Mensch und Maschine Software SE
Mensch und Maschine Software SE discloses half year figures

Mensch und Maschine Software SE / Half Year Results

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
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The issuer is solely responsible for the content of this announcement.
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Significant sales drop, earnings stay in the black
- Drop in Distribution, M+M Software still relatively solid
- New VAR Business segment staying on track

Wessling, July 27, 2009 - Mensch und Maschine Software SE (MUM - ISIN
DE0006580806), a CAD/CAM specialist company listed on the Prime Standard,
in the first half year 2009 achieved sales amounting to EUR 85.12 mln,
operating earnings EBITA amounting to EUR 1.93 mln and a net profit
amounting to EUR 0.64 mln, after minority shares, or 5 Cents per share. As
expected, the first half year was significantly slower than in 2008, when
sales amounting to EUR 119.59 mln, operating earnings EBITA amounting to
EUR 6.04 mln and net profit amounting to EUR 3.71 mln or 27 Cents per share
had marked a company record. The 28.8% sales reduction includes currency
effects amounting to nearly EUR 4.0 mln, in local currencies the decrease
was approx. 26 percent.

The development of individual segments varied significantly. M+M Software
sales amounting to EUR 11.30 mln were 13.8% below previous year's EUR 13.11
mln. The maintenance contract business even grew slightly, resulting in an
increase of deferred revenues to EUR 2.02 mln (Jun 30, 2008: 1.60 / Dec 31,
2008: 0.67). The new VAR Business segment continued to ramp up as planned,
already contributing EUR 15.22 mln (PY: 0.72) to group sales. The steepest
decrease to EUR 58.60 mln (PY: 105.77) was recorded in the Distribution
segment sales, as expected. This nominal 44.6% decrease adjusts to approx.
-42% 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 29.5%
in Euro and approx. 25% in local currencies.

The more 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 30.7% (PY: 24.8%). Consequently, gross margin
came in at EUR 26.09 mln, just 12.1% under the previous year's amount of
EUR 29.67 mln, with contributions of 38.9% (PY: 40.6%) from M+M Software
and 22.8% (PY: 1.5%) from VAR Business, while the Distribution segment's
share was diluted to 38.3% (PY: 57.8%).

The transition from Distribution to VAR Business in the German speaking
markets, which had been started at the beginning of this year under the
label Market Offensive, was continued by further acquisitions in Germany
and Switzerland. At June 30, 2009, already 172 of the 503 group employees
worked in this segment, and M+M has approached full area coverage in
Germany, Austria and Switzerland with 25 locations.

Total assets increased to EUR 99.24 mln (Dec 31, 2008: 84.99 / +17%)
primarily due to first time consolidations in the course of the Market
Offensive. As most of the acquisitions are done via share swaps, and two of
the the contribution in kind capital increases to create the shares were
not yet registered as of June 30, the shareholders' equity amount of EUR
28.10 mln (Dec 31, 2008: 26.40) is approx. EUR 2.0 mln too low. After
transferring this amount from current liabilities to shareholders' equity,
the capital ratio will rise from the nominal 28.3% which are actually
shown, to 30.3% (Dec 31, 2008: 31.1%).

M+M CEO and major shareholder Adi Drotleff gives a prudent outlook for the
rest of the year: 'Due to the unsettled market conditions, it is still very
difficult to give business guidance. The best possible estimate for the
second half year, if any, actually seems to be a mirroring of the first six
months, with Q3 earnings slightly above or under zero and a seasonal pick
up for the final quarter. This estimate would result in annual sales and
earnings doubled relative to the first half year (with sales amounting to
approx. EUR 170 million / EBITA amounting to approx. EUR 4 million). Taking
into account the highly unsafe economic outlook, we estimate a sales spread
between EUR 160 and 180 million, which would result in operating earnings
EBITA ranging from EUR 2 - 6 million and net earnings in the EUR 0.5 - 3.5
million range (4 to 25 Cents per share).
27.07.2009  Financial News transmitted by DGAP
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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, München, Düsseldorf, Stuttgart, Hamburg
 
End of News                                     DGAP News-Service
 
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