DGAP-News: USU Software AG returns to long-term growth path, increases operating cash flow and forecasts sales growth of around 10% for year as a whole
(firmenpresse) - DGAP-News: USU Software AG / Key word(s): Quarter Results
USU Software AG returns to long-term growth path, increases operating
cash flow and forecasts sales growth of around 10% for year as a whole
11.11.2013 / 08:44
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- Sales growth in Q3 2013 of 15% thanks to strong Product Business
- International sales climb significantly in Q3 2013 after modest first
half of year
- Service Business still down on previous year - growth advised for 2014
- Extensive future investments in product innovations and workforce
expansion
- High operating cash flow leads to increase in Group liquidity
- Management Board adjusts forecast for 2013 and reiterates medium-term
Group planning
Möglingen (Germany), November 11, 2013. USU Software AG (ISIN DE000A0BVU28)
today announced its final figures for the third quarter and the first nine
months of 2013. According to these figures, USU increased its consolidated
sales by 15.3% year-on-year in the period from July to September 2013 to
EUR 13,802 thousand (Q3 2012: EUR 11,969 thousand) and has therefore
returned to its long-term growth trend. A key factor in the success of the
USU Group in the reporting quarter was its international business, which
expanded by 81.3% as against the same period of the previous year to EUR
2,203 thousand (Q3 2012: EUR 1,215 thousand). This corresponds to an
international share of consolidated sales of 16.0% (Q3 2012: 10.2%).
Product Business, which comprises license, consulting and maintenance
income from the sale and implementation of the proprietary software
products of the USU Group, grew by a total of 23.8% to EUR 10,376 thousand
(Q3 2012: EUR 8,381 thousand). Here, USU benefited from the first sales
successes of the newly developed software products that it successfully
launched over the course of the current fiscal year. At the same time, USU
generated positive sales contributions in Product Business from BIG Social
Media GmbH, in which it acquired a majority holding at the start of the
year. While Service Business, which is not dependent on specific products
and combines individual projects and contract programming for customers,
also concluded new projects following the end of several major projects, it
did not match the level of the previous year's sales. Accordingly, segment
sales for Service Business in Q3 2013 amounted to EUR 3,396 thousand (Q3
2012: EUR 3,579 thousand), 5.1% below the figure for the previous year.
The USU Group's cost base climbed by 21.2% to EUR 12,802 thousand (Q3 2012:
EUR 10,560 thousand) as a result of the implementation of its medium-term
growth strategy and the associated expansion of the Group's workforce by
25.9% to 447 employees (September 30, 2012: 355) as of the end of the third
quarter of 2013, in addition to the more extensive research and development
activities entailed by the product campaign.
In terms of earnings, USU once more posted an operating profit in the
reporting period, but fell short of the previous year's figure on account
of targeted recruitment activities and additional investments in the
development of new software products. Taking into account the extraordinary
effects due to acquisitions, adjusted EBIT amounted to EUR 1,066 thousand
(Q3 2012: EUR 1,584 thousand) and was therefore almost a third below the
figure for the previous year. Adjusted consolidated earnings were EUR 782
thousand (Q3 2012: EUR 1,534 thousand), corresponding to adjusted earnings
per share of EUR 0.07 (Q3 2012: EUR 0.14). On an unadjusted basis, USU
generated EBITDA of EUR 1,182 thousand (Q3 2012: EUR 1,540 thousand) and
EBIT of EUR 818 thousand (Q3 2012: EUR 1,107 thousand). While a tax expense
of EUR 168 thousand was incurred in the reporting quarter, USU posted tax
income of EUR 1,183 thousand in the previous year on account of the profit
transfer agreement concluded with the Group's subsidiary Aspera. The USU
Group's IFRS consolidated earnings totaled EUR 541 thousand in the third
quarter of 2013 (Q3 2012: EUR 2,281 thousand). Earnings per share were
therefore EUR 0.05 (Q3 2012: EUR 0.22).
USU's consolidated sales climbed by 4.1% in the first nine months to EUR
38,446 thousand (Q1-Q3 2012: EUR 36,925 thousand). License business rose by
8.0% to currently EUR 5,601 thousand thanks to rising income from the sale
of its proprietary software products (Q1-Q3 2012: EUR 5,187 thousand). As
part of the expansion of the customer-related installation base, Group-wide
maintenance sales climbed by 6.1% in the first nine months of 2013 to EUR
9,188 thousand (Q1-Q3 2012: EUR 8,661 thousand). Consulting sales for
products and services increased by 3.7% to EUR 22,365 thousand (Q1-Q3 2012:
EUR 21,567 thousand), which is exclusively due to Product Business. This
segment's sales climbed by 13.2% in the first nine months of 2013 to EUR
28,461 thousand (Q1-Q3 2012: EUR 25,147 thousand). By contrast, consulting
sales by the Service Business segment were down on the previous year by
15.6% on account of the weaker first half of 2013 and totaled EUR 9,921
thousand (Q1-Q3 2012: EUR 11,754 thousand). The Management Board is
anticipating sustainable growth in this area again from 2014.
