CENIT AG

Quarterly Report • May 12, 2010

3-Months Report 2010

CENIT AG

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 E-Mail: aktie@cenit.de

At a glance - January 1 until March 31, 2010
in Mill. EUR	March 31, 2010March 31, 2009
Sales	20,71	21,80
Gross profits	14,37	15,75
EBITDA	0,99	1,00
Operating returns (EBIT)	0,64	0,64
EBT	0,67	0,68
Netincome of the group	0,49	0,49
Result per share (basic) in EURO	0,06	0,06
Result per share (diluted) in EURO	0,06	0,06
Number of employees at end of period	669	710
EBIT - Margin	3,1%	2,9%
Profit - Margin	2,4%	2,3%
in Mill. EUR	March 31, 2010	Dec. 31, 2009
Equity in ratio	60%	64%
Equity	28,71	28,08
Liabilities	19,47	15,54
Balance sheet total	48,18	43,61

KONZERNLAGEBERICHT GROUP SITUATION REPORT

DEVELOPMENT OF RESULTS

CENIT has posted a very stable start to the 2010 business and is matching 2009 levels as projected. Early in the year, we were already able to halt the negative trend that our US business had shown in 2009. Assuming that the financial markets will see sustained recovery and that the economic crisis will have no further long-term consequences, we expect positive business developments for the medium term. Our strategy aims to increase proceeds from software and software-related sales and to stabilize our business in the fields of service and consulting. The service segment continues to suffer from short-time work in the auto industry.

OVERVIEW OF 1st QUARTER FIGURES

During the 1st Quarter, CENIT Group achieved sales revenues of 20.7 m EUR (2009: 21.8 m EUR/-5%). The gross profit was 14.4 m EUR (2009: 15.8 m EUR/-9%). CENIT achieved EBITDA of 0.99 m EUR (2009: 1.0 m EUR) and EBIT of 0.64 m EUR (2009: 0.64 m EUR). The result per share was 0.06 EUR (2009: 0.06 EUR).

BREAKDOWN OF EARNINGS

Sales of non-CENIT software totaled 6.04 m EUR (2009: 5.35 m EUR/+13%). Sales of proprietary software contracted from 1.81 m EUR to 1.75 m EUR/-3%). Turnover from services and consulting amounted to 12.52 m EUR (2009: 14.45 m EUR/-13%). Other revenue totaled to 0.41 m EUR (2009: 0.19 m EUR /+116%).

PARTICIPATIONS – FOREIGN HOLDINGS

During the past Quarter, CENIT (Switzerland) AG posted sales revenues of 0.7 m EUR (2009: 1.2 m EUR), at EBIT of 0.04 m EUR (2009: 0.6 m EUR).

CENIT North America Inc. achieved sales of 1.4 m EUR (2009: 1.6 m EUR), accounting for EBIT of 0.07 m EUR (2009: -0.07 m EUR).

CENIT SRL recorded sales of 0.1 m EUR (2009: 0.16 m EUR), achieving EBIT of -0.04 m EUR (2009: 0.08 m EUR).

GROUP SITUATION REPORT

Posting a sales total of 0.1 m EUR (2009: 0.1 m EUR), CENIT France SARL attained EBIT of 0 m EUR (2009: 0.01 m EUR).

DEVELOPMENT OF COSTS

Other business-related expenditures totaled 3.2 m € (1st Quarter 2009: 3.6 m €).

INVESTMENTS

Total investments during the first three months of 2010 amounted to 0.3 m € (1st Quarter 2009: 0.3 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 2009 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 28 May 2010 that a dividend of 0.30 EUR per share be paid out.

GROUP SITUATION REPORT GROUP SITUATION REPORT

ORDERS SITUATION

Incoming orders totaled 26.8 m EUR Group-wide (2009: 26.3 m EUR). On 31 March 2010, orders in hand totaled 27.1 m EUR (2009: 30 m EUR).

ORDERS OF SPECIAL SIGNIFICANCE

None

LIQUID ASSETS AND SECURITIES

On the balance-sheet date, bank deposits and securities totaled 20.8 m EUR (31 Dec 2009: 19.6 m EUR). The enterprise remains debt-free.

