Nexus AG

Quarterly Report • May 23, 2011

Quarterly Report March 31, 2011

Letter to our Stockholders

Dear Stockholders,

We are also starting in an extremely successful position in 2011. We can summarize the first quarter with this message and again point to substantially increased sales and a decisively improved result. We are thus continuing our trend of many years of increasing sales with simultaneously increasing profits.

2

The first quarter was characterized very strongly by project introductions and successful new contracts. We already went into live operation in 13 new hospitals in January and we able to show that the NEXUS team can also handle the increased project volume in the customary high quality. The largest share of new projects was in Germany, where we introduced the new NEXUS / HIS. However, we were also able to introduce our NEXUS / HIS system successfully in the Benghazi Medical Center in Benghazi (Libya) and support medical processes there before the start of disturbances there. In the area of diagnostic systems, we also had a successful start into the year with the introduction of several NEXUS / RIS and NEXUS / PATHOLOGY.

We were able to conclude new contracts in the area of NEXUS / HIS with the hospitals Krankenhaus Dominikus (Duesseldorf), Dreifaltigkeitskrankenhaus (Cologne) und mit der Fabricius Klinik (Remscheid). Numerous new projects were acquired for the product "Swiss DRG", our software for encoding the new Swiss invoicing rules, in Switzerland in the first quarter. We also started the year very successful in radiology with an order from the German military and one from Mönchengladbach. The number of our orders on hand increased further in the first quarter.

A lot of demands are being put on our product developments with further enhancements dealing with all aspects of NEXUS / HIS, but also in the areas of international billing software (,net billing) as well as developments related to the "New Generation Platform". We are maintaining the fast pace of our innovations, because we are convinced that we are only at the start of this development, in which hospitals nationally and internationally will invest strongly in software that increases efficiency. We want to keep our lead here.

Highlights Q1 - 2011 Company development

• • Strongly increased business figures
• • Interesting new orders
• • Many productive starts in HIS projects

We have concluded an interesting cooperative venture in the area of endoscopic surgery with the Olympus Company. With our OP software, we support the setting up of endoscopic operation theaters of the Olympus Company and handle the complete medical workflow within this solution.

Following the publication of the present report, we announced acquisition of a share in the DOMIS Company. NEXUS AG acquired 62% of the shares of DOMIS AG, Altishofen, Switzerland on 10 May 2011 with the signing of the purchase contract. With approximately 63 employees, DOMIS primarily develops software solutions for nursing and geriatric institutions and is considered the market leader in this segment in Switzerland. The company had sales of somewhat more than € 5.0 million in this area in 2010. NEXUS is strengthening its product position within long-term care with the acquisition. This is an area that is becoming increasingly important and that will be a focal point in the further development of hospital information systems in connection with acute care in hospitals in the future.

Sales increased from EUR 10.3 million to EUR 11.7 million (+13.4%) during the first three months.

The operating result before taxes improved by approx. 36% to KEUR 1,126 following KEUR 828 in the previous year.

The operative cash flow increased further by KEUR 387 from KEUR 3,641 (Q1-2010) to KEUR 4,028. This is especially due to the improved result and higher amounts of reserves.

The balance relations have not changed decisively compared to Dec. 31, 2010. Accounts receivable increased analog to business development by 7% to approx. € 12.7 million. At the same time, liquid funds including securities increased by € 3.0 million to € 23.7 million. Other reserves increased by approx. € 0.2 million to approx € 1.5 million.

We also consider the development of the price of NEXUS stocks to be positive. Following increased capital market communication from the end of 2010, the discrepancy between the development of our business and that of our stock price declined considerably.

The good result of the first quarter again confirms our good development. All essential key figures are increasing, and we could especially achieve substantial improvement of our result.

Dear Shareholders, our company NEXUS is in a very good position today! Our market and production position is excellent, and we are confident that we can continue in this way and maybe even advance more quickly. It is very good news that we see substantial potential for further increases in all company areas and markets. We are determined to take advantage of this potential. This is a challenge and an incentive that drives us forward.

