PIERER Mobility AG

Quarterly Report • Feb 14, 2014

BRAIN FORCE HOLDING AG

Report on the 1st quarter

BRAIN FORCE Key Data

Earnings Data		10-12/2013	10-12/2012	Change in %	2012/13
Revenues	in € million	24.99	21.56	+16	88.38
EBITDA	in € million	1.39	0.96	+45	4.52
EBIT	in € million	0.98	0.48	>100	2.87
Profit before tax	in € million	0.95	0.10	>100	3.98
Profit after tax	in € million	0.45	0.07	>100	2.67
Earnings per share	in €	0.03	0.00	>100	0.17
Investments	in € million	0.23	0.33	-30	1.52
Employees 1)		832	766	+9	784

Balance Sheet Data		12/31/2013	9/30/2013	Change in %
Equity	in € million	19.58	19.23	+2
Net debt	in € million	6.16	5.23	+18
Working capital 2)	in € million	0.67	-0.55	>100
Balance sheet total	in € million	48.55	42.95	+13
Equity ratio	in %	40.32	44.77	-10
Employees 3)		839	804	+4

Stock Exchange Data 4)		10-12/2013	2012/13	Change in %
Share price high	in €	1.78	0.93	+91
Share price low	in €	0.84	0.58	+45
Share price at year-end	in €	1.78	0.84	>100
Shares outstanding (weighted)	in 1,000	15,387	15,387	0
Market capitalization at year-end	in € million	27.39	12.92	>100

Segments 10-12/2013 in € million	Germany		Italy		The Netherlands		Central East Europe		Other	Holding and
Revenues (consolidated)	12.41	(+7%)	6.92	(+9%)	5.05	(+82%)	0.61	(-25%)	0	-
EBITDA	1.18	(+76%)	0.62	(+66%)		0.18 (>100%)	0.02	(-87%)		-0.61 (>100%)
EBIT	1.04	(+97%)		0.46 (>100%)		0.10 (>100%)	0.00	(-96%)		-0.62 (>100%)
Investments	0.06	(-31%)	0.08	(-28%)	0.08	(-18%)	0.01	(-69%)	0.00	(0%)
Employees 1)	400	(+14%)	323	(+8%)	91	(+9%)	17	(-41%)	1	(-75%)

1) Average number of employees (salaried and free-lance) during the period

2) Inventories + trade receivables + current other receivables - trade payables - current other payables

3) Number of employees at reporting date

4) Vienna Stock Exchange

• ;OL5L[OLYSHUKZ

• *LU[YHS,HZ[,\YVWL

• 0[HS` ALU[YHS6Z[L\YVWH

• ;OL5L[OLYSHUKZ :K>LZ[L\YVWH
• *LU[YHS,HZ[,\YVWL 5VYKL\YVWH
• /VSKPUNHUK6[OLY

Management Report

Financial performance in the first three months (October to December 2013)

In the first three months of fiscal year 2013/2014 the BRAIN FORCE Group generated revenues in the amount of € 24.99 m, which is an increase of 16% compared to the same period of the previous year. In particular the operative divisions in the Netherlands recorded a significant revenue growth during this period.

In the reporting period the EBITDA rose from € 0.96 m to € 1.39 m; the operating result (EBIT) more than doubled and improved from € 0.48 m to € 0.98 m. The improvement of the operating results is attributable – besides the increase in revenues – to the profitable business in the aviation sector in Germany.

The financial result increased from €-0.20 to € -0.03 m.

In total, the Group generated a profit before taxes of € +0.95 m compared to € +0.10 m in the previous year. The profit after taxes amounted to € +0.45 m compared to € +0.07 m in the same period of the previous year.

Earnings per share amounted to € 0.03 (previous year: € 0).

Cash flow

In the first three months the cash flow from continuing operations decreased by € 0.01 m from € 0.93 m to € 0.92 m. The cash flow from operating activities (operating cash flow) amounted to € 1.15 m compared to € 1.07 m in the previous year.