ASSET, FINANCIAL AND EARNINGS SITUATION

The balance-sheet total is 48.18 m €. Trade debtors and other assets totaled 14.3 m €. On the declaration date, the Group's net worth was approx. 28.7 m € (31 Dec 2009: 28.1 m €), with an equity ratio of 60% (31 Dec 2009: 64%). The operative cash flow was 2.6 m € (01/2009: 5.2 m €).

STAFF

On 31 March 2010, the number of staff employed Group-wide was 669 (31 Mar 2009: 710).

SUPPLEMENTARY REPORT, OPPORTUNITIES AND OUTLOOK

For the 2010 business year, we project positive developments on the basis of the results attained in 2009, and continue to adhere to the statements made in the Annual Report.

March 31, 2010 1.243 2.202 54 525 3.000 7.024 0	Dec. 31, 2009 1.221 2.285 50 520 2.000 6.076
	0
7.024	6.076
	925
	10.517
	4.161
	386
	205
	910
19.920	18.599
3.582	1.832
41.158	37.535
	1.548 10.978 3.309 652 259 910

in EUR k EQUITY AND LIABILITIES EQUITY Issued capital	March 31, 2010	Dec. 31, 2009
	8.368	8.368
Capital reserve	1.058	1.058
Currency translation reserve	-159	-309
Legal reserve	418	418
Other revenue reserves	11.040	11.040
Net retained profit of the Group	7.988	7.500
	28.713	28.075
Minority interests	0	0
TOTAL EQUITY	28.713	28.075
NON-CURRENT LIABILITIES
Deferred tax liabilities	513	488
CURRENT LIABILITIES
Currenct liabilities to banks	0	0
Trade payables	2.881	4.241
Liabilities due to associates	2	38
Other liabilities	10.937	8.429
Current income tax liabilities	448	422
Other provisions	308	322
Deferred income	4.380	1.596
	18.956	15.048

	March 31, 2010	March 31, 2009
	20.713	21.795
	323	266
	21.036	22.061
	179	254
	21.215	22.315
6.849		6.569
10.130		11.140
355		358
3.244		3.611
	20.578	21.678
	637	637
		83
		2
		-40
		0 41
	673	678
		0
	186	184
		494
		494
		0
		0,06
		0,06
	34 2 0 4	36 0 487 487 0 0,06 0,06

CENIT Aktiengesellschaft Systemhaus CONSOLIDATED STATEMENT OF CASH FLOWS (in accordance with IFRSs) (unaudited) for the period from January 1 to March 31, 2010

in EUR k		March 31,2010 March 31,2009
Cash flow from operating activities
Earnings before tax	673	678
Adjusted for:
Amortization of inangible assets and depreciation of property, plan and equimpent	355	358
Losses on disposals of non-current assets	1	4
Gains on disposals of non-current assets	0	0
Share of profit of associates	-4	0
Other non-cash income and expenses	-43	103
Change in other financial assets	0	40
Interest income	-34	-83
Interest expenses	2	2
Income before adjustments to current assets	950	1.102
Increase/decrease in trade receivables
and other current, non-monetary assets	-1.679	690
Increase/decrease in inventories	-623	-57
Increase/decrease in current liabilities and provisions	4.103	3.629
Interest paid	-2	-2
Interest received	34	-83
Income taxes paid	-178	-37
Change in net cash flow from operating activities	2.605	5.242
Cash flow from investing activities
Acquisition of property, plant and equipment
and intangible assets	-284	-291
Gain on disposal of property, plant and equipment	0	5
Change in other financial assets that are
not allocable to cash and cash equivalents	-1.000	0
Net cash paid for investing activities	-1.284	-286
Cash flow from financing activities
Repayment of longterm bank loans	0	0
Dividends paid to shareholders Change in convertible bond	0 0	0 0
Net cash paid for financing activities	0	0
Net increase/decrease in cash and cash equivalents	1.321	4.957
Cash and cash equivalents at the beginning of the reporting period	18.599	12.265
Cash and cash equivalents at the end of the reporting period	19.920	17.222

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (in accordance with IFRSs) (unaudited) as of March 31, 2010