Sincerely

Dr. Ingo Behrendt CEO

Considerable Increases in the first Quarter

NEXUS Group sales increased from KEUR 10,328 to KEUR 11,710 (+13.4%) in the first three months of the year 2011. Both the segments "Healthcare Software" and "Healthcare Service" developed well in the past quarter. Sales in the area of "Healthcare Service" increased by 2.8% to KEUR 1,260 following KEUR 1,226 in the period of the previous year. Sales in the segment of "Healthcare Software" increased by 14.8% from KEUR 9,102 to KEUR 10,450 compared to the same period of the previous year.

Sales in other countries increased to KEUR 4,593 from KEUR 3,930 in the previous year. Sales increased especially strongly in Switzerland. As a result, the share of sales outside of Germany was 39.2% following 38.1% in the previous year. This value demonstrates the high regard for our systems outside of Germany too.

Group (1st Quarter) sales in KEUR +13.4% as of previous year

Highlights 1st Quarter - 2011 Group Sales and Operating Result

• • 13.4% sales increase in first quarter 2011 from KEUR 10.328 (Q1 2010) to KEUR 11.710
• • 36.0% increase in result before taxes from KEUR 828 (Q1-2010) to KEUR 1,126
• • Strongly positive operative cash flow (KEUR 4,028)
• • EBITDA increased to KEUR 2,400 (+16.4%)
• • Increase of liquid funds by € 3.0 million auf € 23.7 million

sales by regions	01/01/ - 03/31/10	01/01/ - 03/31/11	∆ in %
	KEUR	KEUR
Germany	6,397	7.,17	11.3
Switzerland	2,769	3,687	33.2
Austria	445	547	22.9
Italy	0	2	-
Rest of world / USA	716	357	50.1
total	10,328	11,710	13.4

sales by divisions	01/01/ - 03/31/10	01/01/ - 03/31/11	∆ in %
	KEUR	KEUR
Healthcare Software	9,102	10,450	14.8
Healthcare Service	1,226	1,260	2.8
total	10,328	11,710	13.4

Results in the first Quarter 2011

The positive development of the operating result of last year continued during the reporting period. The Group result increased greatly by 60.8% to KEUR 1,074 (previous year: KEUR 668), and the result before taxes improved by 36.0% to KEUR 1,126 (previous year: KEUR 828).

The EBITDA increased by KEUR 338 in the first quarter 2011 to KEUR 2,400 (previous year KEUR 2,062: +16.0%).

The very good development of results in the first quarter are mainly due to the fact that a number of projects could be invoiced and the share of recurring revenues has increased considerably.

The operative cash flow developed correspondingly well. Compared to the previous year, it increased by KEUR 387 from KEUR 3,641 to KEUR 4,028 (+10.6%). Liquid funds increased compared to the end of the year 2010 by 3.0 million euros in the first quarter and amounted to 23.7 million euros following approx. 20.7 million euros on 31 December 2010.

The "Healthcare Software" segment achieved a result of KEUR 799 in the first three months 2011 following KEUR 660 in the same period of 2010. The "Healthcare Service" segment was also able to close clearly higher than the level of the previous year at KEUR 275 (KEUR 168).

The number of employees increased by 14 compared to the previous year to the current number of 373. The increase in was mainly in the Healthcare Software area.

NEXUS / RIS: Save Time in a Targeted Manner

The new Radiology Information System NEXUS / RIS is based on modern software architecture, which enables fast workflows and short paths. Especially the prefigured findings of examinations provide radiologists with valuable support to structure their daily work correspondingly professionally and consequently save time. In addition, there are also many additional features that are very useful for smooth workflows.

In line with the "Y" strategy, NEXUS has combined the best of two existing radiology product lines and developed the new NEXUS / RIS from them. For example, the radiology file from the known Inoris can be found in the new RIS as well as the known status chart and the requirements tree from .med RIS. Thanks to the "Y" strategy, which combines the two existing system in a new, uniform technology, existing customers can be provided convenient and easy transition to the new software. We are currently working on the last new functions, so that the new NEXUS / RIS can be presented to the market at the German Radiology Congress at the beginning of June and be available for customers starting from the end of 2011.

