RIB announces its figures for the first quarter of 2020

The RIB Group announces its figures for the first quarter of 2020:

Group revenues increase significantly by 39,8% to EUR 65.6 million and operating EBITDA by 36.2% to EUR 15.8 million


RIB CARE Initiative actively contributing to the world’s combat against the Corona pandemic


Stuttgart, Germany, April 30, 2020. RIB Software SE, the world's leading provider of iTWO 4.0 cloud enterprise platform technology, today announced its key financial figures for the first quarter of 2020.


  • RIB Care FFP2 respirator masks have successfully arrived in Europe[2]

  • After the first acceptance period, Schneider Electric reached around 76.63% of RIB shares

  • Recurring revenues (ARR) increase by 58.4% to € 40.4 million (previous year: € 25.5 million)

  • International revenues grow by 71.5% to € 44.6 million (previous year: € 26.0 million)

  • Group revenue increases by 39.8% to € 65.0 million (previous year: € 46.5 million)

  • iTWO 4.0/MTWO platform users grows by 17.7% to 81,586 users (31.12.2019: 69,337)


Group shows solid growth in the first quarter of 2020


Total revenues increased by 39.8% to € 65.0 million (previous year: € 46.5 million). Recurring revenues (ARR) grew by 58.4% to € 40.4 million (previous year: € 25.5 million). The ARR and NRR revenues increased by 38.7% to € 49.1 million (previous year: € 35.4 million). Service revenues grew by 55.7% to € 13.7 million (previous year: € 8.8 million). The organic growth ARR amounts to 9.0%. EBITDA increased by 21.9% to € 15.6 million (previous year: € 12.8 million). The EBITDA margin of 24.0% during the investment phase was in the expected range of 20-25%. The iMTWO segment EBITDA increased by 20% to € 15.6 million (previous year: € 13.0 million).


At the end of the first quarter, group liquidity amounted to € 139.3 million (31.12.2019: € 125.8 million). The average number of employees changed by 43.4% to 1,827 (previous year: 1,274).


iTWO/MTWO users rise to 81,586 (user target for 2020 of 81.5% already achieved)

Total revenues in the iMTWO segment increased by 43.1% to € 62.8 million (previous year: € 43.9 million). Recurring revenues (ARR) increased by 59.7% to € 40.4 million (previous year: € 25.3 million). Due to the gradual transformation from NRR to ARR, non-recurring revenues (NRR) fell by 12.1% to € 8.7 million (previous year: € 9.9 million). The EBITDA margin reached 24.8%.


The number of users of our new cloud-based MTWO and iTWO 4.0 platforms grew by 17.7% from 69,337 to 81,586 users compared to the end of the year, thus already reaching 81.5% of our target of 100,000 users in 2020. The users will be gained partly through new customer acquisition and partly through the migration of existing users from other software applications within our Group.


In the xYTWO segment, total sales decreased by 19.2% to € 2.1 million (previous year: € 2.6 million). The segment EBITDA was zero and is still strongly influenced by start-up costs in the YTWO segment. Within the scope of further cost reductions and the preservation of liquidity, we have significantly reduced investments in new business areas such as xYTWO and are focusing on the successful expansion of the iMTWO segment.


Takeover offer by Schneider Electric

Schneider Electric completed the original acceptance period, which expired on 22 April 2020, with a stake of around 76,63% of RIB shares. Shareholders who have not yet accepted the offer can still do so during the Additional Acceptance Period, which ends on 11 May 2020. They will then receive the full offer price of € 29.00. As a result of the already very high acceptance rate, the RIB shares will have only very limited liquidity on the stock exchange after the closing of the Offer. As a result, significant price fluctuations may occur. A steady price development, which would guarantee the subsequent sale of RIB shares at favourable conditions, is then no longer guaranteed.


Further business development

Due to the uncertainties caused by Covid-19, we have severely limited our M&A activities at this time, which in turn will have an impact on the planned revenue and EBITDA contribution from these deals. In the context of further cost reductions and liquidity protection we have reduced investments in new business areas such as xYTWO and focus on the successful expansion of the iMTWO segment. In this context we plan to discontinue or sell the physical trading business in the segment xYTWO, which does not contribute to EBITDA.


As we are currently unable to make a reliable estimate of the impact the rapid global spread of the coronavirus will have on the economic development of the RIB Group, these forecasts are subject to risks. For this reason, we have suspended the gui­dance dated 13 February 2020 until further notice. If necessary, the RIB Group will issue new guidance for 2020 at the Annual General Meeting in June 2020.


CONSOLIDATED FIGURES - OVERVIEW



* EBITDA adjusted by currency effects and one-off / special effects.

** Previous year as of 31 December 2019.

*** Cash and cash equivalents, time deposits and available-for-sale securities. Previous year as of 31 December 2019.



[2]You can find further information on our website at www.rib-software.com/group/ueber-rib/engagement/rib-care


or in the video for RIB Care: https://youtu.be/lsB-Zt6xXUY

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