USU Software AG

EANS-News: USU Software AG
USU announces final figures for fourth quarter and 2008 as a whole

• Strong final quarter with significant increase in sales and EBITDA • Year as a whole within adjusted expectations • Proposed dividend payment of EUR 0.15 per share • High level of liquidity and solid financing with no bank liabilities • Sales and earnings expected to grow in current fiscal year

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finances/Final figures for fourth quarter and for 2008 as a whole

Möglingen (euro adhoc) - Möglingen (Germany), March 24, 2009

USU Software AG (ISIN DE000A0BVU28) today announced its figures for the fourth quarter and for 2008 as a whole. According to these figures, USU Software AG and its subsidiaries (hereinafter: "USU Group" or "USU") increased Group sales in the fourth quarter of 2008 by 35.1% above the previous year´s figure to EUR 10,169 thousand (Q4/2007: EUR 7,529 thousand). At EUR 1,354 thousand (Q4/2007: EUR 647 thousand), the USU Group more than doubled its earnings before interest, taxes and depreciation (EBITDA) in the final quarter of 2008, while earnings before interest and taxes (EBIT) also increased at a very high rate to EUR 925 thousand (Q4/2007: EUR 92 thousand). Due to tax effects, net income for the quarter was EUR 924 thousand (Q4/2007: EUR 953 thousand), slightly below the previous year´s level. From a one-year perspective, USU generated sales growth of 9.4% to EUR 33,977 thousand (2007: EUR 31,047 thousand). USU´s EBITDA in fiscal year 2008 remained below the previous year´s level at EUR 2,287 thousand (2007: EUR 3,482 thousand) due to non-recurring effects. EBIT totaled EUR 967 thousand (2007: EUR 1,892 thousand) in the reporting period. Net profit declined year-on-year from EUR 4,536 thousand in fiscal year 2007 to EUR 1,294 thousand in the reporting year, mainly because tax income of EUR 2,179 thousand in the previous year had a major influence on the after tax figure. Accordingly, earnings per share were EUR 0.13 in 2008 (2007: EUR 0.44). The Management Board and Supervisory Board of USU Software AG will propose paying a dividend of EUR 0.15 for each entitled share at the Company´s Annual General Meeting on June 25, 2009. For the current fiscal year 2009, the Management Board expects sales growth to be above average in the relevant market segments as well as a significant EBITDA increase.

Strong final quarter with significant increase in sales and EBITDA

Due to the product campaign in fiscal year 2008 with numerous new products and further developed products in the Group´s portfolio, USU recorded a significant increase it its licenses business in the fourth quarter of 2008, representing a year-on-year increase in Group sales by 35.1% to EUR 10,169 thousand (Q4/2007: EUR 7,529 thousand). At EUR 1,354 thousand (Q4/2007: EUR 647 thousand), USU Group earnings before interest, taxes and depreciation (EBITDA) more than doubled in the final quarter of 2008. Earnings before interest and taxes (EBIT) saw above-average growth at EUR 925 thousand (Q4/2007: EUR 92 thousand). Net income for the quarter was slightly below the previous year´s level at EUR 924 thousand (Q4/2007: EUR 953 thousand), which is due to positive tax income of EUR 682 thousand from the previous year´s quarter, while tax expense of EUR 101 thousand was incurred in Q4/2008.

Year as a whole within adjusted expectations

From a one year perspective, the USU Group achieved sales revenues of EUR 33,977 thousand in 2008 (2007: EUR 31,047 thousand). This represents a year-on-year sales increase of 9.4%. The increase in the licenses business was disproportionately high. USU AG played a role in this, as did other Group subsidiaries LeuTek GmbH and Omega Software GmbH. USU´s fiscal year 2008 business performance in terms of earnings remained below that of the previous year due to a number of influencing factors. In addition to specific investments related to a product campaign for the new and further development of USU software products and unscheduled additional costs for a fixed-price project in the second and third quarter of 2008, the back payment of taxes that the Company disputes due to a tax audit completed in 2008 was instrumental here, as they influenced the operating result as other operating expenses. As a result, USU´s EBITDA in the reporting period remained below the previous year´s level at EUR 2,287 thousand (2007: EUR 3,482 thousand). EBIT totaled EUR 967 thousand (2007: EUR 1,892 thousand). Income taxes amounted to EUR -181 thousand in the reporting year, while in the previous year there was tax income of EUR 2,179 thousand primarily due to the one-time effect of the capitalization of tax loss carry forwards. After taxes, USU generated net profit for the year of EUR 1,294 thousand (2007: EUR 4,536 thousand) in fiscal year 2008, this corresponds to earnings per share of EUR 0.13 (2007: EUR 0.44).

