EANS-News: USU Software AG: Group sales up one-third, eight fold EBITDA growth

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Financial Figures/Balance Sheet/6-month report

Möglingen (euro adhoc) - USU Software AG (ISIN DE000A0BVU28) today
announced its final figures for the second quarter and the first six
months of 2011. USU increased its Group sales by around one-third in
both the period under review and the first half of the year, while
operating earnings before interest, taxes, depreciation and
amortization (EBITDA) were eight times higher than in the previous
year. Due to the extremely positive business development in the first
half of 2011, the Management Board of USU Software AG is reiterating
the guidance it issued at the start of the month, with forecast Group
sales of more than EUR 43 million and EBITDA of at least EUR 6
million.

Positive growth trend from previous quarters continues in Q2/2011

In the second quarter of 2011, the USU Group recorded significant
sales growth of 32.9% to EUR 10.22 million (Q2/2010: EUR 7.69
million) on the back of organic business and the majority acquisition
of Aspera GmbH. As USU´s operating cost base only rose moderately
compared with the increase in Group sales, operating earnings
(EBITDA) improved from EUR 0.16 million in the previous year to EUR
1.26 million in the period under review, representing an increase of
712.8%. The EBITDA margin amounted to 12.3% (Q2/2010: 2.0%). The USU
Group also significantly improved its earnings before interest and
taxes (EBIT) to EUR 0.75 million (Q2/2010: EUR -0.12 million). All in
all, USU reported a net profit of EUR 0.42 million for the second
quarter of 2011 after a net loss of EUR 0.02 million in the same
period of the previous year. USU Software AG´s earnings per share
increased to EUR 0.04 (Q2/2010: EUR 0.00).

Above-average growth in license sales in the first half of 2011

On a half-yearly basis, USU increased Group sales by 36.6% to EUR
20.80 million (Q1-Q2/2010: EUR 15.23 million) due among other things
to a substantial rise in license sales. Income from the newly
launched, internally developed software products Valuemation 4 and
KnowledgeCenter 5 and the additional software license income from the
acquired company Aspera GmbH allowed the USU Group to almost double
its license sales in the first half of 2011 to EUR 2.86 million
(Q1-Q2/2010: EUR 1.47 million). At the same time, USU increased its
maintenance income by 37.7% year-on-year to EUR 5.22 million
(Q1-Q2/2010: EUR 3.79 million) and its consulting income by 19.5% to
EUR 11.18 million (Q1-Q2/2010: EUR 9.35 million). Other income in the
first six months of 2011 amounted to EUR 1.55 million (Q1-Q2/2010:
EUR 0.61 million).

Further expansion in partner-based foreign business

The Group´s foreign business, which is the result of the
international partner and sales activities conducted over previous
years, enjoyed above-average development in the period under review.
In the first half of 2011, the USU Group recorded year-on-year growth
in sales outside Germany of 63.0% to EUR 2.17 million (Q1-Q2/2010:
EUR 1.33 million), meaning that the share of Group sales generated
outside Germany increased to 10.4% (Q1-Q2/2010: 8.7%).

Eight-fold EBITDA growth, strong net profit for the period

The USU Group´s operating cost base increased by 22.5% to EUR 18.56
million in the first half of 2011 (Q1-Q2/2010: EUR 15.15 million).
This below-average development compared with the rate of sales growth
serves to underline the improved efficiency of the USU Group.
Accordingly, EBITDA increased eight-fold to EUR 2.47 million
(Q1-Q2/2010: EUR 0.30 million), meaning that the EBITDA margin
improved from 2.0% in the first half of 2010 to 11.9% in the period
under review. USU also increased EBIT to EUR 1.47 million in the
first six months of 2011 (Q1-Q2/2010: EUR 0.25 million) and
generated a net profit for the period of EUR 0.82 million
(Q1-Q2/2010: net loss of EUR 0.14 million), corresponding to earnings
per share of EUR 0.08 (Q1-Q2/2010: EUR 0.01).

Extensive Group liquidity thanks to positive cash flow

As a result of the positive operating performance, the USU Group´s
cash flow from operating activities improved from EUR 0.70 million
in the first six months of 2010 to EUR 3.95 million in the period
under review. Accordingly, USU increased Group liquidity in the form
of cash and cash equivalents including securities to a total of EUR
14.80 million (December 31, 2010: EUR 11.06 million). Equity rose to
EUR 49.31 million as against December 31, 2010 (EUR 48.49 million) on
the back of the USU Group´s net profit for the period. Based on total
assets of EUR 70.90 million (December 31, 2010: EUR 66.88 million),
the equity ratio amounted to 69.5% as of June 30, 2011 (December 31,
2010: 72.5%).

Increased forecasts for year as a whole confirmed

Due to the extremely positive business development in the first half
of 2011, the successful expansion of the Group´s workforce to 301
employees (June 30, 2010: 278) and the increase in the USU Group´s
orders on hand by more than one-half to EUR 22.71 million (June 30,
2010: EUR 14.84 million), the Management Board of USU Software AG is
reiterating the guidance it issued at the start of the month, with
forecast Group sales of more than EUR 43 million and EBITDA of at
least EUR 6 million in the current year. These targets alone would
mean significant business growth and a record high in terms of both
sales and earnings for USU Software AG. Any further sales and
earnings potential will depend in particular on the fourth quarter of
2011, which is traditionally the strongest quarter of the fiscal
year. As in the previous years, the shareholders of USU Software AG
will participate to a material extent in the Company´s business
success in the form of a dividend distribution.

Further inquiry note:
USU Software AG
Investor Relations
Falk Sorge
Spitalhof
D-71696 Möglingen
Tel.: +49 (0) 71 41 - 48 67 351
Fax: +49 (0) 71 41 - 48 67 108
E-Mail: f.sorge@usu-software.de

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: t.gerick@usu-software.de

end of announcement euro adhoc
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company: USU Software AG
Spitalhof
D-71696 Möglingen
phone: +49 (0)7141 4867 0
FAX: +49 (0)7141 4867 20
mail: investor@usu-software.de
WWW: http://www.usu-software.de
sector: Software
ISIN: DE000A0BVU28
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Düsseldorf, Hannover, München, regulated dealing:
Stuttgart
language: English