INDUS Holding AG

Quarterly Report • May 23, 2019

INTERIM REPORT Q1 2019

INDUS HOLDING AG

HIGHLIGHTS CONTENTS

in EUR million	Q1 2019	Q1 2018
Sales	437.6	408.2
EBITDA	54.9	51.9
EBIT	33.6	35.5
EBIT margin (in %)	7.7	8.7
Group net income for the year (earnings after taxes)	19.9	20.0
Operating cash flow	-15.2	-31.9
Cash flow from operating activities	-17.5	-38.7
Cash flow from investing activities	-18.3	-14.5
Cash flow from financing activities	21.6	11.3
	MAR. 31, 2019	DEC. 31, 2018
Total assets	1,839.0	1,720.0
Equity	728.8	709.8
Equity ratio in %	39.6	41.3
Net debt	600.5	482.8
Cash and cash equivalents	95.9	109.6
Investments		45

— Sales plus 7.2%, strong organic growth

— Highly profitable Construction/Infrastructure segment exceeds expectations

— Significant decline in call-off figures increases pressure on automotive series production suppliers

SHARE PRICE PERFORMANCE OF THE INDUS SHARE JANUARY TO APRIL 2019 EXCL. DIVIDENDS (indexed, in %)

LETTER TO THE SHAREHOLDERS

DEAR SHAREHOLDERS,

The INDUS Group companies once again achieved a considerable increase in sales over the last quarter. In spite of negative growth forecasts, the portfolio companies were able to make the most of an economic environment that remained encouraging by and large. This does not, however, apply to automotive series production suppliers: A drop in sales due to market-related factors had a negative impact on the Automotive Technology segment and increased the pressure on margins even more.

In the first three months of 2019, Group sales rose by an encouraging 7.2% to total EUR 437.6 million. Organic growth of 6.7% bears testimony to the strength of the existing portfolio. Companies in the Construction/Infrastructure and Engineering segments made a particular contribution to this increase in sales. At the same time, two out of the three major series suppliers in the Automotive Technology segment were faced with declining sales – the changes within the automotive industry are only exacerbating the overall environment for series suppliers.

All in all, the Group generated operating income (EBIT) that was down slightly on the previous year's figure to EUR 33.6 million. At 7.7%, the EBIT margin was one percentage point lower than in the comparison period.

Distinctions need to be made between developments in the individual segments: the difficult situation faced by series suppliers in the Automotive Technology segment is countered by sustained high demand in the Construction/Infrastructure segment. Companies in this segment achieved record results with regard to both sales and earnings. Portfolio companies in the Engineering segment increased their sales growth of 23% with solid earnings margins. Although these rates of growth are unlikely to continue as the financial year progresses: the order situation for plant engineering manufacturers, in particular, is positive. Income in the Medical Engineering/Life Science segment remained stable with a slight increase in sales. In addition to more stringent regulatory requirements, other limiting factors included wage cost increases in foreign locations. It has not yet been possible to compensate for these effects in a number of highly competitive product groups. Although the Metals Technology segment is still being hit by higher materials prices, it is on track overall.

Given the forecasts of an economic slowdown, the competition is set to become more intense for our portfolio companies. This situation is additionally exacerbated by latent

Bergisch Gladbach, May 2019

political risks such as the trade dispute and Brexit. This gives us all the more reason to systematically push ahead with, and expand, the measures to promote operational excellence that have been launched as part of our PARKOUR strategy program. Whether it be a makeover of shop floor management, the optimization of warehouse logistics or the expansion of the sales organization – we work hand-in-hand with the managing directors to identify the potential for improvement in our portfolio companies' added-value core processes in a targeted manner. INDUS provides active on-site support to entrepreneurs, helping them to put the best possible processes in place in areas ranging from product development to order placement and order processing. In the Automotive and Metals Technology segments, we are also aiming to successfully implement the ongoing repositioning projects as planned. The problems faced by one automotive series supplier, which arose at the end of 2018, pose a particular challenge for us.

We are sticking to our sales forecasts for 2019 as a whole, and plan to achieve an increase to a figure of between EUR 1.72 billion and EUR 1.77 billion. In this respect, we are encouraged by the positive developments in four out of five segments. In the Automotive Technology segment – as can be seen from the drop of up to 15% in call-off figures at series suppliers in the course of the first quarter – the problems are sadly expected to become more pronounced. In an unstable environment, it is virtually impossible to arrive at reliable forecasts for this area. In light of the above, the objective of achieving an operating income figure (EBIT) at the lower end of the range of EUR 156 million to EUR 162 million would appear very ambitious as things stand at the moment.

We are insistently working on making the right acquisitions to strengthen the portfolio structure. By way of example, we believe that the automation, measuring technology and control engineering segment, an area hailed as one of our growth industries, offers further growth potential.

Dr. Johannes Schmidt Dr. Jörn Großmann Axel Meyer Rudolf Weichert

INTERIM MANAGEMENT REPORT

PERFORMANCE OF THE INDUS GROUP IN THE FIRST THREE MONTHS OF 2019

INDUS HOLDING AG CONSOLIDATED STATEMENT OF INCOME				(in EUR million)
				DIFFERENCE
	Q1 2019	Q1 2018	ABSOLUTE	IN %
Sales	437.6	408.2	29.4	7.2
Other operating income	2.8	2.7	0.1	3.7
Own work capitalized	6.4	1.1	5.3	>100
Change in inventories	6.5	19.0	-12.5	-65.8
Overall performance	453.3	431.0	22.3	5.2
Cost of materials	-216.2	-197.9	-18.3	-9.2
Personnel expenses	-129.8	-124.4	-5.4	-4.3
Other operating expenses	-52.4	-56.8	4.4	7.7
EBITDA	54.9	51.9	3.0	5.8
Depreciation/amortization	-21.3	-16.4	-4.9	-29.9
Operating income (EBIT)	33.6	35.5	-1.9	-5.4
Financial income	-3.5	-5.2	1.7	32.7
Earnings before taxes (EBT)	30.1	30.3	-0.2	-0.7
Taxes	-10.2	-10.3	0.1	1.0
Earnings after taxes	19.9	20.0	-0.1	-0.5
of which attributable to non-controlling shareholders	0.1	0.1	0.0	0.0
of which attributable to INDUS shareholders	19.8	19.9	-0.1	-0.5

In the first three months of 2019, the INDUS Group increased its sales considerably. Operating income (EBIT) was down slightly on the same period of the previous year, in particular due to a drop in call-off figures and a lower EBIT margin in the Automotive Technology segment.

