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NEMETSCHEK GROUPCompany Presentation
October 2016
Montforthaus, Feldkirch, AustriaHASCHER JEHLE Architektur, Germany | Images: David Matthiessen | realized with NEVARIS
2
NEMETSCHEK GROUP: In Brief………………………...….……………………………….......3
Trends & Strategy…...………………………………………………………………………………8
Financials: Q2 / HY 2016…………………….....………………………………………………...14
NEMETSCHEK Share………..………...……………..……………………………………….....25
Outlook: FY 2016.……………………………………. ………………………………………...28
Appendix…………………………………………………………………….………………...…... 30
Contact...………………………..………………………………………………………………….35
OCTOBER 2016 COMPANY PRESENTATION
Agenda
OCTOBER 2016 COMPANY PRESENTATION
Our Founder
Mission: „We drive digitalization and innovation for the entire life cycle of the AEC industry!“
Vision: Innovation driver and digital backbone of the AEC industry with strong global brands and customer proximity.
Responsibility: Prof. Nemetschek establishes the Nemetschek charitable foundation, supporting projects in the areas of education, science and research, arts and culture, the environment, international understanding and social projects.
Prof. Georg NemetschekFounder and Member of the Supervisory Board of Nemetschek SE
3
Uni
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ity o
f Min
neso
ta, M
inne
apol
is, U
SAAn
toin
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edoc
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chite
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im H
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ized
with
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orks
OCTOBER 2016 COMPANY PRESENTATION
The Philosophy of Nemetschek
We are a Group of industry leaders with a unique DNA and expertise in the AEC* industry.
All of our strong brands share the same mission:
“We are open and declare our support of Open BIM, a standard that allows maximum flexibility and a seamless collaboration of all the parties involved in the construction process so that quality is enhanced in construction in compliance with time and cost schedules.”
* Architecture, Engineering, Construction
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Uni
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f Min
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ta, M
inne
apol
is, U
SAAn
toin
e Pr
edoc
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chite
ct |
Imag
e: T
im H
ursl
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real
ized
with
Vec
torw
orks
OCTOBER 2016 COMPANY PRESENTATION
History: 50 Years of Innovation and Success
* Building Information Modeling
INTERNATIONALIZATION INNOVATION DRIVERSPIRIT OF INVENTION
1980Nemetschek presents the first computer-aided engineering software (CAE)
1984The first CAD solution ALLPLAN 1.0 appears on the market
1998Numerous acquisitions: Frilo, Glaser, Bausoftware, Crem
2000Acquisition: Vectorworks.Group headquarters move to new premises at the Munich Fair
2015Sale: Glaser
1963Georg Nemetschek, a certified engineer, founds the “engineering firm for the construction industry”
TODAYGlobally leading software company in Open BIM* and 5D
2013Acquisition: Data Design System
2006Graphisoft and Sciabecome subsidiaries of the Nemetschek Group
1983Internationalization begins in Austria and Switzerland
1999IPO of Nemetschek. Acquisitions: Maxon, Auer
1968The first use of computers in the construction industry
1997Nemetschek presents the database-driven platformO.P.E.N. – known today as BIM*
2008Founding of Allplan GmbH(formerly Nemetschek Allplan Systems GmbH)
2005Founding of Precast Software Engineering(formerly Nemetschek Engineering)
2016Acquisitions: Solibri andDesign Data.Conversion of Nemetschek AG into an SE.
