AMADEUS FIRE AG

Quarterly Report • Oct 20, 2016

Amadeus FiRe AG Quarterly statement 01.01. – 30.09.2016

We fill specialist and management positions in the fields of commerce and IT.

www.amadeus-fire.de

Unaudited Amadeus FiRe group financial summary

Amounts stated in EUR k	01.01.-30.09.2016	01.01.-30.09.2015	Divergency
			in per cent
Revenues	128,947	126,891	1.6%
Gross profit in per cent	56,389 43.7%	53,927 42.5%	4.6%
EBITDA in per cent	23,138 17.9%	21,776 17.2%	6.3%
EBITA in per cent	22,510 17.5%	21,213 16.7%	6.1%
EBIT in per cent	22,510 17.5%	21,213 16.7%	6.1%
Profit before income taxes in per cent	22,516 17.5%	21,254 16.7%	5.9%
Profit for the period in per cent	14,821 11.5%	13,836 10.9%	7.1%
- Attributable to equity holders of the parent	14,773	13,926	6.1%
- Attributable to non-controlling interests	48	-90
Earnings per share	2.84	2.68	6.0%
Average number of shares	5,198,237	5,198,237
Net cash from operating activities	13,925	14,058	-0.9%
Net cash from operating activities per share	2.68	2.70	-0.7%
	30.09.2016	31.12.2015
Balance sheet total	67,235	71,912	-6.5%
Stockholders' equity	41,088	44,617	-7.9%
Cash	35,660	42,046	-15.2%
	30.09.2016	30.09.2015
Number of employees (active)	2,691	2,702	-0.4%
thereof temporary staff	2,264	2,300	-1.6%

The latest financial reports as well as the testified annual report are available at www.amadeus-fire.de/en/investor-relations/berichte.

Quarterly statement Nine Months 2016 (01.01. - 30.09.2016)

Economic environment

The German economy saw significant growth in the first half of 2016. The main drivers were private consumption, construction activity and government spending due to high immigration.

The third quarter reveals a more mixed picture. For example, production in the manufacturing sector and exports saw a significant decrease in July.

At the same time, consumer demand remains at a very high level and the construction industry is still expand ing.

The labor market continues to perform well. The German workforce increased once again, amounting to 43.7 million in August 2016. The number of people in employment covered by social security amounted to 31.2 million in July.

The German Federal Employment Agency's job index (BA-X), which indicates the demand for employees in Germany, climbed to 221 points in September. (September 2015: 197 points). This figure represents an all-timerecord and suggests a high willingness of companies to hire people.

Industry performance

The trend projection by the German Federal Employment Agency (BA) indicates a slight increase in the number of temporary staff in Germany in July 2016 as compared to the same month of 2015.

However, the market for qualified specialists continues to be shaped by high demand. For this reason, it is assumed that this field of temporary staffing will experience less growth than the temporary staffing market as a whole.

The draft law for the amendment of the Personnel Leas ing Act drawn up by the German Federal Ministry of Labor and Social Affairs in November 2015 will pass through the legislative procedure in November 2016. The changes are expected to come into force on 1 January 2017.

A maximum assignment period of 18 months for customers and equal pay after nine months on assignment to a customer is being introduced within this law.

Since salary components that are covered by the term "equal pay" have not been sufficiently defined by the legislators, the market environment continues to be shaped by the uncertainty regarding the impact of the planned regulation. In addition, potential difficulties in implementation are not yet foreseeable.

Report of the business development, results of operations and financial position

After nine months of the 2016 financial year, the Amadeus FiRe Group generated consolidated revenues of EUR 128,947k, an increase of 1.6% (previous year:

EUR 126,891k). The following sales were attributed to the individual services and segments:

Amounts stated in EUR k	Jan – Sep 2016	Jan – Sep 2015	Divergency in per cent
Temporary staffing	90,873	92,240	-1.5%
Permanent placement	15,952	13,667	16.7%
Interim-/projectmanagement	7,317	7,260	0.8%
Total segment	114,142	113,167	0.9%
Training	14,805	13,724	7.9%
Total	128,947	126,891	1.6%

The lower revenues from temporary staffing compared to the previous year is influenced by the shortage of qualified temporary staff. Furthermore, customers are increas ingly offering temporary staff a permanent position.

General salary increases and collective wage increases in the temporary employment sector resulted in a price increase of 2.3%.

