DGAP-News: Mensch und Maschine Software SE discloses final figures
(firmenpresse) - DGAP-News: Mensch und Maschine Software SE / Key word(s): Final
Results
Mensch und Maschine Software SE discloses final figures
26.03.2012 / 11:49
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Record figures for 2011 and nearly debt-free balance sheet
- Positive outlook due to further margin potential
- Dividend is doubled to 20 Cents and shall further increase
Wessling, March 26, 2012 - Mensch und Maschine Software SE (MUM - ISIN
DE0006580806), a CAD/CAM specialist company, during the annual accounts
press conference today confirmed the record figures for gross margin,
operating and net profit, which had been preliminary disclosed on February
16, and due to the lucrative sale of the Distribution business presented a
nearly debt free balance sheet.
The most important key figures of fiscal year 2011 were:
Sales from the continued segments Software and VAR D/A/CH rose by 12% and
18% to EUR 29.26 mln (PY: 26.05) and EUR 67.74 mln (PY: 57.25),
respectively. Due to the exit from Distribution at end of October, sales in
this segment were 16% below previous year at EUR 94.73 mln (PY: 112.26),
resulting in group sales amounting to EUR 191.72 mln (PY: 195.56), slightly
lower than in 2010. Despite this slight sales dip, group gross margin rose
to EUR 70.01 mln (PY: 66.20 / 5.8%).
Operating profit EBITDA before depreciation, amortization, interest and
taxes jumped to EUR 15.63 mln (PY: 6.06 / +158%). Thereof EUR 6.52 mln was
attributable to the sale of the Distribution business, while approx. EUR
9.1 mln (PY: 6.06 / +50%) came in from pure operating business, around 50%
more than in the previous year. Thereof, EUR 4.37 mln (PY: 2.82 / +55%) was
contributed by the Software segment, EUR 1.96 mln (PY: -0.54) by VAR D/A/CH
and EUR 2.78 mln (PY: 3.77) by Distribution.
Net profit amounted to EUR 6.79 mln (PY: -0.50), after minority shares, or
47 Cents per share (PY: -3), with EUR 2.39 mln or 16.5 Cents/share coming
from pure operating business. Operating cash flows amounting to EUR 6.37
mln (PY: 3.88 / +64%) or 44 Cents/share (PY: 27) was even better than the
preliminary figure. As scheduled, management will propose a dividend
doubling to 20 Cents per share to the shareholders.
Net bank debt dropped to just EUR 3.18 mln (PY: 11.86). Altogether, M+M has
reduced net bank debt by more than EUR 30 Million in the ten years since
its all-time-high in 2002. Shareholders' equity increased to EUR 33.76 mln
(PY: 27.68 / +22%). Capital ratio rose to a 32.2% (PY: 26.4%) and will
further climb towards 40% in the course of 2012 as soon as effects
inflating total assets in the order of magnitude of EUR 10-15 Million can
be worked down.
Despite a certain slowdown of the economic environment, M+M CEO Adi
Drotleff gave an optimistic outlook. 'In the Software and VAR D/A/CH
segments we can imagine an annual margin increase by 2-3% from the 15% and
2.9% EBITDA margins achieved in 2011, until the target margins of approx.
20% for Software and approx. 10% for VAR D/A/CH have been reached. The
EBITDA contribution from the VAR Europe (formerly Distribution) segment for
the next three years should be in the range of approx. EUR 3-4 mln, as the
expected initial operating losses probably will be more than compensated by
variable rates from the sale of Distribution.'
All in all, this forecast model results in 2012 targets of approx. EUR 13
mln (PY: 9.1 operating) for EBITDA and approx. EUR 5 mln (PY 2.4 operating)
or 30-35 Cents per share (PY 16.5 operating) for net profit. If we achieve
these targets, 30 Cents (+50%) dividend payment is planned. Due to the exit
from the Distribution volume business, sales for 2012 are expected to
decrease to approx. EUR 150 mln, as opposed to gross margin, where we
target an increase to approx. EUR 75 mln (PY: 70.0), as the margin rich
segments Software and VAR D/A/CH are dominating. In 2014 we expect to
re-pass the EUR 200 mln sales level and group gross margin, for the first
time, to exceed EUR 100 mln. EBITDA 2014 is targeted to be north of EUR 20
mln (>10% margin), with net profit above EUR 10 mln, or more than 70 Cents
per share. It is planned to raise the dividend payment by 10 Cents per
year, resulting in 40 Cents for 2013 and 50 Cents for 2014.
'An interesting year mid-term will be 2016' Drotleff added. 'Then
amortization will drop by more than EUR 1.5 mln, because the seven year
amortization period for the 2009 acquisitions from the Market Offensive in
the German speaking area will be over. This has a 1:1 impact on group net
profit, allowing it to exceed EUR 15 mln in 2016. EPS can (and should) then
surpass the one Euro barrier.'
End of Corporate News
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26.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
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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(at)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
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162222 26.03.2012
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Datum: 26.03.2012 - 11:49 Uhr
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