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PRESS RELEASE: USU Software AG announces final figures for 2019 and guidance

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DGAP-News: USU Software AG / Key word(s): Annual Results/Development of
USU Software AG announces final figures for 2019 and guidance

2020-03-26 / 07:43
The issuer is solely responsible for the content of this announcement.

· Revenue up 5.7% to EUR 95,630 thousand

· Above-average growth in software license business and SaaS revenue

· Consolidated net income increases fivefold year-on-year to EUR 5,273

· Adjusted EBIT up 50.9% to EUR 6,226 thousand

· Dividend proposal of EUR 0.40 per share

· Group liquidity high at EUR 10,413 thousand

· Net cash from operating activities increases to EUR 9,518 thousand

· High equity ratio of 57.6% underlines extremely solid financing

· Planning anticipates further growth and improved earnings with positive
adjusted EBIT even if the current situation deteriorates due to Covid-19

In fiscal 2019, USU Software AG (ISIN DE000A0BVU28) and its subsidiaries
(hereinafter referred to as "USU" or the "USU Group") increased their
consolidated revenue by 5.7% year-on-year to EUR 95,630 thousand (2018: EUR
90,487 thousand). In addition to increased domestic business, USU benefited
in particular from the further growth in international business, which rose
strongly by 9.1% to EUR 26,462 thousand (2018: EUR 24,245 thousand). As a
result of the increase in revenue generated outside Germany, the share of
consolidated revenue accounted for by international business also rose
slightly to 27.7% in 2019 (2018: 26.8%).
In particular, the main driver of this revenue growth was software license
business thanks to contracts for projects postponed from the previous year
to fiscal 2019 and additional customer orders in Germany and abroad. USU
thus increased its income from software licenses by 12.8% as against the
previous year to EUR 15,005 thousand in fiscal 2019 (2018: EUR 13,300
thousand). At the same time, maintenance and SaaS business increased to EUR
28,739 thousand (2018: EUR 25,967 thousand) on the back of strong SaaS
business. This represents an increase of 10.7% compared with the previous
year. By contrast, consulting business was down 1.0% year-on-year at EUR
49,905 thousand in the year under review (2018: EUR 50,420 thousand) owing
to slightly weaker service business.
As a result of the growth in high-margin software license and SaaS business,
the USU Group's profitability increased significantly in fiscal 2019
compared with the previous year. USU's EBITDA rose by 80.2% as against the
previous year to EUR 9,920 thousand (2018: EUR 5,506 thousand). EUR 2,360
thousand of this increase is due to amortization from the initial
recognition of leases and rental agreements in accordance with the new IFRS
16. In addition to this amortization, there was also amortization of
intangible assets of EUR 1,525 thousand (2018: EUR 1,643 thousand),
depreciation of property, plant and equipment of EUR 1,190 thousand (2018:
EUR 1,156 thousand) and goodwill impairment of EUR 791 thousand (2018: EUR 0
thousand). The latter resulted from the impairment test of the French
subsidiary USU SAS, whose business performance fell short of expectations in
the year under review. Adjusted for total depreciation, amortization and
impairment of EUR 5,866 thousand (2018: EUR 2,799 thousand), USU generated
EBIT of EUR 4,054 thousand in fiscal 2019 (2018: EUR 2,707 thousand). This
represents an increase in operating earnings of 49.8% as against the
previous year.
Net finance costs amounted to EUR -4 thousand in fiscal 2019 (2018: EUR 104
thousand). In addition, USU generated tax income in the year under review.
Income taxes thus amounted to EUR 1,223 thousand (2018: EUR -1,850
thousand). The tax income largely resulted from the capitalization of
deferred taxes on tax loss carryforwards in connection with the company's
profit transfer agreement with its subsidiary USU GmbH, which was resolved
at the Annual General Meeting on July 2, 2019.
Overall, consolidated net profit increased fivefold compared with the
previous year to EUR 5,273 thousand in 2019 (2018: EUR 961 thousand),
translating to earnings per share of EUR 0.50 (2018: EUR 0.09).
EBIT adjusted for extraordinary effects relating to acquisitions increased
by 50.9% year-on-year to EUR 6,226 thousand in fiscal 2019 as a result of
the growth in high-margin software business (2018: EUR 4,125 thousand). At
the same time, USU's consolidated net profit almost quadrupled year-on-year
to EUR 7,349 thousand (2018: EUR 1,923 thousand). Accordingly, USU's
adjusted earnings per share improved to EUR 0.70 (2018: EUR 0.18).
As a standalone company, USU Software AG reported net profit in accordance
with the German Commercial Code (HGB) of EUR 6,066 thousand in fiscal 2019
(2018: EUR 4,318 thousand). This corresponds to a 40.5% increase in profit
as against the previous year. In accordance with the company's communicated
dividend policy, whereby the dividend should never be less than in the
previous year and should amount to roughly half the profit generated, the
Management Board and the Supervisory Board of USU Software AG are proposing
a dividend distribution equal to the previous year's level of EUR 0.40 per
share for fiscal 2019 (2018: EUR 0.40).
The USU Group had cash funds (not including securities) of EUR 10,413
thousand as of December 31, 2019 (2018: EUR 9,450 thousand). This
corresponds to a year-on-year increase of EUR 963 thousand or 10.2%,
essentially stemming from the operating cash flow from the profit generated
by USU in the year under review.
Accordingly, USU's cash flow from operating activities climbed significantly
from EUR 1,996 thousand in 2018 to EUR 9,518 thousand now.