HIGHER GROWTH IN SALES

In the first quarter of 2019, the INDUS portfolio companies increased their sales by EUR 29.4 million (7.2%) to EUR 437.6 million, as they benefited from an economic environ-ment that remained very encouraging by and large. The Automotive Technology segment was the only area in which sales declined, a trend that was consistent with the market situation in that sector. The organic increase in sales achieved by the INDUS Group came to 6.7% and is largely attributable to the Construction/Infrastructure and Engineering segments.

The cost-of-materials ratio increased from 48.5% to 49.4%. This was due to higher purchase prices, particularly for raw materials (metals), which the INDUS Group was unable to pass on to customers. The personnel expense ratio dipped slightly from 30.5% to 29.7%.

Depreciation and amortization increased by 29.9% to EUR 21.3 million in total. The increase is mainly due to the new lease accounting rule IFRS 16 and, to a lesser ex-tent, to the increase in investments in fixed assets in recent years. Other operating ex-penses fell due to the new lease accounting rules, mirroring the increase in depreciation/amortization.

SLIGHT DROP IN INCOME

At EUR 33.6 million, operating income (EBIT) was 5.4% below the previous year's level (EUR 1.9 million). The EBIT margin came in at 7.7% (previous year: 8.7%). The reduction is due, in particular, to the Au-tomotive Technology segment, where EBIT fell by EUR 2.1 million.

The newly presented financial income includes net interest, income from portfolio companies measured according to the equity method and other financial income. The valuations of the interest rate swaps and minority interests are reported within "other financial income". Financial income fell by EUR 1.7 million in total, due in particular to the valuation of minority interests.

At EUR 30.1 million, earnings before taxes (EBT) was only just shy of the previous year's figure (EUR 30.3 million). Tax expenses came to EUR 10.2 million as against EUR 10.3 million in the previous year, pushing the tax ratio down slightly from 34.0% in the previous year to 33.9%. Before the interests attributable to non-controlling shareholders were deducted, net income for the period had fallen by EUR -0.1 million, to EUR 19.9 million (previous year: EUR 20.0 million). Earnings per share remained constant at EUR 0.81.

During the first three months of 2019, the INDUS Group companies employed on average 10,668 employees (previous year: 10,529 employees).

SEGMENT REPORTING

INDUS Holding AG divides its investment portfolio into five segments: Construction/Infrastructure, Automotive Technology, Engineering, Medical Engineering/Life Science and Metals Technology. As of March 31, 2019, our investment portfolio encompassed 45 operating units.

CONSTRUCTION/INFRASTRUCTURE

GROWTH OF SALES AND EARNINGS

Segment sales in the Construction/Infrastructure segment increased by EUR 9.7 million (12.6%) as against the same period of the previous year to EUR 86.6 million. The organic growth in sales came to 9.6% and was predominantly attributable to "air-conditioning devices".

Operating income increased disproportionately to sales, namely by 26.6% to EUR 10.0 million (previous year: EUR 7.9 million). At 11.5%, the EBIT margin reached a very encouraging value for the first quarter. It outstripped the solid margin seen in the previous year (10.3%) by 1.2 percentage points. The improved segment earnings were due not only to the excellent results achieved with "air-conditioning devices", but also to the earnings contribution made by the provider of air-conditioning devices acquired in the previous year, and to the results achieved by other existing portfolio companies.

All in all, the encouraging development seen in the Construction/Infrastructure segment is slightly ahead of expectations. The shortage of skilled workers, however, remains a restrictive factor on growth.

The investments made in the segment related exclusively to fixed assets and were up on the previous year at EUR 4.9 million (EUR 3.3 million).

KEY FIGURES FOR AUTOMOTIVE TECHNOLOGY	(in EUR million)
---------------------------------------	------------------

KEY FIGURES FOR CONSTRUCTION/INFRASTRUCTURE				(in EUR million)
				DIFFERENCE
	Q1 2019	Q1 2018	ABSOLUTE	IN %
Revenue with external third
parties	86.6	76.9	9.7	12.6
EBITDA	13.3	10.2	3.1	30.4
Depreciation/ amortization	-3.3	-2.3	-1.0	-43.5
EBIT	10.0	7.9	2.1	26.6
EBIT margin in %	11.5	10.3	1.2 pp	–
Investments	4.9	3.3	1.6	48.5
Employees	1,843	1,764	79	4.5

Q1 2019	Q1 2018	ABSOLUTE	IN %
92.8	98.1	-5.3	-5.4
7.1	8.0	-0.9	-11.3
-6.9	-5.7	-1.2	-21.1
0.2	2.3	-2.1	-91.3
0.2	2.3	-2.1 pp	–
2.3	7.0	-4.7	-67.1
	3,549	-216	-6.1
	3,333

ENGINEERING

YEAR STARTS WITH STRONG SALES

AUTOMOTIVE TECHNOLOGY

SERIES PRODUCTION BUSINESS REPORTS DROP IN SALES AND EARNINGS

Sales in the Automotive Technology segment fell by EUR 5.3 million or 5.4%. This downward trend is due to weaker calloff figures at two out of the three major series suppliers. The decline is consistent with the general drop in demand in the automotive and automotive supply industry in recent months.

At EUR 0.2 million, operating income (EBIT) was down by EUR 2.1 million on the previous year's value. The segment's EBIT margin came to 0.2%, as against 2.3% in the previous year. This is due, in particular, to the drop in call-off figures at two series suppliers referred to above, a trend that costcutting measures were unable to compensate for on the earnings side.

The segment is also being hit hard by two repositioning projects. While the repositioning project at one portfolio company has been ongoing for some time now and is running to schedule, the second repositioning project, which was launched toward the end of 2018, is still in its infancy.

At EUR 2.3 million, investments are down by EUR 4.7 million on the same period of the previous year. In the previous year, investments included the acquisition of electronics specialist EE ELECTRONIC EQUIPMENT by the INDUS subsidiary AURORA.

Segment sales in Engineering showed a marked increase of EUR 20.5 million as against the previous year (+23.1%). The increase was driven, in particular, by the segment's major plant engineering manu-facturers. Overall, orderbooks of all portfolio companies in the segment are brimming and capacity utilization is assured.

