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| Best result in the history of the company for USU |
Möglingen, 27.03.2008
Final figures for the 2007 fiscal year
Sales revenues increase by 19.7% to EUR 31 million
EBITDA increases significantly by 50.3%
Solid financing with equity ratio of 87.3%
Dividend payment of EUR 0.15 per share proposed
Sustained growth in sales and earnings planned
USU Software AG (ISIN DE000A0BVU28), an international provider of Business Service and Knowledge Management, today published its definitive financial figures for 2007. Compared with the previous year, USU Software AG and its subsidiaries (hereinafter referred to as "USU Group" or "USU") increased Group sales by 19.7% to EUR 31.0 million (2006: EUR 25.9 million). During the reporting period, USU achieved an above-average increase in profitability. For instance, operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 50.3% to EUR 3.5 million (2006: EUR 2.3 million) - the best result in the history of the company. Consolidated net profit for the year increased to EUR 4.5 million (2006: EUR 2.1 million), which corresponds to double the figure for 2006. Earnings per share also increased significantly in the reporting year to EUR 0.44 (2006: EUR 0.23). The Management Board and Supervisory Board of the company will therefore propose to the Annual General Meeting on June 19, 2008 to increase the dividend by 50% to EUR 0.15 (2006: EUR 0.10) for each entitled share. For the coming 24 months, the Management Board forecasts sustained growth for the Group which in terms of sales is expected to be above the average for the relevant market segment. EBITDA is expected to experience an above-average increase in line with planning.
Substantial increase in licensing and maintenance business
In the 2007 fiscal year, the USU Group generated a year-on-year increase in Group-wide sales of almost 20% or EUR 5.1 million to EUR 31.0 million (2006: EUR 25.9 million). This increase chiefly resulted from product business which continues to be strong, combined with contributions from LeuTek GmbH acquired at the end of 2006 and the subsidiaries USU AG and OMEGA Software GmbH. License income in the reporting period increased by 23% to EUR 5.0 million (2006: EUR 4.1 million). As a positive consequence, maintenance income in particular also increased substantially by almost 120% to EUR 6.4 million (2006: EUR 2.9 million).
Jump in profits leads to best net profit in the Company's history
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased during the reporting period by 50.3% to EUR 3.5 million (2006: EUR 2.3 million). The main contribution to the best operating earnings hitherto in the company's history was made by the significant increase in the licensing and maintenance income. Including total depreciation and amortization of EUR 1.6 million (2006: EUR 1.3 million), the USU Group recorded an improvement in earnings before interest and taxes (EBIT) of 91.4% to EUR 1.9 million (2006: EUR 1.0 million). Net financial income during the reporting period amounted to EUR 0.4 million (2006: EUR 0.5 million). Earnings before taxes (EBT) thus increased to EUR 2.4 million (2006: EUR 1.5 million).
In 2007, USU posted consolidated tax income of EUR 2.2 million (2006: EUR 0.6 million). This resulted primarily from the deferred tax liabilities recognized as income in connection with the amortization of intangible assets capitalized in the course of company acquisitions as well as deferred tax assets included in net profits on the tax losses of USU Software AG, which were recognized on the basis of the profit and loss transfer agreement concluded with LeuTek.
In total, the Company increased its net profit in 2007 by 117.4% to EUR 4.5 million (2006: EUR 2.1 million). With the average number of shares in circulation at 10,281,054 (PY: 9,127,081), USU also significantly increased earnings per share from EUR 0.23 last year to EUR 0.44 in the 2007 fiscal year. The Management Board and Supervisory Board of USU Software AG have therefore decided to propose to the Annual General Meeting on June 19, 2008 to increase the dividend by 50% to EUR 0.15 for each entitled share. As a result, the USU Software AG shareholders are expected to continue to participate directly in the Company's success.
Increase in cash and equity
The cash and cash equivalents of the USU Group increased from EUR 8.4 million as of December 31, 2006 to EUR 9.9 million at the end of the 2007 fiscal year. Equity amounted to EUR 46.5 million as of December 31, 2007 (2006: EUR 42.6 million). With a balance sheet total of EUR 53.3 million (2006: EUR 52.8 million), the equity ratio was 87.3% (2006: 80.7%) at the end of 2007. Cash flow from operating activities increased to EUR 2.9 million (2006: EUR 2.4 million), primarily due to the improvement in operating earnings. The number of employees in the USU Group was 245 (2006: 233) at the end of the reporting period.
USU strives for sustained growth in sales and earnings
After the positive development of business in 2007, the Management Board of USU Software AG expects sustained high growth in sales and earnings for the coming 24 months. Sales are expected to be much higher than the average of the relevant software and IT services market segments, for which the Bundesverband Informationswirtschaft, Telekommunikation und neue Medien e.V. (BITKOM - German Association for Information Technology, Telecommunications and New Media) expects growth rates of up to 6%. One positive indicator for this is the level of orders on hand, which as of December 31, 2007 increased year-on-year by 18.6% to EUR 13.0 million (2006: EUR 10.9 million). The increase in EBITDA is expected to be above-average compared with the increase in sales. As in 2006 and 2007, the shareholders of USU Software AG are again expected to participate in the Company's operating success in the form of a dividend.
In addition to the service business, the driver for the positive development is expected to be primarily the product business in the Business Service and Knowledge Management growth markets. The basis for this is represented by the established KnowledgeCenter and Valuemation product lines. The latter has received very positive assessments by the international market research companies ECP and Forrester. In addition to strong domestic business, the international partner business is also expected to be an important success factor in 2008 and 2009. USU has recently concluded partnership agreements with the US company BDNA and Analyst House, which is established in the Middle East, and also expects income from these in the medium term.
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