Post on 28-Sep-2020
LETTER TO THE SHAREHOLDERS
Dear Shareholders,At the start of the 21st century, we hypothesised that technical progress in the fields of the Internet and hardware would make it possible for software pioneers to achieve the goal of industrialising the global construction industry by 2020.
We will then be able to build and run virtual cities in 3D and integrate the virtual 3D world into the physical world. It will then be possible to simulate and analyse an entire virtual process for the full life cycle of buildings and infra-structure, including all the qualities, costs and time data. “RIB = Revolution in Building” mobility technology, based on a combination of Big Data and Cloud, will make it possible to build the next generation of buildings. In the const-ruction industry, as with the digitisation of car manufacturing, this will also make it possible to achieve a reduction in costs of more than 50% in “make-to-order” production whilst, at the same time, improving quality by more than 50%.
Industry 4.0 and further developments in 3D printing will combine virtual production with physical production and gradually transform serial production back into make-to-order production. Production will return to the cities and artificial intelligence will be at the heart of it. The industrialisation of the construction industry will result in high-tech factories for prefabrication and final assembly on the building site. Houses and their building components will be developed virtually, customised to individual needs and then printed out. The “digital building factory” and iHome are going to happen.
In collaboration with leading universities worldwide, we are now also introducing the new iTWO technology in education – “new technology – new thinking – new working method” will be the guiding principles for training the future generations that deal with the planning and construction of infrastructure.
You will see from this Group interim management report that the RIB Group is also on target in 2015. The conclu-sion of 7 Phase II deals, an increase in revenue of 46.4% and higher earnings after taxes of 86.7% confirm that we are on track to providing the leading technology for the upcoming industrialisation of the global construction industry.
Dear shareholders, thank you for the trust that you have placed in us, and we look forward to you continuing your journey with us on our eventful path. We thank our employees worldwide for their commitment, which is an import-ant foundation for the financial success of the RIB Group.
Yours sincerely,
Thomas Wolf
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LETTER TO THE SHAREHOLDERS | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | FINANCIAL DATA
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iTWO (Software & Cloud) sales gew by 147.2 %
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KEYFIGURES OF RIB GROUP (IFRS)
€ million unless otherwise indicated 1st quarter 2015 1st quarter 2014 ChangeRevenue 20.2 13.8 46.4%
thereof iTWO (Software & Cloud) revenues 8.9 3.6 147.2%
EBITDA as % of revenue
5.8 28.7%
3.5 25.4%
65.7%
EBIT as % of revenue
3.8 18.8%
2.1 15.2%
81.0%
EBT as % of revenue
3.8 18.8%
2.1 15.2%
81.0%
Profit after tax 2.8 1.5 86.7%
per share in € 0.07 0.04 75.0%
Cash flow from operating activities 13.7 12.2 12.3%
Free cash flow 11.6 9.9 17.2%
Liquid funds and available-for-sales securities* 150.2 137.9 8.9%
Equity ratio* 83.1% 85.0%
Average number of employees 632 580 9.0%
* Presentation of previous as of December 31, 2014
7 Large-Deals in the first quarter of Financial Year 2015
Several new worldwide iTWO 5D Lab openings
Revenues grew by 46.4 % compared to the first quarter in 2014
FINANCIAL DATA
THE RIB SHARE
Performance of the RIB shareAt the end of the first quarter 2015, the closing price for the RIB share was € 13.08 (Xetra closing price as of 31 March 2015). On 27 April 2015, the Xetra closing price of the RIB share was € 14.88, which equals an increase of 36.0% since the beginning of the year. Analysts Hauck & Aufhäuser, Berenberg and Equinet continue to give the RIB share a clear buy recommendation. Experts categorise the RIB share as having a target price of between € 16 and € 17.
Dividend payment of € 0.16 per shareAt the Annual General Meeting, which will take place on 10 June 2015 this year, the Executive Board will propose to pay a dividend of € 0.16 per share to shareholders in the 2015 financial year for the past financial year. This would be equivalent to a total payment of € 6.8 million. A dividend of € 0.06 per share was paid for the 2013 financial year.
