11 88 0 Solutions AG — Interim / Quarterly Report 2021

Aug 10, 2021

Results

Key Figures of 1188 0 Solutions Group at a glance

in EUR million	6M 2021	6M 2020	Variance absolute	Variance in percent
Revenues and earnings 11880 Solutions Group
Revenues	28.8	24.0	4.8	20.0%
EBITDA1	2.6	1.4	1.3	92.0%
Net loss	-0.6	-1.0	0.4	41.6%
Details Segments
Revenues Digital	22.4	18.1	4.3	23.8%
EBITDA1 Digital	2.5	1.4	1.2	87.8%
Revenues Directory Assistance	6.4	5.9	0.5	8.3%
EBITDA1 Directory Assistance	0.1	0.0	0.1	>100%
Statement of financial position2
Total assets	28.5	31.4	-2.9	-9.3%
Cash and cash equivalents3	3.1	3.7	-0.6	-16.7%
Equity	9.1	9.8	-0.6	-6.2%
Equity ratio	32.1%	31.1%
Cash flow
Cash flow from operating activities	2.4	0.6	1.7	>100%
Cash flow from investing activities	-2.1	-2.1	0.0	-2.2%
Cash flow from financing activities	-0.8	-0.7	-0.1	-19.0%
Net Cash flow4	-0.6	-2.1	1.6	72.1%
Key figures for the 11880 share
Earnings per share (in EUR)	-0.02	-0.05	0.03	60.0%
Share price at year-end (in EUR)5	1.55	1.40	0.15	10.7%
Market capitalisation at year-end	38.6	29.4	9.2	31.2%
Other KPIs
Number of Employees6 Group	574	545	29	5.3%

1 Earnings before interest, tax, depreciation and amortisation

2 Comparison value as of 31 December 2020

3 Portfolio of cash and cash equivalents as well as financial assets at fair value through profit or loss

4 Operating cash flow plus cash flow from investing activities plus cash flow from financing activities

5 Xetra-closing prices as of last trading day

6 Headcounts as of 30 June closing date (excluding the Managment Board, trainees and dormant employment contracts)

For mathematical reasons, rounding differences amounting to +/- one unit (€, % etc.) may occur. In favour of a correct mathematical presentation, such differences are consciously accepted.

About us
Results			02
Letter from the Management Board			04

Group Interim Management Report

Course of business, material events	05
Financial situation	06
Segment report	07
Outlook	07
Employees	07
Significant events after the end of the interim reporting period	08
Comparability of disclosures	08

Responsibility statement

Responsibility statement 09
--------------------------------

Interim Consolidated Financial Statements

Consolidated income statement (IFRS)	11
Consolidated statement of comprehensive income (IFRS)	12
Consolidated statement of financial position (IFRS)	13
Consolidated statement of cash flows (IFRS)	15
Consolidated statement of changes in equity (IFRS)	17
Notes to the interim consolidated financial statements	18
Corporate structure 11880 Solutions Group	25
Imprint	25

Letter from the Management Board

Dear shareholders, customers and friends of 11 88 0 Solutions AG,

The coronavirus pandemic continued to set the agenda in the first half of the current financial year, with the majority of our team working from home. This did not adversely affect our performance – on the contrary, we exceeded our ambitious internal targets in the first six months of 2021 and recorded further growth compared to the same period in 2020. This was true of both the Digital business, where the number of contract customers rose to 45,767 as of 30 June 2021, and the Directory Assistance segment, which performed well thanks to the call centre third-party business and the outsourcing collaboration with FRED 11811.

We also made significant progress at operating level during the first half of the year. We largely completed the integration of FAIRRANK GmbH after acquiring the business at the end of September last year. At the same time, we started expanding our existing key account management team, which will look after our most lucrative customers in the future and use the entire 11880.com and FAIRRANK product range to deliver the best online marketing for these customers. We also redesigned our specialist portals to make their added value more readily apparent to users and give them an even more direct connection with the right service provider.