The cash flow from investing activities amounted to € -0.23 m (previous year: € -0.29 m). Capital expenditures on property, plant and equipment and other intangible assets amounted to € 0.23 m compared to € 0.33 m in the previous year.

The cash flow from financing activities amounted to € 0.66 m (previous year: € +0.62 m). As of December 31, 2013 BRAIN FORCE Group held € 7.54 m of cash. (30.09.2013: € 5.96 m)

Financial position and financial performance

As at December 31, 2013 the Group´s balance sheet total amounted to € 48.55 m; the Group´s equity totaled € 19.58 m, the equity ratio was 40%.

The working capital (inventories plus trade receivables plus other current receivables less trade payables and other current liabilities) increased in the first three months from € -0.55 m to € +0.67 m, which can be mainly attributed to the increase in trade receivables (€ +3.19 m) as well as the increase of other receivables and assets (€ +2.25 m). Trade payables and other current liabilities increased in the first three months by € +2.62 m respectivley € 1.92 m. As of the reporting date on December 31, 2013 the cash and cash equivalent less financial liabilities (net payments) amounted to € +6.16 m whereas net financial means amounted to € 5.23 m on September 30, 2013.

Research and Development

The subsidiaries ensure that all software products are kept up to date. This applies in particular in Italy to the add-ons for Microsoft Dynamics AX and NAV.

Revenues 3M in € million 2013/14 24.99 2012/13 21.56 EBITDA 3M in € million 2013/14 1.39 2012/13 0.96

Equity in € million 12/31/2013 19.58 9/30/2013

19.23

Employees by segments 12/31/2013

• 0[HS`
• ;OL5L[OLYSHUKZ
• *LU[YHS,HZ[,\YVWL
• /VSKPUNHUK6[OLY

Order intake by regions 12/31/2012

• .LYTHU`
• 0[HS`
• ;OL5L[OLYSHUKZ
• *LU[YHS,HZ[,\YVWL

Human Resources

As of December 31, 2013 the BRAIN FORCE Group employed 839 (salaried and free) employees, which is approximately 4% above the level of September 30, 2013. In our largest markets Germany and Italy the number of employees as of December 31, 2013 increased by 14% and 8%. The number of employees increased in the Netherlands by about 9% but decreased in Central East Europe by 41%. The segment Holding and Others had one employee as of the reporting date 31.12.2013 compared to 4 employees at December 31, 2012

+L[ZJOSHUK The total average number of employees therefore amounted to 832, which is 9% above previous year´s level.

Order Intake

As of December 31, 2013 the order volume at Group level reached € 23.96 m and increased by 6% compared to December 31, 2012.

Compared to December 31, 2012 a considerable increase of 69% and 33% was achieved in the Netherlands and Italy. In Germany the order intake decreased by about 11%; Central East Europe recorded a decrease in order intakes by € 0.02 m compared to the previous year.

Outlook

0[HSPLU 5PLKLYSHUKL ALU[YHS6Z[L\YVWH An ongoing positive development is expected for the second quarter 2013/14 based on the stable development of all companies. This relates in particular to the sector Professional Service in Germany where it can be attributed to the rollout in the aviation sector. The telecommunications and financial sectors now register a positive trend since the downturn seems to have bottomed out. Italy also registers a stable development despite a tense economic situation.