2014Acquisition: BluebeamSoftware. Investment in the start-up Sablono GmbH
5
Nemetschek at a Glance
OCTOBER 2016 COMPANY PRESENTATION
Facts and figures> 50 years of innovation, founded in 1963 and headquartered in Munich, GermanyOpen BIM pioneer and 5D provider with software solutions for the AEC* and media industry 13 strong brands285.3 mEUR sales revenues (2015)2.1 million users in 142 countries1,800 employees worldwide> 50 locations in more than 40 countriesIPO 1999, listed in the TecDax2.1 billion EUR market capitalization
* Architecture, Engineering, Construction
Four segments
6
Media &Entertainment
Decentralized Strong Brands under One Umbrella
OCTOBER 2016 COMPANY PRESENTATION
MANAGEBUILDDESIGN
Architecture Engineering Construction
Nemetschek covers the complete value chain in the AEC & Media industry Entrepreneurial brands: Industry leaders with a unique DNA, expertise and customer orientation Attractive set-up for potential targets
7
WorkflowsDrawings
Since 1985
Models
Today Tomorrow
AEC Industry in Transition
COMPANY PRESENTATIONOCTOBER 2016
9
Mega Trend Digitalization – Entering The Industries
OCTOBER 2016 COMPANY PRESENTATION
3,82
3,33
3,30
3,21
3,12
3,10
3,03
3,01
2,90
2,70
2,51
2,47
2,35
2,05
1,97
1,97
1,82
most some few very few1.0 2.0 3.0 4.0
Source: TOP 500 survey 2014 / Accenture
Average: 2,8
Telecommunications
Media & entertainment
Information technology
Automobile manufacturers
Electronics & high tech
Service providers
Logistics & transportations
Mechanical & plant engineering
Trade
Pharmaceutical & medical-device industry
Consumer goods
Utility sector
Automotive supplier
Chemical industry
Metals
Construction
Oil & Gas
10
IT Spending as a % of Revenue by Industry (2015)
OCTOBER 2016 COMPANY PRESENTATION
1,1
1,2
1,3
1,4
1,5
1,8
2,1
2,2
2,9
2,9
3,0
3,1
3,9
4,1
4,5
4,6
5,5
6,5
6,9
0% 1% 2% 3% 4% 5% 6% 7% 8%
Source: IT Key Metrics ‚Data 2015
Software Publishing and Internet Services
Banking and Financial Services
Education
Media and Entertainment
Professional Services
Healthcare Providers
Telecommunication
Pharmaceuticals, Life Sciences and Medical
Transportation
Insurance
Utilities
Industrial Electronics and Electrical Equipment
Consumer Products
Industrial Manufacturing
Retail and Wholesale
Chemicals
Food and Beverage Processing
ConstructionEnergy
90
525
2015 2025
Global IT Investment in construction increasing
Source: McKinsey, Kepler Cheuvreux
19%CAGR
Average: 3,4
in billion USD
11
North America
1478
North America
2685
Europe1222
Europe2772
APAC872
APAC1653
ROW 488
ROW 838
2015 2020
BIM Market Size 2015/2020
BIM Market Size and Growth
OCTOBER 2016 COMPANY PRESENTATION
Europe$ 1,222 mUSD +13.4%
North America$ 1,478 mUSD +12.7%
$ Market Size 2015 CAGR 2015 - 2020
Total7,948 mUSD
Total4,313 mUSD
+11.4%
+13.6%
+13.4%
+12.7%
CAGR
BIM Market by Region 2015
CAGR: +13%5 years
APAC$ 872 mUSD +13.6%
ROW$ 488 mUSD +11.4%
12
Status of Current BIM Regulations and Use
OCTOBER 2016 COMPANY PRESENTATION
Source: HSBC, Kepler Cheuvreux
50%
95%
We currently use BIM
In five year's time we will use BIM
National UK BIM Report survey on future use of BIM
Countries currently recommending or mandating BIMCountries recommending BIM as of 2017Countries with BIM guidelines/ positive BIM development
13
Auth
ority
for U
