10.11.2005 – 13:59
euro adhoc: USU Software AG
quarterly or semiannual financial statement
realises sales growth and is profitable
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Möglingen, 10 November 2005. Thanks to increasing licensing revenues and the consultancy business remaining positive, USU Software AG and its subsidiaries (hereinafter: USU Group) generated a net profit for the quarter of TEUR 174 (PY: TEUR 13) in Q3 2005 on sales of TEUR 5,038 (PY: TEUR 4,754). Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved TEUR 590 from the previous year to TEUR 356 (PY: TEUR -234). Earnings before interest and taxes (EBIT) were also positive at TEUR 125 (PY: TEUR -328). With the number of shares averaging 9,135,004 (PY: 8,605,593), earnings per share increased to EUR 0.02 (PY: EUR 0.00).
In the 2005 9-month period the USU Group increased consolidated sales by TEUR 1,226 year-on-year to TEUR 14,673 (PY: TEUR 13,447). In view of moderate cost development, EBITDA improved significantly by TEUR 787 to TEUR 341 (PY: TEUR -446) and EBIT was up TEUR 667 to TEUR -197 (PY: TEUR -864). After the first nine months of the current financial year, USU achieved the net profitability forecast with net income of TEUR 97 (PY: TEUR 221). Earnings per share were EUR 0.01 (PY: EUR 0.03) in the reporting period, with the number of shares averaging 8,799,516 (PY: 8,605,593).
According to the Management Boards plans increasing profitability is to be pushed forward in the coming quarters. In addition to the development of the partner business and the expansion of the workforce, the deployment of employees from the Groups Czech subsidiary in domestic and international customer projects will contribute to this.
end of ad-hoc-announcement
Issuer´s information and explanatory remarks concerning this ad-hoc-announcement: USU realises sales growth and is profitable · Knowledge Business strategy takes hold · Significant improvement in sales and EBIT · Operations also profitable in Q3 · International customer projects successful · Expansion of profitability anticipated
"These quarterly figures emphasise that the companys Knowledge Business strategy is taking hold and already bearing its first fruit", Bernhard Oberschmidt, Spokesperson of the Management Board of USU Software AG, commented on the positive development of business. "All the Groups services, solutions and products are targeted at the better integration of knowledge in core corporate processes. With them, our customers lay the foundations for greater productivity, quality and their economic success."
With this portfolio, USU Software AG (ISIN DE000A0BVU28) increased its consolidated sales by TEUR 284 to TEUR 5,038 (PY: 4,754 TEUR) in Q3 2005 and realised a net profit for the quarter of TEUR 174 (PY: TEUR 13). This was due to increasing licensing revenues and the consultancy business, which remained positive. The international partner activities are to be highlighted in particular here. With the international airports in Athens and Bangkok and the Italian railway company, prestigious customer projects were implemented successfully. Earnings before interest, taxes, depreciation and amortisation (EBITDA) were up TEUR 590 on the previous year to TEUR 356 (PY: TEUR -234). Earnings before interest and taxes (EBIT) were also positive at TEUR 125 (PY: TEUR -328).
In the 2005 9-month period, the USU Group increased its consolidated sales by TEUR 1,226 compared to the previous year to TEUR 14,673 (PY: TEUR 13,447). A 14.2% increase in sales to TEUR 8,073 (PY: TEUR 7,068) was achieved in the Business Solutions segment in comparison to the previous year. The IT Management Solutions segment posted a 3.1% increase in sales to TEUR 6,535 (PY: TEUR 6,341).
Due in particular to the additional use of external consultancy resources in HY1 2005, the production costs increased year-on-year in the 2005 9-month period to TEUR 9,124 (PY: TEUR 8,568). However, the deployment of employees from the Czech subsidiary USU Software s.r.o in consultancy projects enabled a further increase in production costs in Q3 2005 to be prevented. Accordingly, the gross profit on sales improved from TEUR 4,879 the previous year to TEUR 5,549 in the period under consideration.
Operating costs for marketing and sales, administration and research and development totalled TEUR 5,875 in the 9-month period (PY: TEUR 5,831), although positive tax effects had contributed to a lower cost base in the previous years figure.
As a consequence of the increased sales realised year-on-year, earnings before interest, taxes, depreciation and amortisation (EBITDA) improved considerably in the 9-month period 2005 to TEUR 341 (PY: TEUR -446). With the inclusion of write-downs totalling TEUR 538 (PY: TEUR 418) earnings before interest and taxes (EBIT) were TEUR -197 (PY: TEUR -864). Due to the special distribution of TEUR 34,206 in February 2005, the cumulative interest income for the first nine months of the 2005 financial year remained well below that of the previous year at TEUR 371 (PY: TEUR 1,112). Nonetheless, earnings before tax (EBT) were down only slightly on the previous years figure at TEUR 174 (PY: TEUR 248). Taking into account taxes on income totalling TEUR -77 (PY: TEUR -27), the company generated a net profit of TEUR 97 in the first three quarters of 2005 (PY: TEUR 221) and had thus already realised a positive net result as at 30 September 2005.
At the end of Q3 2005, shareholders equity totalled TEUR 35,440 (31 December 2004: TEUR 33,145). With a balance sheet total of TEUR 41,698 (31 December 2004: TEUR 73,455) the equity ratio was 85.0% (31 December 2004: 45.1%).
The Group-wide order book of the USU Group totalled TEUR 6,951 as at 30 September 2005 (PY: TEUR 5,919) and was thus up TEUR 1,032 on the previous years figure. As at 30 September 2005 the USU Group employed a total of 197 staff (PY: 180).
The increasing of profitability according to the Management Boards plans is to be pushed forward in the coming quarters. In addition to the development of the partner business and the expansion of the workforce the deployment of employees from the Groups Czech subsidiary in domestic and international customer projects will contribute to this.
Finished 9 month report 2005 will be available as of 15 November 2005 at http://www.usu-software.de. The Management Board will give further information at this years Analyst Conferences at the German Equity Forum in Frankfurt on 21 November 2005 and the GBC Munich Investor Conference in Munich on 1 December 2005.
This press release is available at http://www.usu-software.de.
end of announcement euro adhoc 10.11.2005 13:11:53
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