Operating earnings (EBIT) were up by EUR 0.3 million (+2.4%) to EUR 12.8 million. While the EBIT margin was solid at 11.7%, it failed to match the high level seen in the same quarter of the previous year (14.1%) due to a small number of less profitable projects.

The investments made in the reporting period in the amount of EUR 2.9 million and the EUR 2.2 million invested in the same period of the previous year relate exclusively to investments in fixed assets.

KEY FIGURES FOR ENGINEERING				(in EUR million)
				DIFFERENCE
	Q1 2019	Q1 2018	ABSOLUTE	IN %
Revenue with external third
parties	109.3	88.8	20.5	23.1
EBITDA	17.2	15.5	1.7	11.0
Depreciation/ amortization	-4.4	-3.0	-1.4	-46.7
EBIT	12.8	12.5	0.3	2.4
EBIT margin in %	11.7	14.1	-2.4 pp	–
Investments	2.9	2.2	0.7	31.8
Employees	2,065	1,966	99	5.0

MEDICAL ENGINEERING/LIFE SCIENCE

SLIGHT GROWTH IN SALES WHILE EARNINGS REMAIN STABLE

The Medical Engineering/Life Science segment reported sales of EUR 40.9 million in the first quarter of 2019, which corresponds to an increase of EUR 1.9 million (+4.9%). With the exception of "non-wovens", all of the segment's product groups contributed to the growth in sales.

At EUR 3.8 million, operating income (EBIT) remained unchanged as against the previous year. Although most portfolio companies achieved a slight increase in their operating income (EBIT), the highly competitive product groups "non-wovens" and "surgical kits" were hit by a slight drop in EBIT. To date, these product groups have been unable to make up for previous year's customer loss. In addition to this, the segment is also burdened by the inceased wage levels of our foreign production facilities and the regulation requirements of the EU medical device regulation (MDR).

At the end of the first three months of 2019, the segment's EBIT margin comes to 9.3% (previous year: 9.7%) and is expected to rise as the financial year progresses.

Investments stood at EUR 0.8 million, on a par with the previous year (EUR 0.9 million).

METALS TECHNOLOGY

SOLID START INTO THE REPORTING YEAR

Sales in the Metals Technology segment rose by EUR 2.6 million (2.5%) in the first quarter of 2019. The increase in sales was driven by all product areas with the exception of "carbide tools and mining", which had achieved an exceptionally high level of sales in the comparison period. The rising sales figures are also testimony to the fact that the repositioning project, which is running to schedule, is starting to bear fruit.

At EUR 8.6 million, operating income (EBIT) was down by EUR 2.8 million on the previous year's value. This trend is attributable to the field of "carbide tools and mining" in which rising materials procurement prices, which could not be passed on in full in the market, put considerable pressure on income. Although the EBIT margin was down on the previous year's figure (10.8%) at 7.9%, it is moving in the right direction overall. The target margin for the year as a whole is between 8% and 10%.

At EUR 7.9 million, the volume invested in the first quarter was up considerably in a year-on-year comparison (EUR 1.2 million) due, in particular, to an increase in capacity at a major portfolio company.

KEY FIGURES FOR MEDICAL ENGINEERING/LIFE SCIENCE (in EUR million)			KEY FIGURES FOR METALS TECHNOLOGY (in EUR million)
				DIFFERENCE					DIFFERENCE
	Q1 2019	Q1 2018	ABSOLUTE	IN %		Q1 2019	Q1 2018	ABSOLUTE	IN %
Revenue with external third					Revenue with external third
parties	40.9	39.0	1.9	4.9	parties	108.3	105.7	2.6	2.5
EBITDA	6.1	5.5	0.6	10.9	EBITDA	12.8	14.8	-2.0	-13.5
Depreciation/					Depreciation/
amortization	-2.3	-1.7	-0.6	-35.3	amortization	-4.2	-3.4	-0.8	-23.5
EBIT	3.8	3.8	0.0	0.0	EBIT	8.6	11.4	-2.8	-24.6
EBIT margin in %	9.3	9.7	-0.4 pp	–	EBIT margin in %	7.9	10.8	-2.9 pp	–
Investments	0.8	0.9	-0.1	-11.1	Investments	7.9	1.2	6.7	>100
Employees	1,711	1,650	61	3.7	Employees	1,679	1,564	115	7.4

FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CASH FLOWS, CONDENSED (in EUR million)

DIFFERENCE

Q1 2019	Q1 2018	ABSOLUTE	IN %
-15.2	-31.9	16.7	52.4
-2.3	-6.8	4.5	66.2
-17.5	-38.7	21.2	54.8
-18.8	-14.9	-3.9	-26.2
0.5	0.4	0.1	25.0
-18.3	-14.5	-3.8	-26.2
-0.2	-0.3	0.1	33.3
45.9	49.3	-3.4	-6.9
-18.1	-23.2	5.1	22.0
-4.7	-0.4	-4.3	< -100
-1.3	-14.1	12.8	90.8
21.6	11.3	10.3	91.2
-14.2	-41.9	27.7	66.1
0.5	-0.1	0.6	>100
109.6	135.9	-26.3	-19.4
95.9	93.9	2.0	2.1

STATEMENT OF CASH FLOWS: OPERATING CASH FLOW UP CONSIDERABLY YEAR-ON-YEAR

Based on earnings after taxes that were virtually unchanged at EUR 19.9 million (previous year: EUR 20.0 Million), the operating cash flow in the first quarter of 2019 was EUR 16.7 million higher than in the same period of the previous year. This is due, in particular, to lower working capital growth as against the same period of the previous year. All in all, cash flow from operating activities rose by EUR 21.2 million to EUR -17.5 million.

Cash flow from investing activities came to EUR -18.3 million, compared with EUR -14.5 million in the previous year. The first quarter of 2018 included the cash outflow resulting from the acquisition of EE ELECTRONIC EQUIPMENT as a strategic addition to AURORA. In the reporting period, investments in property, plant and equipment and intangible assets came to EUR 18.8 million, up considerably on the level seen in the first quarter of the previous year (EUR 13.3 million).

Cash inflow from the raising of loans fell by EUR 3.4 million to EUR 45.9 million. Due and in some cases contingent purchase price liabilities of EUR 1.3 million were also repaid in the first quarter (previous year: EUR 14.1 million). The initial application of IFRS 16 "Leases" and the associated changes in financial statement accounting mean that cash outflow from the repayment of lease liabilities has been shown in the cash flow from financing activities item since the start of this financial year. Cash flow from financing activities increased by EUR 10.3 million in total.

As a result, cash and cash equivalents were EUR 95.9 million below than the high level of EUR 109.6 million seen at the end of 2018, but slightly ahead of the value seen in the first quarter of the previous year.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION, CONDENSED				(in EUR million)
				DIFFERENCE
	MAR. 31, 2019	DEC. 31, 2018	ABSOLUTE	IN %
ASSETS
Non-current assets	1,045.7	968.5	77.2	8.0
Fixed assets	1,032.6	955.2	77.4	8.1
Receivables and other assets	13.1	13.3	-0.2	-1.5
Current assets	793.3	751.5	41.9	5.6
Inventories	421.7	408.7	13.0	3.2
Receivables and other assets	275.7	233.2	42.6	18.3
Cash and cash equivalents	95.9	109.6	-13.7	-12.5
Total assets	1,839.0	1,720.0	119.0	6.9
EQUITY AND LIABILITIES
Non-current financial instruments	1,390.1	1,290.0	100.1	7.8
Equity	728.8	709.8	19.0	2.7
Borrowings	661.3	580.2	81.1	14.0
of which provisions	47.9	45.4	2.5	5.5
of which payables and deferred taxes	613.4	534.8	78.6	14.7
Current liabilities	448.9	430.0	19.0	4.4
of which provisions	76.9	73.6	3.3	4.5
of which liabilities	372.0	356.4	15.6	4.4
Total assets	1,839.0	1,720.0	119.0	6.9

STATEMENT OF FINANCIAL POSITION: CHANGES CHARACTERIZED BY THE FIRST-TIME APPLICATION OF IFRS 16 "LEASES"

At EUR 1,839.0 million, the INDUS Group's consolidated total assets were 6.9% higher than they were as of December 31, 2018. The increase in total assets is due, in particular, to the mandatory application of IFRS 16 "Leases" since January 1, 2019. As of March 31, right-of-use assets from leasing in the amount of EUR 88.5 million were reported. Working capital also increased slightly, mainly due to an increase in receivables (EUR +38.0 million). The total amount of working capital as of March 31, 2019 came to EUR 513,9 million, which was EUR 41,8 million, or 8.9% more than as of the end of 2018 (EUR 472.1 million).

Equity increased by just over 2.7%. The equity ratio as of March 31, 2019 amounted to 39.6%, only just below the equity ratio as of December 31, 2018 (41.3%). The increase in non-current and current financial liabilities can be traced back, in particular, to the lease liabilities that were recognized for the first time.

WORKING CAPITAL (in EUR million)

DIFFERENCE

	MAR. 31, 2019	DEC. 31, 2018	ABSOLUTE	IN %
Inventories	421.7	408.7	13.0	3.2
Trade receivables	240.5	202.5	38.0	18.8
Trade payables	-85.1	-65.7	-19.4	-29.5
Advance payments received	-29.2	-37.3	8.1	21.7
Construction contracts with a negative balance	-34.0	-36.1	2.1	5.8
Working capital	513.9	472.1	41.8	8.9

Net financial liabilities came to EUR 600.5 million as of March 31, 2019, up by EUR 117.7 million on December 31, 2018. The increase comprises higher financial liabilities (EUR +104.0 million) and lower cash and cash equivalents (EUR -13.7 million). The main reason for the increase in financial liabilities is the first-time application of IFRS 16 "Leases" and the associated recognition of lease liabilities.

NET FINANCIAL LIABILITIES (in EUR million) DIFFERENCE MAR. 31, 2019 DEC. 31, 2018 ABSOLUTE IN % Non-current financial liabilities 544.5 465.9 78.6 16.9 Current financial liabilities 151.9 126.5 25.4 20.1 Cash and cash equivalents -95.9 -109.6 13.7 12.5 Net financial liabilities 600.5 482.8 117.7 24.4

RISKS AND OPPORTUNI-TIES

For the Opportunity and Risk Report of INDUS Holding AG, please consult the 2018 Annual Report. The company operates an efficient risk management system for early detection, comprehensive analysis, and the systematic handling of risks. The particulars of the risk management system and the significance of individual risks are explained in the Annual Report. Therein is stated that the company does not view itself exposed to any risks that might jeopardize its continued existence as a going concern.

OUTLOOK

The competition facing the INDUS portfolio companies is becoming increasingly intense: Waning economic momentum and political risks that remain unresolved, such as the Chinese-US trade conflict and the ongoing Brexit stalemate, are casting a shadow over the macroeconomic environment. At the same time, the weak market conditions in the automotive segment are having a direct impact on series suppliers in the Automotive Technology segment. Most of the INDUS Group companies are nevertheless operating in an economic environment that remains largely intact.

In the first three months of 2019, the INDUS Group once again achieved high growth in sales, supported, on a broad basis by four out of five segments. The Automotive Technology segment, however, showed negative development as a result of the changes within the automotive industry: due, in particular, to lower sales and an associated drop in income in the Automotive Technology series production business, the Group's operating income (EBIT) was down slightly on the prior-year level.

The difficult overall conditions facing suppliers in the automotive series production business are expected to persist as the year progresses, too. In addition to falling call-off figures, the two ongoing repositioning projects are also still putting pressure on the margin. The now familiar repositioning project that is ongoing at one series supplier is running to schedule. Measures to solve the problems facing another series supplier are being implemented decisively. However, it will not be possible to offset the mounting pressure in the segment by the positive development achieved by the other companies in the segment pre- and post-series production.

The other segments of the INDUS Group are showing development that ranges from very solid to very good. The Construction/Infrastructure segment is still experiencing high demand, although the scope for sales and margin development, which remains very positive, is being restricted by the shortage of skilled workers. The outlook in the Engineering segment remains positive, particularly given the solid order situation at plant engineering manufacturers. In the Medical Engineering/Life Science segment, companies are finding themselves unable to pass the rising costs incurred in an increasingly competitive environment on to their customers in full. The margin does, however, tend to increase on an ongoing basis as the year progresses. The Metals Technology segment is expected to reap the benefits from the ongoing repositioning project at one portfolio company, although material price effects are likely to offset this positive impact.