By using intelligent SEO and SEA measures, we have given the online marketing of our own products and services a considerable boost. These measures have paid off, not only enhancing our profile but also unearthing several prospective customers for our sales team.

For the fifth year in a row, we were named the best classified directory in the annual market research conducted by television station n-tv and the German Institute for Service Quality (DISQ). The most important criteria in this poll were service quality and transparency, and we are very proud to say that 11880.com once again scored highly on both counts.

Although the Directory Assistance business recorded a further decline in line with the market in the first half of the year, our collaboration with FRED 11811 allowed us to buck this trend. We continued to grow our call centre third-party business by acquiring several new smaller customers and expanding the volume of orders from long-standing customers in the first six months of the current financial year. We re-established our quality management system in this area and are now seeking various certifications to ensure that we can meet the necessary conditions for public tenders in the future.

It is encouraging for us to see that the development of the Covid pandemic now enables our customers to return to normal business life. Our team will be there to support them and help them add as much value to their online presence as possible. We will also roll out several new products offering specific added benefits for our corporate customers in the Digital business during the second half of the year.

Thank you the confidence you have placed in us. Sincerely,

Christian Maar Chief Executive Officer 1188 0 Solutions AG

Essen, 31 July 2021

5

Course of business, material events

Although the first half of the 2021 financial year was affected by the restrictions of the Covid pandemic, 1188 0 Solutions AG per formed successfully even during the months of lockdown. Both of the Company's divisions again achieved growth compared with the previous year. 1188 0 Solutions AG also laid important founda tions for future growth at operational level.

Leveraging intelligent SEO and SEA measures, the Company sig nificantly boosted its public awareness in the first six months of 2021 and generated a large number of leads. A dedicated page on SEO has also been developed for corporate customers, provid ing them with practical tips on how to market their products and services. Complementing the gold, silver and bronze advertising categories, the Company plans to launch a platinum category par ticularly for enterprises that use the website as a key part of their business and primarily market their products and services online. The product range will also be expanded to include a Consent Man agement Tool supporting 11880.com customers in complying with all GDPR provisions.

The second division of 11 88 0 Solutions AG, which comprises di rectory assistance services and the call centre third-party busi ness, also performed well in the first half of 2021. The collabora tion with Fred 11811 compensated for some of the market-related decline in directory assistance call volumes, while larger custom ers expanded their order volumes. The acquisition of three small er new customers was another factor contributing to the positive performance. 11 88 0 Solutions AG also redesigned its quality management system in this area in order to be able to participate in public tenders in the future and obtain the certifications that are often required for this purpose.

This year's Annual General Meeting of 11 88 0 Solutions AG was held in a virtual format on 16 June 2021. The actions of the Man agement Board and Supervisory Board were formally approved with 99.98 percent of all votes, and all other proposals on the agenda were adopted by at least 98 percent of the votes.

Financial situation

The entities FAIRRANK GmbH and Seitwert GmbH, which were acquired with effect on the 21st of September 2020, are not included in the prior-year figures for the comparative period due to their acquisition date.

Results of operations

Consolidated revenues as of the 30 June 2021 reporting date were EUR 28.8 million (previous year: EUR 24.0 million), representing a year-on-year increase of 20 percent. Adjusted for the share of revenues attributable to FAIRRANK GmbH and Seitwert GmbH, which were only acquired in September 2020, the increase was 11%. Further information on the segment breakdown and changes is provided in the section entitled "Segment report".

The consolidated cost of revenues was EUR 16.3 million in the first half of 2021, an increase of 21 percent year-on-year (previous year: EUR 13.5 million). However, FAIRRANK GmbH and Seitwert GmbH contributed EUR 1.7 million to cost of revenues, which means that the like-for-like increase would be 9%. This was mainly due to an increase in variable costs incurred, among other things, in connection with the cooperation with FRED 11811-Auskunft, which has been in place since May 2020. These costs rose in line with the corresponding revenue generated in this area. There were also higher costs for call centre services due to the year-on-year increase in revenues.