RIB share price performance January 2015 - April 2015
€15,32
€14,22
€13,13
€12,03
€10,94
€9,8590%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
RIB So�ware AG TecDAX
January February March April
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THE RIB SHARE | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
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RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | INTERIM GROUP MANAGEMENT REPORT
INTERIM GROUP MANAGEMENT REPORT
REPORT ON RESULTS OF OPERATIONS, FINANCIAL POSITION AND NET ASSETS
Total revenue increases by 46.4% to € 20.2 million iTWO Software revenue grows by 156.3%Due to a successful first quarter, total revenue of the RIB Group increased by 46.4% to € 20.2 million (previous year: € 13.8 million). In particular, international revenue (excluding Germany, Austria and Switzerland) grew by 136.8% to € 9.0 million (previous year: € 3.8 million) and Germany, Austria and Switzerland by 13% to € 11.3 million (previous year: € 10.0 million). Adjusted for the acquisition, revenue increased by 26.1% to € 17.4 million (previous year: € 13.8 million). The software licence revenue with iTWO 5D increased significantly by 156.3% to € 4.1 million (previous year: € 1.6 million). The increase was distributed equally between the German market (€ +1.2 million) and the international markets (€ +1.3 million). The Cloud and SaaS revenue with the iTWO platform increased to € 4.8 million (previous year: € 2.0 million). Software revenue on the whole grew by 90.2% to € 9.7 million (previous year: € 5.1 million).
The accrued maintenance revenues increased to € 5.7 million (previous year: € 5.4 million). In total, recurring re-venues increased from € 7.4 million in Q1 2014 by 41.9% to € 10.5 million and accounts for 52% of total revenue.
The low-margin consulting revenues grew by 38.2% to € 4.7 million (previous year: € 3.4 million).
EBITDA increases by 65.7% to € 5.8 million Earnings after taxes grow by 86.7% to € 2.8 millionEBITDA increased by 65.7% to € 5.8 million compared to the previous year (€ 3.5 million). The EBITDA margin rose to 28.7% (previous year: 25.4%). EBIT increased by 81.0% to € 3.8 million compared to € 2.1 million quar-ter-over-quarter. Earnings after income tax reached € 2.8 million in the first three months (previous year: € 1.5 million). This is equivalent to an increase of 86.7%.
In the reporting period, R&D expenses primarily increased by 26.7% to € 1.9 million (previous year: € 1.5 million) due to the acquisition of Byggeweb and the strengthening of our development team in the area of Cloud solutions.
Distribution and marketing costs amounted to € 4.1 million (previous year: € 3.3 million) and thus increased at a lower pace to revenues. Administrative expenses amounted to € 2.3 million (previous year: € 1.5 million).
The average number of employees rose to 632 employees (previous year: 580 employees). The increase in the average number of employees is primarily a result of the inclusion of Byggeweb and xTWO in comparison to the same quarter in the previous year, as well as the strengthening of development capacities in the area of the de-velopment of web-based solutions.
Liquid funds amount to € 150.2 million Operating cash flow increases by 12.3% to € 13.7 millionIn the first quarter, the RIB Group generated net cash flow from operating activities of € 13.7 million (previous year: € 12.2 million). In the reporting period, net cash flow from investing activities of € -2.1 million was at the level of the previous year (€ -2.3 million). Net cash flow from financing activities of € -2.6 million primarily includes payments made for redeeming other financial liabilities (previous year: € 0.0 million) in relation to the acquisition of the compa-ny Byggeweb in Denmark.
Free cash flow also grew by 17.2% to € 11.6 million (previous year: € 9.9 million).
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INTERIM GROUP MANAGEMENT REPORT | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
As of the quarterly closing date, the Group had liquid funds in the amount of € 150.2 million (31 December 2014: € 137.6 million). Equity totalled € 236.8 million (31 December 2014: € 226.4 million). The equity ratio thus amounted to 83.1% (31 December 2014: 85.0%).
Trade payables amounted to € 1.3 million (31 December 2014: € 1.5 million). Trade receivables decreased to € 13.4 million (31 December 2014: € 13.8 million).
OPPORTUNITY AND RISK REPORTWith respect to the significant opportunities and risks of the expected development of the RIB Group, please refer to the opportunities and risks described in the Group management report as of 31 December 2014.
FORECAST REPORTThe performance in the first quarter confirms our expectations for this year. In the 2015 financial year, we expect the demand for iTWO technologies and Cloud software in the construction industry to continue to grow. We herewi-th confirm our forecast at the beginning of the year of achieving revenue in a bandwidth of between € 85 million (+21%) and € 95 million (+36%) and an EBITDA of between € 29.0 million and € 36.0 million.
