USU Software AG

EANS-News: USU Software AG: Successful business development in first half of 2012
Partnership with CA Technologies brings additional growth options

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6-month report

Subtitle: 
•	Sales increase of 20% to EUR 25.0 million 
•	International sales doubled to EUR 4.4 million 
•	100% Aspera acquisition completed 
•	Strategic partnership with CA Technologies in license management 
•	Adjusted EBIT increased by 28% year-on-year to EUR 2.9 million 
•	Group liquidity over EUR 13 million despite Aspera purchase 
•	Group forecasts for the fiscal year confirmed


Möglingen (euro adhoc) - USU Software AG ("USU") today published its financial
figures for the first half of 2012. From January to June 2012, USU increased its
consolidated sales under IFRS by 20% year-on-year to EUR 25.0 million (H1 2011:
EUR 20.8 million) and continued the positive growth trend. International
business performed particularly well, with sales of EUR 4.4 million (H1 2011:
EUR 2.2 million), double the sales generated in the previous year. The share of
consolidated sales generated outside Germany therefore rose from 10% in H1 2011
to 18% in H1 2012, exceeding the mid-term target of 15% in the first half of
2012. 

A large proportion of the increased international sales were generated by the
subsidiary Aspera GmbH ("Aspera"), which USU acquired in full at the end of May.
As a result, USU Software AG reports further strategic success with regard to
its international growth strategy. In Q3 2012, via its subsidiary Aspera, USU
concluded a long-term partnership agreement with CA Technologies ("CA") and thus
confirmed its global leadership in software license management. CA, one of the
biggest global software companies, will now operate Aspera's license management
portfolio as well as its service management product suite. From 2013, after an
initial phase without a significant impact on sales and earnings in the
reporting year, the Management Board expects CA to contribute annual earnings of
over EUR 1 million to the USU Group as a result of this partnership agreement.
USU will continue to expand its international business, as planned, on the basis
of this strategic partnership.

In the first six months of 2012, the USU Group's operating cost base increased
year-on-year by 21% to EUR 22.4 million (H1 2011: EUR 18.6 million), primarily
due to the targeted expansion of the Group's workforce by 11% to 334 (H1 2011:
301) employees, and the additional deployment of external consulting resources
as a result of gaining numerous project contracts.  

Owing to the extraordinary effect of the 100% Aspera acquisition and the
associated extraordinary expense for the purchase price adjustment of EUR 1.9
million in Q1 2012, EBITDA under IFRS for the first half of 2012 amounted to EUR
1.1 million (H1 2011: EUR 2.5 million). In the same quarter, EBIT amounted to
EUR 0.3 million (H1 2011: EUR 1.5 million). The USU Group's unadjusted net
result for the period was EUR -0.8 million (H1 2011: EUR 0.8 million) as a
result of the extraordinary effect of the Aspera acquisition. This represents
earnings per share according to IFRS of EUR -0.08 (H1 2011: EUR 0.08). 

In the period under review, the USU Group's EBIT adjusted for extraordinary
effects ("adjusted EBIT") increased by 28.2% to EUR 2.9 million (H1 2011: EUR
2.25 million). In the reporting period, adjusted consolidated earnings increased
by 9.2% year-on-year from to EUR 1.9 million (H1 2011: EUR 1.7 million). This
corresponds to adjusted earnings per share of EUR 0.18 (H1 2011: EUR 0.16). 

As a result of the purchase price payment of EUR 7.7 million for the 100%
acquisition of Aspera and the resulting profit distribution of EUR 1.3 million
to the former Aspera non-controlling interests, made in cash in Q2 2012, the USU
Group's liquidity declined to EUR 13.4 million as at June 30, 2012 (December 31,
2011: EUR 17.6 million). The comparatively small decline reflects the positive
development of cash flow from the USU Group's operating activities, which was
again positive and above the level of the previous year at EUR 5.1 million in
the first half of 2012 (H1 2011: EUR 3.9 million). As a result of settling the
purchase price liability for Aspera, the equity ratio as at June 30, 2012
increased to 74% (December 31, 2011: 71%).

Following a successful first half of the year, the Management Board is
confirming its target for 2012 of consolidated sales of at least EUR 48 million
and adjusted EBIT of between EUR 6.5 million and EUR 7.0 million. This is
supported by the USU Group's high level of orders on hand, which increased by 8%
year-on-year to EUR 24.5 million as at June 30, 2012. 

Thanks to the growth opportunities due to orders and the new partnership with
CA, the Management Board is also extremely optimistic for the following year,
and anticipates that the company will break through the EUR 50 million mark for
consolidated sales while continuing to improve adjusted EBIT.


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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