As a result of the USU Group's focus on growth to implement its medium-term
strategy and the associated investment in increasing headcount and
expanding the product portfolio, adjusted EBIT amounted to EUR 1,305
thousand after the first nine months of the current fiscal year (Q1-Q3
2012: EUR 4,462 thousand), EUR 3,157 thousand lower than the figure for the
previous year. This was largely due to the weaker development in Service
Business, selective investment in product innovations, the significant
expansion of the global workforce and the later than anticipated
recognition of sales from the CA partnership.
While USU increased its operating earnings as against the previous quarters
in Q3 2013, this did not offset the extraordinary expenses of the first
half of the year. Adjusted consolidated earnings were EUR 740 thousand
(Q1-Q3 2012: EUR 3,420 thousand), corresponding to adjusted earnings per
share of EUR 0.07 (Q1-Q3 2012: EUR 0.32). On an unadjusted basis, EBITDA
was EUR 1,583 thousand (Q1-Q3 2012: EUR 2,667 thousand). EBIT totaled EUR
501 thousand (Q1-Q3 2012: EUR 1,377 thousand). In the first nine months of
2013, tax expenses amounted to EUR 322 thousand, while in the previous year
- as a result of the recognition of deferred tax assets under the profit
transfer agreement between USU Software AG and Aspera GmbH - USU had
generated cumulative tax income of EUR 261 thousand. The IFRS consolidated
earnings of the USU Group totaled EUR -29 thousand in the period under
review (Q1-Q3 2012: EUR 1,490 thousand), corresponding to break-even
earnings per share (Q1-Q3 2012: EUR 0.14).
Regardless of the dip in growth, USU posted a significantly improved cash
flow from operating activities of EUR 10,603 thousand in the reporting
period (Q1-Q3 2012: EUR 1,697 thousand) and increased Group liquidity to
EUR 15,123 thousand as of September 30, 2013 (Q1-Q3 2012: EUR 9,118
thousand).
At the same time there was positive development in the order backlog, which
rose by 6.1% year-on-year to EUR 23,620 thousand as of September 30, 2013
(September 30, 2012: EUR 22,253 thousand) and is a positive indicator for
the quarters to come.
As the extraordinary expenses of the first halfof the year had largely not
been offset by the end of the third quarter, the Management Board adjusted
its guidance for the year as a whole when it published the provisional Q3
figures, in spite of the significant business growth forecast for the final
quarter of 2013. Owing to the declines in Service Business recorded in the
reporting year, the sales forecast was reduced from previously EUR 58
million to now at least EUR 56 million (2012: EUR 51.2 million), which
still corresponds to sales growth of around 10% year-on-year. At the same
time, adjusted EBIT is expected to amount to more than EUR 5 million (2012:
EUR 7.1 million), lower than both the originally planned figure of EUR 8
million and the previous year's level on account of the extraordinary
issues referred to above. Nonetheless, the additional investments will lead
to a significant growth surge in 2014 and a sustainably positive business
performance, with the result that the Management Board is reiterating its
medium-term planning of consolidated sales of more than EUR 100 million by
2017 combined with a higher operating earnings margin.
The complete nine-month report for 2013 is available for download on the
USU Software AG website at www.usu-software.de. Further information will be
presented by the Management Board of the company today at the analyst and
investor conference 'German Equity Forum 2013' at 2:15 p.m. at the Congress
Center Messe Frankfurt, Zurich Room (Ludwig-Erhard-Anlage 1, 60327
Frankfurt/Main).
USU Software AG
The USU Group is Europe's largest provider of IT Management and Knowledge
Management software. Market leaders from every sector of the international
economy create transparency with USU applications, while also increasing
flexibility, decreasing risks and cutting costs. In addition to USU AG
(founded in 1977), the subsidiaries Aspera GmbH, BIG Social Media GmbH,
LeuTek GmbH, OMEGA Software GmbH and USU Consulting GmbH belong to USU
Software AG (ISIN DE 000A0BVU28), which is listed in the Prime Segment of
the German Stock Exchange (DAX) in Frankfurt. For further information,
please go to: www.usu.de/en
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: t.gerick(at)usu-software.de
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: f.sorge(at)usu-software.de
End of Corporate News
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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: info(at)usu-software.de
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
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Datum: 11.11.2013 - 08:44 Uhr
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