At the end of the third quarter, the number of temporary staff reached the level of the previous year for the first time in 2016.

The reporting period had two billable days more than the respective prior year's period, corresponding to an effect of around EUR 1 million on revenues, gross profit and earnings.

The increase in permanent placement revenues is attribut able to the change in companies' hiring practices. The tight market for qualified personnel is still making it difficult for companies to fill vacant positions with suitable applicants by themselves. This is why they are increasingly using the services of personnel services providers.

Revenues in the training segment increased by 7.9% to EUR 14,805k in the first nine months of the fiscal year (previous year: EUR 13,724k). Overall, the improved utilization of the offered courses together with an increased supply in the seminar business had a positive impact on both segment revenue and gross profit of the segment. Especially the seminar business reported positive development. Business in the field of international accounting remained stable despite an ongoing weak market situation.

The gross profit of the Amadeus FiRe Group improved by 4.6% to EUR 56,389k (previous year: TEUR 53,927). The gross profit margin increased by 1.2 percentage points, from 42.5% to 43.7%. Besides the two additional days, the steady growth in the share of high-margin permanent placement revenues had a positive effect on the margin.

Selling and administrative expenses amounted to EUR 34,031k in the period under review after EUR 32,822k in the previous year.

The increase of 3.7% was primarily attributable to staff costs. The increase of the salary ranges for the sales staff, recruiting of new sales staff in the branch offices and the filling of new overhead positions were responsible for this. In addition, increased marketing costs for online recruitment and customer events along with higher rental costs contributed to this.

EBITA for the first nine months was EUR 22,510k, an increase of 6.1% (previous year: EUR 21,213k). EBITA margin rose by 0.8 percentage points to 17.5% (previous year: 16.7%).

The personnel services segment contributed EUR 19,942k (previous year: EUR 18,731k), the training segment contributed EUR 2,568k (previous year: EUR 2,482k).

Net profit for the period under review came to EUR 14,821k (previous year: 13,836k). Earnings per share based on the net profit for the period attributable to the ordinary shareholders of the parent rose by 16 cents to EUR 2.84 in the first nine months (previous year: EUR 2.68).

Net cash amounted to EUR 35,660k on 30 September 2016 compared with EUR 42,046k at 31 December 2015.

The equity ratio came to 61% on 30 September 2016 (31 December 2015: 62%).

Report on opportunities and risks

The macroeconomic conditions in Germany described in the latest annual report have not changed significantly for the Amadeus FiRe Group. According to forecasts by the OECD, the global economy will expand by around 2.9% in the current year, whereas economic growth will only amount to around 1.5% in the euro zone and 1.8% in Germany. At +1.9%, the forecast issued by the Joint Economic Analysis ("Gemeinschaftsdiagnose") project group in September is only slightly higher.

In September, the ifo Business Climate Index improved again after a decline in August and reached its highest level since May 2014. As a result, the business prospects about the coming months are optimistic.

The use of temporary staffing by customer companies requires a flexible labor market. The extent to which this flexibility will be affected by the implementation of the draft law dated 1 January 2017 is not yet foreseeable.

There are currently no discernible risks to the Amadeus FiRe Group as a going concern. For more details, please refer to the risk report section in the 2015 annual report.

Report on forecasts

At 63 billable days, the third quarter of 2016 will have one billable day less than the comparative prior-year period. Calendar effects mean that the fourth quarter will have three billable days less than the period under review. The number of billable days will have an impact on revenues in temporary staffing.

The utilisation rate of the external staff is expected to be in line with budget as the year progresses.

The competitive labor market and the positive economic situation are still making it difficult for the temporary staffing sector to find qualified specialists.

It is also challenging for permanent placement to fill vacant positions with qualified specialists because it is affected by the tight labor market situation in the same way. In view of the robust labor market in Germany and despite continued economic uncertainty in Europe, stable development is still expected for this service in the last quarter of 2016 because of the demand situation.

As planned, due to the annual event schedule, training and education will generate a higher earnings contribution in the second half of the current fiscal year than it did in the first half of the year. The positive performance of the year to date is set to continue.

So far this year, increased investments in the internal sales organization were made. This is also expected to continue through the remaining months of the year. Finally, expenses are largely expected to fall in line with the budgets.

The investments in increased salary ranges for the sales staff and in already and yet to be appointed sales staff will have a corresponding impact on costs and earnings over the course of the year.

