CENIT AG

Quarterly Report • May 7, 2009

3 Months Report 2009

CENIT AG Systemhaus

Industriestraße 52-54 D-70565 Stuttgart Tel: + 49 711 7825-30 Fax: + 49 711 7825-4000 Internet: http://www.cenit.de

Investor Relations: ISIN:DE0005407100

Fabian Rau Tel: + 49 711 7825-3185 Fax:+ 49 711 782544-4185 Email: aktie@cenit.de

CENIT AT A GLANCE (unaudified)
At a glance - January 1 until March 31, 2009
in Mill. EUR		March 31, 2009March 31, 2008
Sales	21,80	15,82
Gross profits	15,75	13,79
EBITDA	1,00	0,60
Operating returns (EBIT)	0,64	0,33
EBT	0,68	0,54
Netincome of the group	0,49	0,46
Result per share (basic) in EURO	0,06	0,05
Result per share (diluted) in EURO	0,06	0,05
Number of employees at end of period	710	672
EBIT - Margin	2,9%	2,1%
Profit - Margin	2,3%	2,9%
in Mill. EUR	March 31, 2009	31.12.08
Equity in ratio	59%	64%
Equity	25,85	25,36
Liabilities	17,79	14,01
Balance sheet total	43,64	39,41

Dear shareholders, partners, customers and other interested parties,

The ongoing deterioration of the global economy during the reporting period led many market research institutes to again revise their projections downwards in early 2009. This shows that concrete quarter-to-quarter forecasts remain incalculable and that any long-term prognosis appears impossible.

Nevertheless, we wish to emphasize that despite the insecure environment, CENIT began the year quite solidly. Although we rely on the manufacturing industry for a large share of our sales, we were able to increase both sales and earnings. But given the noticeable slowdown in investment decisions on the part of our customers, we too are unable to offer quantifiable projections. But from quarter to quarter, we can and will rise to all challenges in order to secure and advance CENIT'S development.

More than ever, it is becoming evident that we were right in pursuing conservative financial policies over the past years. In our market environment, customers keep very a close watch to ensure that their software and service partner's balance sheet is risk-free, and that the equity ratio means investment security. We intend to safeguard this competitive advantage.

We thank you for your trust!

The Managing Board

OVERALL ECONOMIC SITUATION AND BUSINESS SENTIMENT

Despite rising unemployment, the Federal Government is seeding hope that the deepest recession since World War II will soon end. For 2009, government expects economic output, measured by gross domestic product, to contract by 6 percent. But for 2010, it projects a 0.5 percent growth of the overall economy. That makes the great coalition more confident than leading economic experts, who project a further 0.5 percent contraction of economic output for 2010.

According to preliminary figures published by the Wall Street Journal, US GDP collapsed by an annualized rate of 6.1 percent during the first quarter – a significantly greater contraction than expected.

Despite gloomy economic forecasts from overseas, the German economy is banking on a levelling-off of the deep recession during the second half of the year. Among enterprises, sentiment has recovered to a surprising extent, as indicated by the most recent Ifo Index of 24 April. The Ifo thus expects a significant deceleration of the decrease in economic output.

Market researchers believe that the IT market will contract during the first two quarters of 2009 and pick up slowly again thereafter. For an annual average, researchers at the IDC project growth of approx. 1 percent. They expect the market to really regain speed only in 2011, to then achieve growth rates in excess of 4 percent.

KONZERNLAGEBERICHT GROUP SITUATION REPORT

DEVELOPMENT OF RESULTS

Despite the difficult overall economic situation, CENIT began the 2009 business year very solidly. During the first Quarter of 2009, the Group recorded a 38% increase in sales to 21.8 m € and an 94% improvement in results to 0.64 m €. Increased demand for application management outsourcing services by CENIT is currently exerting a major influence on business performance. This development is offset by customer caution in the software product field.

OVERVIEW OF 1ST QUARTER FIGURES

Three months into the business year, Group-wide sales reached 21.8 m € (03/2008: 15.8 m €/+38%). The gross surplus grew to 15.8 m € (03/2008: 13.8 m €/+14%). EBITDA attained 1.0 m € (03/2008: 0.6 m €/+67%). For the reporting period, EBIT reached 0.64 m € (03/2008: 0.33 m €/+94%). The pre-tax result EBT was 0.68 m € (03/2008: 0.54 m €/+26%). The consolidated result was 0.5 m € (03/2008: 0.46 m €/+9%). Group EPS (earnings per share) thus derive to 0.06 € per share (03/2008: 0.05 €/+20%).