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Financials: Q2 / H1 2016
OCTOBER 2016 COMPANY PRESENTATION 14
15
Nemetschek Group Highlights for Q2 |H1 2016 (1)
Revenue growth accelerated in Q2
Dynamic development continued with record levels in Q2 and first half Revenues Q2: increase by 22.2% to 83.8 mEUR (organic growth of 20.9%)Revenues H1: up by 19.5% to 161.5 mEUR (organic growth of 18.3%)
Strong revenue increase abroad
Revenues abroad increased by 22.0% to 109.7 mEURRevenues share outside of Germany at 68%, Americas at 25.0%Further focus on global expansion (Asia and Americas)
Double-digit growth in license and recurring revenues
Software licenses showed growth 21.9% to 85.8 mEURLicense revenue share of 53.1%Recurring revenues also in growth mode with 16.1% to 67.7 mEUR
Positive one-timeeffect One-time gain of +1.9mEUR in other operating income from a legal dispute with a former
member of the Executive Board
Profitabilityincreased significantly
Q2 EBITDA: up by 61.5% to 24.6 mEUR, EBITDA margin of 29.3%Q2 EBITDA w/o one-time effect: up by 49.0% to 22.7 mEUR, EBITDA margin of 27.1%H1 EBITDA: up by 39.9% to 45.6 mEUR, EBITDA margin of 28.2%H1 EBITDA w/o one-time effect: up by 34.1% to 43.7 mEUR, EBITDA margin of 27.0%No activation of development costs - no effects on expenses and earnings
OCTOBER 2016 COMPANY PRESENTATION
16
Significant growth of net income and EPS
Q2 Net income: strong growth of 85.1% to 13.1 mEUR. EPS at 0.34 EURQ2 Net income w/o one-time effect: up by 66.3% to 11.8 mEUR, EPS at 0.31 EUR H1 Net income: up by 56.1% to 24.2 mEUR, EPS at 0.63 EURH1 Net income w/o one-time effect: up by 47.5% to 22.9 mEUR, EPS at 0.59 EUR
Net income w/o PPA H1 net income w/o PPA: up by 47.1% to 28.0 mEUR, EPS at 0.73 EUR H1 net income w/o PPA and w/o one-time effect: up by 40.1% to 26.7 mEUR, EPS at 0.69 EUR
Solid balance sheet Dividend payment of 19.25 mEUR after the AGM 2016 on May 20th
Cash at 84.9 mEUR and net liquidity at 13.5 mEUREquity ratio of 44.0% - leeway for further investments / acquisitions
Optimistic outlook: Upper end of guidance
H1 is a very strong basis for FY 2016New record levels of revenues and EBITDA are expected in FY 2016Outlook now confirmed at upper end of revenue and EBITDA range (w/o acquisition):Revenue target range of 319-325 mEUR, up by +12%-14% (thereof organic: +11%-13%)EBITDA target range of 77-80 mEUR
Acquisition of Design Data
Acquisition of a leading US provider of BIM 3D modeling software for steel structuresPerfect fit to close the gap as a multi-material software supplier for concrete and steelIncrease revenue share and BIM image in the USSet the structure for Design Data to grow in Europe
Nemetschek Group Highlights for Q2 |H1 2016 (2)
OCTOBER 2016 COMPANY PRESENTATION
66,6 68,677,7
83,8
Q1 2015 Q1 2016 Q2 2015 Q2 2016
Accelerated Revenue Growth in the Second Quarter
+16.7% +22.2% +19.5%
135,2
161,5
HY 2015 HY 2016
Change
in mEUR
Organic growth of high 20.9% yoy Organic growth of 18.3% Solibri contributed around 2 mEUR
135,2
OCTOBER 2016 COMPANY PRESENTATION 17
International Growth In Focus, More than 50 Locations
AMERICASBrazilCanadaMexicoUSA
WESTERN ANDSOUTHERN EUROPEAustriaBelgiumFranceGreat BritainGermanyItalyNetherlandsSpainSwitzerland
ASIAChinaJapan
Singapore
