Mensch und Maschine Software SE — Earnings Release 2012

Jul 23, 2012

News Details

Corporate | 23 July 2012 09:02

Mensch und Maschine Software SE discloses half year report

Mensch und Maschine Software SE / Key word(s): Half Year Results

23.07.2012 / 09:02

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Solid Q2 after a very strong Q1
- Net profit 36% above previous year / Capital ratio now 38.8%
- Ambitious profit targets for 2012 confirmed

Wessling, July 23, 2012 - Following the very strong Q1, Mensch und Maschine
Software SE (MUM - ISIN DE0006580806), a CAD/CAM specialist company,
achieved a solid Q2, all in all resulting in a good first half of fiscal
year 2012.

Half year sales in the continued segments M+M Software and VAR rose by 14%
and 21% to EUR 16.45 mln (PY: 14.38) and EUR 40.33 mln (PY: 33.39),
respectively. Operating profit EBITDA before depreciation, amortization,
interest and taxes increased to EUR 3.09 mln (PY: 2.26 / +37%) and EUR 1.71
mln (PY: 0.96 / +79%), respectively. Group EBITDA amounting to EUR 4.80 mln
(PY: 4.87) was nearly on previous year's level, though group sales without
the Distribution business, which was sold in autumn 2011, nearly halved to
EUR 56.78 mln (PY: 108.14). Compared to the previous year's EUR 3.22 mln
excluding Distribution, group EBITDA rose by 49%.

Due to the new business model's significantly higher added value, the
EBITDA margin in the group nearly doubled to 8.5% (PY: 4.5%), while the
gross yield jumped to 54.3% (PY: 34.0%). As depreciation and amortization
in total remained nearly constant and the finance costs decreased rapidly,
net profit after minority shares increased by 36% to EUR 1.89 mln (PY:
1.39), or 13 Cents (PY: 9) per share (undiluted).

In developing the VAR business in Europe, two acquisitions - Synergy, Italy
and MaxCAD, Romania - were closed, with significant contribution to
business beginning from Q3. Due to the slowdown of the economic environment
in Europe, we expect fewer acquisitions than initially planned for 2012. As
M+M already is the largest Autodesk VAR in Europe, we are in a position to
calmly go into a waiting position and watch the further market development.
The European VAR business thus is too small to form a separate segment and
has been combined with the German speaking area to form a united VAR
Business segment.

'The slower expansion in Europe will reduce the achievable 2012 sales,
gross margin and EBITDA, but has no material impact on the net profit
target, as amortization and finance costs will be accordingly lower' M+M
CEO Adi Drotleff comments. 'So, from this actual point of view, we target
sales in the order of magnitude of approx. EUR 135 mln (PY: 191.72 incl. /
96.99 excl. Distribution), gross margin at approx. EUR?70 mln (PY: 70.0
incl. / 54.20 excl. Distribution), EBITDA at approx. EUR 13 mln (PY: 6.1
operating incl. / 6.33 excl. Distribution) and net profit around EUR 5 mln
(PY: 2.4 operating incl. / 1.36 excl. Distribution) or 30-35 Cents per
share (PY: 16.5 operating incl. / 9 excl. Distribution). If we achieve
these targets, 30 Cents per share dividend payment (+50%) is planned.'

End of Corporate News

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Language: English
Company: Mensch und Maschine Software SE
Argelsrieder Feld 5
82234 Wessling
Germany
Phone: +49 (0)815 3933-0
Fax: +49 (0)815 3933-100
E-mail: investor-relations@mum.de
Internet: www.mum.de
ISIN: DE0006580806
WKN: 658 080
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart; Open Market (Entry Standard) in
Frankfurt

End of News DGAP News-Service

178752 23.07.2012