Mensch und Maschine Software SE
Mensch und Maschine Software SE discloses 2009 preliminary figures
Mensch und Maschine Software SE / Preliminary Results 01.02.2010 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. --------------------------------------------------------------------------- Q4/09: downtrend stopped - Sales 19% ahead of Q3 - Operating result in the black, but below expectations - 2009 operating cash flow significantly positive in spite of net loss Wessling, February 1, 2010 - Mensch und Maschine Software SE (MUM - ISIN DE0006580806), a CAD/CAM specialist company, in Q4/09 achieved a sequential sales increase to approx. EUR 43 mln (Q3: 36.1), according to the first preliminary figures. Compared to the previous year's Q4/08 (EUR 52.3 mln), the decrease was approx. 18% compared to minus 29% for the first nine months. The operating result EBITA in Q4/09 was a black zero, which compared to Q3 represents an increase of more than a million Euro (Q3/09: EUR -1.1 mln / Q4/08: EUR +2.6 mln). In spite of the significant sequential improvement, the result was below expectations. In the full fiscal year, sales came in at approx. EUR 164 mln (PY: 223 / -27%), and EBITA amounted to nearly one million Euro (PY: 10.9). The net result cannot yet be calculated from the status of the end-of-year accounting work, but will be definitely negative, because amortization on acquisitions and the financial result together will be in the range of minus EUR 3.0 to 3.5 mln. Impairment tests on goodwill are in process, as well as tax calculations, but final results cannot yet be predicted. Such non-cash, closing entries, will have no impact on the excitingly positive operating cash flow amounting to approx. EUR 5 mln (PY: 9.3), creating a very relaxed balance sheet situation by nearly covering the dividend payment for 2008 and the 2009 cash investments. The development of individual segments in 2009 varied significantly: M+M Software sales decreased proportionately less, to just under EUR 22 mln (PY: 25.2 / -13%). The EBITA contribution of this segment is estimated to be just under EUR 1.5 mln (PY: 3.9). The development of the new VAR Business segment was very dynamic, creating, from scratch, more than EUR 35 mln sales, of which just over EUR 11 mln were contributed by the closing quarter. The operating result of this segment, though, was still in the red at approx. EUR -1.1 mln due to start-up expenditure as well as the difficult economic environment. Conversely, Distribution segment sales fell to approx. EUR 107 mln (PY: 196.5). This nominal 46% decrease adjusts to approx. minus 44% in local currencies. It should be taken into account, however, that the transition to a VAR business in the German speaking countries consequently reduced sales in Distribution. Considering only the subsidiaries in the rest of Europe, which are not affected by this transition, the reduction was approx 28% in Euro and approx. 25% in local currencies. The preliminary Distribution segment contribution to operating result EBITA was in the black, but only at approx. EUR 0.6 mln (PY: 6.1). The more positive development of the high margin segments M+M Software and VAR Business, which cannibalized the lower margin Distribution, led to an increase of gross yield to approx. 31% (PY: 25.1%). Consequently, gross margin amounting to approx. EUR 51 mln was just 9% under the previous year's amount of EUR 55.9 mln, with approximate contributions of 38% (PY: 41.0%) from M+M Software and 26% (PY: 1.5%) from the VAR Business, while the Distribution segment's share was diluted to 36% (PY: 57.6%). In Q4, gross margin amounting to approx. EUR 13.7 mln was slightly higher than the previous year's EUR 13.2 mln - for the first time in five quarters. M+M CEO and major shareholder Adi Drotleff: 'The development in the closing quarter shows that the first three quarter's downtrend could be halted, though still on a modest level. A black zero for the operating result, the pleasingly high operating cash flows and the successful start-up of the new VAR business were the positive points of an otherwise very challenging year. The new fiscal year's start was promising so far, so we actually target approx. 10-13% sales increase to approx. EUR 180-185 mln and an EBITA margin in the 2 to 3 percent range. After the deep 2009 drop it will probably take another year or two until we can hit the 2008 record marks of EUR 223 mln for sales and EUR 10.9 mln for EBITA, but we want to reach this target at the latest by 2012. The better margin potential of the VAR business compared to distribution, which has dominated so far, should help us to increase the group's EBITA margin (2008: 4.9%) towards the 6-7% range. Attention: The final figures for 2009, which are to be published on March 15, 2010, may differ from the preliminary figures disclosed herein. 01.02.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- 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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