Pleasant year start enabled new profit record - Operating cash flows also on record level - Growth targets for 2017 clearly underlined Wessling, April 24, 2017 - Mensch und Maschine Software SE (MUM - ISIN DE0006580806), a CAD/CAM specialist company, had a very pleasant new year 2017 start: Double digit growth of M+M's proprietary software and services more than compensated the foreseeable decrease of Autodesk software sales and enabled new profit records. Group sales decreased to EUR 45.47 mln (PY: 50.37 / -9.7%) as expected, with double digit growth of M+M Software to EUR 12.83 mln (PY: 11.52 / +11%), while VAR Business came in significantly lower than in the previous year at EUR 32.64 mln (PY: 38.85 / -16%) as anticipated. Group gross margin however increased to EUR 24.98 mln (PY: 24.60 / +1.5%) because the Software growth to EUR 12.56 mln (PY: 11.13 / +13%) was slightly higher than the VAR Business drop to EUR 12.42 mln (PY: 13.47 / -7.8%). All in all, gross margin from M+M's proprietary software and services grew by 16.1%, while gross margin from the resale of Autodesk software dropped by 32% to EUR 4.96 mln as anticipated, because in Q1/2016 an extraordinary EUR 7.35 mln gross margin had been achieved in advance of the transition to a rental model. Instead of an expected decrease of up to 10%, operating profit EBITDA before depreciation, amortization, interest and taxes grew to a record EUR 5.42 mln (PY: 5.28 / +2.7%), with EUR 3.54 mln (PY: 2.92 / +21%) contribution from Software and EUR 1.87 mln (PY: 2.36 / -21%) from the VAR Business. Due to lower depreciation, amortization and finance cost, net profit after minority shares soared by 17% to EUR 2.57 mln (PY: 2.20), or 16 Cents (PY: 13.5) per share. The net profit calculation is based on an expected 35% tax rate for 2017, while the previous year was restated to the actual 36.8% annual tax rate. Operating cash flows came in at a new record level at EUR 7.70 mln (PY: 6.14). M+M CEO Adi Drotleff is optimistic for the further course of the year: 'Our EBITDA target range of EUR 17.5 to 18.5 mln (PY: 15.76 / +11% to +17%), given in the annual report 2016, is clearly underlined by the start of 2017, particularly as the most difficult quarterly comparison was Q1/2016 due to the positive sale impact in advance of the Autodesk transition to a rental model last year. Net profit is expected to come in between EUR 8.5 to 9.3 mln (PY: EUR 6.59 mln / +29% to +41%), EPS 52-57 Cents (PY: 40). Assuming we achieve these targets we plan to increase the dividend to 45-50 Cents, while in the annual shareholders' meeting on May 10, 2017, the dividend proposal for fiscal year 2016 will be 35 Cents (PY: 25).'
24.04.2017 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
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: email@example.com 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 (Scale) in Frankfurt End of News DGAP News Service