Scheduler for Good Capacity Utilization

The new RIS supports radiology specialists through the complete radiology process, which a patient goes through from initial X-ray until diagnosis and treatment documentation. All patient data are recorded in the radiology file, and the Scheduler enables tight scheduling and the most optimum utilization of equipment possible. The data are available at all times, including for several doctors simultaneously. This simplifies interdisciplinary consultations. The

The new ergonomic feature is called a WORKSPACE: Clear structures, flexibility and adaptability enable shorter workflows and save time.

Scheduler generates an order for an appointment, which is transmitted to the appropriate equipment. As a result, the radiology staff knows which images have to be recorded for the respective patient. Scheduling management using graphs provides an improved planning overview and consequently resource utilization.

WORKSPACE instead of Rigid Entry Masks

In addition to the freely configurable wordlists and the radiology patient file, the new system also provides additional relief for workloads. The greatest innovation in the new RIS is that you can do without rigid entry masks. Depending on the examination type, users can arrange the individual plug-ins in the WORKSPACE as they are needed for the pending examination. That means that no clicking through until you obtain the desired information and no bothersome toggling back and forth between different windows. Users can even create their own WORKSPACE and clearly arrange the information required using the plug-ins for a CT, for example. Each WORKSPACE is saved and can be retrieved with one click at the next examination. The new NEXUS / RIS makes it possible to optimize processes with the invention of WORKSPACES, which can be customized.

Upgradable with Modules

As already in the Hospital Information Systems, NEXUS has designed the new RIS so that it can be upgraded with additional modules. As a result, flexible and step-by-step introduction is possible. The scope of functions is rounded out by the possibility of integrating HIS functions such as laboratory and material management, which are not typical for RIS, into the solution. As HIS/RIS producer, NEXUS can provide this unique feature easily involving little work.

NEXUS in the Environment of the Financial and Health Markets

NEXUS stocks started the year 2011 at a price of € 4.50 and began to increase in value immediately by approx. € 1 to € 5.50 at the end of January. After an approx. two-week consolidation phase in this range, the price of NEXUS stocks rose to the € 6 mark on 10 February.

finance- and event schedule 2011 (status quo: may `11)

General stockholders meeting, Stuttgart (D)	01. June
Half-year Report	22. August
Quarterly Report - third quarter	07. November
German equity forum, Frankfurt (D)	21. - 23. November
Deutscher Roentgenkongress, Berlin	01.-04. June
Jahrestagung Pathologie, Leipzig	16.-19. June
eHealthCare Kongress, Nottwil (CH)	21. - 22. September
MEDICA & BeraterDialog, Duesseldorf	16. - 19. November
DGPPN, Berlin	23. - 26. November

Following a volatile phase between the middle of February and the middle of April during which the performance fluctuated between € 5 and € 6 with even a short time below the € 5 threshold, the price rose above the € 6 mark on 18 April 2011. The stocks had their strongest increase phase between 7 April (€ 5.30) and 21 April (€ 6.80), which corresponds to +28.3%. NEXUS stocks passed the € 7 mark on 2 May 2011. The stocks are currently in this price range. NEXUS stocks have gained in value by approx. 50% since the beginning of the year. The DAX Index recorded growth of approx. 7% during the same period. Finally, it must be pointed out that NEXUS stocks were able to achieve this positive development with increased sales in securities trade, which documents sustainable performance.

Decisions for NEXUS-solutions 2011

• • Kinikum, Ansbach
• • RADSERV GmbH, Aurich
• • Rhein-Klinik, Bad Honnef
• • Caritas-Krankenhaus, Bad Mergentheim
• • Segeberger Kliniken, Bad Segeberg
• • Radiologisches Institut, Bad Zwesten
• • Vinzenz-Pallotti-Hospital, Bergisch-Gladbach-Bensheim
• • Carl-Thiem-Klinikum, Cottbus
• • Dermatologie Dr. Schirren, Darmstadt
• • Dominikus Krankenhaus, Duesseldorf
• • Waldkrankenhaus St. Marien, Erlangen
• • BDH-Klinik, Greifswald
• • Pathologie der Uni Heidelberg, Heidelberg
• • Katholisches Klinikum Marienhof/St. Josef, Koblenz
• • Dreifaltigkeits Krankenhaus, Cologne
• • Asklepios Klinik, Langen-Seligenstadt
• • Borromäus-Hospital, Leer
• • Zentralinstitut für Seelische Gesundheit, Mannheim
• • Kliniken Maria Hilf, Moenchengladbach
• • Havelland Kliniken, Nauen
• • Klinikum, Osnabrueck
• • Ernst von Bergmann gGmbH, Potsdam
• • Fabricius-Klinik, Remscheid
• • Imland GmbH, Rendsburg
• • St. Anna Krankenhaus, Sulzbach-Rosenberg
• • Lahn-Dill-Kliniken, Wetzlar
• • TILAK Landes-Pflegeklinik Tirol, Hall in Tirol (A)
• • Rehakliniken, Bellikon (CH)
• • Klinik SGM, Langenthal (CH)
• • Stadtspital, Zurich (CH)
• • Hospital El Escorial, San Lorenzo de El Escorial (ES)
• • Hospital La Fe, Valencia (ES)

