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

22.07.2013 / 09:45

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Q1 strong, Q2 slower - Half year all in all on plan
- EBITDA up 187% purely operating - cash flows strongly positive

Wessling, July 22, 2013 - The strong initial quarter at Mensch und Maschine
Software SE (MUM - ISIN DE0006580806), a CAD/CAM specialist company, was
followed by a slower Q2, all in all resulting in the first half year being
approximately on plan.

Six months sales climbed by 15% to EUR 65.25 mln (PY: 56.78), with Software
contributing EUR 17.83 mln (PY: 16.45 / +8.4%) and the VAR Business
contributing EUR 47.42 mln (PY: 40.33 / +18%). The Software growth was
entirely organic, while in the VAR Business approx. half of the growth was
organic and half contributed by the acquisitions closed in the past 12
months in Italy, France and Germany.

Gross margin increased to EUR 34.19 mln (PY: 30.82 / +11%), with
contributions of EUR 16.67 mln (PY: 14.99 / +11%) from Software and EUR
17.52 mln (PY: 15.83 / +11%) from VAR Business. Other operating income
decreased to EUR?4.14 mln (PY: 5.64), as the contribution from the sale of
Distribution business, closed in 2011, was EUR 2.0 mln (PY: 4.0), according
to plan.

Operating profit EBITDA before depreciation, amortization, interest and
taxes amounted to EUR 3.25 mln (PY: 3.09 / +5.3%) for Software and to EUR
1.04 mln (PY: 1.71) for the VAR Business. Group EBITDA amounting to EUR
4.30 mln (PY: 4.80) nominally came in slightly below previous year. Purely
operating, adjusted by the contributions from the sale of Distribution, it
rose by a remarkable 187%.

Net profit after minority shares amounted to EUR 1.26 mln (PY: 1.89), or 8
Cents (PY: 13) per share (undiluted).

Group headcount at June 30, 2013, was 705 (PY: 656 / +7.5%). Adjusted by
the 33 employees from acquisitions, the increase was just 2.4%. In the VAR
Business, due to the cost consolidation since mid 2012, headcount even
decreased by 12 people.

Operating cash flows, which had been negative during 2012 due to the
business model transition with its working capital changes, strongly
returned to the black, amounting to EUR 4.36 mln (PY: -1.14).

M+M CEO Adi Drotleff gives an outlook for the second half of the year: 'As
customer demand has significantly increased around mid year, we expect a
good Q3, followed by a strong final quarter, and stick to the ambitious
profit targets for the full fiscal year 2013. As the planned further 1-2
VAR business acquisitions in Europe will probably not yet impact 2013 sales
and EBITDA, we now target sales between EUR 135 and 140 mln (PY: 118.80)
and EBITDA approximately on previous year's EUR 9.97 mln level, which
adjusted by the contributions from the sale of Distribution business would
equal approx. EUR 5 mln operating progress. Net profit is still targeted to
EUR 4.5 mln (PY: 3.62) or nearly 30 Cents per share (PY: 24). An unchanged
20 Cents per share dividend payment (tax free) is planned.'

The detailed half year report can be accessed under
http://www.mum.de/Investor
Click the button 'English Version'


End of Corporate News

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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:      Freiverkehr in Berlin, Düsseldorf, Hamburg, München     
             (m:access), Stuttgart; Frankfurt in Open Market (Entry  
             Standard)                                               
 
 
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