EANS-News: USU Software AG: Group sales up one-third, eight fold EBITDA growth
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Financial Figures/Balance Sheet/6-month report
Möglingen (euro adhoc) - USU Software AG (ISIN DE000A0BVU28) today announced its
final figures for the second quarter and the first six months of 2011. USU
increased its Group sales by around one-third in both the period under review
and the first half of the year, while operating earnings before interest, taxes,
depreciation and amortization (EBITDA) were eight times higher than in the
previous year. Due to the extremely positive business development in the first
half of 2011, the Management Board of USU Software AG is reiterating the
guidance it issued at the start of the month, with forecast Group sales of more
than EUR 43 million and EBITDA of at least EUR 6 million.
Positive growth trend from previous quarters continues in Q2/2011
In the second quarter of 2011, the USU Group recorded significant sales growth
of 32.9% to EUR 10.22 million (Q2/2010: EUR 7.69 million) on the back of organic
business and the majority acquisition of Aspera GmbH. As USU´s operating cost
base only rose moderately compared with the increase in Group sales, operating
earnings (EBITDA) improved from EUR 0.16 million in the previous year to EUR
1.26 million in the period under review, representing an increase of 712.8%. The
EBITDA margin amounted to 12.3% (Q2/2010: 2.0%). The USU Group also
significantly improved its earnings before interest and taxes (EBIT) to EUR 0.75
million (Q2/2010: EUR -0.12 million). All in all, USU reported a net profit of
EUR 0.42 million for the second quarter of 2011 after a net loss of EUR 0.02
million in the same period of the previous year. USU Software AG´s earnings per
share increased to EUR 0.04 (Q2/2010: EUR 0.00).
Above-average growth in license sales in the first half of 2011
On a half-yearly basis, USU increased Group sales by 36.6% to EUR 20.80 million
(Q1-Q2/2010: EUR 15.23 million) due among other things to a substantial rise in
license sales. Income from the newly launched, internally developed software
products Valuemation 4 and KnowledgeCenter 5 and the additional software license
income from the acquired company Aspera GmbH allowed the USU Group to almost
double its license sales in the first half of 2011 to EUR 2.86 million
(Q1-Q2/2010: EUR 1.47 million).
At the same time, USU increased its maintenance income by 37.7% year-on-year to
EUR 5.22 million (Q1-Q2/2010: EUR 3.79 million) and its consulting income by
19.5% to EUR 11.18 million (Q1-Q2/2010: EUR 9.35 million). Other income in the
first six months of 2011 amounted to EUR 1.55 million (Q1-Q2/2010: EUR 0.61
million).
Further expansion in partner-based foreign business
The Group´s foreign business, which is the result of the international partner
and sales activities conducted over previous years, enjoyed above-average
development in the period under review. In the first half of 2011, the USU Group
recorded year-on-year growth in sales outside Germany of 63.0% to EUR 2.17
million (Q1-Q2/2010: EUR 1.33 million), meaning that the share of Group sales
generated outside Germany increased to 10.4% (Q1-Q2/2010: 8.7%).
Eight-fold EBITDA growth, strong net profit for the period
The USU Group´s operating cost base increased by 22.5% to EUR 18.56 million in
the first half of 2011 (Q1-Q2/2010: EUR 15.15 million). This below-average
development compared with the rate of sales growth serves to underline the
improved efficiency of the USU Group. Accordingly, EBITDA increased eight-fold
to EUR 2.47 million (Q1-Q2/2010: EUR 0.30 million), meaning that the EBITDA
margin improved from 2.0% in the first half of 2010 to 11.9% in the period under
review. USU also increased EBIT to EUR 1.47 million in the first six months of
2011 (Q1-Q2/2010: EUR 0.25 million) and generated a net profit for the period
of EUR 0.82 million (Q1-Q2/2010: net loss of EUR 0.14 million), corresponding to
earnings per share of EUR 0.08 (Q1-Q2/2010: EUR 0.01).
Extensive Group liquidity thanks to positive cash flow
As a result of the positive operating performance, the USU Group´s cash flow
from operating activities improved from EUR 0.70 million in the first six
months of 2010 to EUR 3.95 million in the period under review. Accordingly, USU
increased Group liquidity in the form of cash and cash equivalents including
securities to a total of EUR 14.80 million (December 31, 2010: EUR 11.06
million). Equity rose to EUR 49.31 million as against December 31, 2010 (EUR
48.49 million) on the back of the USU Group´s net profit for the period. Based
on total assets of EUR 70.90 million (December 31, 2010: EUR 66.88 million), the
equity ratio amounted to 69.5% as of June 30, 2011 (December 31, 2010: 72.5%).
Increased forecasts for year as a whole confirmed
Due to the extremely positive business development in the first half of 2011,
the successful expansion of the Group´s workforce to 301 employees (June 30,
2010: 278) and the increase in the USU Group´s orders on hand by more than
one-half to EUR 22.71 million (June 30, 2010: EUR 14.84 million), the Management
Board of USU Software AG is reiterating the guidance it issued at the start of
the month, with forecast Group sales of more than EUR 43 million and EBITDA of
at least EUR 6 million in the current year. These targets alone would mean
significant business growth and a record high in terms of both sales and
earnings for USU Software AG. Any further sales and earnings potential will
depend in particular on the fourth quarter of 2011, which is traditionally the
strongest quarter of the fiscal year. As in the previous years, the shareholders
of USU Software AG will participate to a material extent in the Company´s
business success in the form of a dividend distribution.
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: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Düsseldorf, Hannover, München, regulated dealing:
Stuttgart
language: English