NORTHERN AND EASTERN EUROPE
Czech RepublicFinland
HungaryNorway
SlovakiaSwedenRussiaEurope w/o
Germany32%
Asia/Pacific9%
RoW1%
Americas25%
Germany33%
OCTOBER 2016 COMPANY PRESENTATION 18
Licenses and Recurring Revenues Shows Double-Digit Growth
Software licenserevenues
53,1%
Recurringrevenues*
41,9%
Consulting &Hardware
5,0%
Software license revenuesUp by 21.9% to 85.8 mEURNew customers winsIncreasing customer baseConsequently recurring revenues will follow
Recurring revenues*Up by 16.1% to 67.7 mEURIncreasing visibility
Revenues split H1 2016 in %
* Software services, rental models (subscription, SaaS)
OCTOBER 2016 COMPANY PRESENTATION 19
17,415,2
21,022,7
Q1 2015 Q1 2016 Q2 2015 Q2 2016
32,6
43,7
EBITDA Increased Stronger than Revenues
+21.0% +49.0% +34.1% Change
in mEUR
EBITDA is shown with and w/o the positive one-time effect of 1.9 mEUR EBITDA margin improved significantly
EBITDAMargin 26.1% 27.0% 22.2% 27.1% 24.1% 27.0%
24,6
29.3%
+61.5%
45,6
HY 2015 HY 2016
+39.9%
28.2%
*
*
* EBITDA w/o 1.9 mEUR positive one-time effect
OCTOBER 2016 COMPANY PRESENTATION 20
Net Income and EPS Showed Significant Growth
15,5
22,924,2
+47.5%
Net incomein mEUR
Change
H1 2015 H1 2016
+56.1%
0,40
0,59 0,63
+47.5%
H1 2015 H1 2016
+56.1%
EPSin EUR
* Net income and EPS w/o 1.9 mEUR positive one-time effect
*
*
OCTOBER 2016 COMPANY PRESENTATION 21
Net Income and EPS w/o PPA
19,1
26,728,0
+40.1% Change
H1 2015 H1 2016
+47.1%
EPS w/o PPAin EUR
0,50
0,69 0,73
+40.1%
H1 2015 H1 2016
+47.1%
Net income w/o PPAin mEUR
* Net income and EPS w/o 1.9 mEUR positive one-time effect
*
*
OCTOBER 2016 COMPANY PRESENTATION 22
All Segments with Two-Digit Growth Rates
28,6
2,7
10,0
40,3
3,2
11,2
H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 H1 2016
EBITDAMargin
Change
23.1% 27.4%
+13.7%
22.1% 22.6% 11.0% 17.5% 43.1% 42.9%
+41.1% +20.5% +11.8%
DesignTwo-digit revenue growth in Q2 with 16% EBITDA margin improved significantly
BuildGrowth of 41% in Q1 continued in Q2Inorganic effect of Solibri around 2 mEUROrganic growth of 35%
ManageStrong growth in Q2 with 28%EBITDA margin improved year on year
Media & EntertainmentGrowth of 27% in Q2 because of 30th anniversary edition Planned investments have impact on margins
Revenuesin mEUR
94,0
106,8
H1 2015 H1 2016
94,0
OCTOBER 2016 COMPANY PRESENTATION 23
Cash Flow Situation
in mEUR
EBITDA+39.9% yoy
Operating cash flowAdjusted operating cash flow: 40.0 mEUR, that corresponds to an increase of 17.9% yoyOne-time effects of 3.5 mEUR in trade receivables and 1.9 mEUR in other assets
Investing cash flowCapex of 3.2 mEUR
Cash flow from financing activitiesRepayment of bank loan (-9.2 mEUR)Dividend payment (-19.25 mEUR)
Conversion rate*** 76% (previous year: 104%)Adjusted conversion rate (w/o one-time effects: 1.9 mEUR and 3.5 mEUR): 88%
3,3
-24,7
-4,0
34,0
32,6
13,5
-30,1
-3,0
34,6
45,6EBITDA
Operating cash flow
Investing cash flow
Cash flow from financing activities
Net liquidity
H1 2016H1 2015
*** Operating cash flow / EBITDA** End of FY 2015
(40.0)*
**
* Adjusted operating cash flow due to one-time effects of 3.5 mEUR resulting from later payments (July 2016) of customers compared to previous year and 1.9 mEUR from legal dispute)
OCTOBER 2016 COMPANY PRESENTATION 24
NEMETSCHEK Shares
OCTOBER 2016 COMPANY PRESENTATION
