Mensch und Maschine Software SE / Final Results 16.03.2009 Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Record levels for sales, EBIT and cash flow confirmed - Net profit slightly below previous year due to deferred tax assets - Market offensive: Sixth key reseller partner acquired Wessling, March 16, 2009 - At the annual accounts press conference today, Mensch und Maschine Software SE (MUM - ISIN DE0006580806), a CAD/CAM specialist company listed on the Prime Standard, discloses its final 2008 figures. In spite of the economic downturn and negative currency exchange impacts, M+M achieved new records in sales amounting to EUR 223.1 mln (PY: 212.9 / +4.8%) and operating profit EBIT amounting to EUR 10.28 mln (PY: 9.83 / +4.6%). As well, operating cash flows came in at the absolute record level of EUR 9.32 mln (PY: 3.65) or 69 Cents per share, reducing the net bank debt to a level below 1x EBITDA. Compared to the preliminary figures published on February 3, there is a difference in net earnings, which due to deferred tax asset calculation came in lower than expected. Although the payable tax rate was 25% like estimated, profiting from the tax loss carryovers available in the group, the total tax rate including deferred tax charges increased to 32.8% (PY: 20.2%). Net profit after minority shares amounted to EUR 5.76 mln (PY: 6.03 / -4.5%). The Administrative Board will propose to the annual shareholders' meeting on May 28, 2009, an unchanged dividend of EUR 0.20 per share, as in the previous years coming from the 'steuerliche Einlagenkonto' (§27 KStG) and not counting as taxable income, but as a tax-free payment. The payout rate is approx. 47% of net profit, meaning that the major part is again retained in order to strengthen the financial base. Good progress was made concerning the 'Market Offensive', the strategic transition to end user sales in the German speaking area started January 26, 2009. In addition to the five partners already published, one more key partner, Dressler GmbH, Friedrichshafen, became member of the M+M group retroactive as of Jan 1, 2009. This underlines the goal of the Market Offensive to achieve 2009 sales in the amount of EUR 40-50 mln with approx. 200 employees in the new Value-Added Reselling (VAR) segment. For 2010, M+M plans to drive the new segment up to approx. 300 employees and sales amounting to EUR 65-75 mln, contributing more than one third to the group's gross margin and balancing the M+M business model quite equally over the three segments Distribution, VAR business and M+M Software. M+M CEO and major shareholder Adi Drotleff, though, gives a rather damped short term outlook due to the difficult market environment: 'For 2009, we are expecting Q1 sales to be more or less on the Q4/2008 level, just above EUR 50 million, followed by an even slower Q2 due to the in-process transition to a VAR business. Compared particularly to the high Q1/2008 levels, this will create significant decreases in sales and earnings. For the second half of 2009, I am seeing some chance that we may begin to pick up and see sales and earnings increase, because until then our VAR business will run and impact from the public economic programs will unfold. So in the best case, 2009 could see a quarterly seasonality mirrored to 2008 with a strong Q4 and come in on previous year's sales level. In the worst case of a very deep and long recession, a 10-20% sales decrease compared to 2008 is also imaginable. All in all, 2009 sales could range between EUR 180 and 220 million. For operating earnings EBIT, this would result in a bandwidth - admittedly very wide -from a black zero to previous year's EUR 10 million.' In the mid to long term, however, Drotleff believes that Mensch und Maschine Software SE is well prepared to continue the average annual sales growth of 10-15% achieved in the past, while step by step increasing the EBIT return from the actual level of just under 5% due to the higher margins in the VAR business and M+M's slim cost structure. DGAP 16.03.2009 --------------------------------------------------------------------------- Language: English Issuer: 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@mum.de Internet: www.mum.de ISIN: DE0006580806 WKN: 658 080 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Stuttgart, München, Hamburg, Düsseldorf End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: Mensch und Maschine Software SE discloses final 2008 figures
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