NEXUS Group informationen and Outlook

Directors Holdings

The director's holders of the Supervisory Board and the Executive Board are as follows on 31 March 2011 in comparison to the previous year:

Outlook

Despite the good increase rates of the previous years, we again succeeded in increasing sales by more than 13% and our result before taxes by approx. 36% in the first quarter. With that, we have been able to continue the positive trend of the past years and even reinforce it.

We are also confident for the further course of this year and want to increase our sales and results continually. Our confidence to continue this development is essentially based on our high number of orders on hand and especially the positive feedback, which we obtain about our products and projects from the market. The interest of customers for new, innovative software solutions remains unabated, and we are certain that the NEXUS team has positioned itself very successfully in this competitive field. These are the reasons why we believe strongly in our company and our future. As every company with a growth strategy, we are faced with substantial challenges over the next months. We have many projects, which we will implement in our customarily high degree of quality. We have large development projects, which are critical for our future. However, we are ready to do the work necessary to meet these challenges and are determined to achieve our goals.

ACOUNTING AND VALUATION METHODS

	Number of stocks owned	Numbers of options
SUPERVISORY BOARD
Dr. jur. Hans-Joachim König	101,239 Prev. year 81,099)	0 Previous year (0)
Prof. Dr. Alexander Pocsay	121.500 Prev. year (121.500)	0 Previous year (0)
Erwin Hauser	15.000 Prev. year (15.000)	0 Previous year (0)
Prof. Dr. Ulrich Krystek	0 Previous year (0)	0 Previous year (0)
Master of Business Administration (FH) Wolfgang Dörflinger	0 Previous year (0)	0 Previous year (0)
Matthias Gaebler	0 Previous year (0)	0 Previous year (0)
EXECUTIVE BOARD
Dr. Ingo Behrendt	169.000	0

(MBA)	Prev. year (112.000)	Prev. year (149.154)
	135.350	0
Ralf Heilig (MBA)	Prev. year (129.350)	Previous year (0)
Edgar Kuner	253.051	0
(Graduate Engineer)	Prev. year (264.051)	Previous year (0)

This interim report from the NEXUS Group of 31st March 2011 has been prepared in keeping with the International Financial Reporting Standards (IFRS) as they are applied in the EU. The interpretation of the International Financial Reporting Interpretation Committee (IFRIC) has been taken into account.

The regulations of IAS 34 have been observed in the interim report of 31st March 2011. This refers to a summarized report, which does not contain all information of an IFRS Group Financial Statement, and consequently this report should be read in connection with the Appendix of the Group Financial Statement 2010. The same accounting and valuation methods were used in the Group Financial Statement for the business year 2010.

The report has not been audited.

Facts and Figures Group P+L Account as of 03/31/2011 und 03/31/2010 (IFRS)