Selling and distribution costs increased year-on-year from EUR 7.5 million to EUR 8.5 million, driven mainly by costs attributable to FAIRRANK GmbH and Seitwert GmbH.

The general administrative expenses incurred in the first six months rose slightly by EUR 0.1 million to EUR 4.4 million compared with the previous year.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) improved by EUR 1.2 million year-on-year, from EUR 1.4 million to EUR 2.6 million. Earnings after taxes at the half-year mark were EUR -0.6 million (previous year: EUR -1.0 million). Significantly higher revenues compared to the same period of the previous year as well as a disproportionally low increase in costs, mainly in sales, were the reasons for the positive performance in earnings.

Net assets and financial position

Capital expenditures

Capital expenditures in the first half of 2021 totalled EUR 2.3 mil-

lion (previous year: EUR 2.4 million). In addition to investments in product improvements and product innovations, especially in the digital business, this item includes capitalised sales commission of EUR 2.0 million (previous year: EUR 1.7 million) and capitalised right-of-use assets of EUR 0.2 million (previous year: EUR 0.3 million) in accordance with IFRS 16 Leases.

Statement of financial position

As of 30 June 2021, total assets amounted to EUR 28.5 million, showing a decrease of EUR 2.9 million compared with 31 December 2020 (31 December 2020: EUR 31.4 million).

On the assets side of the statement of financial position, current assets declined by EUR 2.2 million (31 December 2020: EUR 14.1 million) to EUR 12.0 million. This was due mainly to the EUR 1.9 million decrease in trade accounts receivable. As of 30 June 2021, the 11880 Solutions Group had investments in short-term money market and bond funds that are reported as financial assets measured at fair value through profit or loss. The fair value of these investments remained unchanged at EUR 0.6 million compared with 31 December 2020.

As of the reporting date, the Group had non-current assets worth EUR 16.5 million (31 December 2020: EUR 17.3 million). The decrease of EUR 0.7 million resulted mainly from a decrease in capitalised right-of-use assets pursuant to IFRS 16.

On the liabilities side, current liabilities fell by EUR 1.8 million to EUR 12.5 million (31 December 2020: EUR 14.3 million). The reduction mainly concerned other current liabilities and trade accounts payable.

Non-current liabilities decreased from EUR 7.4 million as of 31 December 2020 to EUR 6.8 million as of the 30 June 2021 reporting date. This decline is mainly due to a reduction in non-current lease liabilities.

Equity declined by EUR 0.6 million to EUR 9.1 million compared to 31 December 2020 (31 December 2020: EUR 9.8 million), due mainly to the net loss for the period incurred in the first half of 2021.

Cash flow & financing

Cash flow from operations in the first half of 2021 amounted to EUR 2.4 million, compared to EUR 0.6 million during the prior-year period due to a significantly reduced receivables portfolio.

The cash outflow from investing activities in the first six months amounted to EUR 2.1 million (previous year: EUR 2.1 million).

The cash flow from financing activities was EUR -0.8 million in the first six months (previous year: EUR -0.7 million).

Cash holdings

Cash holdings (cash and current financial assets measured at fair value through profit or loss at the end of the period) declined from EUR 3.7 million to EUR 3.1 million compared with 31 December 2020. The decrease in cash holdings by EUR 0.6 million (net cash flow) corresponds to the sum total of the cash flow from operations of EUR 2.4 million, the cash flow from investing activities of EUR -2.1 million and the cash flow from financing activities in the amount of EUR -0.8 million.

Segment report

At EUR 22.4 million, revenues in the Digital business were up yearon-year (previous year: EUR 18.1 million). The Digital business now accounts for around 78 percent of total revenue (previous year: 75 percent). Six-month earnings (EBITDA) as of the reporting date were EUR 2.5 million (previous year: EUR 1.4 million).

The traditional directory assistance business accounted for EUR 6.4 million of total revenues (previous year: EUR 5.9 million). Sixmonth earnings (EBITDA) as of the reporting date were EUR 0.1 million (previous year: EUR 0.0 million).

