DGAP-News: Mensch und Maschine Software SE discloses half

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Jul 25, 2016 at 2:45 AM

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. --------------------------------------------------------------------------- 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).' --------------------------------------------------------------------------- 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- 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 --------------------------------------------------------------------------- 485351 25.07.2016

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