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USU Software AG

euro adhoc: USU Software AG
Quarterly or Semiannual Financial Statements
USU Software AG publishes 9-month figures (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Möglingen, 21 November 2003. USU Software AG has published the
financial figures for the first nine months of the 2003 financial
year. According to these, EBITDA for the period totalled EUR -2.9
million (PY: EUR -21.0 million, pro forma* PY: EUR -22.5 million),
EBIT EUR -3.8 million (PY: EUR -40.4 million, pro forma*PY: EUR -43.4
million) and the net result was EUR -2.3 million (PY: EUR -38.6
million, pro forma* PY: EUR -43.9 million). With an average number of
shares of 17,211,186 (PY: 15,240,550, pro forma* PY: 17,211,186)
earnings per share amounted to EUR -0.13 (PY: EUR -2.53 per share,
pro forma* PY: EUR -2.55 per share). In the reporting period, sales
totalled EUR 14.8 million (PY: EUR 14.0 million, pro forma* PY: EUR
18.4 million). It is expected that the company will achieve a
negative net result for the 2003 financial year as a whole.
In a slightly positive market environment, the Management Board
anticipates a stabilisation of sales at around EUR 16 to 18 million
for the 2004 financial year. The further development of the partner
network is to contribute to this. Due to the cost reduction measures
executed, the Management Board anticipates a positive net result of
around EUR 1.0 to 1.5 million for 2004.
* The reporting period covers the first three quarters of 2003,
consisting of the nine months from 1 January 2003 to 30 September
2003. Correspondingly, the comparative period of the previous year
consists of the nine months from 1 January 2002 to 30 September 2002.
In so doing, USU AG was consolidated as at 11 March 2002. 
To ensure the comparability of information for the first three
quarters of 2003 with those of the comparative period of the previous
year, additional pro forma information on the profit and loss
statement is given, which represents a pro forma consolidation of USU
AG as at 1 January 2002.
end of ad-hoc-announcement
Issuer´s information and explanatory remarks concerning this
ad-hoc-announcement:
USU Software AG publishes nine-month figures
·	Significant reduction of loss achieved
·	Sound balance sheet structure and secure liquidity base
·	Still negative net result expected for 2003
·	Turnaround scheduled for 2004
Möglingen, 21 November 2003. USU Software AG has published the
financial figures for the first nine months of the 2003 financial
year. According to these, EBITDA for the reporting period was EUR
-2.9 million (PY: EUR -21.0 million, pro forma* PY: EUR -22.5
million), EBIT totalled EUR -3.8 million (PY: EUR -40.4 million, pro
forma* PY: EUR -43.4) and net result EUR -2.3 million (PY: EUR -38.6
million, pro forma* PY: EUR -43.9 million). With an average number of
shares of 17,211,186 (PY: 15,240,550, pro forma* PY: 17,211,186)
earnings per share amounted to EUR -0.13 (PY: EUR -2.53 per share,
pro forma* PY: EUR -2.55 per share). In the reporting period, sales
totalled EUR 14.8 million (PY: EUR 14.0 million, pro forma* PY: EUR
18.4 million). It is expected that the company will achieve a
negative net result for the whole of the 2003 financial year. In a
slightly positive market environment, the Management Board
anticipates a stabilisation of sales at around EUR 16 to 18 million
for the 2004 financial year. The further development of the partner
network is to contribute to this. Due to the cost reduction measures
executed, the Management Board anticipates a positive net result of
around EUR 1.0 to 1.5 million for 2004.
"The sales development in the first nine months of the current
financial year lagged behind our expectations. We therefore
anticipate a negative net result for the whole of the 2003 financial
year. For this reason, we executed further cost savings in Q3 2003,
which will become effective from Q1 of the 2004 financial year.
Furthermore, we will place greater value on business with our
partners in sales, to extend our customer base, also internationally.
Furthermore, we expect a slight economic recovery to occur next year.
We therefore expect to achieve a net income for the year of EUR 1.0
to 1.5 million for the 2004 financial year, on sales of EUR 16 to 18
million", states Bernhard Oberschmidt, Management Board, USU Software
AG.
On the basis of the cost savings program the company reduced
marketing and sales, research and development, and general and
administrative costs considerably, to EUR 8.6 million (PY: EUR 18.5
million, pro forma* PY: EUR 22.3 million). At the same time, cost of
sales dropped to EUR 10.4 million (PY: EUR 11.8 million, pro forma*
PY: EUR 14.8 million). However, even in Q3 2003, the restraint in
licensing sales, caused by the weak economy, necessitated further
expenses and provisions of EUR 0.5 million for structural adjustments
from 1 July 2003 to 30 September 2003, for the adaptation of the
group structure to business development. Despite these measures, USU
Software AG achieved a significant improvement in the result, even on
a quarterly basis. Thus the net result in Q3 2003 totalled EUR -1.2
million (PY: EUR -28.6 million), on an annual comparison, sales were
virtually stable at EUR 4.8 million (PY: EUR 4.9 million). 
The total liquid funds and investments amounted to EUR 47.8 million
on 30 September 2003 (Status 31 December 2002: EUR 55.3 million),
equity stood at EUR 71.6 million (31 December 2002: EUR 72.9
million). The equity ratio was 89.9% (31 December 2002: 84.4%).
Important impulses for the following quarters will result from the
Knowledge Business area of the Business Solutions division and from
the product business in IT-Controlling. Thus the projects for the
municipal call centre of the City of Cologne or FAG Kugelfischer
demonstrate that the company is pursuing the correct market approach
with its Knowledge Business solutions. Both customers were awarded
leading prizes for the projects implemented with USU Software AG, in
which the solution components of USU serve as the base technology.
The company has also positioned itself in a growing market with its
product suite Valuemation. In so doing, USU Software AG provides a
product, in times of cost discussions, which not only enables IT
administration but also transparency of IT costs, thus enabling cost
optimisation. The most recent orders placed by MTU and ASPECTA, and
the positive feedback from existing customers prove the value-added
the customer achieves using USU products. In this business area, the
company has targeted an increase in sales, through the development of
the USU partner network, which also includes the Telekom subsidiary
T-Systems since Q3 2003.
* The reporting period covers the first three quarters of 2003,
consisting of the nine months from 1 January 2003 to 30 September
2003. Correspondingly, the comparative period of the previous year
consists of the nine months from 1 January 2002 to 30 September 2002.
In so doing, USU AG was consolidated as at 11 March 2002. To ensure
the comparability of information for the first three quarters of 2003
with those of the comparative period of the previous year, additional
pro forma information on the profit and loss statement is given,
which represents a pro forma consolidation of USU AG as at 1 January
2002.
The ad hoc-announcement and press release can be downloaded at
http://www.usu-software.de. The complete nine-month report 2003 will
soon be available for downloading on the homepage of the company.
The company will present further information on business development
and on the planning of USU Software AG at its Analysts’ Conference on
4 December 2003, in Frankfurt am Main
Contact:
USU Software AG
Investor Relations
Falk Sorge
Tel.: 0 71 41 / 48 67 351
Fax: 0 71 41 / 48 67 108
E-Mail:  f.sorge@usu-software.de
USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: 0 71 41 / 48 67 440
Fax: 0 71 41 / 48 67 909
E-Mail:  t.gerick@usu-software.de
end of announcement        euro adhoc 21.11.2003

Further inquiry note:

Falk Sorge
Tel.: +49 (0)7141 4867 351
E-Mail: f.sorge@usu-software.de

Branche: Software
ISIN: DE0007804700
WKN: 780470
Index: CDAX, Prime Standard
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade