CENIT AG

Quarterly Report • Nov 14, 2012

CENIT AG 9 Months Report 2012

CENIT AT A GLANCE (unaudited)
At a glance - January 1 until September 30, 2012
in Mill. EUR		Sept. 30, 2012 Sept. 30, 2011
Sales	86,23	77,94
Gross profits	53,87	50,90
EBITDA	7,54	5,85
Operating returns (EBIT)	5,63	4,28
EBT	5,74	4,47
Netincome of the group	3,95	3,02
Result per share (basic) in EUR	0,47	0,36
Result per share (diluted) in EUR	0,47	0,36
Number of employees at end of period	674	664
EBIT - Margin	6,5%	5,5%
Profit - Margin	4,6%	3,9%
in Mill. EUR	Sept. 30, 2012	Dec. 31, 2011
Equity in ratio	56%	57%
Equity	33,62	32,21
Liabilities	25,92	24,21
Balance sheet total	59,54	56,42

DEVELOPMENT OF EARNINGS

During the first 9 months of 2012, CENIT AG was able to increase sales against the same period of the previous year. As during the first 6 months, a major contributor to this trend was high demand from the manufacturing industry, leading to significant improvements in the field of Product Lifecycle Management (PLM). The market environment of the Group's Enterprise Information Management (EIM) segment remains difficult; this led to a slight contraction in sales and earnings.

In Q3, sales of non-proprietary software were again up significantly against the previous year, as were earnings in the consulting business and applications management. Sales or CENIT's proprietary software, on the other hand, were down slightly.

OVERVIEW OF 9 MONTHS FIGURES

After 9 months, CENIT Group posted sales revenue of 86.2 m EUR (as per 09/2011: 77.9 m EUR/11%), representing EBITDA of 7.5 m EUR (as per 09/2011: 5.8 m EUR/29%) and EBIT of 5.6 m EUR (as per 09/2011: 4.3 m EUR/31%). Results per share were 0.47 m EUR (as per 09/2011: 0.36 EUR).

BREAKDOWN OF EARNINGS

In the PLM segment, CENIT achieved sales of 64.7 m EUR during the first 9 months (as per 09/2011: 56.0 m EUR/16%). The EIM segment posted sales of 21.5 m EUR against 22.0 m EUR during the same period of 2011 (-2%). Sales of non-CENIT software attained 35.8 m EUR (as per 09/2011: 29.4 m EUR/22%). Sales of CENIT's proprietary software contracted from 8.8 m EUR to 7.9 m EUR/-11%). Turnover from services and consulting totaled 42.1 m EUR (as per 09/2011: 39.5 m EUR/7%). Other sales amounted to 0.4 m EUR (as per 09/2011: 0.2 m EUR/93%).

FOREIGN HOLDINGS – FOREIGN SUBSIDIARIES

CENIT (Switzerland) AG achieved sales revenues of 7.8 m EUR (as per 09/2011: 7.3 m EUR), accounting for EBIT of 0.9 m EUR (as per 09/2011: 0.7 m EUR).

CENIT North America Inc. posted sales of 6.9 m EUR (as per 09/2011: 7.0 m EUR) and EBIT of 0.8 m EUR (as per 09/2011: 1.1 m EUR).

CENIT SRL achieved total sales of 1.1 m EUR (as per 09/2011: 0.6 m EUR) representing EBIT of 0.1 m EUR (as per 09/2011: 0.0 m EUR).

CENIT France SARL accounted for sales of 0.6 m EUR (as per 09/2011: 0.5 m EUR) and EBIT of 0.2 m EUR (as per 09/2011: 0.0 m EUR).

The Japanese subsidiary established in July 2011, CENIT Japan K.K., posted sales of 0.4 m EUR (as per 09/2011: 0.0 m EUR) and EBIT of -0.1 m EUR (as per 09/2011: -0.1 m EUR).

DEVELOPMENT OF COSTS

Other operating expenses amounted to 11.3 m EUR (as per 2011: 11.1 m EUR).

INVESTMENTS

Investments during the first 9 months of 2012 totaled 2.2 m EUR (as per 2011: 1.4 m EUR).

CHANGES IN MANAGEMENT AND SUPERVISORY BODIES

None

EVENTS OF SPECIAL SIGNIFICANCE WHICH MAY AFFECT THE RESULT OF BUSINESS ACTIVITIES

None

INTERIM DIVIDEND

No interim dividend was distributed.

