Nemetschek's objective remains to steadily increase its recurring revenues from service contracts and rental models in order to maintain a close customer contact and a high level of customer satisfaction, secure long-term sustainable growth and provide greater planning security. Rental models in particular make it possible to tap into new customer groups as customers have shown greater demand for this flexible option, especially during the pandemic. In the four segments, the offer and implementation of rental models are at different stages of progress due to the differing needs of customers by discipline and region. Following the successful conversion to subscription models in the Media segment in 2020, the Bluebeam brand in the Build segment will begin its conversion to a cloud- and data-centric offering (SaaS) in the second half of 2021. The stronger shift to subscription/SaaS business models creates value by opening up additional market potential through newly addressed customers, expanded customer lifetime value, and increased recurring revenues.
Financial outlook 2021 and future growth ambition
Thanks to the continued positive fundamental market opportunities and a strong operating and financial base of the Nemetschek Group, the Executive Board is positive about the year 2021. On the basis of a successful start to the new fiscal year and assuming that there is no deterioration in the general economic conditions, the Executive Board expects currency-adjusted revenue growth at least in the high single-digit percentage range in 2021. At the same time, the Nemetschek Group will further increase its share of recurring revenues. Group EBITDA will continue to be in the high target range of 27% to 29%.
In 2022, further growth is expected at a similar level as in 2021, with an even stronger shift to subscription/SaaS models at the same time. Based on further strategic progress as well as the structurally attractive subscription business, the Executive Board is therefore optimistic to again achieve significantly accelerated and sustainable revenue growth in the mid-teens percentage range starting in 2023.
Overview of full year key figures
| In EUR million | 12M 2020 | 12M 2019 | Δ in % | Δ in %
(FX-adj) |
| Revenues | 596.9 | 556.9 | +7.2% | +8.3% |
| - thereof software licenses | 210.0 | 228.2 | -8.0% | -6.9% |
| - thereof recurring revenues | 359.0 | 299.5 | +19.9% | +21.1% |
| - Subscription/SaaS (part of recurring revenues) | 90.4 | 50.3 | +79.6% | +82.2% |
| EBITDA | 172.3 | 165.7 | +4.0% | +4.9% |
| Margin | 28.9% | 29.7% | ||
| EBITA | 149.3 | 143.7 | +3.8% | |
| Margin | 25.0% | 25.8% | ||
| EBIT | 122.5 | 123.6 | -0.9% | -0.4% |
| Margin | 20.5% | 22.2% | ||
| Net income (Group shares) | 96.9 | 127.2 | -23.8% | |
| Earnings per share in EUR | 0.84 | 1.10 | -23.8% | |
| Net income (Group shares) w/o one-time effect prior year* | 96.9 | 97.7 | -0.7% | |
| Earnings per share in EUR w/o one-time effect prior year* | 0.84 | 0.85 | -0.7% | |
| Net income (Group shares) before PPA and w/o one-time effect prior year* | 115.2 | 110.8 | +4.0% | |
| Earnings per share in EUR before PPA and w/o one-time effect prior year* | 1.00 | 0.96 | +4.0% |
*Prior year figure w/o positive one-time effect from DocuWare sale
