EANS-News: USU Software AG announces final figures for 2011: New records for consolidated sales and consolidated operating income (EBITDA)

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Dividend Announcements/Distribution/Financial Figures/Balance Sheet

Subtitle: • New sales record and best-ever consolidated operating
income (EBITDA) • Strong increase in international business •
Significant improvement in operating cash flow and Group liquidity •
Complete takeover of Aspera announced • Significant growth in sales
and earnings also planned in the years ahead

Möglingen, March 29, 2012 (euro adhoc) - USU Software AG (ISIN
DE000A0BVU28) successfully continued the positive growth trend of the
past few years in fiscal year 2011, with Group-wide sales rising
19.9% to EUR 45,597 thousand (2010: EUR 38,023 thousand). USU thus
exceeded its stated sales target of over EUR 43,000 thousand and
generated a new sales record for the company. In addition to the
organic growth of the Product Business segment of existing
subsidiaries USU AG, LeuTek GmbH and Omega Software GmbH as well as
new subsidiaries Aspera GmbH and USU Consulting GmbH, in which
majorities were recently acquired, the consulting-related Service
Business segment bundled within USU AG also contributed to this
successful business development.

USU achieved an above-average increase as a result of the numerous
contracts and licenses agreed the previous year in the maintenance
business, which grew by 24.8% to EUR 10,624 thousand (2010: EUR 8,514
thousand). Following a very strong 2010, the USU Group again
increased sales of actual software licenses slightly by 2.8% to EUR
5,919 thousand (2010: EUR 5,758 thousand). In terms of sales of
consulting services in the two segments Product Business and Service
Business, USU achieved an increase over the previous year of 24.7% to
EUR 26,232 thousand (2010: EUR 21,899 thousand).

The significant expansion in the international business of the USU
Group is particularly pleasing. In fiscal year 2011, USU achieved
consolidated sales of EUR 5,412 thousand (2010: EUR 3,426 thousand)
outside Germany, corresponding to an increase of 58% over the
previous year. The share of consolidated sales generated outside
Germany therefore rose from 9.0% in 2010 to 11.9% during the year
under review.

USU succeeded in increasing the consolidated operating result before
interest, taxes, depreciation and amortization (EBITDA) by 45.2% to
EUR 6,700 thousand (2010: EUR 4,614 thousand), thereby setting a new
record on the earnings side as well. This means that the Management
Board´s target for fiscal year 2011 of increasing EBITDA more
strongly than sales to at least EUR 6,000 thousand was surpassed by a
clear margin. As a result, the EBITDA margin rose from 12.1% in 2010
to 14.7% in the reporting year, in other words in the vicinity,
already, of our medium-term target margin of 15%.

Earnings before interest and taxes (EBIT) increased relative to last
year by 79.8% to EUR 4,644 thousand (2010: EUR 2,583 thousand). USU
also saw earnings before taxes (EBT) improve significantly by 66.3%
year-on-year to EUR 4,507 thousand (2010: EUR 2,710 thousand). After
taxes, the USU Group achieved an increase in net profit of 51.0%
during fiscal year 2011 to EUR 3,545 thousand (2010: EUR 2.348
thousand), corresponding to earnings per share of EUR 0.34 (2010: EUR
0.23).

As the USU Group´s IFRS consolidated earnings were influenced by
various non-recurring effects hampering the comparability of USU´s
earnings power across multiple fiscal years, the company also
calculated its "adjusted consolidated earnings" for information
purposes. This figure represents consolidated earnings after
adjustment for amotization of intangible assets capitalized as a
result of business combinations, results from the capitalization of
tax loss carryforwards, the associated goodwill amortization and
additional acquisition-related extraordinary effects including the
associated tax effects. In the 2011 reporting year, adjusted
consolidated earnings totaled EUR 5,319 thousand (2010: EUR 3,878
thousand), corresponding to adjusted earnings per share of EUR 0.50
(2010: EUR 0.39).

Partly as a result of the posted increase in earnings, the USU
Group´s cash flow from operating activities under IFRS rose from EUR
2,434 thousand in the previous year to EUR 9,429 thousand in the 2011
reporting year. Consequently, USU increased Group liquidity in the
form of cash in hand, bank balances and securities to a total of EUR
17,630 thousand (December 31, 2010: EUR 11,055 thousand). Equity rose
to EUR 49,906 thousand (December 31, 2010: EUR 48,485 thousand). With
total assets of EUR 70,050 thousand (December 31, 2010: EUR 66,884
thousand), the equity ratio was 71.2% as at December 31, 2011
(December 31, 2010: 72.5%).

The net profit of USU Software AG as an individual business,
calculated in line with the German Commercial Code, also rose
significantly during the 2011 reporting year, increasing threefold
relative to 2010 to EUR 2,076 thousand (2010: EUR 657 thousand). On
the basis of this positive business performance and against the
background of progressive growth by USU Software AG and its
subsidiaries, at the Annual General Meeting on July 18, 2012 the
Company´s Management Board and Supervisory Board will propose, in the
interests of a shareholder-friendly dividend policy and dividend
continuity, the distribution to shareholders of a dividend of EUR
0.20 per dividend-bearing share. This is the same as the previous
year and once again more than the medium-term target of 50% of
earnings. In doing so the Management Board is also pursuing the goal
of settling in cash the remaining purchase price for the announced
complete takeover of Aspera in the second quarter of 2012 without
bank liabilities or a capital increase that would dilute the holdings
of existing investors. Even after payment of the remaining purchase
price for Aspera and the dividend distribution, USU will still have
the strong financing it requires in order to make targeted
investments and purchase companies or interests in companies when
acquisition opportunities present themselves.

The Management Board also sees considerable potential for improvement
in the next few years. This is based on three main growth drivers:
strategy, internationalization and acquisitions. With its Product
Business portfolio, oriented towards knowledge-based service
management, the USU Group has focused on a promising future market
that also offers the prospect of high rates of growth in the future.
One positive indication of this is orders on hand in the USU Group,
which increased to EUR 21,501 thousand (2010: EUR 19,132 thousand) as
at December 31, 2011. The Management Board expects a surge in sales
as a result of the enhanced global market presence following the
expansion of partner activities and the targeted opening of the
Group´s own branch offices outside Germany. In addition to organic
growth, another key element of the Company´s strategy is the
expansion of Group activities through the acquisition of companies
and interests in companies. Following the recent participations in
Aspera GmbH and USU Consulting GmbH, the Company is now focusing on
the complete takeover of Aspera by exercising its existing option to
acquire the remaining 49% of Aspera shares. In this respect, the
effect on sales will be neutral due to the 100% consolidation of
Aspera in the current consolidated and separate financial statements.
In future too, the Management Board of USU Software AG will pursue
the aim of acquiring sustainably profitable growth companies,
providing that added value is generated for the USU Group.

Overall, in fiscal year 2012, the Management Board of USU Software AG
expects sales to outpace the average growth rate of the German IT
market by rising more than 4.5% to at least EUR 48 million. It also
expects to generate consolidated EBITDA of over EUR 7.2 million, thus
attaining the stated EBITDA target margin of 15% for the first time
ever. Thanks to the aforementioned growth drivers, the Management
Board remains optimistic for 2013 as well, and anticipates breaking
through the EUR 50 million barrier in terms of consolidated sales
while continuing to improve the earnings margin.

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: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
regulated dealing: Stuttgart, regulated dealing/prime standard:
Frankfurt
language: English