TELES Informationstechnologien : Quarterly Financial Statements 2024 Q1

Translation - the German version is authoritative

Quarterly Financial Statements Q1-2024 of the TELES Group

(IFRS, unaudited)

Key figures from 1 January 2024 to 31 March 2024

• Good start to 2024
• Sales Q1-2024 of EUR 16.1 million (previous year: EUR 14.7 million)
• Personnel expenses Q1-2024 of EUR 456 thousand (previous year: EUR 557 thousand)
• EBITDA Q1-2024 of EUR 141 thousand (previous year: EUR -160 thousand)

Overview of the corporate key figures of TELES Group for Q1-2024 (in accordance with IFRS, unaudited)

TELES Group	01.01.2024 -	01.01.2023 -	Change
in thousand Euro	31.03.2024	31.03.2023
Sales revenues	16,064	14,746	9%
Cost of materials	15,028	14,065	7%
Personnel expenses	456	557	-18%
Other income	118	82	45%
Other expenses	558	365	53%
Operating result/EBIT	4	-297	101%
EBITDA	141	-160	188%
Financial result	-231	-202	-14%
Result after tax from continued operations	-222	-502	56%
Result after tax from discontinued operations	0	35	-100%
Group result	-222	-467	52%

© TELES AG
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May 2024

Translation - the German version is authoritative

Interim Management Report

The year 2024 got off to a good start for TELES. The TELES Group's earnings situation improved in the first quarter of 2023 compared to the same period last year. The TELES Group achieved sales revenues of EUR 16.1 million (previous year: EUR 14.7). The gross profit rose accordingly to EUR 1.0 million (previous year: EUR 0.7 million).

Personnel expenses fell by 18% to EUR 456 thousand (previous year: EUR 557 thou-

sand). The depreciation amounted to EUR 137 thousand (previous year: EUR 138 thou-

sand). Other operating income amounted to EUR 118 thousand (previous year: EUR 82 thousand). With the increase in other operating expenses of EUR 558 thousand (previ- ous year: EUR 365 thousand), EBITDA was EUR 141 thousand (previous year: EUR -160 thousand) and the consolidated total result was EUR -222 thousand (previous year: EUR -467 thousand).

The balance sheet total of TELES increased by EUR 0.5 million compared to the end of 2023. This is due to the increase in current assets by EUR 0.6 million.

In the cash flow statement, the operating cash flow amounts to EUR -0.3 million (previ- ous year: EUR 1.2 million). The financial resources amounted to EUR 0.3 million as of March 31, 2024 (previous year: EUR 0.5 million).

© TELES AG
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May 2024

Translation - the German version is authoritative

Risk Report

All relevant risks known to us were carefully listed in the management report for the past fiscal year 2023. We ensure the company's liquidity through very conscientious planning. We continue to monitor incoming payments very closely and thereby specifically counteract payment defaults on the part of customers. Whether the sales and earnings targets are achieved depends - apart from internal company factors - on eco- nomic, political, and industry-specific developments - especially in our core market of Europe.

Forecast

For the current fiscal year, we expect a slight increase in sales for the TELES Group. Given the stable prices and therefore achievable margins, we expect a constant gross profit margin. After the sale of the telecommunications segment, we expect significantly reduced personnel expenses and significantly reduced other operating ex- penses. The financial result will fall slightly due to the current interest rate situation. Nevertheless, we expect EBIT to rise significantly for the 2024 fiscal year.

TELES AG

Sascha Knoche

Chief Executive Officer

May 2024

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May 2024

Translation - the German version is authoritative

Interim Financial Statements

Consolidated Balance Sheet (IFRS, unaudited)

TELES-Group, Berlin

Consolidated balance sheet as of March 31, 2024 (IFRS, not audited)

in thousand Euro	31.03.2024	31.12.2023
Assets
A.	Fixed assets
I.	Intangible assets	168	180
II.	Tangible assets	1,193	1,221
III. Rights of use from leases	1,849	1,953
IV. Financial assets	60	61
Total fixed assets	3,270	3,416
B.	Current assets
I.	Stocks	6,609	5,926
II.	Trade receivables and other receivables	1,208	551
III. Other assets	950	1,623
IV. Cash and cash equivalents	273	299
Total current assets	9,040	8,399
Total assets	12,310	11,815

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May 2024

Translation - the German version is authoritative

TELES-Group, Berlin

Consolidated balance sheet as of March 31, 2024 (IFRS, not audited)

in thousand Euro	31.03.2024	31.12.2023
Equity and liabilities
A.	Equity
I.	Ordinary shares	6,233	6,233
II.	Capital reserve	13,085	13,085
III.	Revenue reserves
IV.	Loss carried forward	-24,333	-21,543
V.	Profit or loss for the period	-222	-2,880
Total equity	-5,236	-5,104
B.	Non-current liabilities
I.	Long-term loans	1,063	883
II.	Long-term lease liabilities	1,500	1,659
III.	Deferred tax assets	23	36
Total non-current liabilities	2,586	2,579
C.	Current liabilities
I.	Short term loans	8,808	8,500
II.	Short term lease liabilities	417	356
III.	Trade payables	1,583	1,203
IV.	Other provisions	665	592
V.	Tax liabilities	293	293
VI.	Other liabilities	3,194	3,396
Total creditors	14,960	14,341
Total equity and liabilities	12,310	11,815

