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| USU Software AG: Final figures for 2009 |
Möglingen, 25.03.2010
Sales up slightly year-on-year, substantial earnings growth
Proposed dividend payment of EUR 0.15 per share
Further expansion of Group-wide liquidity targeted
Sales and earnings expected to grow in 2010
In the 2009 fiscal year, USU Software AG defied the global recession to record a moderate year-on-year increase in Group sales of 0.2% to EUR 34,048 thousand (2008: EUR 33,977 thousand). Although the Company made targeted investments in Group-wide foreign and partner activities as part of its internationalization strategy and the further development of Group products, the USU Group improved its operating result (EBITDA) by an impressive 11.3% to EUR 2,546 thousand compared with EUR 2,287 thousand in the previous year. The recognition of tax loss carryforwards at the Group subsidiary USU AG accompanied by goodwill impairment at USU Software AG in the same amount meant that earnings before interest and taxes (EBIT) declined to EUR 453 thousand in the 2009 fiscal year (2008: EUR 967 thousand), while tax income amounted to EUR 772 thousand (2008: tax expense of EUR 181 thousand). These measures did not have a net impact on earnings after taxes. Accordingly, USU increased its net profit for the period by 19.5%, from EUR 1,294 thousand in the previous year to EUR 1,546 thousand in 2009.
Based on an average number of shares in circulation of 10,021,054 (2008: 10,185,235), USU increased its earnings per share from EUR 0.13 in the previous year to EUR 0.15. In the interests of a shareholder-friendly dividend policy, the Management Board and Supervisory Board of USU Software AG will propose the payment of a dividend of EUR 0.15 per share (2008: EUR 0.15) to the Company's Annual General Meeting on July 15, 2010, thereby allowing the shareholders of USU Software AG to participate in the Company's success in 2009 as announced.
As a result of its positive business development, the USU Group significantly increased its net cash from operating activities to EUR 4,036 thousand (2008: EUR 1,814 thousand). With total liquidity of EUR 10,888 thousand (2008: EUR 9,541 thousand), an increased equity ratio of 85.7% (2008: 84.8%) and no liabilities to banks, USU Software AG still has the solid financing it requires at the end of the 2009 fiscal year to make targeted investments even in difficult economic times and to purchase companies or participations in companies when potential acquisitions present themselves.
USU increased the number of employees in the Group as a whole to 269 as of December 31, 2009, up 6.7% on the previous year (2008: 252).
The USU Group had orders on hand of EUR 13,421 thousand as of December 31, 2009 (2008: EUR 14,177 thousand). In accordance with planning, this year-on-year decline was due to the completion of multi year consulting contracts, while maintenance orders on hand developed positively.
Following the USU Group's successful business performance in 2009, a year that was dominated by the recession, the Management Board expects to see continued positive development in 2010. International partner business in particular is likely to make a tangible contribution to growth, leading to a significant increase in the share of Group sales attributable to foreign business. Assuming a sustained economic recovery, the Management Board of USU Software AG expects sales growth for the Group as a whole to exceed the average for the IT market in the 2010 fiscal year. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) is again expected to rise strongly compared to Group sales. At the same time, the Company will make targeted investments in further expanding the international focus of the USU Group and in key product innovations with a view to increasing sales and earnings in the medium to long term. Based on this forecast, the Management Board intends to continue the shareholder-friendly dividend policy it has established over recent years, both in 2010 and beyond.
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