INDUS still expects to achieve sales ranging from EUR 1.72 billion to EUR 1.77 billion in the 2019 financial year. All in all, however, the positive development of the portfolio as a whole is unlikely to be able to compensate for the falling sales and mounting pressure on margins in the automotive series production business in full. In the Automotive Technology segment – as can be seen from the marked drop in call-off figures at series suppliers in the course of the first quarter – it is currently virtually impossible to make any long-term predictions. In light of the above, the objective of achieving an annual operating income figure (EBIT) at the lower end of the range of EUR 156 million to EUR 162 million would appear very ambitious as things stand at the moment.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME

FOR THE FIRST QUARTER OF 2019

in EUR '000	NOTES	Q1 2019	Q1 2018
REVENUE		437,647	408,165
Other operating income		2,847	2,670
Own work capitalized		6,434	1,127
Changes in inventories		6,413	19,002
Cost of materials	[4]	-216,183	-197,948
Personnel expenses	[5]	-129,786	-124,405
Depreciation/amortization		-21,368	-16,433
Other operating expenses	[6]	-52,445	-56,741
OPERATING INCOME (EBIT)		33,559	35,437
Interest income		14	16
Interest expense		-3,716	-3,183
NET INTEREST		-3,702	-3,167
Income from shares accounted for using the equity method		207	-78
Other financial income		51	-1,944
FINANCIAL INCOME	[7]	-3,444	-5,189
EARNINGS BEFORE TAXES (EBT)		30,115	30,248
Taxes	[8]	-10,256	-10,298
EARNINGS AFTER TAXES		19,859	19,950
of which attributable to non-controlling shareholders		80	94
of which attributable to INDUS shareholders		19,779	19,856
Earnings per share (undiluted and diluted) in EUR	[9]	0.81	0.81

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE FIRST QUARTER OF 2019

in EUR '000	Q1 2019	Q1 2018
EARNINGS AFTER TAXES	19,859	19,950
Actuarial gains/losses	-2,040	986
Deferred taxes	839	-247
Items not to be reclassified to profit or loss	-1,201	739
Currency conversion adjustment	1,721	-190
Change in the market values of hedging instruments (cash flow hedge)	-1,347	590
Deferred taxes	213	-134
Items to be reclassified to profit or loss	587	266
OTHER COMPREHENSIVE INCOME	-614	1,005
TOTAL COMPREHENSIVE INCOME	19,245	20,955
of which attributable to non-controlling shareholders	80	94
of which attributable to INDUS shareholders	19,165	20,861

Income and expenses recognized directly in equity under other comprehensive income include actuarial gains from pensions and similar obligations amounting to EUR -2.040 thousand (previous year: EUR 986 thousand). These are mainly due to a 0.2% reduction in the interest rate for pension obligations.

Income from currency conversion is derived primarily from the converted financial statements of con-solidated international subsidiaries. The change in the market value of derivative financial instruments was the result of interest rate swaps transacted by the holding company to hedge against interest rate movements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 2019

in EUR '000	NOTES	MAR. 31, 2019	DEC. 31, 2018
ASSETS
Goodwill		418,910	418,590
Right-of-use assets from leasing/rent		88,509	0
Other intangible assets		89,494	90,830
Property, plant and equipment		408,424	418,227
Investment property		2,926	2,953
Financial investments		13,218	13,684
Shares accounted for using the equity method		11,178	10,970
Other non-current assets		3,304	3,126
Deferred taxes		9,776	10,127
Non-current assets		1,045,739	968,507
Inventories	[10]	421,693	408,693
Receivables	[11]	240,514	202,523
Other current assets		22,766	22,993
Current income taxes		12,456	7,655
Cash and cash equivalents		95,876	109,647
Current assets		793,305	751,511
TOTAL ASSETS		1,839,044	1,720,018
EQUITY AND LIABILITIES
Subscribed capital		63,571	63,571
Capital reserves		239,833	239,833
Other reserves		422,884	403,719
Equity held by INDUS shareholders		726,288	707,123
Non-controlling interests in the equity		2,579	2,702
Equity		728,867	709,825
Pension provisions		46,166	43,702
Other non-current provisions		1,699	1,688
Non-current financial liabilities	[12]	544,464	465,886
Other non-current liabilities	[13]	27,139	27,731
Deferred taxes		41,837	41,172
Non-current liabilities		661,305	580,179
Other current provisions		76,863	73,576
Current financial liabilities	[12]	151,858	126,520
Trade payables		85,133	65,659
Other current liabilities	[13]	126,161	150,825
Current income taxes		8,857	13,434
Current liabilities		448,872	430,014
TOTAL ASSETS		1,839,044	1,720,018

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FROM JANUARY 1, 2019, TO MARCH 31, 2019

in EUR '000	SUBSCRIBED CAPITAL	CAPITAL RESERVE	RETAINED EARNINGS	OTHER RESERVES	EQUITY HELD BY INDUS SHAREHOLDERS	INTERESTS ATTRIBUTABLE TO NON CONTROLLING SHAREHOLDERS	GROUP EQUITY
AS OF DEC. 31, 2017	63,571	239,833	390,890	-23,381	670,913	2,900	673,813
Earnings after taxes			19,856		19,856	94	19,950
Other comprehensive income				1,005	1,005		1,005
Total comprehensive income			19,856	1,005	20,861	94	20,955
Dividend payment						-303	-303
AS OF MAR. 31, 2018	63,571	239,833	410,746	-22,376	691,774	2,691	694,465
AS OF DEC. 31, 2018	63,571	239,833	424,785	-21,066	707,123	2,702	709,825
Earnings after taxes			19,779		19,779	80	19,859
Other comprehensive income				-614	-614
Total comprehensive income			19,779	-614	19,165	80	19,245
Dividend payment						-203	-203
AS OF MAR. 31, 2019	63,571	239,833	444,564	-21,680	726,288	2,579	728,867

Interests attributable to non-controlling shareholders mainly consist of minority interests in WEIGAND Bau GmbH and subsidiaries of the ROLKO Group. Where economic ownership of minority interests in limited partnerships and corporations had, at the time of purchase, already been transferred under re-ciprocal option agreements, those interests are shown under "other liabilities".