BREAKDOWN OF EARNINGS

Sales in the services sector grew by 37% to a current 14.45 m € (03/2008: 10.55 m €), making services the strongest contributor to sales with a share of 67%. Sales of CENIT software during the first 3 months of the current business year totalled 2.09 m € (03/2008: 2.30 m € /-9%). Sales of CENIT's proprietary software thus account for approx. 10% of total sales. The non-CENIT software business grew by 163% to 5.07 m € (03/2007: 1.93 m €), accounting for 23% of total sales.

HOLDINGS – FOREIGN SUBSIDIARIES

CENIT (Switzerland) AG achieved sales of 1.2 m € (03/2008: 1.0 m €). EBIT reached 0.6 m € (03/2008: 0.5 m €)

CENIT North America Inc. accomplished sales of 1.6 m € (03/2008: 1.1 m €) and EBIT of - 0.07 m € (03/2008: - 0.03 m €).

With sales of 0.16 m € (03/2008: 0.2 m €), CENIT SRL achieved EBIT of 0.08 m € (03/2008: 0.08 m € ).

The CENIT company in Toulouse, France realized sales of 0.1 m € (03/2008: 0.07 m €) and EBIT of 0.01 m € (03/2008: 0.02 m €).

CAD Scheffler achieved sales of 0.4 m € (03/2008: 0.6 m €) and EBIT of 0.1 m € (03/2008: 0.05 m €).

DEVELOPMENT OF COSTS

Other business-related expenditures have developed as projected and amount 3.6 m. € as they did in the first three months in 2008.

INVESTMENTS

Investments during the first 3 months of 2009 totalled 0.3 m € (03/2008: 0.2 m €).

CHANGES IN COMPOSITION OF MANAGING AND SUPERVISORY BOARDS

None

EVENTS OF SPECIAL SIGNIFICANCE WHICH COULD AFFECT THE BUSINESS RESULT

None

RISK MANAGEMENT REPORT

There was no inventory risk for the Group during the reporting period. For more information, please refer to the detailed risk analysis contained in the 2008 Annual Report.

INTERIM DIVIDEND

No interim dividend was paid out.

DIVIDENDS PAID OR PROPOSED FOR PAYMENT

The Managing and Supervisory Boards will propose to the General Meeting on 29 May 2009 that the accumulated profits be allocated to reserves. In so doing, our focus lies on securing long-term liquidity and retaining financial independence. This would place continued enterprise financing on a sustainably secure footing despite the difficult framework conditions brought on by the global financial crisis.

ORDERS SITUATION

Incoming orders totalled 26.3 m € (03/2008: 32 m €), while orders in hand totalled approx. 30 m € (03/2008: 27 m €).

ORDERS OF SPECIAL SIGNIFICANCE

None

LIQUID ASSETS AND SECURITIES

On the balance-sheet date, bank deposits and securities incl. current assets totalled 18.1 m € (31.12.2008: 13.2 m €). The enterprise remains free of debt.

ASSET, FINANCIAL AND EARNINGS SITUATION

The balance-sheet total was 43.6 m €. Trade debtors and other assets totalled 15.0 m €. As at 31 March 2009, the Group's net worth was approx. 25.9 m € (31.12.2008: 25.4 m €), with an equity ratio of 59% (31.12.2008: 64%). The operative cash flow was 1.1 m € (31.03.2008: 0.7 m €).

STAFF

On the balance-sheet date, CENIT employed a total of 710 staff (03/2008: 672).

SUPPLEMENTARY REPORT, OPPORTUNITIES AND OUTLOOK

The Managing Board of CENIT continues to expect stable development within the Group. However, due to the ongoing insecurity of the economic environment and the investment caution exhibited by our customers, we are unable to provide a specific forecast for earnings from sales of software and services during the current business year.

CENIT Aktiengesellschaft Systemhaus
CONSOLIDATED BALANCE SHEET (in accordance in accordance with IFRSs)
for the period from January 1 to March 31, 2009
in EUR k	March 31, 2009	Dec. 31, 2008
ASSETS
NON-CURRENT ASSETS
Intangible assets	1.420	1.505
Property, plant and equipment	2.466	2.449
Investments in an associate	51	51
Income tax receivable	589	583
	4.526	4.588
DEFERRED TAX ASSETS	0	0
NON-CURRENT ASSETS	4.526	4.588
CURRENT ASSETS
Inventories	1.186	1.129
Trade receivables	11.389	15.065
Receivables from associates	3.623	2.977
Current income tax assets	824	1.043
Other receivables	473	156
Other financial assets at fair value through profit or loss	920	960
Cash	17.222	12.265
Prepaid expenses	3.480	1.231
CURRENT ASSETS	39.117	34.826
TOTAL ASSETS	43.643	39.414