Proposed dividend payment of EUR 0.15 per share

As already announced, the Company´s Management Board and Supervisory Board plan to propose to the Company´s Annual General Meeting on June 25, 2009 a dividend of EUR 0.15 for each entitled share (2007: EUR 0.15) as in the previous year as part of a shareholder-friendly dividend policy. This will be distributed from the surplus of parent company USU Software AG, which was EUR 3,612 thousand (2007: EUR 2,225 thousand) as of December 31, 2008 as calculated under the German Commercial Code (HGB).

High level of liquidity and solid financing with no bank liabilities

The USU Group´s equity ratio amounted to 84.8% (2007: 87.3%) as of December 31, 2008. With Group liquidity of EUR 9,541 thousand (2007: EUR 9,921 thousand) at the end of fiscal year 2008 and no bank liabilities, USU has solid financing to make targeted investments even in difficult economic times and to purchase companies or participations in companies if potential acquisition possibilities present themselves.

Sales and earnings expected to grow in current fiscal year

Under the premises of economic development that will stabilize in time, the Management Board of USU Software AG expects sales growth in the current fiscal year to be above average in the relevant market segments, as it was in 2008. USU is also expected to benefit from generating new license income as well as from strong consulting and maintenance business. A positive indication of this is USU´s Group-wide orders on hand, which recorded a year-on-year increase as of December 31, 2008 of 9.3% to EUR 14,177 thousand (2007: EUR 12,966 thousand). USU also expects positive effects from its newly-established international partner business, which is expected to generate over 15% of sales outside of the German domestic market (2007: 6.7%) due in particular to its expansion into the regions of the UK, Scandinavia, the Benelux countries, and Eastern Europe by 2010. In addition to increased partner activities in these markets, numerous positive statements by analysts from international market research institutes such as Gartner, Forrester and ECP are expected to lead to a high level of market awareness and rapid market penetration on these markets. This is due in part to the fact that the analysts have given the Valuemation product suite a top ranking in its individual Business Service Management areas. In addition to growing sales, the Management Board of USU Software AG expects to increase the Company´s EBITDA significantly with savings potential on the cost side.

This announcement is available at http://www.usu-software.com

USU - The Knowledge Business Company

The USU Software AG offers with its company network appliances, products and consulting all about Knowledge Business, aligned for the future.

For example Valuemation. Our clients obtain a broad and complete overview over their IT processes, IT infrastructure and are able to display their IT costs transparently, to account and control actively. More than 500 clients administrate with this product group more than 30 million IT assets.

For example KnowledgeMiner. As an integrated research and navigation system or portal solution, we activate the complete knowledge of a single organisation with this technology. Call and service centres solve more than ten thousand individual problems and requests day for day, using the technology. Departments like quality assurance, production or distribution fasten their core processes and improve their quality.

The ability to form branch knowhow, competence of technology and user demands to an integrated software system, has been convincing clients for more than two decades in all fields of the international economy.

The USU Software AG (ISIN DE000A0BVU28) is listed in the Prime Standard of the Frankfurt stock exchange.

Contact:

USU Software AG
Investor Relations
Falk Sorge
Tel.: +49 (0) 71 41 / 48 67 351
Fax:  +49 (0) 71 41 / 48 67 108
Email: 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 Email: t.gerick@usu-software.de

end of announcement                               euro adhoc
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Further inquiry note:

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

Branche: Software
ISIN: DE000A0BVU28
WKN: A0BVU2
Index: CDAX, Prime All Share, Technologie All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Düsseldorf / free trade
Börse Hannover / free trade
Börse München / free trade
Börse Stuttgart / regulated dealing

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