USU Software AG

EANS-Adhoc: USU Software AG starts fiscal year 2012 with positive sales development - earnings influenced by complete Aspera takeover

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
3-month report


-       Sales up by 19% to EUR 12.6 million
-       Above-average increase in foreign sales by 94% to EUR 2.3 million
-       Development of majority holding Aspera exceeds planning - 
        complete takeover initiated - updated purchase price above 
        reported purchase price obligation 
-       One-time effects from adjustment of expected purchase price for 
        complete Aspera takeover impact IFRS earnings figures 
-       Adjusted EBIT of EUR 1.7 million up by 52% on prior year
-       Group liquidity up by 13% to EUR 19.9 million
-       Details of Group planning for the year as a whole take into 
        account complete Aspera takeover

Möglingen, May 16, 2012 - In the first quarter of 2012, USU Software AG
seamlessly continued its successful growth trend of the previous quarters,
increasing consolidated sales by 19% to EUR 12.6 million (Q1 2011: EUR 10.6
million). In the process, USU benefited from strong international business in
particular, which grew at an above-average pace of 94% in the period under
review to EUR 2.3 million (Q1 2011: EUR 1.2 million) compared with the previous
year and thus almost doubled. The share of consolidated sales generated outside
Germany increased by just under 18% (Q1 2011: 11%) and was thus above the
announced medium-term target of 15%. This increase was due in particular to the
push in international activities in the USU Group in the area of the rapidly
growing segment of software license management, which is covered by majority
holding Aspera GmbH, as well as to existing partner activities. Since USU
Software AG took over 51% of the shares in Aspera in July 2010, the USU
subsidiary put in a very positive performance. The projection at the time of
acquisition that Aspera would double its sales within three years was already
achieved as of March 31, 2012 at the end of fiscal year 2011/12. 
The growth push from Aspera GmbH caused a one-off effect in the quarter under
review in terms of the intended takeover of the remaining 49% of Aspera's
shares. The purchase price for these minority shares depends in particular on
Aspera's earnings generated in fiscal years 2010/11 (April 1, 2010 - March 31,
2011) and 2011/12 (April 1, 2011 - March 31, 2012). As of December 31, 2011, a
purchase price obligation of EUR 6.7 million was reflected in the balance sheet 
based on the projected development of Aspera's earnings. Due to Aspera GmbH's
significantly better than expected business development in the final quarter of
January 1, 2012 to March 31, 2012, which is crucial for establishing the
purchase price, the updated purchase price is EUR 1.9 million above the
forecasted value reflected in the balance sheet as of December 31, 2011. 

Under the latest IFRS international accounting regulations, the purchase price
difference must be reported in profit and loss in full in other operating
expenses and thus directly affects the USU Group's earnings in the first quarter
of 2012. Due to this acquisition-based one-off effect, the operating result
before interest, taxes, depreciation and amortization (EBITDA) was EUR -0.1
million (Q1 2011: EUR 1.2 million) in the first quarter of 2012. Accordingly,
earnings before interest and taxes (EBIT) were EUR -0.6 million (Q1 2011: EUR
0.7 million). After taxes and taking into the account the one-time expense of
the intended complete takeover of Aspera, the USU Group generated a net loss for
the period of EUR -1.3 million (Q1 2011: net profit of EUR 0.4 million),
corresponding to earnings per share of EUR -0.12 (Q1 2011: EUR 0.04). 
In order to better compare the long-term earning power of the USU Group, the
company has also drawn up an "Adjusted Consolidated Earnings" account for
information purposes. This shows consolidated earnings adjusted for the
amortization of intangible assets capitalized as a result of business
combinations, the results of the capitalization of tax loss carryforwards, and
additional non-recurring acquisition-related effects, plus the corresponding tax
effects. The USU Group increased its adjusted consolidated earnings by 17% to
EUR 1.0 million in the reporting period (Q1 2011: EUR 0.9 million),
corresponding to adjusted earnings per share of EUR 0.10 (Q1 2011: EUR 0.08).
Adjusted earnings before interest and taxes ("Adjusted EBIT") increased
year-on-year by 52% to EUR 1.7 million (Q1 2011: EUR 1.1 million). The
Management Board will focus future earnings forecasts on this operating earnings