AMOUNT DISTRIBUTED OR PROPOSED FOR DISTRIBUTION

None

ORDERS SITUATION

Incoming orders Group-wide totaled 87.2 m EUR (2011: 80.6 m EUR/8%). Orders in hand on 30 September 2012 amounted to 38.7 m EUR (2011: 33.5 m EUR/15%).

ORDERS OF SPECIAL SIGNIFICANCE

None

LIQUID ASSETS AND SECURITIES

On the balance sheet date, bank deposits and securities totaled 22.5 m EUR (31 Dec. 2011: 18.1 m EUR). The enterprise is free of debt.

ASSETS, FINANCIAL AND EARNINGS SITUATION

The balance-sheet total is 59.5 m EUR. Trade receivables amounted to 13.8 m EUR. On the balance-sheet date, equity totaled approx. 33.6 m EUR (31 Dec.2011: 32.2 m EUR), representing an equity ratio of 56% (31 Dec. 2011: 57%). The operative cash flow was 5.7 m EUR (09/2011: 5.4 m EUR).

EMPLOYEES

On 30 September 2012, CENIT employed 674 staff Group-wide (30 Sept. 2011: 664).

SUPPLEMENTARY, OPPORTUNITY AND FORECAST REPORT

CENIT adheres to its most recent annual forecast and continues to expect an increase in annual sales of approximately 7%, as well as EBIT growth between 20% and 25%. For the 4th Quarter, CENIT expects moderate growth in the PLM segment. Among other factors, this reporting segment is heavily dependent on economic conditions and developments in the automotive, aerospace and mechanical engineering industries. Given the continuing financial and debt crisis, the enterprise continues to regard the economic environment of the EIM segment as difficult.

CENIT Aktiengesellschaft, Stuttgart
CONSOLIDATED BALANCE SHEET (in accordance with IFRSs) (unaudited)
for the period from January 1 to September 30, 2012
in EUR k	Sept. 30, 2012	Dec. 31, 2011
ASSETS
NON-CURRENT ASSETS
Intangible assets	4.885	5.550
Property, plant and equipment	3.385	2.451
Investment in associates	53	54
Income tax receivable	417	403
Other financial assets measured and recognized at fair value
through profit or loss	2.000	2.000
Trade receivables	0	0
Deferred tax assets	73	49
NON-CURRENT ASSETS	10.814	10.507
CURRENT ASSETS
Inventories	172	326
Trade receivables	13.826	17.496
Receivables from associates	4.097	3.946
Current income tax assets	503	452
Other receivables	253	147
Other financial assets measured at fair value through profit or loss	966	966
Cash an cash equivalents	22.467	18.135
Prepaid expenses	6.444	4.443
CURRENT ASSETS	48.728	45.911
TOTAL ASSETS	59.542	56.418

CENIT Aktiengesellschaft, Stuttgart
CONSOLIDATED BALANCE SHEET (in accordance with IFRSs) (unaudited)
for the period from January 1 to September 30, 2012
in EUR k	Sept. 30, 2012	Dec. 31, 2011
EQUITY AND LIABILITIES
EQUITY
Issued capital	8.368	8.368
Capital reserve	1.058	1.058
Currency translation reserve	299	321
Statutory earnings reserve	418	418
Other earnings reserves	12.245	12.245
Unappropriated retained earnings	11.233	9.796
Total EQUITY	33.621	32.206
NON-CURRENT LIABILITIES
Other liabilities	759	759
Deferred tax liabilities	1.500	1.586
NON-CURRENT LIABILITIES	2.259	2.345
CURRENT LIABILITIES
Trade liabilities	2.084	3.624
Liabilities due to associates	0	217
Other liabilities	13.270	13.301
Current income tax liabilities	730	706
Other provisions	638	245
Deferred income	6.940	3.774
CURRENT LIABILITIES	23.662	21.867
TOTAL EQUITY AND LIABILITIES	59.542	56.418

