DGAP-Adhoc: Mensch und Maschine Software SE discloses quarterly figures

Mensch und Maschine Software SE / Quarter Results

27.04.2009 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Q1/2009: Significant sales drop, earnings stay in the black
- Drop primarily in Distribution, M+M Software relatively strong
- New VAR Business segment developing absolutely as planned

Wessling, April 27, 2009 - Mensch und Maschine Software SE (MUM - ISIN
DE0006580806), a CAD/CAM specialist company listed on the Prime Standard,
in Q1/2009 achieved sales amounting to EUR 48.96 mln, operating earnings
EBIT amounting to EUR 1.44 mln and a net profit amounting to EUR 0.77 mln,
after minority shares, or 6 Cents per share.

As expected, the quarter was significantly slower than in the previous
year, when sales amounting to EUR 66.99 mln, operating earnings EBIT
amounting to EUR 3.88 mln and net profit amounting to EUR 2.68 mln or 20
Cents per share had marked a record quarter. The 28.4% sales reduction
includes currency effects amounting to nearly EUR 2.5 mln, in local
currencies the decrease was approx. 25 percent.

The development of individual segments varied significantly. M+M Software
sales amounting to EUR 6.07 mln were just 5% below previous year's EUR 6.38
mln. The maintenance contract business even grew slightly, resulting in an
increase of deferred revenues to EUR 3.42 mln (Mar 31, 2008: 3.26 / Dec 31,
2008: 0.67).

The new VAR Business segment ramped up absolutely as planned, already
contributing EUR 7.93 mln (PY: 0.28) to group sales. The steepest decrease
to EUR 33.96 mln (PY: 60.32) was recorded in Distribution segment sales, as
expected. This nominal 43.7% decrease adjusts to approx. -41% in local
currencies.

It should be taken into account, however, that the transition to VAR
business in the German speaking countries accordingly reduced sales in
Distribution. Viewing only the subsidiaries in the rest of Europe, which
are not affected by this transition, the reduction is 31.8% in Euro and
approx. 27% in local currencies.

The positive development of the high margin segments M+M Software and VAR
Business, cannibalizing the lower margin Distribution led to an increase of
gross yield to 28.9% (PY: 23.0%). Consequently, gross margin came in at EUR
13.86 mln, just 9.9% under the previous year's amount of EUR 15.38 mln,
with contributions of 39.9% (PY: 38.0%) from M+M Software and 19.1% (PY:
1.2%) from VAR Business, while the Distribution segment's share was diluted
to 41.1% (PY: 60.8%).

Due to the rapid development of the new VAR Business segment, M+M is
shifting the architectural software area to direct sales earlier than
estimated, handing over Distribution for German speaking markets, which was
scheduled for Jan 31, 2010, to another Distributor effective April 30,
2009. Thus the transition phase is completed after only one quarter.

Total assets increased to EUR 94.37 mln (Dec 31, 2008: 84.99 / +11%)
primarily due to first time consolidations in the course of the Market
Offensive. As most of the acquisitions are done via share swaps, and the
contribution in kind capital increases to create the shares have to be
executed in Q2 due to technical reasons, the shareholders' equity amount of
EUR 27.26 mln (Dec 31, 2008: 26.40) is approx. EUR 3.5 mln too low. After
transferring this amount from current liabilities to shareholders' equity,
the capital ratio will rise from the nominal 28.9% which are actually
shown, to 32.6% (Dec 31, 2008: 31.1%).

M+M CEO and major shareholder Adi Drotleff, keeps his forecast for the rest
of the year: 'While we anticipate a slower Q2 due to the in-process
transition to the VAR business, we can imagine sales and earnings increases
to pick up during the second half of 2009, because by then our VAR business
will be running, and impact from the public economic programs should fully
unfold. So in the very best case, 2009 could see a quarterly seasonality
mirrored to 2008 with a strong Q4 and to come in on previous year's sales
level. In the worst case of a deep and long recession, up to 20% sales
decrease compared to 2008 is also conceivable. All in all, 2009 sales could
range between EUR 180 and 220 million. For operating earnings EBIT, the Q1
figures actually make us believe that we will land in somewhere in the
middle between a black zero and previous year's EUR 10 million.'
DGAP 27.04.2009 
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Language:     English
Issuer:       Mensch und Maschine Software SE
              Argelsrieder Feld 5
              82234 Wessling
              Deutschland
Phone:        +49 (0)815 3933-0
Fax:          +49 (0)815 3933-100
E-mail:       investor-relations@mum.de
Internet:     www.mum.de
ISIN:         DE0006580806
WKN:          658 080
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Stuttgart, München, Hamburg, Düsseldorf
End of News                                     DGAP News-Service
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