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE FIRST QUARTER OF 2019

in EUR '000	Q1 2019	Q1 2018
Earnings after taxes	19,859	19,950
Depreciation/appreciation of non-current assets	21,368	16,433
Taxes	10,256	10,298
Financial income	3,444	5,189
Other non-cash transactions	837	1,288
Changes in provisions	5,762	-89
Increase (-)/decrease (+) in inventories, receivables and other assets	-50,589	-80,583
Increase (+)/decrease (-) in trade payables and other equity and liabilities	-7,740	8,771
Income taxes received/paid	-18,414	-13,219
Operating cash flow	-15,217	-31,962
Interest paid	-2,308	-6,762
Interest received	13	17
Cash flow from operating activities	-17,512	-38,707
Cash outflow from investments in
property, plant and equipment and intangible assets	-18,810	-13,240
financial investments	-71	-69
shares in fully consolidated companies	0	-1,626
Cash inflow from the disposal of other assets	537	422
Cash flow from investing activities	-18,344	-14,513
Dividends paid to minority shareholders	-203	-303
Cash outflow from the repayment of contingent purchase price commitments	-1,300	-14,072
Cash inflow from raising of loans	45,935	49,348
Cash outflow from the repayment of loans	-18,139	-23,251
Cash outflow from the repayment of lease liabilities	-4,746	-382
Cash flow from financing activities	21,547	11,340
Net changes in cash and cash equivalents	-14,309	-41,880
Changes in cash and cash equivalents caused by currency exchange rates	538	-115
Cash and cash equivalents at the beginning of the period	109,647	135,881
Cash and cash equivalents at the end of the period	95,876	93,886

NOTES

BASIC PRINCIPLES OF THE CONSOLIDATED FINANCIAL STATEMENTS

[1] GENERAL INFORMATION

INDUS Holding AG, based in Bergisch Gladbach, Germany, has prepared its condensed consolidated interim financial statements for the period from January 1, 2019 to March 31, 2019 in accordance with the International Financial Reporting Standards (IFRS), and with the interpretations thereof by the International Financial Reporting Standards Interpretations Committee (IFRS IC) as to be applied within the European Union (EU). The consolidated financial statements are prepared in euros (EUR). Unless otherwise indicated, all amounts are stated in thousands of euros (EUR '000).

These interim financial statements have been prepared in accordance with IAS 34 in condensed form. The interim report has been neither audited nor subjected to perusal or review by an auditor.

New obligatory standards are reported on separately in the section "Changes in Accounting Standards". Otherwise, the same accounting methods have been applied as in the consolidated financial statements for the 2018 financial year, where they are described in detail. Since these interim financial statements do not provide the full scope of information found in the annual financial statements, these financial statements should be considered within the context of the last annual financial statements.

In the Board of Management's view, this quarterly report includes all usual current adjustments necessary for the proper presentation of the Group's financial position and financial performance. The results achieved in the first quarter of 2019 do not necessarily predict future business performance.

Preparation of consolidated financial statements is influenced by accounting and valuation principles and requires assumptions and estimates that have an impact on the recognized value of assets, liabilities, and contingent liabilities and on income and expenses. When estimates are made regarding the future, actual values may differ from the estimates. If the original basis for the estimates changes, the statement of the items in question is adjusted through profit and loss.

[2] CHANGES IN ACCOUNTING STANDARDS

All obligatory accounting standards in effect as of financial year 2019 have been implemented in the interim financial statements at hand.

IFRS 16 "Leases" will be applied from January 1, 2019. The new standard for lease accounting supersedes IAS 17. In accordance with IFRS 16, all lease arrangements are included in the statement of financial position. The classification of leases as finance leases or operating leases will no longer apply to lessees. A right to the use of an asset is recorded on the asset side, a financial liability on the liability side.

The modified retrospective method will be applied for adjustments at INDUS. The new standard has a material effect on the financial position and financial performance of INDUS. Total assets will rise in line with intangible assets and financial liabilities. The leasing expenses formerly reported in other operating expenses will be reported under depreciation/amortization or interest expense in the future. As of January 1, 2019, right-of-use assets and financial liabilities of EUR 81.2 million from operating leases were recognized for the first time. In addition, the previous finance lease assets have been reclassified, at their residual carrying amounts as of December 31, 2018, within the balance sheet item "right-of-use assets from leasing/rent" (formerly reported as fixed assets). Operating income (EBIT) from January 1 to March 31, 2019 was burdened by EUR 0.7 million due to the application of the new leasing regulations. In the statement of cash flows, cash flow from financing activities was reduced by EUR 4.4 million, while cash flow from operating activities was increased by EUR 4.4 million.

Application facilitation for IFRS 16 has been used.

There are no other new standards or interpretations that affect the presentation of the financial position and financial performance of INDUS Holding AG in the consolidated financial statements.

[3] CHANGE IN THE STRUCTURE OF THE STATEMENT OF INCOME

With effect from this financial year, the previous item "financial income" has been renamed "other financial income" and is now reported under operating income (EBIT). Similarly, the "income from shares accounted for using the equity method" are also shown under operating income. Together with net interest, the three items make up the "financial income". As a result of the change in presentation, the effect on income resulting from the subsequent valuation of purchase price commitments and from fair value changes in SWAPs is no longer shown under "interest expense", but rather under the item "other financial income". The change in presentation was made to reflect standard IFRS accounting practice. The figures for the previous year have been adjusted accordingly. The change in presentation results in EBIT that is EUR 10 thousand higher for the Q1 2018 period. There were also minor adjustments to segment reporting.

NOTES TO THE CONSOLIDATED STATEMENT OF INCOME

[4] COST OF MATERIALS

in EUR '000	Q1 2019	Q1 2018
Raw materials, consumables and supplies and purchased
merchandise	-187,214	-169,000
Purchased services	-28,969	-28,948
Total	-216,183	-197,948

[5] PERSONNEL EXPENSES

in EUR '000	Q1 2019	Q1 2018
Wages and salaries	-109,690	-105,659
Social security	-18,921	-17,557
Pensions	-1,175	-1,189
Total	-129,786	-124,405

[6] OTHER OPERATING EXPENSES

in EUR '000	Q1 2019	Q1 2018
Selling expenses	-21,249	-20,786
Operating expenses	-16,771	-20,587
Administrative expenses	-13,241	-12,514
Other expenses	-1,184	-2,854
Total	-52,445	-56,741

[7] FINANCIAL INCOME

in EUR '000	Q1 2019	Q1 2018
Interest and similar income	14	16
Interest and similar expenses	-3,716	-3,183
Net interest	-3,702	-3,167
Income from shares accounted for using the equity method	207	-78
Market value of interest rate swaps	1	-312
Minority interests	-13	-1,699
Income from financial investments	63	67
Other financial income	51	-1,944
Total	-3,444	-5,189

The item "minority interests" includes the effect on income from the subsequent valuation of the contingent purchase price liabilities (call/put options) of EUR 520 thousand (previous year: EUR -482 thousand) and earnings after taxes that external entities are entitled to from shares in limited partnerships and stock corporations with call/put options. The corresponding amounts are reported under "other financial income" for the first time.

