DGAP-News: Mensch und Maschine Software SE discloses nine months figures
(firmenpresse) - Mensch und Maschine Software SE / Key word(s): Quarter Results
25.10.2010 08:26
---------------------------------------------------------------------------
Q3/2010: M+M's growth trend accelerates further
- After 9 months: Sales +17% / EBITDA more than doubled
- Full year 2010 guidance confirmed, sales target slightly higher
Wessling, October 25, 2010 - In Q3/2010, Mensch und Maschine Software SE
(MUM - ISIN DE0006580806), a CAD/CAM specialist company, further
accelerated the sales and earnings growth trend. Sales in the first nine
months amounted to EUR 142.1 mln (PY: 121.3 / +17%), with the third quarter
contributing EUR 44.64 mln (PY: 36.11 / +24%).Operating earnings EBITDA was
more than doubled to EUR 3.52 mln (PY: 1.58 / +122%) in nine months, with
the third quarter contributing EUR 0.62 mln (PY: -0.81). Nine months net
earnings amounted to EUR 0.20 mln (PY: -0.72), after minority shares, or 1
Cent / share (PY: -5).
The VAR segment, which had been started at the beginning of 2009, continued
to be the main growth driver and contributed EUR 41.03 mln (PY: 24.36 /
+68%) to nine months sales. Gross margin climbed to EUR 16.62 mln (PY: 9.33
/ +78%), now representing a 35.2% (PY: 24.9%) contribution to the group's
gross margin. The VAR segment's contribution to EBITDA was still slightly
negative at EUR -0.75 mln (PY: -0.22) due to ramp up, resulting in a -1.8%
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 83.04 mln (PY: 80.60 /
+3%). Q3 alone contributed EUR?25.02 mln (PY:?21.99 / +14%), now showing
the real growth. Up to June 30, 2010, the comparison to the previous year
was distorted 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. Segment EBITDA, amounting to EUR 2.30 mln (PY: 0.33),
represented the highest contribution to group operating result.
The Software segment continued the sales growth started in Q2, growing 17%
in Q3 to EUR 5.82 mln (PY: 5.07), resulting in 11% growth for the nine
month sales amounting to EUR 18.00 mln (PY: 16.27). The operating margin
also was 11%: Segment EBITDA came in at EUR 1.97 mln (PY: 1.48 / +33%).
Operating cash flows up to Sep 30, 2010, amounting to EUR 5.59 mln (PY:
4.84) was pleasingly high. After deduction of capital expenditure amounting
to EUR 1.50 mln (PY: 2.98) the remaining free cash flow reduced net bank
debt to EUR 8.28 mln (Dec 31, 2009: 12.39), representing less than 10% of
total liabilities and shareholders' equity for the first time in 12 years.
'The business development during the first nine months was at the upper end
of the estimated sales range, and roughly in the middle of the earnings
range', M+M CEO Adi Drotleff states. 'The seasonal pattern seen so far
makes us believe that 2010 will show a normal seasonality, so probably Q4
will be similarly as strong as Q1. Therefore we leave the earnings guidance
unchanged, while we extend the sales target corridor at the upper end by 5
million.'
The new target range for sales amounts to EUR 185-195 mln (+13-19%). 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
EPStarget range from 3 to 14 Cents (PY: -34).
If this earnings window is achieved, together with positive operating cash
flows, M+M plans, after one year without dividend, to pay a dividend in the
order of magnitude of 10 Cents per share.
25.10.2010 08:26 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.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 Hamburg, München (m:access), Düsseldorf,
Berlin, Stuttgart; Open Market in Frankfurt
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
Datum: 25.10.2010 - 08:26 Uhr
Sprache: Deutsch
News-ID 32398
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 335 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Mensch und Maschine Software SE discloses nine months figures"
steht unter der journalistisch-redaktionellen Verantwortung von
Mensch und Maschine Software SE (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
