DGAP-News: Mensch und Maschine Software SE discloses half year report


DGAP-News: Mensch und Maschine Software SE / Key word(s): Half Year Results
Mensch und Maschine Software SE discloses half year report

25.07.2016 / 08:40
The issuer is solely responsible for the content of this announcement.

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First half year fully within estimates
- Gross margin +10.2% / EBITDA +30% / Net profit +74%
- Ambitious targets for 2016 well underlined

Wessling, July 25, 2016 - Mensch und Maschine Software SE (MUM - ISIN
DE0006580806), a CAD/CAM specialist company, closed the first half year
2016 fully within the ambitious estimates. While gross margin had double
digit growth, all earnings figures increased highly disproportionately:
Operating profit EBITDA grew by 30%, and net profit after minority shares
showed a significantly higher +74% jump.

Half year sales climbed to EUR 87.83 mln (PY: 81.42 / +7.9%), with M+M
Software contributing EUR 23.11 mln (PY: 20.61 / +12%) and the VAR Business
contributing EUR 64.72 mln (PY: 60.81 / +6.4%). Gross margin increased to
EUR 46.61 mln (PY: 42.29 / +10.2%), with contributions of EUR 22.45 mln
(PY: 19.76 / +14%) from Software and EUR 24.16 mln (PY: 22.53 / +7.2%) from
the VAR Business.

Gross yield grew to 53.1% (PY: 51.9%), with Q2 at 58.8% clearly
outperforming the 48.8% of Q1 due to a higher proportion of proprietary
business and lower trading sales. Growth drivers were M+M's proprietary
software technology, mainly CAM, as well as Autodesk software license sales
(just in Q1) due to pull effects in advance of the transition to a rental
model.

Operating profit EBITDA before depreciation, amortization, interest and
taxes grew to a disproportionate EUR 8.33 mln (PY: 6.42 / +30%), with EUR
5.70 mln (PY: 4.28 / +33%) coming from Software and EUR 2.64 mln (PY: 2.14
/ +23%) from the VAR Business.

Net profit after minority shares jumped by 74% to EUR 3.58 mln (PY: 2.06),
or 22 Cents (PY: 13) per share. The net profit calculation is based on an
expected 35% tax rate for 2016, while the previous year was restated to the
actual 43.3% annual tax rate. The net profit includes negative currency
exchange effects on the financial result amounting to EUR -0.24 mln (PY:
+0.27). Without this effect net profit would have roughly doubled compared
to H1/2015.

Operating cash flows were EUR 7.41 mln (PY: 11.46). In the previous year,
the final instalment from the 2011 sale of the Distribution business had
been paid in Q2. Adjusted by this EUR 3 mln, cash flows were very close to
the strong previous year's level.

M+M CEO Adi Drotleff believes 'that the ambitious EBITDA target of approx.
EUR 16 mln (PY: 12.8 / +25%) is comfortably underlined by the first quarter
business development, as EUR 1.9 mln out of the EUR 3.2 mln surplus planned
for 2016 has already been achieved. Depending on the further development of
currency exchange effects and the actual tax rate, there is a wider
tolerance regarding the target of doubling full year net profit after
minority shares to nearly EUR 8 mln (PY: 3.87) and EPS to approx. 48 Cents
(PY: 24). Depending on final target achievement we plan to pay out 30-35
Cents dividend (PY: 25).'


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25.07.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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   Language:    English                                                     
   Company:     Mensch und Maschine Software SE                             
                Argelsrieder Feld 5                                         
                82234 Wessling                                              
                Germany                                                     
   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:      Regulated Unofficial Market in Berlin, Dusseldorf,          
                Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange;  
                Open Market (Entry Standard) in Frankfurt                   
 
 
   End of News    DGAP News Service  
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485351 25.07.2016