GRO UP Statement of Income and Accumulated Earnings	03/31/2011	03/31/2010
	KEUR	KEUR
Revenue	11,710	10,328
Increase/decrease in finished goods and work in progress	0	0
Development work capitalized	992	1,014
Other operating income	335	312
Cost of materials including purchased services	1,931	1,734
Personnel costs	6,395	5,609
Depreciation	1,419	1,334
Other operating expenses	2,311	2,248
OPERATING RES ULT	981	729
Result from investments valuated at equity	0	0
Finance Income	155	103
Finance Expenses	10	4
Result before tax on profit	1,126	828
Taxes on profit	52	160
Consolidated sur plus	1,074	668
Actuarial profits and losses (after taxes on profit)	6	-9
Differences from the conversion of foreign currency (after taxes on profit)	-275	6
Market value changes from assets available for sale (after taxes on profit)	-1	81
Other Over all Result	-270	78
Over all Result of the Period	804	746
Of the period result, attributed to:
- Stockholders of NEXUS AG	1,059	628
- Minority interests	15	40
Of the overall result, attributed to:
- Stockholders of NEXUS AG - Minority interests	789 15	706 40
Period result per share in KEUR
Weighted average of issued shares in circulation (in thousands)	14,171	13,797
- simple	0.08	0.05
- diluted	0.08	0.05

Facts and Figures Balance sheet as of 03/31/2011 and 12/31/2010 (IFRS)

assets	03/31/2011	12/31/2010
	KEUR	KEUR
LONG -TERM ASSETS
Goodwill	12,686	12,739
Other intangible assets	16,701	17,044
Fixed assets	1,123	1,129
Shares in affiliated companies	98	98
Credited deferred taxes	2,263	2,232
Other financial assets	63	125
TOTAL OF LONG -TERM ASSETS	32,934	33,421
SHORT -TERM ASSETS
Inventories	231	151
Trade receivables and other receivables	13,148	11,870
Receivables from tax on profits	63	137
Other non-financial assets	1,813	683
Other financial assets	3,425	3,499
Cash and balance in bank	21,619	18,575
Total of Sh ort-Term Assets	40,299	34,915
TOTA L ASSETS	73,233	68,336

Facts and Figures Balance sheet as of 03/31/2011 and 12/31/2010 (IFRS)

equity anD liaBilities	03/31/2011	12/31/2010
	KEUR	KEUR
CAPITAL AND ACCR UALS
Subscribed capital	14,171	14,171
Capital reserves	18,778	18,778
Net loss for the year	19,263	15,816
Consolidated net income	1,059	3,447
Other cumulated Group result	6	276
Own shares	-27	-26
EQUITY CAPITAL ATTRIB UTABLE TO STOC KHOLDERS OF THE PARENT COMPANY	53,250	52,462
Minority interests	344	334
Total EQUITY	53,594	52,796
Long-term debts
Pension obligations	1,185	1,219
Debited deferred taxes	748	706
Other financial debts	281	256
Total of long-term debts	2,214	2,181
SHORT -TERM DEBTS
Accruals	1,517	1,344
Financial liabilities	8	0
Trade accounts payable	2,470	2,536
Liabilities from tax on profit	1,033	114
Deferred revenue liability	4,763	19
Other non-financial debts	6,183	7,054
Other financial debts	1,451	2,292
Total of Short-Term Debts	17,425	13,359
Total assets	73,233	68,336

CONSOLIDATED CASH FLOW STATEMENT	2011	2010
	KEUR	KEUR
1. Cash Flow from Current Business Transactions
Group annual result before tax on income	1,126	828
Depreciation and amortization of intangible assets and plant, equipment and other fixed assets	1,419	1,334
Other expenses/income with no impact on cash	9	1
Increase/decrease in inventories	-80	13
Profit/loss from loss of assets	0	0
Profit/loss from disposal of securities	0	0
Increase/decrease in trade receivables and other assets that cannot be allocated to investing or financing activities	-1,571	-2,631
Increases and decreases of accruals insofar as not entered in equity capital	366	603
Increase/decrease in trade receivables and other liabilities that cannot be allocated to investing or financing activities	2,625	3,185
Paid interest	-1	-4
Received interest	72	119
Income taxes paid	-27	-1
Income taxes received	90	194
	4,028	3,641
2. Cash Flow from Investment Activities
Cash paid for investments in intangible and fixed assets	-992	-1,324
Cash received from disposal of fixed assets	0	0
Purchase of companies after deduction of acquired payment means	0	0
Cash received disposal of securities	0	0
	-992	-1,324
3. Cash Flow from Financing Activities
Amount paid out for redeeming loans	8	-290
	8	-290
4. Amount of cash and cash equivalents at end of period
Cash relevant changes in cash and cash equivalents (sum of 1 + 2 + 3)	3,044	2,027
Change in currency conversion adjustment	0	-1
Cash and cash equivalents at beginning of fiscal year	18,575	9,538
	21,619	11,564
5. Composition of cash and cash equivalents
Cash on hand	21,619	11,564
Bank liabilities due on demand	0	0
	21,619	11,564