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RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated income statementFor the period: 01.01.2015 to 31.03.2015
€ thousand, unless otherwise indicated
Note3 months
20153 months
2014Revenue (4) 20,209 13,792Cost of sales -8,127 -5,378
Gross profit 12,082 8,414Other operating income (5) 418 202
Marketing and distribution costs -4,098 -3,298
General administrative expenses -2,275 -1,521
Research and development expenses -1,906 -1,526
Other operating expenses (6) -456 -157
Financial income 49 85
Finance costs -46 -108
Profit before tax 3,768 2,091Income taxes -984 -575
Profit after tax 2,784 1,516Result per share on the basis of the share earnings of the shareholders of RIB Software AG:
diluted and basic (8) 0.07 € 0.04 €
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
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CONSOLIDATED INTERIM FINANCIAL STATEMENTS | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
Consolidated statement of comprehensive incomeFor the period: 01.01.2015 to 31.03.2015
€ thousand 3 months
20153 months
2014Profit after tax 2.784 1.516Components reclassified with no effect on profit and loss:Revaluations -77 5
Other consolidated comprehensive income after taxes for components reclassified with no effect on profit and loss -77 5Components reclassified in subsequent periods with an effect on profit and loss:Exchange differences 7.550 -53
Changes in value of available-for-sale securities -5 18
Other consolidated comprehensive income after taxes for components reclassified with an effect on profit and loss 7.545 -35Other consolidated comprehensive income after taxes 7.468 -30Total consolidated comprehensive income 10.252 1.486
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RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated statement of financial position as of 31.03.2015 and 31.12.2014€ thousand
Note 31.03.2015 31.12.2014Goodwill (9) 55.353 52.951
Other intangible assets 45.353 44.575
Property, plant and equipment 7.618 6.836
Investment properties 6.434 5.732
Prepaid land use lease payments 1.141 1.015
Other assets 63 63
Deferred tax assets 359 199
Total non-current assets 116.321 111.371Inventories 151 109
Trade receivables 13.422 13.826
Available-for-sale securities (10) 37 273
Other assets 4.737 2.992
Cash and cash equivalents 150.172 137.621
Total current assets 168.519 154.821Total assets 284.840 266.192
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CONSOLIDATED INTERIM FINANCIAL STATEMENTS | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
€ thousand 31.03.2015 31.12.2014
Subscribed capital 43.467 43.467
Treasury shares -5.543 -5.543
Capital reserves 135.293 135.157
Legal reserves 60 60
Accumulated other consolidated comprehensive income 9.810 2.342
Retained earnings 53.747 50.963
Equity attributable to owners of the parent 236.834 226.446Total equity 236.834 226.446Pension provisions 3.676 3.579
Other finance liabilities 2.244 2.286
Deferred tax liabilities 12.302 11.604
Total non-current liabilities 18.222 17.469Trade payables 1.322 1.529
Provisions for income taxes 5.579 5.398
Other provisions 1.122 1.056
Accruals 3.344 3.511
Deferred revenue 16.023 4.959
Other financial liabilities 126 2.669
Other liabilities 2.268 3.155
Total current liabilities 29.784 22.277Total liabilities 48.006 39.746Total equity and liabilities 284.840 266.192
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RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | CONSOLIDATED INTERIM FINANCIAL STATEMENTS
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13
CONSOLIDATED INTERIM FINANCIAL STATEMENTS | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
Consolidated statement of cash flowsFor the period: 01.01.2015 to 31.03.2015
€ thousand
3 months 2015
3 months 2014
Cash flows from operating activities:Profit before tax 3.768 2.091Adjustments for:
Depreciation of property, plant and equipment 135 156
Amortisation of intangible assets 1.817 1.197
Depreciation of investment property 38 34
Changes in valuation allowances for trade receivables 105 71
Other non-cash items 115 -117
Interest expense and other finance cost 46 108
Financial income -49 -85
5.975 3.455Working capital adjustments:
Increase/decrease(-) in provisions and deferred liabilities -4 -425
Increase(-)/decrease in receivables and other assets -1.511 -64
Increase/decrease(-) in liabilities from trade payables and other liabilities 10.022 9.477
Cash generated from operations 14.482 12.443Interest paid 0 0
Interest received 16 12
Income taxes paid -846 -256
Net cash flows from operating activities 13.652 12.199Purchase of property, plant and equipment -169 -236
Purchase/production of intangible assets -2.134 -2.070
Purchase(-)/sale of available-for-sale securities 242 0
Net cash flows from investing activities -2.061 -2.306Payments made for redeeming other financial liabilities -2.637 -1
Payments made for finance leases 0 -1
Net cash flows used in financing activities -2.637 -2Change in cash and cash equivalents impacting cash flow 8.954 9.891Cash and cash equivalents at the beginning of the period 137.621 78.378
Currency-related change in cash and cash equivalents 3.597 65
Cash and cash equivalents at the end of the period 150.172 88.334Composition of cash and cash equivalents:Liquid funds, unrestricted 147.970 86.987
Liquid funds, restricted 2.202 1.347
Total 150.172 88.334
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RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Corporate informationThis condensed consolidated interim financial statement of RIB Software AG (the “Company”) and its subsidiaries (collectively the “Group”) was drawn up according to the regulations of the International Financial Reporting Stan-dards (IFRS). It complies in particular with the IAS 34 regulations “Interim reporting”.