The development of permant placement revenues was very positive. The order situation in temporary staffing stabilized. Furthermore, planned IT expenses for the new frontend software will not incur in 2016. The implementation will take place during the first months of 2017. Therefore the Management Board expects an operating result on prior-year level.

The adjustment of the forecast regarding operating result for fiscal year 2016 was communicated within the context of an ad hoc announcement dated 11 October 2016.

Frankfurt am Main, 19 October 2016

Peter Haas Robert von Wülfing CEO CFO

Unaudited consolidated income statement Nine months of fiscal year 2016

Amounts stated in EUR k	01.01.–30.09.2016	01.01.–30.09.2015
Revenue	128,947	126,891
Cost of sales	-72,558	-72,964
Gross profit	56,389	53,927
Selling expenses	-27,728	-26,899
General and administrative expenses	-6,303	-5,923
Other operating income	154	113
Other operating expenses	-2	-5
Profit from operations	22,510	21,213
Finance costs	0	0
Finance income	6	41
Profit before income taxes	22,516	21,254
Income taxes	-6,770	-6,405
Profit after income taxes	15,746	14,849
Profit attributable to non-controlling interests disclosed under liabilities	-925	-1,013
Profit for the period - Attributable to non-controlling interests - Attributable to equity holders of the parent	14,821 48 14,773	13,836 -90 13,926
Earnings per share, in relation to the profit for the period attributable to the ordinary equity holders of the parent
basic (euro/share)	2.84	2.68

Unaudited consolidated statement of compehensive income Nine months of fiscal year 2016

Amounts stated in EUR k	01.01.–30.09.2016	01.01.–30.09.2015
Profit for the period	14,821	13,836
Total comprehensive income for the period	14,821	13,836
- Attributable to non-controlling interests	48	-90
- Attributable to equity holders of the parent	14,773	13,926

Unaudited consolidated income statement 3rd quarter of fiscal year 2016

Amounts stated in EUR k	01.07.–30.09.2016	01.07.–30.09.2015
Revenue	45,414	44,637
Cost of sales	-24,265	-24,215
Gross profit	21,149	20,422
Selling expenses	-9,351	-8,711
General and administrative expenses	-2,061	-1,997
Other operating income	63	31
Other operating expenses	-2	-4
Profit from operations	9,798	9,741
Finance costs	0	0
Finance income	3	11
Profit before taxes	9,801	9,752
Income taxes	-2,905	-2,873
Profit after taxes	6,896	6,879
Profit attributable to non-controlling interests disclosed under liabilities	-395	-450
Profit for the period - Attributable to non-controlling interests - Attributable to equity holders of the parent	6,501 78 6,423	6,429 79 6,350
Earnings per share, in relation to the profit for the period attributable to the ordinary equity holders of the parent
basic (euro/share)	1.24	1.22

Unaudited consolidated statement of compehensive income 3rd quarter of fiscal year 2016

Amounts stated in EUR k	01.07.–30.09.2016	01.07.–30.09.2015
Profit for the period	6,501	6,429
Total comprehensive income for the period	6,501	6,429
- Attributable to non-controlling interests	78	79
- Attributable to equity holders of the parent	6,423	6,350

Unaudited consolidated balance sheet

Amounts stated in EUR k	30.09.2016	31.12.2015
Assets
Non-current assets
Software	2,361	2,029
Goodwill	6,935	6,935
Property, plant and equipment	1,606	1,584
Income tax credit	31	63
Deferred tax assets	851	872
	11,784	11,483
Current assets
Trade receivables	19,032	17,873
Other assets	69	80
Prepaid expenses	690	430
Cash	35,660	42,046
	55,451	60,429
Total assets	67,235	71,912
Equity and liabilities
Equity
Subscribed capital	5,198	5,198
Capital reserves	11,247	11,247
Retained earnings	24,348	27,925
Equity attributable to equity holders of the parent	40,793	44,370
Non-controlling interests	295	247
	41,088	44,617
Non-current liabilities
Liabilities to non-controlling interests	4,096	4,096
Other liabilities and accrued liabilities	1,671	1,193
Deferred tax liablilities	616	616
	6,383	5,905
Current liabilities
Income tax liabilities	481	1,046
Trade payables	973	1,357
Liabilities to non-controlling interests	1,212	1,269
Deferred revenue	0	108
Other liabilities and accrued liabilities	17,098	17,610
	19,764	21,390
Total equity and liabilities	67,235	71,912

