DGAP-News: Mensch und Maschine Software SE discloses half year figures:
(firmenpresse) - DGAP-News: Mensch und Maschine Software SE / Key word(s): Half Year
Results
Mensch und Maschine Software SE discloses half year figures:
25.07.2011 / 08:11
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Profit jump in second quarter
- First half year: Sales +11% / EBITDA +68% / Net profit +125%
- High operating cash flows further reduce net bank debt
Wessling, July 25, 2011 - Mensch und Maschine Software SE (MUM - ISIN
DE0006580806), a CAD/CAM specialist company, increasingly is profiting from
the business model transition towards the margin-rich segments of Software
/ VAR Business.
In Q2 operating profit EBITDA jumped to EUR 2.02 mln (PY: 0.66 / +209%),
while half year EBITDA came in at EUR 4.87 mln (PY: 2.90 / +68%), because
the 15% growth of gross margin to EUR 36.72 mln (PY: 31.93) was
significantly higher than the increase of expenses. Due to the lower share
of distribution, 11% increase in half year sales to EUR 108.14 mln (PY:
97.43) was sufficient to produce these results.
As depreciation and amortization stayed constant, operating earnings EBIT
grew 157% to EUR 3.22 mln (PY: 1.25) in the first six months. Net earnings
more than doubled to EUR 1.39 mln (PY: 0.62 / +125%), after minority
shares, as did earnings per share amounting to 10 (PY: 4) Cents (undiluted)
or 9 (PY: 4) Cents (diluted).
With 23% sales increase to EUR 33.39 mln (PY: 27.23) and EBITDA amounting
to EUR 0.96 mln (PY: -0.37), the VAR segment has been profitable now for
three consecutive quarters. The 2.9% operating margin is ranging at the
upper edge of the 2 to 3% bandwidth targeted for 2011.
An extraordinary second quarter enabled the Software segment to take the
lead in profit contribution. Half year sales grew by 18% to EUR 14.38 mln
(PY: 12.18), while the segment EBITDA increased by a sound 57% to EUR 2.26
mln (PY: 1.44). The 15.7% (PY: 11.8%) operating margin already approximates
to the old record marks from 2007/2008. The strategy of past years to
invest strongly in development (R&D expenses were increased 16% p.a., from
EUR 3.06 mln in 2009 to EUR 4.10 mln in 2011), slightly begins to pay back.
In the Distribution segment, sales came in at EUR 60.36 mln (PY: 58.02 /
+4.0%), with EBITDA at EUR 1.65 mln (PY: 1.83) slightly below the very good
previous year amount, but with 2.8% (PY: 3.2%) EBITDA margin staying on an
orderly level.
Operating cash flows in the first half year amounting to EUR 6.98 mln (PY:
2.72) was pleasingly high, which after deduction of investments amounting
to EUR 2.98 mln (PY: 1.09) and the expense for the purchase of own shares
amounting to EUR 0.49 mln (PY: 0.23), the remaining free cash flow not only
covered the dividend amounting to EUR 1.45 mln (PY: 0), but also enabled
further reduction of net bank debt to EUR 9.91 mln (Dec 31, 2010: 11.86).
'The business development during the first six months was very satisfactory
and fully within the estimated range both in sales and operating profit.'
M+M CEO Adi Drotleff is pleased to state. ,Net profit was still loaded by
currency exchange development, though significantly less than in the first
quarter, thus coming in at the lower edge of the (ambitious) target
corridor. So from this actual point of view, we target approx. 12-13% sales
increase to approx. EUR 220 mln, along with EBITDA margin in the 4 to 5
percent range. This would result in a bandwidth of EUR 9 to 11 mln (PY:
6.1) for EBITDA. The net profit target corridor ranges from EUR 2.9 to 4.4
mln (PY: -0.5), with EPS from 20 to 30 Cents (PY: -3). The final
achievement here depends on further currency exchange developments and on
the final tax rate. The planned dividend is 20 Cents per share.'
End of Corporate News
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25.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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 in Frankfurt
End of News DGAP News-Service
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132989 25.07.2011
Datum: 25.07.2011 - 08:11 Uhr
Sprache: Deutsch
News-ID 34668
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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