Outlook

Digital segment

The company's strategy in 2021 remains focused on continuing on its dynamic growth trajectory in this segment and optimising its products in a customer-driven way. Furthermore, the integration of FAIRRANK GmbH and Seitwert GmbH will see 11 88 0 Solutions AG revamp their products SEO, online advertising, usability optimisation and website analysis, and make them more of a focus.

In the area of new customer business, the Group will again be working on a continued, moderate increase in the 2021 financial year.

In its business with existing customers, the 1188 0 Solutions Group still expects to achieve customer growth although it will be below the growth rates of the previous year.

Directory Assistance segment

In the Directory Assistance segment, the 11 88 0 Solutions Group anticipates that the negative trend with respect to call volumes in Germany will persist in 2021. In addition to further expanding the call centre third-party business, the Company is always reviewing and testing new business models and collaboration opportunities in order to ward off decreases in business volume as much as possible and ensure long-term success.

Group

At Group level, the 1188 0 Solutions Group continues to expect posting revenues of EUR 54.8 to EUR 60.6 million in 2021. In comparison, revenues were generated in the amount of EUR 50.8 million in 2020. The 1188 0 Solutions Group also continues to expect EBITDA in 2021 to be in the range of EUR 3.1 to EUR 4.3 million. In comparison, the Company generated EBITDA of EUR 3.0 million in 2020.

Cash holdings

The 1188 0 Solutions Group continues to expect positive cash holdings of between EUR 1.5 and EUR 2.3 million as of the end of the 2021 financial year. Cash holdings at the end of 2020 amounted to EUR 3.7 million.

Employees

On 30 June 2021, the 11 88 0 Solutions Group had 574 employees (head count; excluding Management Board, trainees, interns and dormant employment contracts), which represents a year-on-year increase of 5 percent (previous year: 545). The prior-year figure does not include the employees of FAIRRANK GmbH and Seitwert GmbH, which were acquired in September 2020.

Significant events after the end of the interim reporting period

The global spread of the coronavirus (COVID-19) continues to represent an additional element of uncertainty with regard to the economic impact on the 1188 0 Solutions AG Group as well. At the time of preparing the financial statements, the Company's business model continues to prove resilient. Both risks and opportunities arise for the remainder of the 2021 financial year, but their occurrence will depend on how the pandemic develops. On the one hand, customer behaviour with regard to contract fulfilment still cannot be reliably predicted for the coming months; on the other hand, however, opportunities arise for the Company triggered by the increasing digitalisation trend.

Comparability of disclosures

The 6-month report for 2020 and the consolidated financial statements for the year ended 31 December 2020 have been published on the 11880 Solutions AG website at: https://ir.11880.com/ finanzberichte.

Essen, 31 July 2021 The Management Board

Christian Maar Chief Executive Officer

Responsibility statement

"To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group in the remaining months of the financial year."

Essen, 31 July 2021 The Management Board

Christian Maar Chief Executive Officer

6-Month Report 2021 1188 0 Solutions Group 10

Interim Consolidated Financial Statements

Consolidated income statement (IFRS)	11
Consolidated statement of comprehensive income (IFRS)	12
Consolidated statement of financial position (IFRS)	13
Consolidated statement of cash flows (IFRS)	15
Consolidated statement of changes in equity (IFRS)	17
Notes to the interim consolidated financial statements	18
Corporate structure 11880 Solutions Group	25
Imprint	25

Consolidated income statement (IFRS)		Quarterly Report (unaudited)	6-Month Report (unaudited)
in EUR thousand	01.04. – 30.06.2021	01.04. – 30.06.2020	01.01. – 30.06.2021	01.01. – 30.06.2020
Revenues	14,407	11,903	28,759	23,962
Cost of revenues	-8,037	-6,564	-16,318	-13,496
Gross profit	6,370	5,339	12,441	10,466
Selling and distribution costs	-4,393	-3,611	-8,501	-7,512
General administrative expenses	-1,821	-2,141	-4,419	-4,288
Other operating expense	-1	-4	-1	-4
Operating income (loss)	155	-417	-481	-1,339
Interest income	5	6	5	6
Interest expense	-5	-1	-10	-3
Interest expenses for rights of use (IFRS 16)	-67	-78	-137	-159
Gain (loss) from marketable securities	-6	22	-12	-5
Financial income (loss)	-73	-51	-154	-162
Income (loss) before income tax	82	-468	-633	-1,500
Deferred income tax	12	173	26	458
Income tax	12	173	26	458
Net income (loss)	94	-295	-608	-1,042
Attributable to:
Owners of the parent	94	-295	-608	-1,042
Earnings per share for net income (loss) for the reporting period attributable to ordinary equity holders of the parent (in euro)	0.00	-0.01	-0.02	-0.05