CENIT Aktiengesellschaft Systemhaus CONSOLIDATED BALANCE SHEET (in accordance in accordance with IFRSs) for the period from January 1 to March 31, 2009

in EUR k	March 31, 2009	Dec. 31, 2008
EQUITY AND LIABILITIES
EQUITY
Issued capital	8.368	8.368
Capital reserve	1.058	1.058
Currency translation reserve	-295	-292
Legal reserve	418	418
Other revenue reserves	8.140	8.140
Net income of the Group attributable to the shareholders of CENIT AG	8.165	7.672
	25.854	25.364
Minority interests	0	0
TOTAL EQUITY	25.854	25.364
NON-CURRENT LIABILITIES
Deferred tax liabilities	601	516
CURRENT LIABILITIES
Trade payables	3.026	5.069
Liabilities to associates	1	39
Other liabilities	13.777	7.198
Current income tax liabilities	384	1.058
Other provisions	0	170
	17.188	13.534
TOTAL EQUITY AND LIABILITIES	43.643	39.414

CENIT Aktiengesellschaft Systemhaus CONSOLIDATED INCOME STATEMENT (in accordance with IFRSs) for the period from January 1 to March 31, 2009

1. REVENUE 21.795 2. Increase or decrease in work in process 266 Total operating performance 22.061 3. Other operating income 254 Operating perfomance 22.315 4. Cost of materials 6.569 5. Personnel expenses 11.140 6. Amortization of intangible assets and depreciation on property, plant and equipment 358 7. Other operating expenses 3.611 21.678 NET OPERATING INCOME 637 8. Other interest and similar income 83 9. Interest and similar expenses 2 10. Result from financial instruments at fair value through profit or loss -40 11. Share of profit of an associate 0 41 RESULT FROM ORDINARY ACTIVITIES 678 12. Income taxes 184 13. NET INCOME OF THE GROUP FOR THE YEAR 494 14. thereof attributable to the equity holders of CENIT AG 494 15. thereof attributable to minority interests 0	in EUR k	March 31, 2009	March 31, 2008
			15.816
			1.807
			17.623
			162
			17.785
			3.997
			9.542
			272
			3.645
			17.456
			329
			109
			2
			99
			0
			206
			535
			79
			456
			456
			0
Earnings per share in EUR
basic 0,06			0,05
diluted 0,06			0,05

CENIT Aktiengesellschaft Systemhaus CONSOLIDATED STATEMENT OF CASH FLOWS (in accordance with IFRSs) for the period from January 1 to March 31, 2009

in EUR k		March 31,2009 March 31,2008
Cash flow from operating activities
Earnings before tax	678	535
Adjusted for:
Amortization and depreciation	358	272
Losses on disposals of non-current assets	4	1
Gains on disposals of non-current assets	0	0
Share of profit of associates	0	0
Other non-cash expenses and income	103	-42
Change in other financial assets	40	0
Interest income	-83	-109
Interest expenses	2	2
Net operating income before changes in net working capital	1.102	659
Increase/decrease in trade receivables
and other current, non-monetary assets	690	-1.008
Increase/decrease in inventories	-57	-2.226
Increase/decrease in current liabilities and provisions	3.629	3.117
Interest paid	-2	-2
Interest received	-83	71
Income taxes paid	-37	-744
Net cash flow from operating activities	5.242	-133
Cash flow from investing activities
Acquisition of property, plant and equipment
and intangible assets	-291	-231
Purchase of investments in an associate	0	-1.947
Acquisition of shares in fully consolidated entities
Gain on disposal of property, plant and equipment	5	0
Change in other financial assets that are
not allocable to cash and cash equivalents	0	-1.576
Net cash paid for investing activities	-286	-3.754
Cash flow from financing activities
Repayment of longterm bank loans	0	0
Dividends paid to shareholders	0	0
Change in convertible bond	0	0
Net cash paid for financing activities	0	0
Net increase/decrease in cash and cash equivalents	4.957	-3.887
Cash and cash equivalents at the beginning of the period	12.265	8.995
Cash and cash equivalents at the end of the period	17.222	5.106

CENIT Aktiengesellschaft Systemhaus

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (in accordance with IFRSs) as of March 31, 2009