The condensed consolidated interim financial statement has not been subjected to auditing inspection or a general audit.
Our business activity is in some respects subject to seasonal fluctuations.
In the past the revenue in the fourth quarter tended to be higher than in the individual preceding quarters. The inte-rim results can therefore only be regarded as an indicator for the results of the entire financial year.
This condensed and unaudited consolidated interim financial statement should be read with the audited IFRS con-solidated financial statements of RIB Software AG as of 31 December 2014.
Due to the representation of the numbers in € thousands, rounding differences may arise in individual items.
2. Accounting policiesIn drawing up the consolidated interim financial report the same accounting policies and calculation methods were used as in the consolidated financial statements as of 31 December 2014.
3. Consolidated groupAs of 31 March 2015, the consolidated group comprised the same entities compared to the consolidated statements as of 31 December 2014.
4. RevenueRevenue breaks down as follows:
€ thousand
3 months 2015
3 months 2014
Software licences 4.950 3.020
Software as a service / cloud 4.794 2.032
Total software licences and software as a service / cloud 9.744 5.052Maintenance 5.716 5.353
Consulting 4.749 3.387
Total revenue 20.209 13.792
The total software licence revenue is subdivided as follows:
€ thousand
3 months 2015
3 months 2014
iTWO Key Account 1.653 92
iTWO Mass Market 2.427 1.509
SaaS / Cloud 4.794 2.032
Legacy Products 870 1.419
Total software licences and software as a service / cloud 9.744 5.052
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CONSOLIDATED INTERIM FINANCIAL STATEMENTS | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
5. Other operating incomeOther operating income include primarily foreign exchange effects arising from cash and cash equivalents and exch-ange gain arising from available-for-sale securities.
6. Other operating expensesOther operating expenses include foreign exchange expenses arising from cash and cash equivalents, foreign cur-rency differences due to intercompany consolidation and other expenses not attributable to the functional positions.
7. Expenses for employee benefits and number of employees
Expenses for employee benefits
€ thousand
3 months 2015
3 months 2014
Wages and salaries 8.196 6.596
Social security and pension costs 1.313 1.225
Total 9.509 7.821
Average number of employees
3 months 2015
3 months 2014
General administration 94 69
Research and development 253 238
Sales and distribution 113 101
Support/Consulting 172 172
Total 632 580
8. Earnings per share – basic and dilutedEarnings per share are calculated on the basis of the profit share of the shareholders in RIB Software AG as shown in the following table:
€ thousand
3 months 2015
3 months 2014
Profit share of the shareholders of RIB Software AG – basic and diluted 2.784 1.516
Shares in thousand
3 months 2015
3 months 2014
Weighted average of shares in circulation - basic 42.210 37.299
Dilution effect 240 73
Weighted average of shares in circulation - diluted 42.450 37.372
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RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | CONSOLIDATED INTERIM FINANCIAL STATEMENTS
The average commercial value of the Company’s shares used to calculate the dilution effect of existing share op-tions is based on the quoted market prices for the period in which the options were in circulation.
9. Goodwill€ thousand
31.03.2015 31.12.2014License / Software Segment 32.717 31.424
SaaS / Cloud Segment 13.763 13.299
Professional Services Segment 4.393 4.160
GZ TWO development unit 3.586 3.174
ARRIBA Finanzen 894 894
Total 55.353 52.951
The change in carrying amounts by € 2,402 thousand was attributable to currency translation effects of goodwill held in local currency, which were recognised outside profit or loss.
10. Available-for-sale securitiesAvailable-for-sale securities comprise corporate bonds of foreign companies in US dollars. The fair values of the corporate bonds are based on quoted prices on an active market.