[8] TAXES

NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

The income tax expense in the interim financial statements is calculated based on the assumptions currently used for tax planning purposes.

[9] EARNINGS PER SHARE

in EUR '000	Q1 2019	Q1 2018
Income attributable to INDUS shareholders	19,779	19,856
Weighted average shares outstanding (in thousands)
125,102	24,451	24,451
Earnings per share (in EUR)	0.81	0.81

in EUR '000	MAR. 31, 2019	DEC. 31, 2018
Raw materials, consumables and
supplies	148,373	149,227
Unfinished goods	115,212	113,263
Finished goods and goods for resale	130,940	127,785
Advance payments	27,168	18,418
Total	421,693	408,693

[11] RECEIVABLES

[10] INVENTORIES

in EUR '000	MAR. 31, 2019	DEC. 31, 2018
Receivables from customers	216,554	189,909
Receivables from construction contracts.	21,411	9,956
Receivables from associated companies	2,549	2,658
Total	240,514	202,523

[12] FINANCIAL LIABILITIES

Due to the mandatory application of IFRS 16 "Leases" since January 1 2019, financial liabilities as of March 31, 2019 additionally include approx. EUR 75,0 million from leasing.

in EUR '000	MAR. 31, 2019	CURRENT	NON-CURRENT	DEC. 31, 2018	CURRENT	NON-CURRENT
Liabilities to banks	390,038	89,382	300,656	358,829	79,223	279,606
Liabilities from leasing	80,256	19,394	60,862	5,323	4,215	1,108
Promissory note loans	226,028	43,082	182,946	228,254	43,082	185,172
Total	696,322	151,858	544,464	592,406	126,520	465,886

[13] LIABILITIES

The EUR 39,983 thousand in other liabilities (Dec. 31, 2018: EUR 41,789 thousand) includes contingent purchase price liabilities carried at fair value insofar as minority shareholders are able to tender their shares to INDUS by terminating the Articles of Incorporation or on the basis of option agreements.

OTHER DISCLOSURES

[14] SEGMENT REPORTING

SEGMENT INFORMATION BY OPERATION FOR THE FIRST QUARTER OF 2019

SEGMENT REPORT IN ACCORDANCE WITH IFRS 8								(in EUR '000)
	CONSTRUC TION/ INFRA STRUCTURE	AUTOMOTIVE	ENGINEERING	MEDICAL ENGINEERING/ LIFE SCIENCE	METALS TECHNOLOGY	TOTAL SEGMENTS	RECON CILIATION	CONSOLI DATED FINANCIAL STATEMENTS
Q1 2019
Revenue with external third parties	86,559	92,786	109,303	40,923	108,261	437,832	-185	437,647
Revenue with Group companies	8,111	20,903	16,890	4,338	20,055	70,297	-70,297	0
Revenue	94,670	113,689	126,193	45,261	128,316	508,129	-70,482	437,647
Segment earnings (EBIT)	9,982	191	12,840	3,844	8,643	35,500	-1,941	33,559
Income from measurement according to the equity method	116	20	71	0	0	207	0	207
Depreciation/amortization	-3,367	-6,910	-4,411	-2,273	-4,195	-21,156	-213	-21,368
Segment EBITDA	13,349	7,101	17,251	6,117	12,838	56,656	-1,729	54,927
Investments	4,924	2,258	2,921	824	7,855	18,782	99	18,881
of which company acquisitions	0	0	0	0	0	0	0	0

SEGMENT REPORT IN ACCORDANCE WITH IFRS 8 (in EUR '000)

	CONSTRUC TION/ INFRA STRUCTURE	AUTOMOTIVE	ENGINEERING	MEDICAL ENGINEERING/ LIFE SCIENCE	METALS TECHNOLOGY	TOTAL SEGMENTS	RECON CILIATION	CONSOLI DATED FINANCIAL STATEMENTS
Q1 2018
Revenue with external third parties	76,878	98,113	88,829	38,959	105,702	408,481	-316	408,165
Revenue with Group companies	7,135	18,617	15,313	4,146	13,279	58,490	-58,490	0
Revenue	84,013	116,730	104,142	43,105	118,981	466,971	-58,806	408,165
Segment earnings (EBIT)	7,909	2,308	12,490	3,753	11,357	37,817	-2,380	35,437
Income from measurement according to the equity method	-124	11	35	0	0	-78	0	-78
Depreciation/amortization	-2,283	-5,709	-3,022	-1,749	-3,472	-16,235	-198	-16,433
Segment EBITDA	10,192	8,017	15,512	5,502	14,829	54,052	-2,182	51,870
Investments	3,291	6,971	2,244	922	1,243	14,671	264	14,935
of which company acquisitions	0	1,626	0	0	0	1,626	0	1,626

The table below reconciles the total operating results of segment reporting with the earnings before taxes in the consolidated statement of income:

RECONCILIATION		(in EUR '000)
	Q1 2019	Q1 2018
Segment earnings (EBIT)	35,500	37,817
Areas not allocated incl. holding company	-1,924	-2,331
Consolidations	-17	-49
Financial income	-3,444	-5,189
Earnings from operating activities	30,115	30,248

The classification of segments corresponds without change to the current state of internal reporting. The segment information relates to continued operations. The companies are assigned to the segments based on their selling markets if the large majority of their range is sold in a particular market environment (Automotive Technology, Medical Engineering/Life Science). Otherwise they are classified by common features in their production structure (Construction/Infrastructure, Engineering, Metals Technology).

The reconciliations contain the figures of the holding company, non-operating units not allocated to any segment, and consolidations. See the explanation provided in the management report regarding the products and services that generate segment sales.