CENIT Aktiengesellschaft, Stuttgart
CONSOLIDATED INCOME STATEMENT (in accordance with IFRS) (unaudited) for the period from January 1 to September 30, 2012
in EUR k		Sept. 30, 2012	Sept. 30, 2011
1. REVENUE		86.233	77.940
2. Increase/decrease in work of process		-5	57
Total operating performance		86.228	77.997
3. Other operating income		603	870
Operating perfomance		86.831	78.867
4. Cost of materials	32.960		27.969
5. Personnel expenses	35.071		33.921
6. Amortization and depreciation of intangible assets
and property, plant and equipment	1.907		1.567
7. Other operating expenses	11.265		11.129
		81.203	74.586
OPERATING RESULT		5.628	4.281
8. Other interest and similar income	123		193
9. Other interest and similar expenses	14		5
10. Result from financial instruments
at fair value through profit or loss	0		0
11. Share of profit or loss of associates	0		0
		109	188
NET OPERATING INCOME
		5.737	4.469
12. Taxes on income		1.789	1.450
13. NET INCOME OF THE GROUP FOR THE PERIOD		3.948	3.019
14. thereof attributable to the shareholders of CENIT AG		3.948	3.019
Earnings per share in EUR
basic		0,47	0,36
diluted		0,47	0,36

CENIT Aktiengesellschaft, Stuttgart CONSOLIDATED INCOME STATEMENT (in accordance with IFRS) (unaudited)

for the period from July 1 to September 30, 2012

in EUR k		3rd Quarter,2012	3rd Quarter, 2011
1. REVENUE		28.453	27.621
2. Increase/decrease in work of process		-1	4
Total operating performance		28.452	27.625
3. Other operating income		209	351
Operating perfomance		28.661	27.976
4. Cost of materials	11.106		10.283
5. Personnel expenses	11.254		10.990
6. Amortization and depreciation of intangible assets
and property, plant and equipment	557		627
7. Other operating expenses	3.818		3.779
		26.735	25.679
OPERATING RESULT		1.926	2.297
8. Other interest and similar income	40		59
9. Other interest and similar expenses	2		2
10. Result from financial instruments
at fair value through profit or loss	0		0
11. Share of profit or loss of associates	0		0
		38	57
NET OPERATING INCOME
		1.964	2.354
12. Taxes on income		608	787
13. NET INCOME OF THE GROUP FOR THE PERIOD		1.356	1.567
Earnings per share in EUR
basic		0,16	0,19
diluted		0,16	0,19

CENIT Aktiengesellschaft, Stuttgart
CONSOLIDATED STATEMENT OF CASH FLOWS (in accordance with IFRSs) (unaudited) for the period from January 1 to September 30, 2012
in EUR k	Sept. 30,2012	Sept. 30,2011
Cash flow from operating activities
Earnings before net interest and tax	5.628	4.281
Adjustments for:
Amortization/depreciation of intangible assets and property, plant and equipment	1.907	1.567
Gains(-)/losses(+) from asset retirements	51	8
Result from associates	1	1
Incidental acquisition costs of investments in fully consolidated entities	0	0
Other non-cash income and expenses	-24	29
Additions to other financial assets	0	0
Increase/decrease of other noncurrent assets and liabilities or provisions	0	178
Interest paid	-14	-5
Interest received	123	193
Income taxes paid	-1.940	-884
Operating result before changes on current assets	5.732	5.368
Increase/decrease in trade receivables
and other current, non-monetary assets	1.413	-2.306
Increase/decrease in inventories	154	420
Increase/decrease of current liabilities and provisions	1.771	6.735
Net cash from operating activities	9.070	10.217
Cash flow from investing activities
Acquisition of property, plant and equipment
and intangible assets	-2.228	-1.449
Purchase of investments in an associate	0	-1.895
Income from the disposal of property, plant and equipment	1	4
Change in other financial assets that are
not allocable to cash and cash equivalents Net cash used for investments	0 -2.227	3.000 -340
Cash flow from financing activities
Payments to shareholders	-2.510	-1.255
Net cash utilized for financing activities	-2.510	-1.255
Net increase/decrease in cash and cash equivalents	4.332	8.622
Cash and cash equivalents at the beginning of the reporting period	18.135	13.306
Cash and cash equivalents at the end of the reporting period	22.467	21.928