Konzernabschluss 52 Quarterly Report (IFRS) of the BRAIN FORCE Group

56 Entwicklung des Eigenkapitals Group Income Statement in EUR	10-12/2013	10-12/2012
57 Cash-flow-Statement Revenues	24,989,413	21,556,142
Cost of sales	-19,817,575	-17,306,701
Konzernanhang 58 Gross profit	5,171,838	4,249,441
58 Die Gesellschaft Selling expenses 58	-2,075,505 Bilanzierungs- und Bewertungsgrundsätze	-1,777,309
Administrative expenses 59	-1,971,500 Konsolidierungskreis / Konzernunternehmen	-1,901,772
Other operating expenses	-227,899	-94,539
Other operating income Erläuterungen zur Gewinn- und Verlustrechnung	85,497	0
65 Operating profit 65 Umsatzerlöse (1)	982,430	475,821
Financial income 65 Aufwandsarten (2)	2,630	797
65 Sonstige betriebliche Erträge (3) Financial expenses	-36,520	-203,886
66 Financial result	Aufwendungen für Material und bezogene Leistungen (4) -33,890	-203,089
66 Personalaufwand (5) Result from associates	0	-174,657
66 Finanzergebnis (6) Profit/loss before tax	948,540	98,075
66 Ertragsteuern (7) Income taxes	-499,636	-30,151
Profit/loss after tax	448,904	67,924
Erläuterungen zur Bilanz 67 thereof owners of the parent	448,904	49,128
67 Sachanlagen (8) thereof non-controlling interests 68 Firmenwerte (9)	0	18,796
Earnings per share - undiluted and diluted 69	0.03 Sonstige immaterielle Vermögenswerte (10)	0.00

70 Finanzanlagen (12) Statement of Comprehensive Income in EUR	10-12/2013	10-12/2012
70 Latente Steuern (13) Profit/loss after tax	448.904	67.924
72 Vorräte (14) Currency translation differences	-11.488	-542
72 Changes in fair values of available-for-sale financial assets	Forderungen aus Lieferungen und Leistungen (15) 0	-347
73 Expenses and sales transferred to profit and loss	Sonstige Forderungen und Vermögenswerte (16) -11.488	-889
73 Zahlungsmittel (17) Actuarial losses	-92.238	0
73 Eigenkapital (18) Expenses and sales not transferred to profit and loss	-92.238	0
74 Other result 77 Finanzverbindlichkeiten (20)	Rückstellungen für langfristige Personalverpflichtungen (19) -103.726	-889
Comprehensive income/loss 77	345.178 Verbindlichkeiten aus Lieferungen und Leistungen (21)	67.035
thereof owners of the parent 78 Sonstige Verbindlichkeiten (22)	345.178	48.239
thereof non-controlling interests 78 Steuerrückstellungen (23)	0	18.796

Key ratios by segment 10-12/2013 in EUR	Germany	Italy 78	The Erläuterungen zum Cash-flow-Statement Netherlands	Central East Europe	Holding and Others	Group
Revenues (consolidated)	12,414,482	78 6,921,474	Cash-flow aus laufender Geschäftstätigkeit (25) 5,047,893	605,564	0	24,989,413
EBITDA	1,176,098	79 618,673	Cash-flow aus Investitionstätigkeit (26) 184,210	18,409	-610,769	1,386,621
EBIT	1,037,895	79 455,856	Cash-flow aus Finanzierungstätigkeit (27) 101,292	4,440	-617,053	982,430
Depreciation and amortization	-138,203	79 -162,817	Zahlungsmittelbestand (28) -82,918	-13,969	-6,284	-404,191

			Finanzrisikomanagement
Key ratios by segment 10-12/2012 in EUR	Germany	79 Italy	The Netherlands Sonstige Angaben	Central East Europe	Holding and Others	Group
Revenues (consolidated)	11,607,640	81 6,361,443 81	2,775,889 Segmentinformationen (29)	811,170	0	21,556,142
EBITDA	669,809	372,480 81	48,970 Ergebnis je Aktie (30)	143,178	-278,370	956,067
EBIT	526,151	200,159 82	-76,484 Angaben über Beziehungen zu nahe stehenden Unternehmen	115,100	-289,105	475,821
Depreciation and amortization	-143,658	-172,321	-125,454 und Personen (31)	-28,078	-10,735	-480,246

