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| USU announces final figures for fourth quarter and 2008 as a whole |
Möglingen, 24.03.2009
Strong final quarter with significant increase in sales and EBITDA
Year as a whole within adjusted expectations
Proposed dividend payment of EUR 0.15 per share
High level of liquidity and solid financing with no bank liabilities
Sales and earnings expected to grow in current fiscal year
Möglingen (Germany), March 24, 2009
USU Software AG (ISIN DE000A0BVU28) today announced its figures for the fourth quarter and for 2008 as a whole. According to these figures, USU Software AG and its subsidiaries (hereinafter: "USU Group" or "USU") increased Group sales in the fourth quarter of 2008 by 35.1% above the previous year's figure to EUR 10,169 thousand (Q4/2007: EUR 7,529 thousand). At EUR 1,354 thousand (Q4/2007: EUR 647 thousand), the USU Group more than doubled its earnings before interest, taxes and depreciation (EBITDA) in the final quarter of 2008, while earnings before interest and taxes (EBIT) also increased at a very high rate to EUR 925 thousand (Q4/2007: EUR 92 thousand). Due to tax effects, net income for the quarter was EUR 924 thousand (Q4/2007: EUR 953 thousand), slightly below the previous year's level.
From a one-year perspective, USU generated sales growth of 9.4% to EUR 33,977 thousand (2007: EUR 31,047 thousand). USU's EBITDA in fiscal year 2008 remained below the previous year's level at EUR 2,287 thousand (2007: EUR 3,482 thousand) due to non-recurring effects. EBIT totaled EUR 967 thousand (2007: EUR 1,892 thousand) in the reporting period. Net profit declined year-on-year from EUR 4,536 thousand in fiscal year 2007 to EUR 1,294 thousand in the reporting year, mainly because tax income of EUR 2,179 thousand in the previous year had a major influence on the after tax figure. Accordingly, earnings per share were EUR 0.13 in 2008 (2007: EUR 0.44). The Management Board and Supervisory Board of USU Software AG will propose paying a dividend of EUR 0.15 for each entitled share at the Company's Annual General Meeting on June 25, 2009. For the current fiscal year 2009, the Management Board expects sales growth to be above average in the relevant market segments as well as a significant EBITDA increase.
Strong final quarter with significant increase in sales and EBITDA
Due to the product campaign in fiscal year 2008 with numerous new products and further developed products in the Group's portfolio, USU recorded a significant increase it its licenses business in the fourth quarter of 2008, representing a year-on-year increase in Group sales by 35.1% to EUR 10,169 thousand (Q4/2007: EUR 7,529 thousand). At EUR 1,354 thousand (Q4/2007: EUR 647 thousand), USU Group earnings before interest, taxes and depreciation (EBITDA) more than doubled in the final quarter of 2008. Earnings before interest and taxes (EBIT) saw above-average growth at EUR 925 thousand (Q4/2007: EUR 92 thousand). Net income for the quarter was slightly below the previous year's level at EUR 924 thousand (Q4/2007: EUR 953 thousand), which is due to positive tax income of EUR 682 thousand from the previous year's quarter, while tax expense of EUR 101 thousand was incurred in Q4/2008.
Year as a whole within adjusted expectations
From a one year perspective, the USU Group achieved sales revenues of EUR 33,977 thousand in 2008 (2007: EUR 31,047 thousand). This represents a year-on-year sales increase of 9.4%. The increase in the licenses business was disproportionately high. USU AG played a role in this, as did other Group subsidiaries LeuTek GmbH and Omega Software GmbH. USU's fiscal year 2008 business performance in terms of earnings remained below that of the previous year due to a number of influencing factors. In addition to specific investments related to a product campaign for the new and further development of USU software products and unscheduled additional costs for a fixed-price project in the second and third quarter of 2008, the back payment of taxes that the Company disputes due to a tax audit completed in 2008 was instrumental here, as they influenced the operating result as other operating expenses. As a result, USU's EBITDA in the reporting period remained below the previous year's level at EUR 2,287 thousand (2007: EUR 3,482 thousand). EBIT totaled EUR 967 thousand (2007: EUR 1,892 thousand). Income taxes amounted to EUR -181 thousand in the reporting year, while in the previous year there was tax income of EUR 2,179 thousand primarily due to the one-time effect of the capitalization of tax loss carry forwards. After taxes, USU generated net profit for the year of EUR 1,294 thousand (2007: EUR 4,536 thousand) in fiscal year 2008, this corresponds to earnings per share of EUR 0.13 (2007: EUR 0.44).
Proposed dividend payment of EUR 0.15 per share
As already announced, the Company's Management Board and Supervisory Board plan to propose to the Company's Annual General Meeting on June 25, 2009 a dividend of EUR 0.15 for each entitled share (2007: EUR 0.15) as in the previous year as part of a shareholder-friendly dividend policy. This will be distributed from the surplus of parent company USU Software AG, which was EUR 3,612 thousand (2007: EUR 2,225 thousand) as of December 31, 2008 as calculated under the German Commercial Code (HGB).
High level of liquidity and solid financing with no bank liabilities
The USU Group's equity ratio amounted to 84.8% (2007: 87.3%) as of December 31, 2008. With Group liquidity of EUR 9,541 thousand (2007: EUR 9,921 thousand) at the end of fiscal year 2008 and no bank liabilities, USU has solid financing to make targeted investments even in difficult economic times and to purchase companies or participations in companies if potential acquisition possibilities present themselves.
Sales and earnings expected to grow in current fiscal year
Under the premises of economic development that will stabilize in time, the Management Board of USU Software AG expects sales growth in the current fiscal year to be above average in the relevant market segments, as it was in 2008. USU is also expected to benefit from generating new license income as well as from strong consulting and maintenance business. A positive indication of this is USU's Group-wide orders on hand, which recorded a year-on-year increase as of December 31, 2008 of 9.3% to EUR 14,177 thousand (2007: EUR 12,966 thousand). USU also expects positive effects from its newly-established international partner business, which is expected to generate over 15% of sales outside of the German domestic market (2007: 6.7%) due in particular to its expansion into the regions of the UK, Scandinavia, the Benelux countries, and Eastern Europe by 2010. In addition to increased partner activities in these markets, numerous positive statements by analysts from international market research institutes such as Gartner, Forrester and ECP are expected to lead to a high level of market awareness and rapid market penetration on these markets. This is due in part to the fact that the analysts have given the Valuemation product suite a top ranking in its individual Business Service Management areas. In addition to growing sales, the Management Board of USU Software AG expects to increase the Company's EBITDA significantly with savings potential on the cost side.
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