Equity attributable to shareholders of the parent company

in EUR k	Issued capital	Capital reserve	Currency translation reserve reserve	Legal	Other revenue reserves	Net retained profit of the group	Total	Minority interests	Total
As of January 1,2009	8.368	1.058	-292	418	8.140	7.672	25.364	0	25.364
Exchange differences			-17				-17		-17
Net income of the Group for the year						2.728	2.728		2.728
Total comprehensive income	0	0	-17	0	0	2.728	2.711	0	2.711
Reversal of minority interests							0		0
Acquisition of residual share							0		0
Dividend distribution							0		0
Allocations to the other revenue reserve					2.900	-2.900			0
As of Dec. 31,2009	8.368	1.058	-309	418	11.040	7.500	28.075	0	28.075
Exchange differences			150				150		150
Net income of the Group for the year						487	487	0	487
Total comprehensive income	0	0	150	0	0	487	637	0	637
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, 2010	8.368	1.058	-159	418	11.040	7.988	28.713	0	28.713

Segment Reporting by Business Unit (in compliance with IFRS) (unaudited)

for the period from January 1 to March 31, 2010

		EIM	PLM	not allocated	Group
in EUR k
External revenue	Q1-Q1 2010	5.777	14.936		20.713
	Q1-Q1 2009	6.059	15.736	0	21.795
EBIT	Q1-Q1 2010	321	315	1	637
	Q1-Q1 2009	320	316	0	636
Share of profit of	Q1-Q1 2010	0	4	0	4
an associated entity	Q1-Q1 2009	0	0	0	0
Other interest result and	Q1-Q1 2010	0	0	32	32
financial result	Q1-Q1 2009	0	0	41	41
Income taxes	Q1-Q1 2010	0	0	186	186
	Q1-Q1 2009	0	0	184	184
Net income of the Group	Q1-Q1 2010	321	311	-145	487
	Q1-Q1 2009	320	317	-143	494
Segment assets	Q1-Q1 2010	7.047	16.075	25.006	48.128
	Q1-Q1 2009	5.999	17.952	19.640	43.591
Investment in an associate	Q1-Q1 2010	0	54	0	54
	Q1-Q1 2009	0	51	0	51
Segment liabilities	Q1-Q1 2010	7.048	11.461	961	19.469
	Q1-Q1 2009	5.184	11.653	952	17.789
Investments in property, plant and	Q1-Q1 2010	86	198	0	284
equipment and intangible assets	Q1-Q1 2009	38	253	0	291
Amortization & depreciation	Q1-Q1 2010	89	265	0	355
	Q1-Q1 2009	73	285	0	358

EIM=Enterprise Information Management; PLM = Product Lifecycle Management

Segment Report by country (in compliance with IFRS) (unaudited) for the period from January 1 to March 31, 2010

in EUR k		Germany	Switzerland	North America	Romania	France	not allocated	Consolidation	Group
Internal revenue	Q1-Q1 2010	1.236	13	183	104	138	0	-1.674	0
	Q1-Q1 2009	1.340	522	103	156	115	0	-2.236	0
External revenue	Q1-Q1 2010	18.714	725	1.274	1	0	0	0	20.713
	Q1-Q1 2009	19.297	683	1.814	0	0	0	0	21.795
Segment assets	Q1-Q1 2010	24.635	1.209	1.059	88	51	22.006	-921	48.128
	Q1-Q1 2009	25.049	3.379	1.625	86	45	19.554	-6.147	43.591
Investment in an associate	Q1-Q1 2010	54	0	0	0	0	0	0	54
	Q1-Q1 2009	51	0	0	0	0	0	0	51
Investments in property, plant and	Q1-Q1 2010	279	0	1	2	1	0	0	284
equipment and intangible assets	Q1-Q1 2009	291	0	0	0	0	0	0	291

EXPLANATORY NOTES TO SHARES AND SUBSCRIPTION RIGHTS HELD BY DIRECTORS, COMPANY OFFICERS AND EMPLOYEES IN ACCORDANCE WITH Section § 160 Subsection 1 No. 2 AND 5 AktG

The Directors of the company have 39,000 share option rights. CENIT employees have also 160.000 share option rights.

Directors´ Holding:

Number of shares as at March, 31, 2010

Total Number of Shares: 8.367.758

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

Financial Calendar:

28.05.2010	General Meeting, Leinfelden-Echterdingen
11.08.2010	2nd Quarter Report
09.11.2010	3rd Quarter Report
22.-24.11.2010	German Equity Forum Frankfurt

DIRECTORS' HOLDING