Visu
aliz
atio
n of
the
plan
ned
Sant
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Bem
abéu
Sta
dium
, Mad
rid, S
pain
Arch
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mp,
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burg
, Ger
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25
26
Founded: in 1963IPO: March 10, 1999Number of shares: 38,500,000Frankfurt Stock Exchange, Prime StandardBloomberg: NEM GY, Reuters: NEKG.DEShares Nemetschek family: 53.57%Freefloat: 46.43 percentCurrent MarketCap: ~ 2.1 billion EURCurrent TecDAX Ranking: 13/20
Shares of Nemetschek family pooled: secures stable shareholder structure for well-being of NEMETSCHEK GROUP in the future
Prof. Georg Nemetschek
5,2%
Nemetschek Vermögensverwaltungs
GmbH & Co. KG48,4%
Free float46,4%
Stable Shareholder Structure
COMPANY PRESENTATIONOCTOBER 2016
27
Share Price Increased Stronger than TecDAX and DAX
COMPANY PRESENTATIONOCTOBER 2016
Time Nemetschek TecDAX Dax
Year 2013 +52% +38% +23%
Year 2014 +66% +18% +3%
Year 2015 +120% +34% +10%
YTD 2016 +20% +1% +3%
32
35
38
41
44
47
50
53
56
01.2016 02.2016 03.2016 04.2016 05.2016 06.2016 07.2016 08.2016 09.2016 10.2016
Nemetschek TecDAX DAX
Outlook: FY 2016
OCTOBER 2016 COMPANY PRESENTATION
Ral
ph R
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r, vi
sual
serv
ices
, H
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28
Optimistic Outlook 2016: Increased Revenue and EBITDA Guidance
Current situation
Market conditions
Strong basis due to the strong H1 figures
Digitalization and IT spending will drive the use of software solutions in the AEC marketBIM market is expected to grow at a remarkable rate owing to supportive government regulations mandating the adoption of BIM software for construction projects
Strategic market positioning
Clear focus on AEC marketLeading player of Open BIM solutionsStrong and independent global brands
Growth potential/ Investments
Focus on internationalization (North America, Asia, Europe)Investments in new markets, customer segments, sales & marketing Strategically co-operations & acquisitionsHealthy balance sheet - capable of investing in organic and in inorganic growth
Guidance 2016 confirmed at upper end
Optimistic outlook for the second half of 2016Expect record levels in revenues and EBITDAUpper end of the guidance will be achieved
in mEUR FY 2015 Increased ForecastFY 2016 (Oct 2016)
Former ForecastFY 2016 (Mar 2016
Revenues 285.3 338 - 341(+18%-20%)
319 - 325 (+12%-14%)
EBITDA 69.5 89 - 91 77 - 80
OCTOBER 2016 COMPANY PRESENTATION 29
Appendix
Barc
o‘s
„One
Cam
pus“
, Kor
trijk
, Bel
gium
Esta
blis
| re
aliz
ed w
ith S
CIA
OCTOBER 2016 COMPANY PRESENTATION 30
31
P+L Statement Q2 / H1 2016 Comparison
mEUR Q2 2016 Q2 2015 % YoY HY 2016 HY 2015 % YoY
Revenues 83.8 68.6 +22.2% 161.5 135.2 +19.5%
Own work capitalized/other operating income 3.5 0.7 +435.9% 4.6 2.9 +61.0%
Operating income 87.3 69.3 +26.0% 166.1 138.1 +20.4%
Cost of materials/ purchased services -2.6 -2.5 +7.7% -5.0 -4.5 +12.9%
Personnel expenses -36.2 -30.9 +17.1% -71.2 -60.9 +16.9%
Other operating expenses -23.9 -20.7 +15.5% -44.3 -40.1 +10.5%
Operating costs -62.7 -54.0 +16.1% -120.6 -105.5 +14.3%
EBITDA 24.6 15.2 +61.5% 45.6 32.6 +39.9%
Margin 29.3% 22.2% 28.2% 24.1%
