Mensch und Maschine Software SE presenting Q1 report 2021
Pleasantly strong start to the year 2021
New quarterly records for EBIT and Cashflow
Growth targets for 2021 well underlined
Wessling, April 21, 2021 - Mensch und Maschine Software SE (MUM - ISIN DE0006580806), a CAD/CAM specialist company, had a pleasantly strong start to the year 2021: While sales as expected remained below the all-time record of the last pre-Corona quarter Q1/2020, EBIT and cash flows already saw new records due to good margin strength and high cost discipline.
Sales amounted to EUR 72.34 mln (PY: 78.63 / -8.0%), with EUR 22.03 mln (PY: 20.48 / +7.6%) from Software and EUR 50.31 mln (PY: 58.15 / -13.5%) from the VAR Business. Thanks to a 50.8% (PY: 47.4%) yield, gross profit at EUR 36.77 mln (PY: 37.29 / -1.4%) came in just slightly under previous year, with EUR 19.78 mln (PY: 18.71 / +5.7%) from Software segment and EUR 16.99 mln (PY: 18.58 / -8.6%) from VAR Business.
Operating profit EBIT slightly exceeded the previous year's record at EUR 11.16 mln (PY: 11.08 / +0.7%), marking the highest ever quarterly EBIT. Software achieved EUR 6.42 mln (PY: 5.47 / +17%), VAR Business EUR 4.74 mln (PY: 5.61 / -16%).
Net profit after minority shares amounted to EUR 6.64 mln (PY: 6.67 / -0.5%), or 39.4 Cents (PY: 39.8) per share. Operating cash flows continued to soar, rushing to a new record EUR 16.59 mln (PY: 13.64 / +22%) or 99 Cents (PY: 81) per share.
For M+M Chairman Adi Drotleff the 2021 growth targets are well underlined: 'After the pleasing start we expect continued margin strength on a moderate cost base in the further course of the year, which should lead to significant growth compared to the quarters Q2-Q4 in the previous year which had been retarded by Corona effects. Therefore we expect gross profit to grow by +5-8% to EUR 135-138 mln in the full year 2021 and aim for a disproportionate net profit increase by +12-21% to 125-135 Cents per share. Assuming we achieve this target we plan to increase the dividend to 115-120 Cents, while in the annual shareholders' meeting on May 11, 2021, the dividend proposal for fiscal year 2020 will be 100 Cents (PY: 85).'