CENIT : 3-MonthReport2023

CENIT GROUP - AT A GLANCE

1 JANUARY TO 31 MARCH 2023 (UNAUDITED)

in EUR k

01/01 - 31/03/2023

01/01 - 31/03/2022

Change in %

Key data
Revenue		43,416		35,398	22.7
3rd party software		22,278		21,473	3.8
from licences		1,178		1,248	-5.6
from recurring		21,101		20,225	4.3
sales*
Proprietary software		3,351		3,628	-7.6
from licences		362		792	-54.3
from recurring		2,988		2,836	5.4
sales*
Consulting and ser-		17,746		10,272	72.8
vices
Merchandise		41		25	64.0

EBITDA		1,572		726	>100.0
EBIT		6		-387	>100.0
as % of sales		0.01		-1.09	>100.0
Net income		-73		-512	85.7
per share in cent
(basic and undiluted af-		-2.4		-7.1	66.2
ter minority interests)
Cash flow data
Cash flow from current		8,694		11,196	-22.4
business activities
Cash flow from		-2,189		-158	>100.0
investment activity
Cash flow from		-1,781		-749	>100.0
financing activity
Balance sheet ratios		31/03/2023		31/12/2022	Change in %
Liquid assets		24,595		19,914	23.5
Bank liabilities		-20,528		-21,353	-0.1
Total assets		137,686		127,037	8.4
Equity ratio in %		32.4		35.3	-8.2
Employees on reporting		854		861	-0.8
date
* Subscription and software maintenance contracts

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Report on assets and financial and earnings situation

Strong consulting and business services (vs. previous year: +72.8%) and growth in recurring revenue

(vs. previous year: +4.5%) define the sales performance (EUR +8,018 k/+22.7% vs. previous year) in Q1 2023

In Q1/2023, CENIT continued its growth path in line with the last quarters 2022. Total revenue grew by EUR 8,018 k (vs. previous year: +22.7%). In particular, consulting and business services, which grew by EUR 7,474 k (vs. previous year: +72.8%) compared to last year, contributed significantly to this achievement. This overperformance is due to the combined effect of the Group acquisitions and a sustain demand in our PLM segment.

In the meantime, software sales grew by EUR 542 k (vs. previous year: +2.1%). Recurring revenue grew by EUR 1,025 k, which ensures a sustainable part of CENIT revenue development.

CENITs consolidated EBIT reached in the first quarter 2023 EUR 6 k (previous year: EUR -387 k); the profitability is increasing year on year, thanks to sales development combined with costs monitoring and productivity gains.

Overview of segments

In the first three months of 2023, both segments, PLM and EIM were equally successful and were able to increase their results compared to the same quarter of the previous year. The PLM area increased segment revenues by EUR 1,952 k compared to the previous year and was able to increase segment EBIT by EUR 292 k, which resulted in a segment EBIT of EUR -381 k. Thanks to acquisitions, the EIM segment exceeded the revenues of the prior-year quarter by EUR 6,066 k and was thus also able to increase segment EBIT by EUR 101 k to EUR 387 k.

Earnings per share slightly improved by an increasing result

Earnings per share improved to Cent -2.4 (previous year: Cent -7.1) in Q1/2023, due to the improved Group result.

Continuous very solid financial strength thanks to an operating cash flow of EUR 8,694 k and cash and cash equivalents of EUR 24,595 k

In the first three months of the fiscal year, CENIT Group generated a cash flow of EUR 4,724 k (previous year: EUR 10,289 k). The change in cash flow is due to lower cash flow from operating activities (EUR -2,502 k), investments in future development of the company as well as repayment of financial and lease liabilities (EUR 1,781 k). The Group's liquidity increased by EUR 4,724 k compared to December 31, 2022 to reach cash and cash equivalent amount of EUR 24,594 k at the end of March 2023.

A constantly consolidated equity ratio of 32.4%, and a growing amount of cash and cash equivalents characterize the CENIT Group's asset position. At the same time, the consolidated balance sheet total increased by EUR 10,649 k compared to December 31, 2022.

Events after the interim report period

There were no significant events after the end of the interim reporting period on March 31, 2023.

Employees

As of the reporting date March 31, 2023, the CENIT Group had 854 employees (31/12/2022: 861).

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Report on opportunities and risks

For information on the principal opportunities and risks for the anticipated development of the CENIT Group, we refer to the relevant comments in the report on expected developments within the Group's management report for the period as of December 31, 2022.

Dividends paid or proposed for payment

At the General Meeting of Shareholders on May 17, 2023, the Managing Board and the Supervisory Board of CENIT will propose the payment of a dividend of EUR 0.50 per share for the 2022 business year. If the General Meeting approves this proposal a total amount of EUR 4,184 k will be paid to the CENIT AG shareholders.

Report on forecasts and other statements regarding anticipated development

Over the course of a year, business activity is subject to certain seasonal fluctuations. In the past, contributions to sales and earnings tended to be lowest in the first quarter and highest in the fourth quar- ter, primarily due to a traditionally strong year-end business for the software industry. Consequently, interim results have only limited value as indicators of results for the whole fiscal year.

For the current year, our outlook for the CENIT Group is to reach a revenue of around EUR 175,000-180,000 k and earnings (EBIT) of around EUR 9,000-9,500 k. This forecast does not include any acquisition effects.

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CENIT AKTIENGESELLSCHAFT, STUTTGART

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IN ACCORDANCE WITH IFRS) (UNAUDITED)

in EUR k		01/01 - 31/03/2023		01/01 -31/03/2022
REVENUE		43,416		35,398
Other operating income		330		217
OPERATING INCOME		43,746		35,615
Cost of materials		18,074		16,997
Personnel expenses		20,640		15,649
Amortisation of intangible assets and depre-		1,566		1,113
ciation of property, plant and equipment
Other operating expenses		3,388		2,228
OPERATING EXPENSES		43,668		35,987
Impairment from trade receivables		-72		-15
NET OPERATING INCOME (EBIT)		6		-387
Interest income		0		0
Interest expenses		249		35
NET PROFIT (LOSS) BEFORE TAXES (EBT)		-243		-422
Income taxes		158		-90
NET INCOME CONTINUED OPERATIONS		-85		-512
Net Income/Loss discontinued operations		12		0
NET INCOME		-73		-512
Amount attributable to CENIT AG shareholders		-202		-598
Amount attributable to non-controlling interests		129		86
Earnings per share in EUR, basic and diluted		-2.4		-7.1
Items that, under certain circumstances, will
be reclassified under the income statement
in the
future
Compensation from currency translation		-52		47
for foreign subsidiaries
Other comprehensive income after taxes		-52		47
Total comprehensive income		-125		-465
Amount attributable to CENIT AG shareholders		-254		-551
Amount attributable to non-controlling interests		129		86

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