Equity attributable to equity holders of the parent

in EUR k	Issued	Capital	Currency	Legal	Other revenue	Net income of	Total	Minority	Total
	capital	reserve	translation reserve	reserve	reserves	the Group attributable to shareholders		interests
						of CENIT AG
As of January 1,2008	8.368	1.058	-372	418	6.483	10.222	26.177	0	26.177
Exchange differences			80				80		80
Net income of the Group for the year						3.334	3.334		3.334
Total income recognized for the period	0	0	80	0	0	3.334	3.414	0	3.414
Reversal of minority interests					124		124	64	188
Acquisition of residual share					-167		-167	-64	-231
Dividend distribution						-4.184	-4.184		-4.184
Allocations to the other revenue reserve					1.700	-1.700			0
As of Dec. 31,2008	8.368	1.058	-292	418	8.140	7.672	25.364	0	25.364
Exchange differences			-3				-3		-3
Net income of the Group for the year						494	494	0	494
Total income recognized for the period	0	0	-3	0	0	494	491	0	491
Reversal of minority interests							0		0
Acquisition of residual share							0		0
Transfer from stock options		0					0		0
Dividend distribution							0		0
Allocation to the other revenue reserve							0		0
Allocation to the legal revenue reserve				0			0		0
Capital increase from company funds							0		0
As of March 31, 2009	8.368	1.058	-295	418	8.140	8.165	25.854	0	25.854

CENIT Aktiengesellschaft Systemhaus

Segment Reporting by Business Unit (in accordance with IFRSs)

for the period from January 1 to March 31, 2009

		EIM	PLM	not allocated	Group
in EUR k
External sales	Q1 2009	6.059	15.736	0	21.795
	Q1 2008	5.240	10.576	0	15.816
EBIT	Q1 2009	320	316	0	636
	Q1 2008	407	-78	0	329
Share of profit of	Q1 2009	0	0	0	0
an associate	Q1 2008	0	-1	0	-1
Other interest result and	Q1 2009	0	0	41	41
financial result	Q1 2008	0	0	206	206
Income taxes	Q1 2009	0	0	184	184
	Q1 2008	0	0	79	79
Net income of the Group	Q1 2009	320	317	-143	494
	Q1 2008	407	-77	127	456 *
Segment assets	Q1 2009	5.999	17.952	19.640	43.591
	Q1 2008	5.669	16.284	18.246	40.199
Investment in an associate	Q1 2009	0	51	0	51
	Q1 2008	0	51	0	51
Segment liabilities	Q1 2009	5.184	11.653	952	17.789
	Q1 2008	4.428	8.361	762	13.551
Investments in property, plant and	Q1 2009	38	253	0	291
equipment and intangible assets	Q1 2008	63	168	0	231
Amortization and depreciation	Q1 2009	73	285	0	358
	Q1 2008	66	206	0	272

EIM=Enterprise Information Management; PLM = Project Lifecycle Management

* changed report

CENIT Aktiengesellschaft Systemhaus

Segment Report by Region (in accordance with IFRSs) for the period from January 1 to March 31, 2009

in EUR k		Germany	Switzerland	North America	Romania	France	not allocated	Consolidation	Group
Internal sales	Q1 2009	1.340	522	103	156	115	0	-2.236	0
	Q1 2008	420	634	138	203	69	0	-1.465	0
External sales	Q1 2009	19.297	683	1.814	0	0	0	0	21.795
	Q1 2008	14.438	389	989	0	0	0	0	15.816
Segment assets	Q1 2009	25.049	3.379	1.625	86	45	19.554	-6.147	43.591
	Q1 2008	21.240	3.387	1.380	131	19	18.246	-4.204	40.199
Investment in an associate	Q1 2009	51	0	0	0	0	0	0	51
	Q1 2008	51	0	0	0	0	0	0	51
Investments in property, plant and	Q1 2009	291	0	0	0	0	0	0	291
equipment and intangible assets	Q1 2008	207	2	19	3	0	0	0	231

INFORMATION ON SHARES AND OPTIONS HELD BY BOARD MEMBERS AND EMPLOYEES; IN ACCORDANCE WITH § 160 Section 1 No. 2 AND 5 AktG

CENIT's Executive and Supervisory Boards hold subscription rights to 39,000 share options. CENIT employees hold subscription rights to 160,000 share options.

Directors´ Holdings:

Share Portfolio as at 31.03.2009

Total number of shares: 8.367.758

Managing Board:		Supervisory Board:
Kurt Bengel:	0	Andreas Schmidt:	191.792
Christian Pusch:	0	Hubert Leypoldt:	1.600
		Andreas Karrer:	0

Financial Calendar:

29.05.2009	General Meeting
06.08.2009	2nd Quarter Report
09.11.2009	3rd Quarter Report

DIRECTORS' HOLDINGS