The key control variable for the segments is operating income (EBIT) as defined in the consolidated financial statements. The information pertaining to the segments has been ascertained in compliance with the reporting and valuation methods that were applied in the preparation of the consolidated financial statements. Transfer prices between segments are based on arm's-length prices to the extent that they can be established in a reliable manner and are otherwise determined on the basis of the cost-plus pricing method.

SEGMENT INFORMATION BY REGION

The breakdown of sales by region relates to our selling markets. Owing to the diversity of our foreign activities, a further breakdown by country would not be meaningful since no country other than Germany accounts for 10% of Group sales.

Non-current assets, less deferred taxes and financial instruments, are based on the registered offices of the companies concerned. Further differentiation would not be useful since the majority of companies are based in Germany.

Owing to INDUS's diversification policy, there were no individual product or service groups and no individual customers that accounted for more than 10% of sales.

in EUR '000	GROUP	GERMANY	EU	THIRD COUNTRIES
Revenue with external third parties
Q1 2019	437,647	231,607	90,744	115,296
Non-current assets, less deferred taxes and financial instruments
Mar. 31, 2019	1,019,441	864,059	55,485	99,897
Revenue with external third parties
Q1 2018	408,165	210,272	88,977	108,916
Non-current assets, less deferred taxes and financial instruments
Dec. 31, 2018	941,570	801,157	51,185	89,228

[15] INFORMATION ON THE SIGNIFICANCE OF FINANCIAL INSTRUMENTS

The table below shows the carrying amounts of the financial instruments. The fair value of a financial instrument is the price that would be paid in an orderly transaction between market participants for the sale of an asset or transfer of a liability on the measurement date.

FINANCIAL INSTRUMENTS (in EUR '000)

	BALANCE SHEET VALUE	IFRS 9 NOT APPLICABLE	IFRS 9 FINANCIAL INSTRUMENTS	OF WHICH MEASURED AT FAIR VALUE	OF WHICH MEASURED AT AMORTIZED COST
MAR. 31, 2019
Financial investments	13,218	0	13,218	2,503	10,715
Cash and cash equivalents	95,876	0	95,876	0	95,876
Receivables	240,514	21,411	219,103	0	219,103
Other assets	26,069	17,008	9,061	237	8,824
Financial instruments: Assets	375,677	38,419	337,258	2,740	334,518
Financial liabilities	696,322	0	696,322	0	696,322
Trade payables	85,133	0	85,133	0	85,133
Other liabilities	153,300	75,682	77,618	46,394	31,224
Financial instruments: Equity and Liabilities	934,755	75,682	859,073	46,394	812,679

	BALANCE SHEET VALUE	IFRS 9 NOT APPLICABLE	IFRS 9 FINANCIAL INSTRUMENTS	OF WHICH MEASURED AT FAIR VALUE	OF WHICH MEASURED AT AMORTIZED COST
DEC. 31, 2018
Financial investments	13,684	0	13,684	2,612	11,072
Cash and cash equivalents	109,647	0	109,647	0	109,647
Receivables	202,523	9,956	192,567	0	192,567
Other assets	26,119	14,380	11,739	404	11,335
Financial instruments: Assets	351,973	24,336	327,637	3,016	324,621
Financial liabilities	592,406	0	592,406	0	592,406
Trade payables	65,659	0	65,659	0	65,659
Other liabilities	178,556	90,449	88,107	46,854	41,253
Financial instruments: Equity and Liabilities	836,621	90,449	746,172	46,854	699,318

Available-for-sale financial instruments are fundamentally long-term financial investments for which no pricing on an active market is available and the fair value of which cannot be reliably determined. These are carried at cost.

FINANCIAL INSTRUMENTS BY BUSINESS MODEL PURSUANT TO IFRS 9 (in EUR '000)

	MAR. 31, 2019	DEC. 31, 2018
Financial assets measured at fair
value through profit and loss	237	404
Financial assets measured at cost	334,518	324,621
Financial assets recognized at fair
value directly in equity	2,503	2,612
Financial instruments: Assets	337,258	327,637
Financial liabilities measured at fair value through profit and loss	46,394	46,854
Financial liabilities measured at cost	812,679	699,318
Financial instruments: Equity and Liabilities	859,073	746,172

[16] APPROVAL FOR PUBLICATION

The Board of Management of INDUS Holding AG approved these IFRS interim financial statements for publication on May 13, 2019.

Bergisch Gladbach, May 14, 2019 INDUS Holding AG

The Board of Management

Dr. Johannes Schmidt Dr. Jörn Großmann

Axel Meyer Rudolf Weichert

CONTACT

Nina Wolf Senior Manager Corporate Communication Phone: +49 (0)2204/40 00-73 Email: presse@indus.de

Julia Pschribülla Manager Investor Relations Phone: +49 (0)2204/40 00-66 Email: investor.relations@indus.de

INDUS HOLDING AG

Kölner Straße 32 51429 Bergisch Gladbach

P.O. Box 10 03 53 51403 Bergisch Gladbach

Phone: +49(0)2204/40 00-0 Fax: +49 (0)2204/40 00-20 Email: indus@indus.de

www.indus.de

FINANCIAL CALENDAR

DATUM	EVENT
May 29, 2019	Annual Shareholders' Meeting 2019, Cologne
August 13, 2019	Interim report Q2/H1 2019
November 14, 2019	Interim report Q3 2019

IMPRINT

RESPONSIBLE MEMBER OF THE BOARD OF MANAGEMENT Dr.-Ing. Johannes Schmidt

DATE OF PUBLISHING May 14, 2019

PUBLISHER INDUS Holding AG, Bergisch Gladbach

CONCEPT/DESIGN Berichtsmanufaktur GmbH, Hamburg

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This interim report is also available in German. Both the English and the German versions of the interim report can be downloaded at www.indus.de under investor relations, financial reports and presentations. Only the German version of the interim report is legally binding.

DISCLAIMER:

This interim report contains forward-looking statements based on assumptions and estimates made by the Board of Management of INDUS Holding AG. Although the Board of Management is of the opinion that these assumptions and estimates are accurate, they are subject to certain risks and uncertainty. Actual future results may deviate substantially from these assumptions and estimates due to a variety of factors. These factors include changes in the general economic situation, the business, economic and competitive situation, foreign exchange and interest rates, and the legal setting. INDUS Holding AG shall not be held liable for the future development and actual future results being in line with the assumptions and estimates included in this interim report. Assumptions and estimates made in this interim report will not be updated.

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