11. Segment informationPlease refer to section (8) of our consolidated financial statements for the 2014 financial year for information on the basis of our segment reporting and notes on the segments.
The tables below show the segment revenue, segment results and reconciliations with the revenue shown in the consolidated income statement and comprehensive income.
€ thousand
3 months 2015License / Software SaaS / Cloud Prof. Services Total
Total revenue, external sales 10.666 4.794 4.749 20.209Cost of sales -2.872 -1.440 -3.815 -8.127
Research and development expenses -1.362 -544 0 -1.906
Segment profit (EBIT) 6.432 2.810 934 10.176
Interest income and expense 3
Other unallocated income and expenses -6.411
Profit before tax (EBT) 3.768
Income Tax Expense -984
Profit after tax 2.784
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CONSOLIDATED INTERIM FINANCIAL STATEMENTS | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
€ thousand
3 months 2014License / Software SaaS / Cloud Prof. Services Total
Total revenue, external sales 8.373 2.032 3.387 13.792Cost of sales -2.412 -174 -2.792 -5.378
Research and development expenses -1.130 -396 0 -1.526
Segment profit (EBIT) 4.831 1.462 595 6.888
Interest income and expense -23
Other unallocated income and expenses -4.774
Profit before tax (EBT) 2.091
Income Tax Expense -575
Profit after tax 1.516
The other non-allocated income and expenses include other operating income, general management expenses, sales and marketing costs and other operating expenses.
Geographic information
Revenue by geographic area (based on the location of customers) breaks down as follows:
€ thousand
3 months 2015
3 months 2014
EMEA (Germany, Europe, Middle East and Africa) 14.593 10.285
APAC (Asia Pacific) 1.041 972
North America 4.575 2.535
Total revenue 20.209 13.792
12. Disclosures on assets and liabilities measured at fair value on first recognitionThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:
▪ Level 1: fair values measured based on quoted prices (unadjusted) in active markets for identical assets or liabilities
▪ Level 2: „fair values measured based on valuation techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly“
▪ Level 3: „fair values measured based on valuation techniques for which any inputs which have a significant effect on the recorded fair value are not observable, either directly or indirectly“
Financial assets measured at fair value as of 31 March 2015:
€ thousand
Level 1 Level 2 Level 3 Total
Available-for-sale financial assets:Sovereign bonds 0 - - 0
Corporate bonds 37 - - 37
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RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Financial assets measured at fair value as of 31 December 2014:
€ thousand
Level 1 Level 2 Level 3 Total
Available-for-sale financial assets:Sovereign bonds 0 - - 0
Corporate bonds 273 - - 273
Financial liabilities measured at fair value as of 31 March 2015:
€ thousand
Level 1 Level 2 Level 3 Total
Financial liabilities:Derivatives - 545 1.685 2.230
Financial liabilities measured at fair value as of 31 December 2014:
€ thousand
Level 1 Level 2 Level 3 Total
Financial liabilities:Derivatives - 564 1.681 2.245
The financial liabilities measured at fair value are derivative financial liabilities from company acquisitions.
The derivatives allocated to level 2 are liabilities whose amount depends on the future price performance of RIB Software AG’s share. If the share exceeds an agreed minimum rate in the period up until April 2017, the liability shall be increased up to an agreed maximum amount. If the performance targets are not met, a fixed minimum amount must be paid. We assume that the performance targets will be met and have therefore recognised the liabilities at the present value of the agreed maximum amount.
The derivatives allocated to level 3 are liabilities from option agreements related to the acquisition of RIB Cosinus GmbH, Freiburg (hereinafter referred to as RIB Cosinus) and xTWO GmbH, Frankfurt am Main (hereinafter referred to as xTWO).
Under the agreement dated 24 November 2014, RIB Software AG acquired 75% of the shares in xTWO. Alongsi-de this, a put option agreement was concluded concerning the transfer of the remaining shares (25%), leading to recognition of a derivative financial liability. If the purchase option is exercised, RIB Software AG is obligated to pay a fixed purchase price of € 500 thousand. The financial liability from the acquisition of xTWO was determined by discounting this strike price as of the acquisition date using an interest rate of 1.25%, which is appropriate for the respective period and risk. The fair value of the financial liability from the put option as of the acquisition date is thus € 474 thousand.