Facts and Figures Change in equity calculation as of 03/31/2011 and 03/31/2010 (IFRS)

Group Equity Change Statement	capital ubscribed S	reserves apital C	provisions ther O	from conversion diference curency quity E	financial for nstruments eserve BR I	pensions for eserve R	loss forward onsolidated carry C	profit onsolidated deficit / C	hares wn S O	to attributable parent cap , of stockh , quity E	interest inority M	equity otal T	capital zed uthori 13 A
	KEUR	KEUR	KEUR	KEUR	KEUR	KEUR	KEUR	KEUR	KEUR	KEUR	KEUR	KEUR	KEUR
Consolidated equity as of 12/31/2009	13,805	39,523	0	59	-558	-109	-8,014	2,119	-26	46.799	243	47.042	6,860
Transfer of 2009 consolidated loss to consolidated loss carry-forward							2,119	-2,119		0		0
Total of the result entered directly into equity capital				6	81	-9				78		78
Profit before tax 03/31/2010								628		628	40	668
Overall Result of the Period	0	0	0	6	81	-9	2,119	628	0	706	40	746
Stock-based payment
Consolidated equity as of 03/31/2010	13,805	39,523	0	65	-477	-118	-5,897	628	-26	47.505	283	47.788	6,860
Consolidated equity as of 12/31/2010	14,171	18,778	0	916	-10	-630	15.816	3,447	-26	52.462	334	52.796	6,622
Profit before tax 2010 entered directly in accumulated deficit							3,447	-3,447		0		0
Total of the result entered directly into equity capital				-276	0	7			-1	-270		-270
Profit before tax 03/31/2011								1,059		1,059	10	1,069
Overall Result of the Period	0	0	0	-276	0	7	0	1,059	-1	789	10	799
Stock-based payment										0		0
Consolidated equity as of 03/31/2011	14,171	18,778	0	640	-10	-623	19,263	1,059	-27	53,251	344	53,595	6,622

Declaration according to § 37y No. 1 WpHG

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 ot 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 ot the principal opportunities and risks associated with the expected development of the group for the remaining months of the financial year.

Villingen-Schwenningen, May 23th, 2011

NEXUS AG Executive Board

NEXUS AG, Auf der Steig 6, D-78052 Villingen-Schwenningen Telefon +49 (0)7721 8482 -0, Fax +49 (0)7721 8482-888 www.nexus-ag.de, info@nexus-ag.de

Kennzahlen 1. Quartal 2011

		2010	2009	2008
	KEUR	%	KEUR	KEUR
umsatz und ergebnis
Umsatz	5.930	6.326	-395	-496
Umsatz HC-Software	3	4	-1	4
Umsatz HC-Service	0	56	-56	13
Umsatz Inland	46	29	–	–
Umsatz Inland
Umland Ausland
Konzernergebnis vor Ertragsteuern
Konzernjahresüberschuss
EBITDA
Ergebnis pro Aktie	-3.493	-2.450	452	479
Investitionen und abschreibungen	2.486	3.965	0	0
Investitionen in immaterielle Vermögenswerte und Sachanlagen
Abschreibungen	2.515	2.502	-13	-293
Vermögen, eigenkapital und verbindlichkeiten	37	28	-9	17
Bilanzsumme	14	20	6	-20
Anlagevermögen	1.234	1.279	234	533
Umlaufvermögen / kurzfristige Vermögenswerte	137	156	19	-96
Netto-Liquidität	0	37	37	-37
Eigenkapital	764	855	91	162
Eigenkapitalquote (in %)	34	83	39	-61
Verbindlichkeiten gegenüber Kreditinstituten	-224	-398	–	–
Kurzfristige Verbindlichkeiten	4.511	4.562	404	205
Kennzahlen	1.018	2.112	-48	-274
Cash Flow aus laufender Geschäftstätigkeit
Cash Flow aus Investitionstätigkeiten
Anwender der NEXUS-Lösgungen
mitarbeiter (Zu m stichtag)