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USU Software AG reports positive business performance

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13% sales growth in Q2 2020

Adjusted earnings rise by 267% in Q2 2020

Half-year figures attest to positive growth trend

Liquidity increased by 84.3%

Level of orders breaks new record

Sales and earnings planning confirmed

In spite of the negative economic effects of the coronavirus pandemic all around the world, USU Software AG together with its subsidiaries (hereinafter also referred to as the ?USU Group? or ?USU?) posted a strong operating performance again in the second quarter of the current fiscal year 2020 after the positive first quarter. USU thus increased its consolidated sales (IFRS) by 13.0% year-on-year to EUR?25.9 million in the second quarter of 2020 (Q2 2019: EUR?22.9 million). Here, USU particularly benefited from very good domestic business, after it had mainly been international business driving growth in the first quarter.

The cost base of the USU Group increased only slightly by 6.6% year-on-year to EUR?24.3?million (Q2 2019: EUR?22.8?million). This meant that earnings improved considerably compared with the previous year. The USU Group thus increased its earnings before interest, taxes, depreciation and amortization (EBITDA) by almost a factor of six year-on-year to EUR?3.0 million in the reporting quarter (Q2 2019: EUR?0.5 million). Taking into account depreciation and amortization expense of EUR?1.3 million (Q2 2019: EUR?1.2 million), earnings before interest and taxes (EBIT) amounted to EUR?1.7 million (Q2 2019: EUR?0.2 million). This corresponds to a year-on-year increase in EBIT of 844.5%.

After interest and taxes, net profit for the period came to EUR?1.5 million after a quarterly loss of EUR?0.3 million in the previous year. This corresponds to earnings per share of EUR?0.14 (Q2 2019: EUR?-0.03). EBIT adjusted for the extraordinary effects of acquisitions (adjusted EBIT) also improved significantly by 266.9% year-on-year to EUR?1.9 million in the second quarter of 2020 (Q2 2019: EUR?0.5 million), while the adjusted net result increased from EUR?1,000 in the previous year to EUR?1.7 million. This corresponds to adjusted earnings per share of EUR?0.16 (Q2 2019: EUR?0.00).

In the first six months of fiscal 2020, the USU Group increased its consolidated sales (IFRS) by 16.1% year-on-year to EUR?52.1 million (Q1-Q2 2019: EUR?44.9 million). This positive development was driven both by domestic business, which increased by 16.1% to EUR?37.3 million (Q1-Q2 2019: EUR?32.1 million), and also by income from international markets, which rose by 15.9% to EUR?14.8 million (Q1-Q2 2019: EUR?12.8 million).

Business with software licenses declined by 6.4% year-on-year to EUR?5.8 million (Q1-Q2 2019: EUR?6.2 million) due to customers? growing preference for SaaS and the postponement of some individual orders. At the same time, maintenance and SaaS business increased to EUR?15.9?million (Q1-Q2 2019: EUR?14.0?million) as a result of higher SaaS revenue. This represents growth of 19.5% compared with the first half of 2019. Significantly higher than average growth was also posted by consulting business, which increased by 22.8% to EUR?29.6 million in the first half of the year (Q1-Q2 2019: EUR?24.7 million) thanks to new consulting projects and existing orders from the previous quarters.

The operating cost base of the USU Group increased by 9.0% year-on-year to EUR?49.1?million in the first six months of 2020 (Q1-Q2 2019: EUR?45.1?million). In addition to higher staff costs as a result of the previous year?s workforce expansion by 2.3% to 724 employees (June 30, 2019: 708), expenses also rose due to increased non-staff operating costs and amortization and depreciation.

USU?s EBITDA increased by 151.1% year-on-year to EUR?6.1?million in the first half of the year (Q1-Q2 2019: EUR?2.4?million). Adjusted for total depreciation and amortization of EUR?-2.6?million (Q1-Q2 2019: EUR?-2.4?million), USU generated EBIT of EUR?3.5?million (Q1-Q2 2019: EUR?-1,000). After interest and taxes, USU?s consolidated earnings improved to EUR?3.1 million in the first six months of 2020, after a loss of EUR?1.0 million in the first half of 2019. With an average of 10,523,770 shares outstanding, this corresponds to earnings per share of EUR?0.29 (Q1-Q2 2019: EUR?-0.09).

Adjusted EBIT increased by almost a factor of six to EUR?3.9 million in the first half of 2020 (Q1-Q2 2019: EUR?0.7 million). At the same time, USU improved its adjusted net result from EUR?-0.3 million in the previous year to EUR?3.5 million in the first six months of fiscal 2020. Accordingly, adjusted earnings per share rose to EUR?0.33 (Q1-Q2 2019: EUR?-0.03).

With an equity ratio of 57.5% (December 31, 2019: 57.6%), extensive Group liquidity of EUR?19.2 million (December 31, 2019: EUR?10.4 million) and no liabilities to banks, the USU Group still has extremely sound and secure financing, even in the coronavirus crisis.

Due to the uncertainty over the duration and development of the COVID-19 pandemic, it is not currently possible to make a reliable and realistic precise estimate of USU?s future business development. However, the Management Board anticipates sales growth and positive adjusted EBIT again in the second half of 2020 One key indicator supporting this forecast is the record level of Group-wide orders on hand, which grew to EUR?59.5 million in the reporting quarter (June 30, 2019: EUR?54.2 million). The Management Board is also confirming the USU Group?s medium-term planning, which includes average organic sales growth of 10% in the next few years and an increase in the operating margin on adjusted EBIT to between 13% and 15% by 2024.

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?-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: http://www.usu.com

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