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USU Software AG — Earnings Release 2014
May 22, 2014
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Earnings Release
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News Details
Corporate | 22 May 2014 10:00
USU Software AG Reports Sales and Earnings Increase – International Sales Greater than 20% of Total Sales
DGAP-News: USU Software AG / Key word(s): Quarter Results/Development
of Sales
22.05.2014 / 10:00
* Organic sales growth in line with planning
* International sales reach 20% of total sales
* Above-average increase in license income
* Product business grows by double digits - service business also expands
* Profitability is increased significantly
* Group liquidity remains high
* Confirmation of sales and earnings forecast
Möglingen, May 22, 2014 - USU Software AG (ISIN DE000A0BVU28) had a
successful start to the first quarter of fiscal 2014 with an organic growth
in consolidated sales according to IFRS of 7.9% to EUR 13,314 thousand (Q1
2013: EUR 12,343 thousand). The sales growth recorded by the company and
its Group subsidiaries (hereafter referred to as "USU" or "USU Group")
resulted especially from strong international business, to which the
subsidiary Aspera Technologies Inc. in the USA made a particular
contribution alongside the partner CA Technologies. USU increased its
international sales by 59.0% compared to the first quarter of the previous
year to EUR 2,764 thousand (Q1 2013: EUR 1,738 thousand) and thus expanded
the share of sales generated outside Germany in consolidated sales to 20.8%
(Q1 2013: 14.1%). The share of the USU Group's total sales generated
outside Germany therefore exceeded 20% for the first time in a first
quarter in the Company's history.
In the quarter under review, USU also profited from the sale of new product
innovations. Accordingly, the USU Group increased its license income by a
considerable 15.3% to EUR 1,892 thousand (Q1 2013: EUR 1,641 thousand).
Consulting sales also increased by a disproportionately high 11.6% year on
year to EUR 8,143 thousand (Q1 2013: EUR 7,295 thousand), while maintenance
business grew 3.5% to EUR 3,099 thousand (Q1 2013: EUR 2,995 thousand).
Other income amounted to EUR 180 thousand in the first three months of the
current fiscal year (Q1 2013: EUR 412 thousand) and primarily related to
merchandise sales of third-party hardware and software.
In the first quarter of 2014, the USU Group generated consolidated sales of
EUR 9,766 thousand (Q1 2013: EUR 8,879 thousand) with the Product Business
segment, which equates to a year-on-year increase in sales of 10.0%.
Consulting sales in the Service Business segment also increased slightly by
1.4% to EUR 3,496 thousand year on year due to the successful generation of
several customer projects (Q1 2013: EUR 3,448 thousand). Sales not
allocated to the segments totaled EUR 52 thousand in the months from
January to March 2014 (Q1 2013: EUR 16 thousand).
In the first quarter of 2014, the operating cost base increased by 3.5%
year on year to EUR 12,979 thousand (Q1 2013: EUR 12,536 thousand). This
increase primarily reflects the targeted expansion of the Group's workforce
to 454 (Q1 2013: 412) employees compared to the first quarter of 2013.
In the wake of the sales increase, the USU Group increased the
profitability of the Group as a whole disproportionately in the quarter
under review. For example, USU increased earnings before interest and taxes
adjusted for extraordinary effects due to acquisitions (adjusted EBIT) to
EUR 473 thousand (Q1 2013: EUR 22 thousand) as anticipated. Unadjusted
earnings before interest and taxes (EBIT) totaled EUR 97 thousand (Q1 2013:
EUR -348 thousand). At the same time, the USU Group improved its earnings
before interest, taxes, depreciation and amortization (EBITDA) from EUR 2
thousand in the first quarter of 2013 to EUR 642 thousand at present. After
taxes, the USU Group's earnings amounted to EUR -82 thousand in the first
quarter of 2014 (Q1 2013: EUR -434 thousand), equivalent to earnings per
share of EUR -0.01 (Q1 2013: EUR -0.04).
USU again significantly increased Group liquidity in the form of cash and
cash equivalents in the first quarter of the current fiscal year to a total
of EUR 17,829 thousand (December 31, 2013: EUR 14,231 thousand). At the
same time, the equity of USU Software AG and its subsidiaries at EUR 53,195
thousand as of the end of the period under review remained close to
constant compared with December 31, 2013 (EUR 53,232 thousand). With total
assets of EUR 83,670 thousand (December 31, 2013: EUR 81,414 thousand), the
equity ratio was 63.6% as of March 31, 2014 (December 31, 2013: 65.4%). The
USU Group therefore still has extremely solid financing, enabling it when
needed to make prompt investments in organic and inorganic portfolio growth
in future.
After the positive start to fiscal 2014, the Management Board confirms the
planning for the USU Group, which anticipates an increase in sales to EUR
63 - 65 million (2013: EUR 55.7 million) for the year as a whole,
corresponding to organic sales growth of over 13% year on year. In addition
to the domestic business growth, the Management Board expects significant
growth potential in the international business in particular. Accordingly,
adjusted EBIT is expected to rise to EUR 8 - 8.5 million (2013: EUR 5.1
million) throughout the Group. At the same time, the Management Board
confirms the medium-term planning, which predicts that the EUR 100 million
sales threshold will be exceeded by 2017 and that the adjusted EBIT margin
will rise to over 15%. Based on this forecast, the Management Board plans -
both in 2014 and beyond - to allow the shareholders of USU Software AG to
participate significantly in the Company's operating success again and thus
to continue the shareholder-friendly dividend policy of the past years. For
fiscal 2013, the Management Board and Supervisory Board have proposed a
profit distribution of EUR 0.25 per share to the Annual General Meeting of
USU Software AG, to be held on June 24, 2014, in Ludwigsburg.
USU Software AG
The USU Group is the largest provider in Europe for IT and knowledge
management software. Market leaders from all sectors of the international
economy use USU applications to create transparency, enhance agility, save
costs and reduce their risks. In addition to USU AG, founded in 1977, USU
Software AG - which is listed in the Prime Standard of the German Stock
Exchange and in the GEX (ISIN DE000A0BVU28) - also includes the
subsidiaries Aspera GmbH, LeuTek GmbH, OMEGA Software GmbH, USU Consulting
GmbH and BIG Social Media GmbH.
Contact:
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: [email protected]
USU Software AG
Investor Relations
Falk Sorge
Spitalhof
D-71696 Möglingen
Tel.: +49 (0) 71 41 - 48 67 351
Fax: +49 (0) 71 41 - 48 67 108
E-Mail: [email protected]
End of Corporate News
22.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: USU Software AG
Spitalhof
71696 Möglingen
Germany
Phone: +49 (0)7141 4867-0
Fax: +49 (0)7141 4867-200
E-mail: [email protected]
Internet: www.usu-software.de
ISIN: DE000A0BVU28
WKN: A0BVU2
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
269959 22.05.2014