Cash Flow Statement in EUR	10-12/2013	10-12/2012
Profit / loss before tax	948,540	98,075
Depreciation and amortization	404,191	480,246
Financial result	33,890	203,089
Result from associates	0	174,657
Gains / losses from the disposal of property, plant and equipment and intangible assets	-432	-9,729
Changes in non-current provisions and liabilities	-468,632	-12,931
Gross cash flow of continuing operations	917,557	933,407
Changes in inventories	-320,976	-17,487
Changes in trade receivables	-3,193,008	-753,013
Changes in trade payables	2,622,581	1,352,992
Changes in other current assets and liabilities	1,669,063	-219,551
Currency translation differences	-11,186	-543
Net interest paid	-33,890	-203,089
Income taxes paid	-499,636	-20,143
Cash flow from operating activities of continuing operations	1,150,506	1,072,573
Investments in property, plant and equipment and other intangible assets	-228,805	-326,232
Sale of property, plant and equipment and other intangible assets	493	32,972
Sale of shares of associates	0	1,000
Cash flow from investing activities of continuing operations	-228,312	-292,260
Increase in financial liabilities	655,761	641,214
Repayment of financial liabilities and bank overdrafts	0	-18,827
Dividends paid	0	0
Capital increase	0	0
Purchase of treasury shares	0	0
Cash flow from financing activities of continuing operations	655,761	622,387
Change in cash and cash equivalents from continuing operations	1,577,955	1,402,700
Cash and cash equivalents at the beginning of the period	5,964,930	5,617,472
Change in cash and cash equivalents	1,577,955	1,402,700
Cash and cash equivalents at the end of the period	7,542,885	7,020,172

Balance Sheet in EUR	12/31/2013	9/30/2013
ASSETS
Property, plant and equipment	1,165,717	1,210,227
Goodwill	11,001,151	11,001,151
Other intangible assets	2,315,547	2,446,787
Investments in associates	0	0
Financial assets	0	0
Other receivables and assets	92,678	1,623,994
Deferred tax assets	557,249	593,160
Non-current assets	15,132,342	16,875,319
Inventories	848,886	527,910
Trade receivables	20,445,724	17,252,717
Other receivables and assets	4,576,562	2,330,670
Receivables from affilitated companies	0	0
Cash and cash equivalents	7,542,885	5,964,930
Current assets	33,414,057	26,076,227
Total assets	48,546,399	42,951,546
EQUITY AND LIABILITIES
Share capital	15,386,742	15,386,742
Reserves	6,410,922	6,514,648
Retained earnings	-2,222,081	-2,670,985
Owners of the parent	19,575,583	19,230,405
Non-controlling interests	0	0
Equity	19,575,583	19,230,405
Financial liabilities	0	0
Other liabilities	147,360	560,587
Provisions for post-employment benefits	1,434,000	1,397,167
Deferred tax liabilities	247,735	5,865
Non-current liabilities	1,829,095	1,963,619
Financial liabilities	1,386,828	731,067
Trade payables	14,388,267	11,765,687
Payables from affiliated companies	0	0
Other liabilities	10,812,048	8,892,983
Income tax provisions	483,576	296,784
Other provisions	71,002	71,001
Current liabilities	27,141,721	21,757,522
Total equity and liabilities	48,546,399	42,951,546

		Owners of the parent	Non-controlling
Changes in equity in EUR	Share capital	Share premium	Other reserves	Retained earnings	interests	Total equity
Balance 10/1/2012	15,386,742	7,670,288	-314,805	-6,150,772	15,384	16,606,837
Comprehensive income 10-12/2012	0	0	-889	49,128	18,796	67,035
Balance 12/31/2012	15,386,742	7,670,288	-315,694	-6,101,644	34,180	16,673,872
Transfer of reserves	0	-816,246	0	816,246	0	0
Change in non-controlling interests	0	0	0	-10,616	-34,180	-44,796
Comprehensive income 1-9/2013	0	0	-23,700	2,625,029	0	2,601,329
Balance 9/30/2013	15,386,742	6,854,042	-339,394	-2,670,985	0	19,230,405
Comprehensive income 10-12/2013	0	0	-103,726	448,904	0	345,178
Balance 12/31/2013	15,386,742	6,854,042	-443,120	-2,222,081	0	19,575,583

Notes to the Accounts for the first quarter

Accounting and Measurement Principles

This interim report of BRAIN FORCE HOLDING AG as at December 31, 2013 has been prepared in accordance with the principles contained in the International Financial Reporting Standards (IFRS), as stipulated in IAS 34, "Interim Financial Reporting". The accounting and measurement principles, which were applied in the annual report as at 30.09.2013, remain unchanged. For more information on accounting and measurement principles, please refer to the consolidated financial statements as at 30.09.2013, which serve as the basis for this interim report.