The equity of the USU Group increased from EUR 59,665 thousand as of
December 31, 2018, to EUR 60,198 thousand as of December 31, 2019, as a
result of the increase in profit. With total assets of EUR 104,460 thousand
(December 31, 2018: EUR 95,144 thousand), the equity ratio was 57.6% as of
the reporting date in 2019 (December 31, 2018: 62.7%). This means that the
USU Group still has extensive free liquidity and retains its extremely solid
financial position with no liabilities to banks.

The Management Board expects a further significant expansion in consolidated
revenue and consolidated earnings in the current year before taking into
account the potential impact of the Covid-19 crisis. Accordingly, the
Management Board is forecasting an increase in consolidated revenue to
between EUR 102 million and EUR 105 million in 2020, accompanied by a rise
in adjusted EBIT to between EUR 7.5 million and EUR 10 million. The
Management Board is also confirming the USU Group's medium-term planning,
which includes average organic revenue growth of 10% in the next few years
and an increase in the operating margin on adjusted EBIT to 13%-15% by 2024.
These forecasts do not include any consequences of the global Covid-19
crisis, as the scenarios and their impact on license and consulting revenues
are unclear. However, the Management Board anticipates positive adjusted
EBIT in fiscal 2020 even in the event of a significant deterioration in the
current situation.

*USU Software AG*

The USU Group is Europe's largest provider of IT and knowledge management
software. Market leaders from all sectors of the international economy use
USU applications to create transparency, enhance agility, save costs and
reduce their risks. In addition to USU AG, founded in 1977, USU Software AG
- which is listed in the Prime Standard of Deutsche Börse (ISIN
DE000A0BVU28) - also includes the subsidiaries Aspera GmbH, Aspera
Technologies Inc., LeuTek GmbH, OMEGA Software GmbH and USU SAS.
In the area of IT management, USU supports companies with comprehensive
ITIL(R)-compliant solutions for strategic and operational IT and enterprise
service management. USU solutions give customers an overall view of their IT
processes and IT infrastructure and enable them to transparently plan,
allocate, monitor and actively manage services. USU is one of the world's
leading manufacturers in the area of software license management.
USU is driving the digitization of business processes with its intelligent
solutions and expertise in the area of digital interaction. Standard
software and consulting services are used to automate service workflows and
actively provide knowledge for all communications channels and points of
customer contact in sales, marketing and customer service. The portfolio in
this area is rounded off by system integration, individual applications and
software solutions for industrial big data.

Further information: whttp://www.usu.com

USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: +49 (0) 71 41 - 48 67 440
Fax: +49 (0) 71 41 - 48 67 909
E-Mail: thomas.gerick@usu.com

USU Software AG
Investor Relations
Falk Sorge
D-71696 Möglingen
Tel.: +49 (0) 71 41 - 48 67 351
Fax: +49 (0) 71 41 - 48 67 108
E-Mail: falk.sorge@usu.com

2020-03-26 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: USU Software AG
71696 Möglingen
Phone: +49 (0)7141 4867-0
Fax: +49 (0)7141 4867-200
E-mail: info@usu-software.de
Internet: www.usu-software.de
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
EQS News ID: 1007569

End of News DGAP News Service

1007569 2020-03-26

(END) Dow Jones Newswires

March 26, 2020 02:44 ET ( 06:44 GMT)

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