CENIT Aktiengesellschaft, Stuttgart

CHANGES IN EQUITY STATEMENT (in accordance with IFRSs) (unaudited) as of September 30, 2012

in EUR k	Issued		Capital	Foreign	Earnings reserves		Unappropriated	Total
	capital		reserve	currency	Statutory	Other	retained
				translation	reserve	reserves	earnings
				reserves
As of January 1,2011		8.368	1.058	154	418	11.740	7.299	29.037
Total comprehensive income			0	167	0	-95	4.352	4.424
Dividend distribution							-1.255	-1.255
Addition to other reserves						600	-600	0
As of Dec. 31,2011		8.368	1.058	321	418	12.245	9.796	32.206
Exchange differences				-22				-22
Total result of the period							3.948	3.948
Total comprehensive income		0	0	-22	0	0	3.948	3.926
Dividend distribution							-2.510	-2.510
Allocation to the other revenue reserve
Allocation to the legal revenue reserve
Capital increase from company funds
As of September 30, 2012		8.368	1.058	299	418	12.245	11.233	33.621

CENIT Aktiengesellschaft

Segment Reporting by Business Unit (in accordance with IFRSs) (unaudited) for the period from January 1 to September 30, 2012

				not
		EIM	PLM	allocated	Group
in EUR k
External revenue	Q1-Q3 2012	21.500	64.733	0	86.233
	Q1-Q3 201	21.989	55.951	0	77.940
EBIT	Q1-Q3 2012	362	5.266	0	5.628
	Q1-Q3 201	944	3.337	0	4.281
Share of profit of	Q1-Q3 2012	0	0	0	0
an associate	Q1-Q3 201	0	0	0	0
Other interest result and	Q1-Q3 2012	0	0	109	109
financial result	Q1-Q3 201	0	0	188	188
Income taxes	Q1-Q3 2012	0	0	1.789	1.789
	Q1-Q3 201	0	0	1.450	1.450
Net income of the Group	Q1-Q3 2012	362	5.266	-1.680	3.948
	Q1-Q3 201	944	3.337	-1.262	3.019
Segment assets	Q1-Q3 2012	10.644	22.418	26.427	59.489
	Q1-Q3 201	11.392	22.417	24.449	58.258
Investment in an associate	Q1-Q3 2012	0	53	0	53
	Q1-Q3 201	0	53	0	53
Segment liabilities	Q1-Q3 2012	9.119	14.571	2.231	25.921
	Q1-Q3 201	6.181	18.809	2.436	27.426
Investments in property, plant and	Q1-Q3 2012	729	1.499	0	2.228
equipment and intangible assets	Q1-Q3 201	447	1.002	0	1.449
Amortization and depreciation	Q1-Q3 2012	635	1.272	0	1.907
	Q1-Q3 201	561	1.006	0	1.567

EIM = Enterprise Information Management; PLM = Product Lifecycle Management

CENIT Aktiengesellschaft

Group Segment Report by Region (in accordance with IFRSs) for the period from January 1 to September 30, 2012 (unaudited)

in EUR k		Germany	Switzerland	North America	Romania	France	Japan	not allocated	Consolidation	Group
Internal revenue	Q1-Q3 2012	4.191	25	345	310	574	138	0	-5.582	0
	Q1-Q3 2011	3.507	13	257	255	468	23	0	-4.523	0
External revenue	Q1-Q3 2012	70.633	7.901	6.701	719	33	245	0	0	86.233
	Q1-Q3 2011	65.520	5.040	6.983	370	27	0	0	0	77.940
Segment assets	Q1-Q3 2012	27.895	3.526	2.498	161	132	328	26.427	-1.478	59.489
	Q1-Q3 2011	29.284	4.688	3.098	145	17	45	24.429	-3.450	58.258
Investment in an associate	Q1-Q3 2012	53	0	0	0	0	0	0	0	53
	Q1-Q3 2011	53	0	0	0	0	0	0	0	53
Investments in property, plant and Q1-Q3 2012		2.130	6	38	40	14	0	0	0	2.228
equipment and intangible assets	Q1-Q3 2011	1.249	126	38	14	2	20	0	0	1.449

DIRECTORS' HOLDING:

Number of shares as at September 30, 2012

Total Number of Shares: 8,367,758

Managing Board:		Supervisory Board:
Kurt Bengel:	6,000	Andreas Schmidt:	191,792
Christian Pusch:	0	Hubert Leypoldt:	1,600
		Andreas Karrer:	1,000

Financial Calendar:

November 12th-14th, 2012			German Equity Forum, Frankfurt

CENIT AG Industriestraße 52-54 70565 Stuttgart Tel. + 49 7 11 78 25-30 Fax: +49 7 11 78 25-40 00 ISIN: DE0005407100 Internet: www.cenit.de E-Mail: aktie@cenit.de