USU Software AG

EANS-News: USU Software AG announces final figures for 2011: New records for consolidated sales and consolidated operating income (EBITDA)

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Dividend Announcements/Distribution/Financial Figures/Balance Sheet

Subtitle: 
•	New sales record and best-ever consolidated operating income (EBITDA)
•	Strong increase in international business
•	Significant improvement in operating cash flow and Group liquidity
•	Complete takeover of Aspera announced
•	Significant growth in sales and earnings also planned in the years ahead


Möglingen, March 29, 2012 (euro adhoc) - USU Software AG (ISIN DE000A0BVU28)
successfully continued the positive growth trend of the past few years in fiscal
year 2011, with Group-wide sales rising 19.9% to EUR 45,597 thousand (2010: EUR
38,023 thousand). USU thus exceeded its stated sales target of over EUR 43,000
thousand and generated a new sales record for the company. In addition to the
organic growth of the Product Business segment of existing subsidiaries USU AG,
LeuTek GmbH and Omega Software GmbH as well as new subsidiaries Aspera GmbH and
USU Consulting GmbH, in which majorities were recently acquired, the
consulting-related Service Business segment bundled within USU AG also
contributed to this successful business development. 

USU achieved an above-average increase as a result of the numerous contracts and
licenses agreed the previous year in the maintenance business, which grew by
24.8% to EUR 10,624 thousand (2010: EUR 8,514 thousand). Following a very strong
2010, the USU Group again increased sales of actual software licenses slightly
by 2.8% to EUR 5,919 thousand (2010: EUR 5,758 thousand). In terms of sales of
consulting services in the two segments Product Business and Service Business,
USU achieved an increase over the previous year of 24.7% to EUR 26,232 thousand
(2010: EUR 21,899 thousand). 

The significant expansion in the international business of the USU Group is
particularly pleasing. In fiscal year 2011, USU achieved consolidated sales of
EUR 5,412 thousand (2010: EUR 3,426 thousand) outside Germany, corresponding to
an increase of 58% over the previous year. The share of consolidated sales
generated outside Germany therefore rose from 9.0% in 2010 to 11.9% during the
year under review.

USU succeeded in increasing the consolidated operating result before interest,
taxes, depreciation and amortization (EBITDA) by 45.2% to EUR 6,700 thousand
(2010: EUR 4,614 thousand), thereby setting a new record on the earnings side as
well. This means that the Management Board´s target for fiscal year 2011 of
increasing EBITDA more strongly than sales to at least EUR 6,000 thousand was
surpassed by a clear margin. As a result, the EBITDA margin rose from 12.1% in
2010 to 14.7% in the reporting year, in other words in the vicinity, already, of
our medium-term target margin of 15%.

Earnings before interest and taxes (EBIT) increased relative to last year by
79.8% to EUR 4,644 thousand (2010: EUR 2,583 thousand). USU also saw earnings
before taxes (EBT) improve significantly by 66.3% year-on-year to EUR 4,507
thousand (2010: EUR 2,710 thousand). After taxes, the USU Group achieved an
increase in net profit of 51.0% during fiscal year 2011 to EUR 3,545 thousand
(2010: EUR 2.348 thousand), corresponding to earnings per share of EUR 0.34
(2010: EUR 0.23).

As the USU Group´s IFRS consolidated earnings were influenced by various
non-recurring effects hampering the comparability of USU´s earnings power across
multiple fiscal years, the company also calculated its "adjusted consolidated
earnings" for information purposes. This figure represents consolidated earnings
after adjustment for amotization of intangible assets capitalized as a result of
business combinations, results from the capitalization of tax loss
carryforwards, the associated goodwill amortization and additional
acquisition-related extraordinary effects including the associated tax effects.
In the 2011 reporting year, adjusted consolidated earnings totaled EUR 5,319
thousand (2010: EUR 3,878 thousand), corresponding to adjusted earnings per
share of EUR 0.50 (2010: EUR 0.39). 

