euro adhoc: USU Software AG
Financial Figures/Balance Sheet
USU Software AG
reports figures for the first nine months of 2008 and announces addition to the
Management Board of the subsidiary USU AG as part of global expansion strategy
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
9-month report
09.11.2008
Möglingen, November 9, 2008 - In the first nine months of the 2008 fiscal year, USU Software AG (ISIN DE000A0BVU28) generated group sales of EUR 23.8 million (Q1-Q3/2007: EUR 23.5 million). This represents a year-on-year sales increase of 1.2%. The Company posted strong growth with software licenses. These increased by 7.8% to EUR 3.8 million (Q1-Q3/2007: 3.6 million) as the result of strong domestic sales. The USU Group´s EBITDA in the reporting period remained below the previous year´s level at EUR 0.9 million (Q1-Q3/2007: EUR 2.8 million). The main reasons for this were investments in a product campaign with the development of new products and the further development of existing products as well as additional investments for a major fixed-price project in the second and third quarters of 2008 which could not be invoiced. As the result of a tax audit, there were also tax reimbursements and repayments which are treated differently pursuant to IFRS. While the reimbursements mainly have to be recognized without impact on earnings, the repayments recognized as an expense have a negative impact on earnings. On balance, expenses amounting to EUR 0.4 million remain, which had a negative impact on the operating earnings. After taking into account depreciation and amortization totaling EUR 0.9 million (Q1-Q3/2007: EUR 1.0 million), USU generated EBIT of EUR 42 thousand (Q1-Q3/2007: EUR 1.8 million). In the reporting period, net interest income totaled EUR 0.4 million (Q1-Q3/2007: EUR 0.3 million). In the nine-month period of 2008, income taxes amounted to EUR -0.1 million, whereas in the previous year there was a tax income of EUR 1.5 million primarily due to capitalized deferred tax assets. This had a decisive impact on the earnings after tax figure. From January to September 2008, USU generated net income after taxes of EUR 0.4 million (Q1-Q3/2007: EUR 3.6 million). With an average of 10,238,165 shares (Q1-Q3/2007: 10,281,054), earnings per share amounted to EUR 0.04 (Q1-Q3/2007: EUR 0.35).
USU Software AG´s financing continues to be robust. As of September 30, 2008, the Company reported an equity ratio of 85.8%, had cash and cash equivalents amounting to EUR 8.5 million at the end of the third quarter of 2008 even after the dividend distribution and the buy-back of treasury shares and had no bank liabilities.
In the fourth quarter of 2008, the Management Board is expecting to see significant growth over the same period of the previous year. In addition to the market launch of the two SME versions of ValuemationExpress and KnowledgeCenter Express as well as the new version of Valuemation 3.5 from the subsidiary, USU AG, the new Insel Release 9 (myCMDB) from OMEGA Software GmbH and the extensive functional add-ons for ZIS-System 5 marketed by LeuTek GmbH System 5, this growth is expected to be driven by strong domestic license business. In this respect, the Management Board confirms the forecast of generating sales growth above the average for the relevant market segments for 2008 as a whole. However, over all quarters of the 2008 fiscal year the aforementioned additional investments and non-recurring tax effects will lead to a decline in EBITDA year-on-year.
In order to advance the internationalization of the USU Group rigorously and to consolidate the strategic objective of generating sales exceeding 15% beyond the German domestic market by 2010, the Supervisory Board has extended the USU management team with the addition of a top manager with international experience. With effect of January 1, 2009, Sven Wilms (48) was appointed as member of the Management Board with responsibility for global sales at the subsidiary, USU AG, in order to concentrate on advancing worldwide growth. The main objective here is to expand the European partner business to include the regions, UK, BeNeLux, Scandinavia and Eastern Europe as well as to increase activities in Italy, Austria, Switzerland, the USA and the Middle East. With his many years of international experience in the software product business, Sven Wilms is ideally qualified for the task. As member of the IDS Scheer AG extended Management Board, he played a considerable role in forming the internationalization strategy and global expansion. Prior to this, Sven Wilms was employed for more than 10 years in various management positions related to European software marketing at IBM. In addition to the planned growth in new markets, license sales are also to be increased in 2009 in the German domestic market with the existing product portfolio and selected new and further developments. As a result of the clear 50.4% increase in orders on hand throughout the USU Group year-on-year to EUR 15.5 million (September 30, 2007: EUR 10,3 million) USU is also expecting sales growth in the maintenance and consulting business. The Management Board therefore confirms its planning for 2009, according to which the USU Group should achieve sales growth above that of the market average as well as a strong increase in EBITDA.
end of ad-hoc-announcement
--------------------------------------------------------------------- ----------- Issuer´s information and explanatory remarks concerning this ad-hoc-announcement:
The full nine-month report for 2008 will be available for download on the homepage of USU Software AG at http://www.usu-software.com on November 10, 2008 from approx. 10:00 am. Further information will be presented by the company's Management Board at the "German Equity Forum Fall 2008" on November 11, 2008 at 6:00 pm at Congress Center Messe Frankfurt, Room Zurich (Ludwig-Erhard-Anlage 1, D-60327 Frankfurt, Germany).
Contact:
USU Software AG Investor Relations Falk Sorge 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 --------------------------------------------------------------------------------
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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