Consolidated statement of comprehensive income (IFRS)	Quarterly Report (unaudited)		6-Months Report (unaudited)
in EUR thousand	01.04. – 30.06.2021	01.04. – 30.06.2020	01.01. – 30.06.2021	01.01. – 30.06.2020
Net income (loss)	94	-295	-608	-1,042
Other comprehensive income (loss)
Items that will not be reclassified to profit or loss
Items that can be reclassified subsequently to profit or loss
Other comprehensive income (loss) after tax	0	0	0	0
Total comprehensive income (loss)	94	-295	-608	-1,042
Attributable to:
Owners of the parent	94	-295	-608	-1,042

Consolidated statement of financial position (IFRS)

in EUR thousand	30 June 2021	30 June 2020	31 December 2020
ASSETS	(unaudited)	(unaudited)
Current assets
Cash and cash equivalents	2,320	1,929	2,922
Restricted cash	134	67	134
Trade accounts receivable	7,760	8,950	9,614
Current tax assets	5	3	4
Financial assets at fair value through profit or loss	598	577	610
Other financial assets	253	149	180
Other current assets	881	708	663
Total current assets	11,951	12,383	14,126
Non-current assets
Goodwill	3,717	416	3,717
Intangible assets	6,518	6,062	6,666
Property and equipment	920	868	1,034
Capitalized right-of-use assets (IFRS 16)	4,877	5,279	5,360
Other non-current assets	489	278	483
Total non-current assets	16,521	12,904	17,259
Total assets	28,472	25,287	31,385

in EUR thousand	30 June 2021	30 June 2020	31 December 2020
LIABILITIES AND EQUITY	(unaudited)	(unaudited)
Current liabilities
Trade accounts payable	261	1,296	713
Accrued liabilities	5,287	4,576	5,458
Provisions	0	35	0
Short-term lease liabilities (IFRS 16)	1,443	1,344	1,541
Other current liabilities	5,492	4,867	6,545
Total current liabilities	12,483	12,119	14,256
Non-current liabilities
Provisions	709	843	839
Provisions for retirement benefits	581	477	581
Other non-current liabilities	656	0	656
Long-term lease liabilities (IFRS 16)	4,276	4,739	4,653
Deferred tax liabilities	622	787	648
Total non-current liabilities	6,845	6,847	7,377
Total liabilities	19,328	18,966	21,633
Equity
Share capital	24,915	21,022	24,915
Additional paid in capital	34,473	33,598	34,473
Retained earnings	-49,848	-47,969	-49,240
Other components of equity	-397	-330	-397
Equity attributable to owners of the parent	9,144	6,321	9,752
Total equity	9,144	6,321	9,752
Total liabilities and equity	28,472	25,287	31,385

Consolidated statement of cash flows (IFRS)

in EUR thousand	01.01. – 30.06.2021	01.01.–30.06.2020
	(unaudited)	(unaudited)
Cash flow from operating activities
Income (loss) before income tax	-633	-1,500
Adjustments for:
Amortisation and impairment of intangible assets	2,235	1,992
Depreciation and impairment of right-of-use assets IFRS 16	699	570
Depreciation and impairment of property and equipment	164	137
Gain (loss) on disposal of property and equipment	2	4
Interest income	-5	6
Interest expense	147	161
Gain (loss) from marketable securities	12	5
Valuation allowance for trade accounts receivable	303	131
Impairment of other non-current assets	123	73
Changes in non-current provisions	-131	196
Changes in non-current financial and other assets	-130	-134
Cash inflow before changes in operating assets and liabilities	2,786	1,643
Changes in operating assets and liabilities:
Trade accounts receivable	1,551	-338
Other current asset	-291	-205
Trade accounts payable	-452	32
Accrued expenses and other current liabilities	-1,229	-524
Income taxes received / paid	0	16
Cash inflows from operating activities	2,365	624

