PIERER Mobility AG

Earnings Release • May 15, 2012

Ad hoc announcement

BRAIN FORCE HOLDING AG / Keyword(s): Half Year Results/Half Year Results

BRAIN FORCE HOLDING AG: increased revenues by 12 % in the first half
2011/12

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issuer is solely responsible for the content of this announcement.

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BRAIN FORCE HOLDING AG (Vienna Stock Exchange: BFC, Reuters: BFCG), a
leading IT service company with business operations in Austria, Germany,
Switzerland, Italy, the Netherlands, Czech Republic, Slovakia and the USA
announces a revenue growth of 12% for the first half 2011/12 (October 1,
2011 to March 31, 2012). Herewith the company achieved a growth in
revenues for the fifth consecutive quarter.

The Group's revenues in the first half 2011/12 increased by EUR 3.95
million to EUR 37.85 million, whereby all regions reported a growth. The
operating EBITDA amounted to EUR 0.93 million compared to EUR 1.10 million
in the previous year, the operating EBIT of EUR -0.09 million was at almost
the same level as previous year, when a balanced result of EUR 0.01 million
was achieved. 'After a negative result in the first three months, the
operative result turned positive again in the last quarter, even above the
previous year', says Michael Hofer, CEO of BRAIN FORCE HOLDING AG.
'However, the volatile business environment in some regions and license
sales that decreased compared to previous year still block a more positive
earnings development', explains Michael Hofer.

In addition the result of the current business year was burdened by
restructuring expenses from the first quarter. The Group EBITDA was EUR
0.25 million, including restructuring expense of EUR 0.68 million in
Germany, the Group EBIT amounted to EUR -0.77 million.

In Germany the revenues (+2 % to EUR 19.00 million) as well as the
operative EBITDA (+ 2% to EUR 0.87 million) increased. The development in
Italy, with a growth in revenues by 11% to EUR 11.61 million and an
increase of the operative EBITDA by 23% to EUR 0.84 million was also very
positive. In the Netherlands the revenues increased by 65% to EUR 5.58
million, however the operative EBITDA decreased to EUR 0.17 million due to
the below-average capacity utilization of the increased number of employees
in the second quarter. In Central East Europe revenues increased by 12% to
EUR 1.66 million, the operative EBITDA decreased from EUR 0.05 million in
the first six months of the previous year to EUR 0.01 million. With an
EBITDA of EUR -0.96 million the segment Holding and Others showed higher
expenses of EUR 0.16 million which can be mainly related to the premature
termination of the management board agreement of Mr. Thomas Melzer.

The financial result amounted to EUR -0.41 million in the first six months
of 2011/12 compared to EUR -0.38 million in the previous year. The result
from the associated SolveDirect Service Management GmbH (current
shareholding 57.57%) amounted to EUR -1.03 million compared to EUR -1.12
million in the previous year. In total the Group achieved a pre-tax result
of EUR -2.20 million (previous year: EUR -1.49 million), the loss after tax
amounted to EUR 2.27 million compared to a loss after tax of EUR 1.55
million in the previous year.

The goal for business year 2011/12 is a further revenue growth and an
improvement of operative results. 'Based on the growth rates we achieved so
far and the 10% increase of the order volume, we also expect an increase
for business year 2011/12. Through a strengthening of distribution and the
expansion of Network Performance Channel activities as well as an increase
in license sales in the remaining six months, we expect an increase in
profitability and thus an improvement of operative results in the future',
recapitulates Michael Hofer.

The report on the first half 2011/12 is available for download at
www.brainforce.com.

Earnings data H1 2011/12 H1 2010/11 Chg .in %
Revenues EUR million 37.85 33.90 +12
Operative EBITDA 1) EUR million 0.93 1.10 -16
EBITDA EUR million 0.25 1.10 -77
Operative EBIT 1) EUR million -0.09 0.01 >100
EBIT EUR million -0.77 0.01 >100
Result before tax EUR million -2.20 -1.49 -47
Result after tax EUR million -2,27 -1,55 -46
Employees (average) 760 712 +7

Balance sheet data 31.03.2012 30.09.2011 Vdg.in %
Equity EUR million 16.48 18.72 -12
Net debt EUR million 7.72 5.82 +33
Equity ration % 34 38 -
Gearing % 47 31 -

1- Adjusted for restructuring costs

Kontakt:
BRAIN FORCE HOLDING AG
Mag. Hannes Griesser
Am Hof 4 / 4. Stock
A-1010 Wien
t +43 (0)1 263 09 09 - 0
f +43 (0)1 263 09 09 - 40
investorrelations@brainforce.com

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Language: English
Company: BRAIN FORCE HOLDING AG
Am Hof 4/ 4. Stock
A-1010 Wien
Austria
Phone: +43 (0) 1 2630909-0
Fax: +43 (0) 1 2630909-40
E-mail: investorrelations@brainforce.com
Internet: www.brainforce.com
ISIN: AT0000820659
WKN: 919331
Listed: Wien (Amtlicher Handel / Official Market)

End of Announcement DGAP News-Service

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