AMADEUS FIRE AG

Earnings Release • Apr 21, 2016

Amadeus FiRe AG Quarterly statement Quarter 1-2016

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.-31.03.2016	01.01.-31.03.2015	Divergency in per cent
Revenues	40,181	41,096	-2.2%
Gross profit in per cent	16,649 41.4%	16,898 41.1%	-1.5%
EBITDA in per cent	5,836 14.5%	6,218 15.1%	-6.1%
EBITA in per cent	5,629 14.0%	6,043 14.7%	-6.9%
EBIT in per cent	5,629 14.0%	6,043 14.7%	-6.9%
Profit before income taxes in per cent	5,630 14.0%	6,058 14.7%	-7.1%
Profit for the period in per cent	3,794 9.4%	4,063 9.9%	-6.6%
Attributable to equity holders of the parent	3,756	4,060	-7.5%
Attributable to non-controlling interests	38	3
Net cash from operating activities	1,647	2,644	-37.7%
Net cash from operating activities per share	0.32	0.51	-37.3%
Earnings per share Average number of shares	0.72 5,198,237	0.78 5,198,237	-7.7%
	31.03.2016	31,12,2015
Balance sheet total	74,166	71,912	3.1%
Stockholders' equity	48,411	44,617	8.5%
Cash	43,392	42,046	3.2%
	31.03.2016	31,03,2015
Number of employees (active)	2,603	2,741	-5.0%
thereof temporary staff	2,173	2,318	-6.3%

Quarterly statement (01.01. - 31.03.2016)

Current information on the market

The temporary staffing market in Germany developed positively at the beginning of 2016. The trend projection by the German Federal Employment Agency (BA) indi cates a slight increase in the number of temporary staff in Germany in January 2016 as compared to the same month of 2015.

However, the employment market for qualified personnel is still very strained in 2016. In both temporary staffing and permanent placement, recruiting specialist personnel remains a major challenge for the industry. Lower growth rates are therefore assumed for the specialist labor market than for the temporary staffing market as a whole.

In the second half of 2015, the German Federal Ministry of Labor and Social Affairs presented a draft for the amendment of the German Personnel Leasing Act ("Arbeitnehmerüberlassungsgesetz"). Details regarding its implementation are still unknown.

Business development

In the first quarter of the 2016 financial year, the Amadeus FiRe Group generated consolidated revenue of EUR 40,181k. This figure was down 2.2% on the same quarter of the previous year (EUR 41,096k).

The following sales were attributed to the individual services and segments:

EUR k	Q1 2016	Q1 2015	Divergency in per cent
Temporary staffing	29,126	30,540	-4.6%
Interim-/project management	2,300	2,533	-9.2%
Permanent placement	4,862	4,337	12.1%
Total segment	36,288	37,410	-3.0%
Segment training	3,893	3,686	5.6%
Total	40,181	41,096	-2.2%

The lower revenue from temporary staffing compared to the previous year is attributable to the shortage of qualified temporary staff. In addition, the growing trend among customer companies towards giving qualified candidates a permanent position also contributed to the decline in temporary staffing.

The number of orders in temporary staffing has been down year-on-year since the beginning of the year.

General salary increases and collective wages increases in the temporary employment sector resulted in a price increase of 1.7%.

At the end of March, the number of employees on customer assignment merely amounted to 2,173 (previous year: 2,318).

The reporting period had one billable day less than the respective prior year´s period, corresponding to an effect of around EUR 0.5 million on revenues, gross profit and earnings.

Permanent placement is benefiting from the change in companies' hiring practices. The shortage of qualified personnel is still making it more difficult for companies to fill vacancies with suitable applicants.

Sales in the Training and Education segment rose by 5.6% to EUR 3,893k in the first months of the financial year (previous year: EUR 3,686k). This growth was achieved in spite of Easter holidays which came earlier than in the previous year, which meant that the course programme in March was thinned out.

The gross profit of the Amadeus FiRe Group decreased slightly to EUR 16,649k (previous year: EUR 16,898k). Gross profit margin improved by 0.3 percentage points from 41.1% to 41.4%. In contrast to the same period of the previous year, there was not an unusually high level of illness among temporary staff in the reporting period, which had a positive impact on the gross profit margin. The further increase in permanent placement revenues also had a positive impact.

Selling and administrative expenses amounted to EUR 11,072k in the reporting period after EUR 10,890k in the previous year. The increase of 1.7% was mainly due to higher expenses for marketing activities and rent.

EBITA amounted to EUR 5,629k in the first quarter (previous year: EUR 6,043k), representing a decline of 6.8%. EBITA margin fell by 0.7 percentage points to 14.0% (previous year: 14.7%).

Revenues in the personnel services segment contributed EUR 5,351k (previous year: EUR 5,754k) to the EBITA generated, while the training segment contributed EUR 278k (previous year: EUR 289k). Due to the annual training course schedule the first quarter is generally the weakest quarter of the year in the training segment.

Net profit for the period under review amounted to EUR 3,794k (previous year: EUR 4,063k). Earnings per share based on the net profit for the period attributable to the ordinary shareholders of the parent fell by 6 cents to EUR 0.72 in the first quarter (previous year: EUR 0.78).

Management and Supervisory Board will propose to distribute a dividend of Euro 3.53 per share at the annual general meeting on 19 May 2016.

