DGAP-News: Mensch und Maschine Software SE discloses half year figures
(firmenpresse) - Mensch und Maschine Software SE / Half Year Results
26.07.2010 09:21
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Solid Q2 continues on recovery trend from Q4/Q1
- Sales and cash flows with positive surprise, profit like expected
- Full year 2010 guidance confirmed, sales target slightly higher
Wessling, July 26, 2010 - Mensch und Maschine Software SE (MUM - ISIN
DE0006580806), a CAD/CAM specialist company, continued on the recovery
trend from Q4/Q1 with a solid Q2. Sales in the first half year amounted to
EUR 97.43 mln (PY: 85.12 / +14.5%), with second quarter contributing EUR
45.59 mln (PY: 37.16 / 23%). Operating earnings EBITDA came in at EUR 2.90
mln (PY: 2.39 / +21.5%) for H1 and EUR 0.65 mln (PY: 0.43 / +54%) for Q2.
Net earnings amounted to EUR 0.62 mln (PY: 0.63), after minority shares, or
5 Cents / share for H1, and EUR -0.13 mln (PY: -0.13) or -1 (PY: -1) Cent /
share for Q2.
The VAR Segment, which had been started at the beginning of 2009, continued
to grow rapidly and contributed EUR 27.23 mln (PY: 15.22 / +79%) to sales
in H1. Gross margin climbed to EUR 10.95 mln (PY: 5.95 / +84%), now
representing a 34.3% (PY: 22.8%) contribution to the group's gross margin.
The VAR segment's contribution to EBITDA was still slightly negative at EUR
-0.37 mln (PY: +0.36) due to ramp up, resulting in a -1.4% EBITDA margin.
Compared to the full fiscal 2009 VAR segment EBITDA margin of -2.9%, this
represents an improvement.
In the Distribution segment, sales came in at EUR 58.02 mln (PY: 58.60 /
-1%). Adjusted by the base effect caused by the in-process transition from
Distribution to VAR Business in the German speaking area during the first
half year 2009, there was a moderate sales growth of over 10%, mainly from
UK, France, Italy and Poland. Segment EBITDA doubled to EUR 1.83 mln (PY:
0.91), resulting in a 3.2% (PY: 1.6%) EBITDA margin, approaching the 3.5%
level of the pre-crisis year 2008.
With a nearly 17% sales boost in Q2, the Software segment half year sales
amounted to EUR 12.18 mln (PY: 11.30 / +8%), and half year EBITDA came in
at EUR 1.44 mln (PY: 1.12 / +29%).
Operating cash flows in the first half year amounted to EUR +2.72 mln (PY:
-0.89). After deduction of investments amounting to EUR 1.09 mln (PY: 2.85)
and the expense for the purchase of own shares amounting to EUR 0.23 mln,
the remaining free cash flow further reduced net bank debt to EUR 10.47 mln
(Dec 31, 2009: 12.39).
The business development during the first half year was at the upper end of
the estimated sales range, and slightly above the middle of the earnings
range. 'We actually believe that the second half year will show a business
development roughly mirrored to the first half year of 2010', M+M CEO Adi
Drotleff states. 'Therefore we leave the earnings guidance unchanged, while
we take the stronger Distribution sales into account, increasing the sales
guidance by 5 million.'
The new target range for sales amounts to EUR 185-190 mln (+13-16%). The
unchanged target bandwidth for EBITDA is EUR 4.5 to 6.5 mln (PY: 1.4),
which would represent a margin in the 2.5 to 3.5 percent range. The target
for net profit ranges from EUR 0.5 to 2.0 mln (PY: -4.8), resulting in an
EPS target rangefrom 3 to 14 Cents (PY: -34). Drotleff continues: 'If
achieving this earnings window together with positive operating cash flows
we plan, after one year without dividend, to pay a dividend in the order of
magnitude of 10 Cents per share.'
26.07.2010 09:21 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Mensch und Maschine Software SE
Argelsrieder Feld 5
82234 Wessling
Deutschland
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, München (m:access), Düsseldorf,
Stuttgart, Hamburg; Open Market in Frankfurt
End of News DGAP News-Service
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Datum: 26.07.2010 - 09:21 Uhr
Sprache: Deutsch
News-ID 24387
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