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May 2024

Translation - the German version is authoritative

Consolidated Statement of income (IFRS, unaudited)

TELES-Group, Berlin

Consolidated profit and loss account for January 01 - March 31, 2024 (IFRS, not au- dited)

TELES Group	31.03.2024	31.03.2023
in thousand Euro
Sales revenues	16,064	14,746
Cost of materials	15,028	14,065
Gross profit	1,036	681
Personnel expenses	456	557
Depreciation	137	138
of this depreciation for rights of use for Leasing	95	96
Other income	118	82
Other expenses	558	365
Operating result/EBIT	4	-297
Other interest receivable and similar income	0	8
Interest payable and similar charges	232	211
Financial income	-231	-202
Earnings before tax (EBT)	-227	-500
Taxes on income	-6	2
Earnings after taxes from continued business units	-222	-502
Earnings after taxes from discontinued operations	0	35
Total consolidated earnings	-222	-467
Number of shares	6,233,418	6,233,418
Result per share (in EURO) - undiluted	-0.04	-0.07
Result per share (in EURO) - diluted	-0.04	-0.07

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May 2024

Statement of comprehensive equity (IFRS, unaudited)

		Nominal value			Capital reserve			Revenue re-			Total Equity
		of the shares					serves
		k EUR			k EUR			k EUR			k EUR
December 31, 2022	6,233	13,085	-21,543	-2,224
Consolidated period result					-502	-502
Other result					35	35
Total consolidated result					-467	-467
March 31, 2023
6,233			13,085			-22,009			-2,691
December 31, 2023	6,233	13,085	-24,423	-5,104
Earnings after taxes from con-					-222	-222
tinuing operations
Earnings after taxes from dis-					0	0
continued operations
Other result					-222	-222
March 31, 2024	6,233	13,085	-24,645	-5,326

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May 2024

Development of the consolidated cash flow statement (IFRS, unau- dited)

TELES Group	01.01.2023 -	01.01.2024 -
in EUR	31.03.2023	31.03.2024
Cash flow from operating activities
	Net profit/loss for the fiscal year	-222	-467
+	Depreciation	137	138
+/-	Changes to provisions	73	-45
-/+	Changes to Stocks and Trade Receivables	-667	1,562
+/- Changes to Trade Payables and Other liabilities	151	-80
+	Interest expenses	232	211
+/-	Income-tax expense/income	-6	2
-	Income tax payments	19	-169
			-283	1,151
Cash flow from investing activities
-	Investments in intangible assets	-31	-63
-	Investments in fixed assets	29	-76
-	Investments in financial assets	1	66
			22	-73
Cash flow from financing activities
+	Cash received from loans	488	-1,782
-	Repayment of leasing liabilities	-112	-86
+	Interest expenses	-232	-211
			235	-2,079
Net change in cash and cash equivalents	-26	-1,001
+	Cash and cash equivalents at beginning of period	299	1,492
Cash and cash equivalents at end of period	273	491

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May 2024

Summary of Significant Financial Reporting Policies and Standards

Presentation Basis

The consolidated financial statements of TELES as of December 31, 2023, were prepared in accordance with the provisions of the guidelines of the International Accounting Standards Board (IASB) valid on the balance sheet date. The interim report as of March 31, 2024, was prepared based on the International Accounting Standard (IAS) 34 "Interim Financial Reporting". In principle, the same accounting and valuation methods are followed as in the consolidated financial statements for the 2022 fiscal year. Standards and interpretations that are mandatory from January 1, 2024, have not led to any different accounting and valuation methods.

All IAS and IFRS binding as of March 31, 2024, as well as interpretations of the International Financial Reporting Interpretations Committee (IFRIC), formerly the Standing Interpretations Committee (SIC), have been applied.

Audit Review

The interim financial statements and the interim management report were neither audited nor reviewed by the auditor.

Responsibility Statement by the Company Officers (Management)

To the best of our knowledge, we assure you that, in accordance with the applicable accounting principles for interim reporting, the interim consolidated financial statements give a true and fair view of the group's net assets, financial position and results of operations, and the interim group management report gives a true picture of the course of business including the business result and the position of the group are presented in such a way that a picture is given that corresponds to the actual circum- stances, and the main opportunities and risks of the probable development of the group in the remaining financial year are described.

© TELES AG
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May 2024