CENIT : Quarterly statement Q1 | 2024

	CENIT GROUP - AT A GLANCE
	1 JANUARY TO 31 MARCH 2024 (UNAUDITED)
in EUR k		01/01 - 31/03/2024			01/01 - 31/03/2023	Change in %
Key data
Revenue		50,545			43,416	16.4
3rd party software		26,188			22,278	17.6
	from licences		2,137			1,178	81.4
	from recurring		24,051			21,101	14.0
	sales*
	Proprietary soft-		4,472			3,351	33.5
	ware
	from licences		1.157			362	>100.0
	from recurring		3,315			2,988	10.9
	sales*
	Consulting and ser-		19,856			17,746	11.9
	vices
	Merchandise		29			41	-29.3
EBITDA		3,146			1,572	>100.0
EBIT		1,239			6	>100.0
as % of sales		2.45			0.01	>100.0
Net income		162			-73	>100.0
per share in cent
(basic and undiluted af-		0.3			-2.4	>100.0
ter minority interests)
Cash flow data
Cash flow from current		12,537			8,694	44.2
business activities
Cash flow from		-883			-2,189	59.7
investment activity
Cash flow from		-2,357			-1,781	-32.3
financing activity
Balance sheet ratios		31/03/2024			31/12/2023	Change in %
Liquid assets		33,620			24,341	38.1
Net liquidity / Net debt		-14,544			-25,031	41.9
Total assets		165,518			153,615	7.7
Equity ratio in %		27.3			29.3	-6.8
Employees on repor-		918			893	2.8
ting date
* Subscription and software maintenance contracts
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Report on assets and financial and earnings situation

Solid growth in all business fields ensures positive revenue development (vs. previous year: EUR +7,129 k/ +16.4%) in the first quarter of 2024

In the first quarter 2024, CENIT continued its growth path. Revenue increased by EUR 7,129 k (+16.4%). The largest share of this development was attributable to revenue from 3rd party software, which increased by EUR 3,910 k to EUR 26,188 k. This development was particularly driven by an increase in the sale of licenses by 81.4%. Revenue from proprietary software also recorded strong growth of 33.5%, with the license business making a particular contribution. An 11.9% increase in consulting and service to EUR 19,856 k completes this positive development. At EUR 1,239 k, Group EBIT in the first quarter of 2024 was significantly higher than in 2023 (previous year: EUR 6 k).

Overview of segments

In the first three months of 2024, both the PLM and EIM segments increased their revenue and EBIT compared to the same quarter of the previous year. The EIM segment recorded an increase of EUR 862 k to EUR 10,179 k, while the PLM segment increased its revenue by EUR 6,267 k to EUR 40,367 k. This resulted in a segment EBIT for EIM of EUR 479 k (previous year: EUR 387 k), which corresponds to an increase of 23.8%. The PLM segment achieved an EBIT of EUR 760 k (previous year: EUR -381 k) and thus achieved a clearly positive result, in comparison to 2023.

Earnings per share slightly improved by an increasing result

Earnings per share improved to Cent 0.3 (previous year: Cent -2.4) in Q1/2024, due to the improved Group result.

Continuous very solid financial strength thanks to an operating cash flow of EUR 14.167 k and cash and cash equivalents of EUR 33.620 k

In the first three months of the fiscal year, the CENIT Group generated a cash flow of EUR 9,297 k (previous year: EUR 4,724 k).

This significant change compared to the prior year is mainly due to a strong increase in cash flow from operating activities to EUR 12,537 k (prior year: +44.2%). In addition, liquidity increased by EUR 9,025 k compared to December 31, 2023 and amounted to EUR 33,620 k as of March 31, 2024.

A strong Group equity ratio of 27.3% and growing cash and cash equivalents (EUR 33,620 k vs. Decem- ber 31, 2023: +38.1%) characterize the financial position of the CENIT Group. The consolidated balance sheet total increased by EUR +11,903 k compared to December 31, 2023.

Events after the interim report period

There were no significant events after the end of the interim reporting period on March 31, 2024.

Employees

As of the reporting date March 31, 2024, the CENIT Group had 918 employees (31/12/2023: 893).

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, 2023.

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Dividends paid or proposed for payment

At the General Meeting of Shareholders on June 6, 2024, the Management Board and the Supervisory Board of CENIT will propose the payment of a dividend of EUR 0.04 per share for the 2023 business year. If the General Meeting approves this proposal a total amount of EUR 335 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 195,000 - 202,000 k and earnings (EBIT) of around EUR 11,700 - 12,200 k. Given the current challenging geopolitical situation, these forecasts are based on the assumption that there will be no significant negative economic impact on our industry and our main customer segments. 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 - 31/03/2024		01/01 -31/03/2023
REVENUE		50,545		43,416
Other income		250		330
OPERATING PERFORMANCE		50,795		43,746
Cost of materials		21,443		18,074
Personnel expenses		22,100		20,640
Amortisation of intangible assets and depreciation of		1,907		1,566
property, plant and equipment
Other expenses		4,019		3,388
TOTAL EXPENSES		49,469		43,668
Valuation allowance on trade receivables		-88		-72
NET OPERATING INCOME (EBIT)		1,239		6
Other interest and similar income		76		0
Interest and similar expenses		627		249
Financial instruments at fair value through profit or
loss
NET PROFIT OR LOSS BEFORE TAXES (EBT)		687		-243
Income taxes		525		-158
NET PROFIT OR LOSS FROM CONTINUED OPERATIONS		162		-85
Net Income/Loss discontinued operations		0		12
NET INCOME		162		-73
thereof attributable to shareholders of CENIT		27		-202
thereof attributable to non-controlling interests		135		129
Earnings per share in cent, basic and diluted		0.3		-2.4
Items that, under certain circumstances, will be re-
classified under the income statement in the
future
Compensation from currency translation for for-		-21		-52
eign subsidiaries
Other comprehensive income after taxes		-21		-52
Total comprehensive income		141		-125
thereof attributable to shareholders of CENIT		6		-254
thereof attributable to non-controlling interests		135		129