This would result in a decrease of cash of EUR 18.350k.

A moderate revenue growth still is the objective for both the personnel services segment and the training segment. Owing to the planned cost increases arising from strengthening the sales organization, the enhancement of competitiveness and the implementation of the new frontend software, EBITA for 2016 is still expected to be between five and ten percent below the 2015 result.

Further details on the unchanged forecast can be found in the forecast section of the 2015 annual report.

Frankfurt am Main, 20 April 2016

Peter Haas Robert von Wülfing

CEO CFO

Unaudited consolidated income statement 1st quarter of fiscal year 2016

Amounts stated in EUR k	01.01.–31.03.2016	01.01.–31.03.2015
Revenue	40,181	41,096
Cost of sales	-23,532	-24,198
Gross profit	16,649	16,898
Selling expenses	-9,111	-9,046
General and administrative expenses	-1,961	-1,844
Other operating income	52	36
Other operating expenses	0	-1
Profit from operations	5,629	6,043
Finance costs	0	0
Finance income	1	15
Profit before taxes	5,630	6,058
Income taxes	-1,778	-1,902
Profit after taxes	3,852	4,156
Profit attributable to non-controlling interests
disclosed under liabilities	-58	-93
Profit for the period	3,794	4,063
- Attributable to non-controlling interests	38	3
- Attributable to equity holders of the parent	3,756	4,060
Earnings per share, in relation to the profit of the period attributable to the ordinary equity holders of the parent
basic (euro/share)	0,72	0,78

Unaudited consolidated balance sheet

Amounts stated in EUR k	31.03.2016	31.03.2015
Assets
Non-current assets
Software	2,053	2,029
Goodwill	6,935	6,935
Property, plant and equipment	1,653	1,584
Income tax credit	63	63
Deferred tax assets	855	872
	11,559	11,483
Current assets
Trade receivables	17,998	17,873
Other assets	87	80
Prepaid expenses	1,130	430
Cash	43,392	42,046
	62,607	60,429
Total assets	74,166	71,912
Equity & Liabilities
Equity
Subscribed capital	5,198	5,198
Capital reserves	11,247	11,247
Retained earnings	31,681	27,925
Equity attributable to equity holders of the parent	48,126	44,370
Non-controlling interests	285	247
	48,411	44,617
Non-current liabilities
Liabilities to non-controlling interests	4,096	4,096
Other liabilities and accrued liabilities	1,312	1,193
Deferred tax liablilities	616	616
	6,024	5,905
Current liabilities
Income tax liabilities	541	1,046
Trade payables	1,753	1,357
Liabilities to non-controlling interests	1,327	1,269
Deferred revenue	67	108
Other liabilities and accrued liabilities	16,043	17,610
	19,731	21,390
Total equity and liabilities	74,166	71,912

Unaudited consolidated cash flow statement

Amounts stated in EUR k	01.01. – 31.03.2016	01.01. – 31.03.2015
Cash flows from operating activities
Profit for the period before profit
attributable to non-controlling interests	3,852	4,156
Tax expense	1,778	1,902
Amortization, depreciation and impairment of non-current assets	207	175
Finance income	-1	-15
Finance costs	0	0
Non-cash transactions	19	-19
Operating profit before working capital changes	5,855	6,199
Increase/decrease in trade receivables and other assets	-131	-2,105
Increase/decrease in prepaid expenses and deferred income	-700	-534
Increase/decrease in trade payables and other liabilities and accrued liabilities	-1,112	891
Cash flows from operating activities	3,912	4,451
Income taxes paid	-2,265	-1,807
Net cash from operating activities	1,647	2,644
Cash flows from investing activities Cash paid for intangible assets and property, plant and equipment	-302	-239
Receipts from the disposals of assets	0	1
Interest received	1	2
Net cash used in investing activities	-301	-236
Cash flows from financing activities
Dividends paid to non-controlling interests	0	0
Profit distributions	0	0
Net cash used in financing activities	0	0
Net change in cash	1,346	2,408
Cash at the beginning of the period	42,046	41,651
Cash at the end of the period	43,392	44,059
Composition of cash as of 31 March Cash on hand and bank balances (without drawing restrictions)	43,392	44,059

Unaudited information on the business segments

Amounts stated in EUR k	Temporary staffing/interim- and project management/ permanent placement	Training	Consolidated
01.01.-31.03.2016
Revenue*
Segment revenue	36,288	3,893	40,181
Result Segment result before goodwill
impairment (EBITA)	5,351	278	5,629
Finance costs	0	0	0
Finance income	0	1	1
Profit before tax	5,351	279	5,630
Income taxes	1,738	40	1,778
01.01.-31.03.2015 Revenue*
Segment revenue	37,410	3,686	41,096
Result Segment result before goodwill impairment (EBITA)	5,754	289	6,043
Finance costs	0	0	0
Finance income	13	2	15
Profit before tax	5,767	291	6,058
Income taxes	1,871	31	1,902

*) Revenue between segments of EUR k 7 (prior year: EUR k 24) and EUR k 5 (prior year: EUR k 11) was not consolidated

Amadeus FiRe AG Darmstädter Landstraße 116 . 60598 Frankfurt am Main Tel.: 069 96876-0 . E-Mail: investor-relations@amadeus-fire.de