Amadeus FiRe : Half-Year Financial Report 2021

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Amadeus FiRe AG

Half-Year

Financial Report 2021

1 January 2021 to 30 June 2021

www.amadeus-fire.de

2 Amadeus FiRe AG Half-Year Financial Report - 2021

Corporate and share figures for the Amadeus FiRe Group

Amounts stated in EUR k. Earnings per share in EUR		1st HY 2021	1st HY 2020		Change in percent
Revenue	178,352		137,433	29.8%
Operating gross profit	95,920		68,477	40.1%
Operating gross profit margin	53.8%		49.8%	-
EBITDA	40,338		25,802	56.3%
Operating EBITA*	29,537		17,387	69.9%
Operating EBITA margin	16.6%		12.7%	-
EBITA	26,120		12,435	110.1%
Profit for the period	15,492		6,965	122.4%
thereof attributable to non-controlling interests	182		65	180.0%
thereof attributable to equity holders of the parent	15,310		6,900	121.9%
Earnings per share	2.68		1.33	101.5%
Free Cashflow	30,002		19,899	50.8%
Leverage ratio	1.8		3.7	-

*) Profit from operations before goodwill impairment and amortization of intangible assets from the purchase price allocation (operating EBITA)

3 Amadeus FiRe AG Half-Year Financial Report - 2021

Contents

1. Interim Group management report

Economic report . . .	. . . . . . . . . . . . .	. 4 . . . . . . . . . . .
Risks and opportunities	. . . . . . . . . . . . . . .	.13 . . . . . .
Forecast . . . . . . . . . . . .	. . . . . . . . . . . . . .14 . . . . . . . .

1. Half-yearconsolidated financial statements

Consolidated income statement . . . . . . . . . . . . 16. . . .

Consolidated statement of comprehensive income . .17 Consolidated statement of financial position . . . . .18. Consolidated statement of cash flows . . . . . . . 19. . . .

Consolidated statement of changes in equity . . . . .20. Notes to the half-year consolidated

financial statements . . . . . . . . . . . . . . . . . . 21. . . . . . .

1. Other information

Responsibility statement . . . . . . . . . . . . . . 25. . . . . . .

Multi-year overview . . . . . . . . . . . . . . .26. . . . . . . . .

Introduction

The half-year financial report of Amadeus FiRe AG satisfies the requirements of the applicable provisions of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act and, in accordance with section 115 WpHG, comprises condensed half-year financial statements, an interim Group management report and a responsibility statement..

The consolidated half-year financial report has been prepared in accordance with the applicable IFRS provisions on interim reporting, as published by the IASB and effective in the EU..

The half-year financial report should be read in conjunction with our annual report for the 2020 financial year.. It contains a detailed presentation of our business activities and information on the financial figures used..

4 Amadeus FiRe AG Half-Year Financial Report - 2021

A Interim Group management report

Economic report

General economic and industry conditions

While 2021 began the year with economic performance down on account of the pandemic, it is now gathering momentum again.. Across the whole of Germany, the seven-day incidence rates of new coronavirus infections have fallen - by more than two thirds - as against the first quarter of 2021.. In conjunction with the significant progress made in the vaccination campaign, restrictions put in place to curb the coronavirus are gradually being eased..

The German Ministry for Economic Affairs and Energy is forecasting a year-on-year increase in gross domestic product (GDP) of 3 percent (adjusted for inflation) for the current financial year.. While GDP had grown by 0..6 percent in 2019, pandemic-gripped 2020 had ended with a strong recession, which was reflected in a gross domestic product of -5..0 percent..

Unemployment declined significantly in May 2021 compared with the previous month.. While there is a positive trend looking at the values for the individual months, the level is unchanged at 6..0 percent after adjusting for seasonal effects.. However, long-term unemployment stopped rising in May 2021 for the first time since March 2020, remaining flat at a relatively highly level of approximately 1..1 million people - a figure last seen in 2016..

The growing number of people in employment month-on-month, in combination with a rise in job offers, point to the recovery of the labour market.. The manufacturing sector in particular is assumed to be especially willing to hire new staff..

In line with unemployment, there has also been marked decline in reduced working hours across all sectors.. According to the ifo Institute's estimates, 2..3 million people were working reduced hours in May..

General conditions for personnel services

According to the German Federal Employment Agency's latest trend report for the first four months of 2021, the temporary staffing market was in decline for the first time in more than three years, with a turnaround to a positive trend in the number of employees paying social insurance contributions in the temporary employment field..

Under the wage agreement in the temporary staffing sector in place until the end of 2022, collectively agreed wages for temporary staff rose by 3..0 percent as at 1 April 2021.. No further adjustments are planned in 2021.. The scope of collectively agreed wages was expanded to the whole of Germany on 1 April 2021.. The previous pay differences between east and west no longer exist..

The labour market is showing clear signs of recovery thanks to the steady progress in vaccination campaigns and the associated easing of restrictions on public life.. The German Federal Employment Agency's BA-X jobs index, an indicator for demand for labour, was at 114 points in June 2021, up by five points on May 2021.. Precisely this figure was last seen in March 2020, before the effects of the pandemic restrictions on the labour market became apparent.. The ifo employment barometer, an indicator of German companies' willingness to hire, rose sharply by 3..5 points to 103..7 in June 2021 after 100..2 points in May 2021.. The employment barometer has been climbing steadily since the start of the year..

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General conditions for training

The market for state-subsidised training generally develops in parallel with unemployment and has potentially grown as unemployment figures have risen over the course of the coronavirus pandemic.. The delay observed in the previous quarters in meeting demand by issuing training vouchers has improved in procedural terms, but has not yet returned to the pre-pandemic level.. The growing number of customers interested and eligible for subsidies was not yet reflected in the volume of subsidies by payers in the first half of the year.. The number of people entering state-subsidised training is therefore 15 percent below the 2019 level, and the second quarter of 2021 is only 9 percent down on the same quarter of 2019.. However, the total budget for state-subsidised professional training corresponds to that of the previous year.. This still indicates delays in spending despite increased unemployment..

Corporate customers' willingness to provide training declined significantly due to the high cost pressure resulting from the first lockdown in March 2020.. Only slight improvements in the demand situation can be seen here to date.. However, this should change as the vaccination rate increases and public life therefore starts returning to normal..

By contrast, demand from private individuals for further professional qualifications has not been negatively affected by the coronavirus pandemic.. The digitisation of teaching has led to better access and thus generally more demand as well.. Almost all training was held in virtual form in the first half of the year..