Partly as a result of the posted increase in earnings, the USU Group´s cash flow
from operating activities under IFRS rose from EUR 2,434 thousand in the
previous year to EUR 9,429 thousand in the 2011 reporting year. Consequently,
USU increased Group liquidity in the form of cash in hand, bank balances and
securities to a total of EUR 17,630 thousand (December 31, 2010: EUR 11,055
thousand). Equity rose to EUR 49,906 thousand (December 31, 2010: EUR 48,485
thousand). With total assets of EUR 70,050 thousand (December 31, 2010: EUR
66,884 thousand), the equity ratio was 71.2% as at December 31, 2011 (December
31, 2010: 72.5%).

The net profit of USU Software AG as an individual business, calculated in line
with the German Commercial Code, also rose significantly during the 2011
reporting year, increasing threefold relative to 2010 to EUR 2,076 thousand
(2010: EUR 657 thousand). On the basis of this positive business performance and
against the background of progressive growth by USU Software AG and its
subsidiaries, at the Annual General Meeting on July 18, 2012 the Company´s
Management Board and Supervisory Board will propose, in the interests of a
shareholder-friendly dividend policy and dividend continuity, the distribution
to shareholders of a dividend of EUR 0.20 per dividend-bearing share. This is
the same as the previous year and once again more than the medium-term target of
50% of earnings. In doing so the Management Board is also pursuing the goal of
settling in cash the remaining purchase price for the announced complete
takeover of Aspera in the second quarter of 2012 without bank liabilities or a
capital increase that would dilute the holdings of existing investors. Even
after payment of the remaining purchase price for Aspera and the dividend
distribution, USU will still have the strong financing it requires in order to
make targeted investments and purchase companies or interests in companies when
acquisition opportunities present themselves. 

The Management Board also sees considerable potential for improvement in the
next few years. This is based on three main growth drivers: strategy,
internationalization and acquisitions. With its Product Business portfolio,
oriented towards knowledge-based service management, the USU Group has focused
on a promising future market that also offers the prospect of high rates of
growth in the future. One positive indication of this is orders on hand in the
USU Group, which increased to EUR 21,501 thousand (2010: EUR 19,132 thousand) as
at December 31, 2011. The Management Board expects a surge in sales as a result
of the enhanced global market presence following the expansion of partner
activities and the targeted opening of the Group´s own branch offices outside
Germany. In addition to organic growth, another key element of the Company´s
strategy is the expansion of Group activities through the acquisition of
companies and interests in companies. Following the recent participations in
Aspera GmbH and USU Consulting GmbH, the Company is now focusing on the complete
takeover of Aspera by exercising its existing option to acquire the remaining
49% of Aspera shares. In this respect, the effect on sales will be neutral due
to the 100% consolidation of Aspera in the current consolidated and separate
financial statements. In future too, the Management Board of USU Software AG
will pursue the aim of acquiring sustainably profitable growth companies,
providing that added value is generated for the USU Group.

Overall, in fiscal year 2012, the Management Board of USU Software AG expects
sales to outpace the average growth rate of the German IT market by rising more
than 4.5% to at least EUR 48 million. It also expects to generate consolidated
EBITDA of over EUR 7.2 million, thus attaining the stated EBITDA target margin
of 15% for the first time ever. Thanks to the aforementioned growth drivers, the
Management Board remains optimistic for 2013 as well, and anticipates breaking
through the EUR 50 million barrier in terms of consolidated sales while
continuing to improve the earnings margin.


Further inquiry note:
USU Software AG 
Investor Relations 
Falk Sorge 
Spitalhof
D-71696 Möglingen
Tel.: +49 (0) 71 41 - 48 67 351 
Fax:  +49 (0) 71 41 - 48 67 108 
E-Mail: f.sorge@usu-software.de

USU Software AG 
Corporate Communications 
Dr. Thomas Gerick 
Tel.: +49 (0) 71 41 - 48 67 440 
Fax:  +49 (0) 71 41 - 48 67 909 
E-Mail: t.gerick@usu-software.de

end of announcement                               euro adhoc 
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company:     USU Software AG
             Spitalhof  
             D-71696 Möglingen
phone:       +49 (0)7141 4867 0
FAX:         +49 (0)7141 4867 20
mail:     investor@usu-software.de
WWW:      http://www.usu-software.de
sector:      Software
ISIN:        DE000A0BVU28
indexes:     CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
             regulated dealing: Stuttgart, regulated dealing/prime standard:
             Frankfurt 
language:   English
 



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