in EUR thousand	01.01. – 30.06.2021	01.01.–30.06.2020
	(unaudited)	(unaudited)
Cash flow from investing activities
Purchase of intangible assets excl. customer contracts	-100	-286
Purchase of customer contracts with contract period > 1 year	-1,991	-1,717
Purchase of property and equipment	-50	-86
Interest received	0	-6
Cash outflows from investing activities	-2,141	-2,096
Cash flow from financing activities
Interest paid	-13	-1
Interest expenses for leases in accordance with IFRS 16	-137	-159
Payments from the repayment of lease liabilities IFRS 16	-676	-529
Cash outflows in financing activities	-826	-689
Change in cash	-602	-2,161
Cash at the beginning of the reporting period	2,922	4,090
Cash at the end of the reporting period	2,320	1,929
Cash and cash equivalents with and without restricted cash as well as financial assets at fair value through profit or loss at the end of reporting period	3,051	2,574

			Equity attributable to owners of the parent
in EUR thousand	Share capital	Additional paid in capital	Retained earnings	Other components of equity	Total equity
Balance at January 1, 2021	24,915	34,473	-49,240	-397	9,752
Net income (loss)	-	-	-608	-	-608
Other comprehensive income (loss)	0	0	0	0	0
Total comprehensive income (loss)	0	0	-608	0	-608
Balance at June 30, 2021	24,915	34,473	-49,848	-397	9,144
Balance at January 1, 2020	21,022	33,598	-46,927	-330	7,363
Net income (loss)	-	-	-1,042	-	-1,042
Other comprehensive income (loss)	0	0	0	0	0
Total comprehensive income (loss)	0	0	-1,042	0	-1,042
Balance at June 30, 2020	21,022	33,598	-47,969	-330	6,321

Consolidated statement of changes in equity (IFRS)

Notes to the interim consolidated financial statements

1. Presentation of the interim consolidated financial statements

The business operations of the 1188 0 Solutions Group (hereinafter also referred to as the 1188 0 Solutions Group / the Group), consisting of 11 88 0 Solutions AG, Essen, and its subsidiaries comprise the provision of online marketing services for small and medium-sized enterprises (SMEs). They provide companies with an online presence with products such as corporate websites, Google Ads or Microsoft Advertising, Google My Business and Facebook company pages and supports them in the planning and implementation of their digital advertising efforts. The integration of FAIRRANK GmbH and Seitwert GmbH into the 1188 0 Group, has enabled the Group to offer the core services of search engine optimisation (SEO), online advertising, usability optimisations and website analyses. The Group's companies also provide company entries (product: advertisement entry) on its 11880.com online business directory and on partner portals as well as on the 11880.com app (and partner apps). The Group also offers werkenntdenBESTEN.de, Germany's first and so far only search engine for online reviews.

The Digital segment also includes the software solutions business, which comprises both digital telephone books and yellow pages on CD-ROM and as an intranet solution, and database solutions.

The Directory Assistance segment comprises directory assistance services to private and business customers in Germany and abroad. These services are also provided to other telephone companies in Germany on the basis of outsourcing agreements. Additional services offered include a secretarial service and further services in the call centre third-party business.

1188 0 Solutions AG (hereinafter also referred to as the Company) is a listed stock corporation under German law and the parent company of the 1188 0 Solutions Group. The Company is domiciled in Hohenzollernstraße 24, 45128 Essen, Germany, and has been registered in the Commercial Register of the Essen Local Court, Germany, under registration number HRB 29301.