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CONSOLIDATED INTERIM FINANCIAL STATEMENTS | INTERIM REPORT JAN - MAR 2015 | RIB SOFTWARE AG
As the exercise of the put option requires continued employment of the owner of the option, a part of this contingent consideration is attributable to a transaction in the form of a consideration arrangement, which is to be considered separate from the company acquisition. Based on the purchase price for 75% of the shares, we have derived an amount of € 158 thousand for the proportion attributable to the financial obligation from the company acquisition, and an amount of € 316 thousand for the proportion attributable to the separate transaction, which is accumulated over a period of 26 months at the expense of personnel expenses through profit or loss. This results in a personnel expense of € 36 thousand in the reporting period. Further, the accrued interest from the financial liabilities results in an interest expense of € 2 thousand.
The financial liability from the acquisition of RIB Cosinus results from mutually agreed buy and sell options for the transfer of the outstanding stake of 20% to this company. The options may be exercised for a period of six months starting from 1 August 2016 under certain circumstances, or else from 1 August 2018. The option price is based on the value of RIB Cosinus as a going concern at the time the option is exercised. However, the option price is limited by a contractually agreed minimum price (€ 1,100 thousand) as well as a maximum price (€ 1,900 thousand). As re-gards the subsequent valuation of the financial liability from the acquisition of RIB Cosinus, the expected enterprise value that will arise in the event of application of the valuation method agreed in the purchase agreement at the time of the option was determined in the 2014 financial year on the basis of updated budget figures. Alternative future scenarios were taken into account.
There were no significant changes compared to 31 December 2014 with respect to the valuation parameters. For further detail, please see Section 38 of our consolidated financial statements of the financial year 2014.
The subsequent valuation of the financial liability was undertaken by discounting this purchase price on the balance sheet date using a risk-compliant interest rate corresponding to the respective term of 1.02% or 1.25%.
From the interest accrued on purchase price liabilities results an interest expense of € 5 thousand.
No reallocations between levels 1 and 2 and reallocations to or from level 3 were undertaken during the reporting period.
The financial liabilities valued at fair value developed as follows in the reporting period:
€ thousand
2015As of 1 January 2.245Changes without effect on profitsRepayments -21
Other disposals -56
-77Changes with effect on profitsIncome from the subsequent valuation of purchase price liabilities (other operating income) 0
Expenses from the subsequent valuation of purchase price liabilities (other operating expenses) 55
Expenses from the interest accrued on purchase price liabilities (finance expenses) 7
62As of 31 March 2.230
20
RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Material valuation parameters were subjected to a sensitivity analysis for measuring the purchase price liabilities. The calculations carried out for this purpose by the Group were undertaken separately for the valuation parameters classified as material. An increase or decrease in the material assumptions would have had the following effects on the carrying amounts of the purchase price liabilities on level 3 of € 1,685 thousand:
€ thousand
Valuation parameterSensitivity
Carrying amount
Discounting interest rate used for the discounting period + 1 %-point 1.638
Discounting interest rate used for the discounting period - 1 %-point 1.735
Growth rate in the budgeted revenues in the budget period + 10,0 % 1.711
Growth rate in the budgeted revenues in the budget period - 10,0 % 1.630
Stuttgart, 30 April 2015
RIB Software AG
Stuttgart
The Executive Board
Thomas Wolf Michael Sauer Dr Hans-Peter Sanio
22
RIB SOFTWARE AG | INTERIM REPORT JAN - MAR 2015 | FURTHER INFORMATION
FURTHER INFORMATION
Financial Calendar
10 June 2015 Ordinary Annual General Meeting
31 July 2015 Interim Report (January - June 2015) Analyst Conference Call
30 October 2015 Interim Report (January - September 2015) Analyst Conference Call
Contact
RIB Software AGVaihinger Straße 151 70567 Stuttgart Germany
Investor RelationsPhone: +49 (0) 711 7873-191 Fax: +49 (0) 711 7873-311 E-Mail: investor@rib-software.com Internet: group.rib-software.com
Imprint
Published by:RIB Software AG Vaihinger Straße 151 70567 Stuttgart Germany
Responsible for content:RIB Software AG, Stuttgart
Photos:Title: Shutterstock
April 2015
Trademarks:RIB, RIB iTWO, ARRIBA, the RIB logo and the iTWO logo are registered Trademarks of RIB Software AG in Germa-ny und optionally in other countries. All other trademarks and product names is property of the respective owners. After deadline changes may have occurred. RIB does not guarantee its accuracy.
Translation of the original German version:“The English version of the Interim Report is a translation of the original German version; in the event of variances, the German version shall take precedence over the English translation.”