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CENIT AKTIENGESELLSCHAFT, STUTTGART

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IN ACCORDANCE WITH IFRS) (UNAUDITED)

in EUR k	31/03/2024	31/12/2023
ASSETS
NON-CURRENT ASSETS
Intangible assets	47,008	47,605
Property, plant and equipment	13,384	12,988
Investments recognized to equity	58	58
Other financial assets	9,821	8,216
Deferred tax assets	875	788
NON-CURRENT ASSETS, total	71,146	69,655

CURRENT ASSETS
Inventories		82		70
Trade receivables		32,695		35,428
Receivables from investments recognized to		3,576		4,307
equity
Contract assets		2,092		1,029
Current tax assets		4,742		3,563
Other receivables		402		1,433
Cash and cash equivalents		33,620		24,341
Other financial assets		17,163		13,789
CURRENT ASSETS, total		94,372		83,960

TOTAL ASSETS

165,518

153,615

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CENIT AKTIENGESELLSCHAFT, STUTTGART

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IN ACCORDANCE WITH IFRS) (UNAUDITED)

in EUR k

LIABILITIES

31/03/2024

31/12/2023

EQUITY

Subscribed capital	8,368
Capital reserves	1,058
Currency translation reserve	1,417
Legal reserve	418
Other revenue reserves	12,936
Profit carryforward	18,117
Net income of the Group	27
Equity attributable to shareholders in the parent company	42,341
Non-controlling interests	2,803
EQUITY, total	45,144
NON-CURRENT LIABILITIES
Other liabilities	761
Pension obligation	854
Non-current liabilities to banks	36,102
Non-current lease liability	7,616
Ohter finacial liabilities	2,979
Deferred tax liabilities	3,121
NON-CURRENT LIABILITIES, total	51,433
CURRENT LIABILITIES
Current liabilities to banks	3
Trade payables	7,768
Liabilities to investments recognized to equity	0
Other liabilities	17,670
Current lease liabilities	3,589
Current income tax liabilities	1,438
Other provisions	170
Contract liabilities	38,303
CURRENT LIABILITIES, total	68,941

8,368

1,058

1,438

418

12,936

13,621

4,496

42,335

2,668

45,003

755

855

37,406

7,455

2,979

3,264

52,714

3

13,201

27

15,787

3,654

1,183

152

21,891

55,898

TOTAL ASSETS

165.518

153,615

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CENIT AKTIENGESELLSCHAFT, STUTTGART CONSOLIDATED STATEMENT OF CASH FLOWS (IN ACCORDANCE WITH IFRS) (UNAUDITED)

in EUR k		01/01 -		01/01 -
		31/03/2024		31/03/2023
Cash flow from operating activities
Net income		162		-73
Depreciation of fixed assets		1,907		1,566
Interest income and expenses		551		249
Tax expenses		525		-158
Increase in other non-current assets		181		1,147
Increase in other non-current liabilities and reserves		-1,351		-11
Change in working capital		11,897		6,654
Interest paid		-563		-201
Interest received		76		0
Income taxes paid		-848		-478
CASH FLOW FROM CURRENT BUSINESS ACTIVITIES		12,537		8,694
Payments for investments in property, plant and equipment and intangible		-222		-457
assets
Payments for purchase of shares in fully consolidated entities (net cash out-		-661		-1,732
flow)
CASH FLOW FROM INVESTMENT ACTIVITIES		-883		-2,189
Lease liability payments		-1,053		-956
Repayment of financial liabilities		-1,304		-825
CASH FLOW FROM FINANCING ACTIVITIES		-2,357		-1,781
CHANGES IN CASH AND CASH EQUIVALENTS		9,322		4,724
Change in cash and cash equivalents due to foreign exchange differences		-43		-43
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE REPORTING PERIOD		24,341		19,914
CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD		33,620		24,595

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CENIT AKTIENGESELLSCHAFT, STUTTGART

STATEMENT OF CHANGES IN EQUITY (IN ACCORDANCE WITH IFRS) (UNAUDITED)

		Equity attributable to shareholders in the parent company
in EUR k	Subscribed	Capital	Currency	Revenue reserves	Profit	Net in-	Non-control-		Total
	capital	reserves	translation	Legal	Other	carried	come	ling interests
			reserve	reserve	reserves	forward
On 01/01/2023	8,368	1,058	1,397	418	13,787	11,522	6,283	1,950		44,783
Reclassification of net
income of the Group from						6,283	-6,283
prior year
Total comprehensive			41		-851		4,496	493		4,179
income
Addition to basis of								693		693
consolidation
Dividends paid to minority								-468		-468
interests
Dividend distribution						-4,184				-4,184
On 31/12/2023	8,368	1,058	1,438	418	12,936	13,621	4,496	2,668		45,003
Reclassification of Group
net income from prior						4,496	-4,496
year
Total comprehensive			-21				27	135		141
income
On 31/03/2024	8,368	1,058	1,417	418	12,936	18,117	27	2,803		45,144

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