Unaudited consolidated cash flow statement

Amounts stated in EUR k	01.01. – 30.09.2016	01.01. – 30.09.2015
Cash flows from operating activities
Profit for the period before profit attributable
to non-controlling interests	15,746	14,849
Tax expense	6,770	6,405
Amortization, depreciation and impairment of non-current assets	628	563
Finance income	-6	-41
Finance costs	0	0
Non-cash transactions	24	11
Operating profit before working capital changes	23,162	21,787
Increase/decrease in trade receivables and other assets	-1,117	-3,193
Increase/decrease in prepaid expenses and deferred income	-260	-202
Increase/decrease in trade payables and other liabilities and accrued liabilities	-546	1,996
Cash flows from operating activities	21,239	20,388
Interest paid	-7,314	-6,330
Net cash from operating activities	13,925	14,058
Cash flows from investing activities
Cash paid for intangible assets and property, plant and equipment	-985	-1,410
Receipts from the disposal of assets	0	53
Interest received	6	33
Net cash used in investing activities	-979	-1,324
Cash flows from financing activities
Dividends paid to non-controlling interests	-982	-1,092
Profit distributions	-18,350	-17,518
Net cash used in financing activities	-19,332	-18,610
Net change in cash	-6,386	-5,876
Cash at the beginning of the period	42,046	41,651
Cash at the end of the period	35,660	35,775
Composition of cash as of 30 September
Cash on hand and bank balances (without drawing restrictions)	35,660	35,775

Unaudited statement of changes in group equity

Amounts stated			Equity attributable to equity holders of the parent			Non
in EUR k	Subscribed capital	Capital- reserves	Other compre- hensive income	Retained earnings	Total	controlling interests	Total equity
01.01.2015	5,198	11,247	0	27,082	43,527	267	43,794
Total comprehensive income for the period	0	0	0	13,926	13,926	-90	13,836
Profit distributions	0	0	0	-17,518	-17,518	0	-17,518
30.09.2015	5,198	11,247	0	23,490	39,935	177	40,112
01.10.2015	5,198	11,247	0	23,490	39,935	177	40,112
Total comprehensive income for the period	0	0	0	4,435	4,435	70	4,505
31.12.2015	5,198	11,247	0	27,925	44,370	247	44,617
01.01.2016	5,198	11,247	0	27,925	44,370	247	44,617
Total comprehensive income for the period	0	0	0	14,773	14,773	48	14,821
Profit distributions	0	0	0	-18,350	-18,350	0	-18,350
30.09.2016	5,198	11,247	0	24,348	40,793	295	41,088

Unaudited information on the business segments

Amounts stated in EUR k	Temporary Staffing/ Permanent Placement/Interim- and Project Management	Training	Consolidated
01.01.-30.09.2016
Revenue*
Segment revenue	114,142	14,805	128,947
Result Segment result before goodwill impairment (EBITA)	19,942	2,568	22,510
Finance costs	0	0	0
Finance income	3	3	6
Profit before tax	19,945	2,571	22,516
Income taxes	6,440	330	6,770
01.01.-30.09.2015
Revenue*
Segment revenue	113,167	13,724	126,891
Result Segment result before goodwill impairment (EBITA)	18,731	2,482	19,690
Finance costs	0	0	0
Finance income	35	6	41
Profit before tax	18,766	2,488	21,254
Income taxes	6,077	328	6,405

*) Revenue between segments of EUR k 12 (prior year: EUR k 27) and EUR k 18 (prior year: EUR k 29) was not consolidated.

Responsible:

Amadeus FiRe AG . Investor Relations Darmstädter Landstraße 116 . 60598 Frankfurt am Main Tel.: 069 96876-180 . E-Mail: investor-relations@amadeus-fire.de

Financial Calendar

October 2016	International roadshow
09.02.2017	Preliminary results for fiscal year 2016
14.03.2017	Press and DVFA Conference for fiscal year 2016
25.04.2017	Quarterly statement first quarter of fiscal year 2017
18.05.2017	Shareholders' General Meeting
20.07.2017	Semi annual report for fiscal year 2017
24.10.2017	Quarterly statement Nine Months for fiscal year 2017
October 2017	International roadshow