EBITDA (w/o one-time effect) 22.7 15.2 +49.0% 43.7 32.6 +34.1%
Margin (w/o one-time effect) 27.1% 22.2% 27.0% 24.1%
Depreciation of PPA and amortization -4.4 -4.1 +7.1% -8.8 -8.3 +7.0%
t/o PPA -2.7 -2.5 +6.6% -5.4 -5.1 +6.3%
EBITA (normalized EBIT) 22.9 13.6 +67.7% 42.1 29.4 +43.4%
EBIT 20.2 11.1 +81.6% 36.8 24.3 +51.1%
Financial result -0.3 -0.1 -0.5 0.0
EBT 19.9 11.0 +80.7% 36.3 24.3 +49.9%
Income taxes -6.2 -3.6 +74.6% -11.0 -7.9 +38.5%
Non-controlling interests 0.6 0.4 +56.9% 1.1 0.8 +30.6%
Net income (group shares) 13.1 7.1 +85.1% 24.2 15.5 +56.1%
EPS in EUR 0.34 0.18 +85.1% 0.63 0.40 +56.1%
Net income (group shares w/o one-time effect) 11.8 7.1 +66.3% 22.9 15.5 +47.5%
EPS in EUR (w/o one-time effect) 0.31 0.18 +66.3% 0.59 0.40 +47.5%
OCTOBER 2016 COMPANY PRESENTATION
32
Balance Sheet - Assets
mEUR June 30, 2016 December 31, 2015
ASSETS
Cash and cash equivalents 84.9 84.0
Trade receivables, net 37.3 29.6
Inventories 0.6 0.5
Other current assets 16.8 11.8
Current assets, total 139.6 125.9
Property, plant and equipment 13.9 13.8
Intangible assets 93.7 100.8
Goodwill 133.5 134.9
Other non-current assets 4.7 4.1
Non-current assets, total 245.8 253.6
Total assets 385.4 379.5
OCTOBER 2016 COMPANY PRESENTATION
33
Balance Sheet – Equity and Liabilities
mEUR June 30, 2016 December 31, 2015
EQUITY AND LIABILITIES
Short-term borrowings and current portion of long-term loans 18.5 18.6
Trade payables & accrued liabilities 29.2 32.2
Deferred revenue 53.5 42.0
Other current assets 17.5 11.4
Current liabilities, total 118.6 104.1
Long-term borrowings without current portion 53.0 62.1
Deferred tax liabilities 23.9 24.3
Other non-current liabilities 20.3 22.1
Non-current liabilities, total 97.2 108.5
Subscribed capital and capital reserve 51.0 51.0
Retained earnings 121.2 116.3
Other comprehensive income -4.6 -2.5
Non-controlling interests 1.9 2.1
Equity, total 169.5 166.9
Total equity and liabilities 385.4 379.5
OCTOBER 2016 COMPANY PRESENTATION
34
Cash Flow Statement
mEUR June 30, 2016 June 30, 2015 % YoY
Cash and cash equivalents at the beginning of the period 84.0 57.0 +47.4%
Cash flow from operating activities 34.6 34.0 +2.0%
Cash flow from investing activities -3.0 -4.0 -25.5%
t/o CapEX -3.2 -2.6 +25.1%
t/o Payments for acquisition of non-controlling interests 0 -1.6
Cash flow from financing activities -30.1 -24.7 +21.7%
t/o Dividend payments -19.3 -15.4 +25.0%
t/o Repayments of borrowings -9.2 -6.0
FX-effects -0.6 2.8
Cash and cash equivalents at the end of the period 84.9 65.0 +30.7%
Free cash flow(1) 31.6 29.9 +5.7%
(1) Operating cash flow – Investing cash flow
OCTOBER 2016 COMPANY PRESENTATION
35
Contact
NEMETSCHEK SEInvestor RelationsKonrad-Zuse-Platz 1D-81829 [email protected]
DisclaimerThis presentation contains forward-looking statements based on the beliefs of Nemetschek SE management. Suchstatements reflect current views of Nemetschek SE with respect to future events and results and are subject to risksand uncertainties. Actual results may vary materially from those projected here, due to factors including changes ingeneral 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. NemetschekSE does not intend or assume any obligation to update these forward-looking statements.
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