBIT (before all taxes) 45.3 29.3

Amortization on acquisition related intangible assets 7.3 9.8

Other impacts from M&A activities 0.1 2.5

Share based payments 2.4 4.7

Restructuring / severances 4.0 1.8

EBITA (Non-IFRS) 59.1 48.1

in % of revenue (Non-IFRS) 28.7% 24.8%

Net income (Non-IFRS) 38.7* 31.9

EPS (Non-IFRS)** 0.51* 0.40

Page 9: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

9 |

CASH FLOW

© 2016 Software AG. All rights reserved.

Q1 2016

(in €m) Q1 2016 Q1 2015 ∆%

Operating cash flow 61.9 61.5 1%

./. CapEx* -1.4 -1.2

Free cash flow 60.5 60.3 0%

in % of revenue 29.3% 31.1%

Free cash flow per share** 0.79 0.76 4%

* Cash flow from investing activities except acquisitions and except investments in debt instruments

** Based on average shares outstanding (basic) Q1 2016: 76.2m / Q1 2015: 78.9m

Page 10: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

10 |

Mar. 31,

2016

Mar. 31,

2016

383.7

285.9

60.0

1,084.0

Assets Liabilities

BALANCE SHEET

© 2016 Software AG. All rights reserved.

(in €m)

Dec. 31,

2015

Dec. 31,

2015

300.6

307.7

56.5

1,113.6

1,814.8 1,866.8

Cash and cash equivalents

Financial assets

Trade and other receivables

Fixed assets

(Goodwill 883.2 / 900.0)

Total

53.2 36.4

Non-financial assets

1,866.8

356.6

254.0

158.8

1,097.4

326.3

274.9

123.8

1,089.8

1,814.8

Financial liabilities

Other liabilities

Deferred income

Shareholders’ equity

(ratio 58.8% / 60.1%)

Total

Page 11: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

11 |

Product Revenue

Digital Business Platform

Product Revenue

Adabas & Natural

Operating Margin

(Non-IFRS)2)

FY 2015 (in €m)

247.3

431.5

29.7%

OUTLOOK

© 2016 Software AG. All rights reserved.

FULL YEAR 2016

1) At constant currency rates

2) Adjusted for non-operating items (see non-IFRS earnings results)

30.0% to 31.0%

-4% to -8%1)

+5% to +10%1)

Outlook FY 2016 (as of January 27, 2016)

Page 12: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

12 |

APPENDIX

© 2016 Software AG. All rights reserved.

Page 13: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

13 |

EARNINGS

© 2016 Software AG. All rights reserved.

Q1 2016

* Weighted average shares outstanding (basic): Q1 2016: 76.2m / Q1 2015: 78.9m

(in €m) Q1

2016

Q1

2015

∆%

EBIT (before all taxes) 45.3 29.3 55%

Financial result -0.4 -1.3 -69%

Profit before taxes 44.9 28.0 60%

Other taxes -1.3 -1.6 -19%

Income taxes -14.1 -7.7 83%

Tax rate in % 34.3% 33.2%

Net income 29.5 18.7 58%

EPS in €* 0.39 0.24 63%

Page 14: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

14 |

Q1

2016

FY

2015

FY

2016*

Amortization

(in €m)

Depreciation

7.3

2.7

35.0

14.3

29.2

10.8

* Estimated

FY

2017*

26.1

10.8

AMORTIZATION / DEPRECIATION IMPACT

© 2016 Software AG. All rights reserved.

(PRELIMINARY)

Page 15: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

15 |

HEADCOUNT

© 2016 Software AG. All rights reserved.

BY FUNCTIONAL AREAS* AND GEOGRAPHY

* According to P+L structure

(in FTE) Mar. 31,

2016

Dec. 31,

2015

∆%

Mar. 31,

2015

∆%

yoy

Total 4,299 4,337 -1% 4,367 -2%

Consulting & Services 1,853 1,866 -1% 1,816 2%

Research & Development 1,011 992 2% 962 5%

Sales & Marketing 833 862 -3% 967 -14%

Administration 602 617 -2% 622 -3%

Germany 1,144 1,178 -3% 1,188 -4%

USA 558 561 1% 632 -12%

India 646 611 6% 497 30%

Rest of world 1,951 1,987 -2% 2,050 -5%

Page 16: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

16 |

Investor Relations

Uhlandstrasse 12

64297 Darmstadt

Germany

T: +49 (0) 6151 / 92 1900

F: +49 (0) 6151 / 9234 1900

W: softwareag.com

E: [email protected]

@SoftwareAG_IR

© 2016 Software AG. All rights reserved.

Page 17: RESULTS 1st QUARTER 2016/media/Files/S/Software-AG-IR/res… · This presentation constitutes neither an offer nor recommendation to subscribe or buy in any other way securities of

17 | © 2016 Software AG. All rights reserved.