The USU Group's cash flow from operating activities was again clearly positive
in the quarter under review at EUR 2.5 million (Q1 2011: EUR 4.8 million),
bringing Group liquidity including securities to a total of EUR 19.9 million
(December 31, 2011: EUR 17.6 million). Due to the higher purchase price
obligation for Aspera, equity as of March 31, 2012 decreased to 66% (December
31, 2011: 71%), but was still on solid ground.

After the positive operational start of USU Software AG and its subsidiaries in
fiscal year 2012 with a considerable rise in revenues, the Management Board
expects significant growth potential for the rest of the year as well. This is
corroborated by the USU Group's still high level of orders on hand of EUR 22.5
million (Q1 2011: EUR 22.0 million) as of March 31, 2012 as well as positive
order development after the end of the reporting period, especially the major
order by the German Federal Employment Agency with an order volume in the
mid-seven digit euro range. Overall, the Management Board predicts consolidated
sales of at least EUR 48 million and adjusted EBIT in a corridor of EUR 6.5
million to EUR 7.0 million in the current year. As previously announced, it also
intends to have the shareholders participate in the company's success again in
the form of a dividend. The Management Board and Supervisory Board have already
announced their proposal to the Annual General Meeting of a dividend payment of
EUR 0.20 per share for fiscal year 2011.

end of ad-hoc-announcement
USU Software AG 

The USU Group is Europe’s largest provider of IT Management and Knowledge
Management software. Market leaders from every sector of the international
economy create transparency with USU applications, while also increasing
flexibility, decreasing risks and cutting costs. In addition to USU AG (founded
in 1977), the subsidiaries Aspera GmbH, LeuTek GmbH, OMEGA Software GmbH and USU
Consulting GmbH belong to USU Software AG (ISIN DE 000A0BVU28), which is listed
in the Prime Segment of the German Stock Exchange (DAX) in Frankfurt and on the
German Entrepreneurial Index (GEX). 
With its Valuemation® product line, USU offers a top-quality portfolio for
knowledge-based service management, the merits of which have been recognized by
leading market analysts around the world – all from one single, reliable source.
What's more, this modular suite also fully supports the industry standard ITIL®.
The USU Group's products in this sector are complemented and enhanced with the
SmartTrack license management solution from Aspera GmbH, the ZIS product family
for systems management from LeuTek GmbH as well as the myCMDB software from
OMEGA Software GmbH. USU Consulting offers top-notch strategy consulting for IT
service management. 
With KnowledgeCenter technology, customers can activate and leverage all the
knowledge resources within their organizations. This system application bundles
all the various communications and information channels on one central platform.
With the support of intelligent knowledge bases from USU, call and service
centers provide accurate, individualized answers to over 25 million inquiries
per year. 
By developing and maintaining complex, customer-specific applications, USU
experts can combine user-requested features, sector-specific knowledge and
technological expertise to create individual, customized solutions. Achieving
process and system integration and implementing knowledge portals and employee
portals are some of USU’s other well-established and proven core competencies. 

Further inquiry note:
USU Software AG 
Investor Relations 
Falk Sorge 
D-71696 Möglingen
Tel.: +49 (0) 71 41 - 48 67 351 
Fax:  +49 (0) 71 41 - 48 67 108 

USU Software AG 
Corporate Communications 
Dr. Thomas Gerick 
Tel.: +49 (0) 71 41 - 48 67 440 
Fax:  +49 (0) 71 41 - 48 67 909 

end of announcement                               euro adhoc 

issuer:      USU Software AG
             D-71696 Möglingen
phone:       +49 (0)7141 4867 0
FAX:         +49 (0)7141 4867 20
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:
language:   English

Weitere Meldungen: USU Software AG

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