Mensch und Maschine Software SE / Final Results
15.03.2010 08:20
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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EBITDA and cash flows positive in spite of sales decline
- High depreciations and impairments to relieve future fiscal years
- Positive short and mid term outlook confirmed and detailed
Wessling, March 15, 2010 - At the annual accounts press conference today,
Mensch und Maschine Software SE (MUM - ISIN DE0006580806), a CAD/CAM
specialist company, discloses its final 2009 figures. As preliminarily
published on February 1, group sales dropped to EUR 163.3 mln (PY: 223.1 /
-27%), but the operating result EBITDA just stayed in the black, amounting
to EUR 1.38 (PY: 13.04 / -89%).
In order to relieve future fiscal years, impairments in the amount of EUR
1.24 mln (PY: 1.27) were booked in addition to depreciations of EUR 1.06
mln (PY: 0.88), and amortizations, which increased to EUR 1.62 mln (PY:
0.60) due to 2009 acquisitions.
For the same reason, deferred tax calculations were done very
conservatively, booking a tax load amounting to EUR 0.66 mln (PY: 2.72) in
spite of a negative EBT. Finance costs improved to EUR 1.52 mln (PY: 1.99),
primarily due to the low interest level.
The net result after minority shares was deeply red at EUR -4.78 mln (PY:
+5.76), due to the high depreciations, amortizations and impairments. EPS
(diluted) amounted to -34 Cents (PY: +42).
While final sales and operating profit came in slightly below the
preliminary figures due to deferral, consolidation and actuarial (pension
provision) effects, the final operating cash flows amounting to EUR 5.7 mln
(PY: 9.3) were higher than the preliminarily stated 5 million. As a result,
there was only a slight increase of net bank debt as of Dec 31, 2009, to
EUR 12.39 mln (PY: 11.16), leading to a very relaxed balance sheet
situation.
The present course of business during the first quarter continues the
recovery trend seen in Q4/2009 and enables M+M CEO Adi Drotleff to detail
the positive outlook: 'At this moment in time for 2010 we target approx.
10-13% sales increase to approx. EUR 180-185 mln, along with EBITDA margin
in the 2.5 to 3.5 percent range. This would result in a bandwidth of EUR
4.5 to 6.5 mln for EBITDA, with net profit ranging from EUR 0.5 to 2.0 mln
and EPS from 3 to 14 Cents. Achieving this earnings corridor together with
positive operating cash flows would enable us, after one year without
dividend, to consider a dividend payment of approx. 10 Cents.'
Adi Drotleff also gives a mid term outlook: 'After the deep 2009 drop it
will probably take another year or two until we can hit the 2008 record
levels of EUR 223 mln for sales and EUR 13.0 mln for EBITDA and the 2007
EPS record level of 47 Cents, but we want to reach this target at the
latest by 2012. The better margin potential of the VAR business, which we
ramped up in 2009, compared to distribution, which has dominated so far,
should help us to increase the group's EBITDA margin (2008: 5.8%) towards
the 6-7% range. For 2011, preliminary guidance could be sales above EUR 200
mln, EBITDA around 5% or EUR 10 mln and EPS around 30 Cents. For 2012 then,
sales above EUR 230 mln could be targeted, together with EBITDA ranging
around 6.5% or EUR 15 mln and EPS above 50 Cents. All this is of course
subject to a continuation of the current moderate recovery of the economy,
with no version 2.0 of the global economic crisis returning.'
15.03.2010 08:20 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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 München; Freiverkehr in Berlin,
Düsseldorf, Stuttgart, Hamburg; Open Market in Frankfurt
End of News DGAP News-Service
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DGAP-Adhoc: Mensch und Maschine Software SE discloses 2009 final figures
| Source: EQS Group AG