These condensed interim consolidated financial statements of 1188 0 Solutions AG and its subsidiaries were prepared for the first six months ended 30 June 2021 in accordance with the International Financial Reporting Standards (IFRSs) – as applicable in the European Union.

All International Accounting Standards (IASs), International Financial Reporting Standards (IFRSs) as well as the interpretations of the IFRS Interpretations Committee (IFRIC) and the interpretations of the Standing Interpretations Committee (SIC) whose application was mandatory as of 30 June 2021 were taken into account.

The interim consolidated financial statements were prepared in accordance with IAS 34 Interim Financial Reporting and should be read in the context of the audited consolidated financial statements for the 2020 financial year.

The consolidated financial statements of the 1188 0 Solutions Group are presented in euros (EUR). Unless stated otherwise, all values were rounded to thousands of euros (EUR thousand).

The interim consolidated financial statements are generally prepared using the historical cost system.

The interim consolidated financial statements have not been audited. They were released for publication by the Company's Management Board on 31 July 2021.

The consolidated financial statements and the group management report prepared as of 31 December 2020 were submitted with the publisher of the Federal Gazette and published electronically in the Federal Gazette.

2. Changes in accounting policies

The accounting policies applied in the interim consolidated financial statements are consistent with those applied in the consolidated financial statements for the 2020 financial year, except for the changes listed below.

Pronouncement	Title	Changes	Effective date for the Group	Anticipated effects on the presentation of the 1188 0 Group's net assets, financial position and results of operations
IFRS 16	COVID-19-Related Rent Concessions	Extension of COVID 19 related relief. The amendments provide practical relief to lessees when applying the requirements of IFRS 16 to account for changes in a lease (lease modifications) arising as a result of the COVID-19 pandemic.	01.01.2021	Relief option not used.
IFRS 9, IAS 39, IFRS 7, IFRS 4, IFRS 16	Interest Rate Bench mark Reform (Phase 2)	Amendments to Phase 2 of the IASB's IBOR project.	01.01.2021	No material effects.

3. Segment reporting

The Management Board of 11880 Solutions AG, as the Group's main decision-making entity, reviews the Group's results on the basis of weekly and monthly reporting and makes significant business decisions on this basis.

For the purpose of internal reporting and management control, the 11880 Solutions Group divides its activities into two operating segments: Digital und Directory Assistance.

Costs directly attributable to revenue generation and product development are assigned to the segments and include all personnel, technology, rental and licence expenses required to manage the segments. Costs not directly attributable are distributed among the segments according to a formula that is regularly reviewed and reflects actual costs incurred.

The two segments' main key performance indicators for operations are revenues and EBITDA (earnings before interest, taxes, depreciation and amortisation).

The accounting principles for the segments essentially match those described in the consolidated financial statements for the year ended 31 December 2020.

There were no intersegment revenues in the first six months of the current financial year or in the same period of the previous year.

1 January – 30 June 2021 in EUR thousand	Digital*	Directory Assistance*	Group
Revenues
Revenues from transactions with external customers	22,396	6,364	28,759
of which over periods of time	21,736	6,364	28,099
of which relating to points in time	660	0	660
Total revenues	22,396	6,364	28,759
Cost of revenues	-11,125	-5,193	-16,318
Selling and distribution costs	-8,202	-300	-8,502
General administrative expenses, other operating income & expenses	-3,403	-1,017	-4,420
Operating result	-335	-146	-481
Depreciation and amortisation	2,873	226	3,099
EBITDA	2,538	80	2,618
Interest income	5	0	5
Interest expense	-130	-17	-147
Other finance costs	-10	-2	-12
Earnings before income taxes	-471	-164	-633
Assets and liabilities
Segment assets			28,472
Segment liabilities			19,328
Other segment information
Capital expenditure for fixed assets			2,291
Depreciation of property and equipment	127	37	164
Amortisation of intangible assets	2,219	16	2,235
Depreciation of capitalised right-of-use assets	527	173	699

1 January – 30 June 2020 in EUR thousand	Digital*	Directory Assistance*	Group
Revenues
Revenues from transactions with external customers	18,084	5,877	23,962
of which over periods of time	17,377	5,877	23,255
of which relating to points in time	707	0	707
Total revenues	18,084	5,877	23,962
Cost of revenues	-8,955	-4,541	-13,496
Selling and distribution costs	-7,162	-349	-7,511
General administrative expenses, other operating income
& expenses	-3,026	-1,266	-4,293
Operating result	-1,060	-279	-1,339
Depreciation and amortisation	-2,412	-287	-2,699
EBITDA	1,352	8	1,360
Interest income	4	2	6
Interest expense	-127	-36	-163
Other finance income	19	8	27
Other finance costs	-23	-10	-33
Earnings before income taxes	-1,185	-315	-1,500
Assets and liabilities
Segment assets			25,287
Segment liabilities			18,966
Other segment information
Capital expenditure for fixed assets			2,357
Depreciation of property and equipment	97	40	137
Amortisation of intangible assets	1,936	56	1,992
Depreciation of capitalised right-of-use assets	378	192	570

4. Financial instruments

The Group holds investment fund units that invest in short-term, low-risk money market instruments and bonds.

The fair value of the Group's monetary investments in investment fund units as of 30 June 2021 was EUR 598 thousand (2020: EUR 577 thousand). The fair value corresponds to the nominal value multiplied by the quoted (redemption) price on the reporting date. The quoted (redemption) prices are based on the net asset value of the corresponding investment fund published daily and can be realised by the 1188 0 Group by returning them.

As in the previous year, the securities held by the Company in the amount of EUR 598 thousand, which were measured at fair value through profit or loss as of 30 June 2021 are allocated to Level 1 of the fair value hierarchy.

The financial assets measured at fair value through profit or loss changed as follows:

in EUR thousand Other financial assets at fair value through

As of 1 January 2020	582
Measurement gain recognised in profit or loss	28
As of 31 December 2020	610
Measurement loss recognised in profit or loss	-12
As of 30 June 2021	598

profit or loss

5. Changes in the basis of consolidation

There were no changes in the basis of consolidation in the reporting period.

6. Related party transactions

Business transactions carried out in the current financial year between 1188 0 Solutions AG and its subsidiaries that are considered affiliated companies were eliminated in consolidation and are not explained in these notes to the financial statements.

No further material related party transactions occurred in the first half of 2021.

Related parties here primarily comprise the members of the Management Board and the Supervisory Board. In the current financial year, there were no transactions between the 11 88 0 Solutions Group and members of the Management Board or the Supervisory Board extending beyond the existing employment, service or appointment relationship or the contractual remuneration for this relationship.

7. Disclosure regarding the corporate bodies of 11880 Solutions AG

Change in the Supervisory Board

There were no changes in the composition of the Supervisory Board in the reporting period.

8. German Corporate Governance Code

The joint declaration of compliance by the Management Board and Supervisory Board of 11 88 0 Solutions AG in accordance with section 161 AktG relating to the German Corporate Governance Code was made in December 2020. The exact wording of the declaration can be retrieved under https://ir.11880.com/ corporate-governance/entsprechenserklaerung.

Essen, 31 July 2021

Christian Maar Chief Executive Officer

Corporate structure 11880 Solutions Group

11880 Solutions AG ESSEN, DEUTSCHLAND

11880 Internet Services AG ESSEN, DEUTSCHLAND 100%

WerWieWas GmbH ESSEN, DEUTSCHLAND 100%

FAIRRANK GmbH KÖLN, DEUTSCHLAND 100%

Seitwert GmbH KÖLN, DEUTSCHLAND 100%

Imprint

Contact

Investor Relations Phone: +49 (201) 8099-188, Mail: investor.relations@11880.com

Imprint

In charge of 1188 0 Solutions AG, Hohenzollernstr. 24, 45128 Essen www.11880.com

Artwork Boris Simon Fabian Schüller 1188 0 Internet Services AG

11 88 0 Solutions AG · Hohenzollernstr. 24 · 45128 Essen

www.11880.com