Consolidated Group

All subsidiaries, including those companies in which BRAIN FORCE HOLDING AG directly or indirectly holds more than half of the voting rights or over which BRAIN FORCE exerts a controlling influence are included in the consolidated financial statements.

The consolidated Group changed as follows compared to the reporting date of 30.09.2013:

With regard to an adjustment of the shareholding structure under company law to the future shareholding structure of the operative segments subject to a reporting obligation, BRAIN FORCE HOLDING AG transferred its shares in Network Performance Channel GmbH, Germany, Neu-Isenburg, to Network Performance GmbH, Austria, Vöcklabruck, by notarial deed dated October 28, 2013.

Moreover, the shares in BRAIN FORCE GmbH, Austria, Neulengbach (100%), in BRAIN FORCE SOFTWARE s.r.o., Czech Republic, Prague (99% share) as well as in Brain Force Software s.r.o., Slovakia, Bratislava (0.46% share), which had previously been directly held by BRAIN FORCE HOLDING AG, were sold to BRAIN FORCE Software GmbH, Germany, Munich, by purchase and share purchase agreements, dated November 13, 2013, respectively.

Consequently, the consolidated financial statements as of December 31, 2013 still include BRAIN FORCE HOLDING AG and 9 companies (30.09.2013: 9), thereof 7 foreign (30.09.2013: 7) and 2 Austrian companies (30.09.2013: 2), which are fully consolidated. As of December 31, 2013 no company (30.09.2013: 0) is included at-equity in the consolidated financial statements.

Comments on the Group Income Statement

In the first three months of fiscal year 2013/14 Group revenues increased by 16% to € 24.99 m compared to the previous year. The EBITDA rose from € 0.96 m to € 1.39 m. The operating result (EBIT) improved from € 0.48 m to € 0.98 m.

In the first quarter of 2013/14 the financial result amounted to € -0.03 m compared to € -0.20 m in the previous year. The result from associated companies improved by € 0.17 m. The Group result before taxes improved from € 0.10 m to € + 0.95 m. In the first three months the result after taxes reached € 0.45 m compared to € 0.07 m in the previous year.

Segment Information

BRAIN FORCE HOLDING AG reports according to geographic segments in accordance with the management approach contained in the stipulations of IFRS 8. Segment earnings are reported before brand licensing costs and intercompany charges. Segment information is included in this report directly after the statement of comprehensive income.

Comments on the Cash Flow Statement

In the first three months the cash flow from continuing operations reached € +0.92 m and was therefore € 0.01 m below previous year´s level of € +0.93 m. The cash flow from operating activities amounted to € +1.15 m compared to € +1.07 m in the previous year. The increase in results compared to the previous year had a positive effect in this respect, whereas the increase of the working capital affected the cash flow negatively.

The cash flow from investing activities amounted to € -0.23 m compared to € -0.29 m in the previous year. Investments in property, plant and equipment and other intangible assets decreased from € 0.33 m to € 0.23 m. The cash flow from financing activities amounted to € 0.66 m.

Comments on the Group Balance Sheet

As of the reporting date the balance sheet total was € 48.55 m, which is an increase of 13% compared to September 30, 2013. Non-current assets made up 31% of total assets and amounted to € 15.13 m compared to € 16.88 m as of September 30, 2013. Property, plant and equipment and other intangible assets decreased by € 0.18 m. Investments in property, plant and equipment and other intangible assets in the amount of € 0.23 m are offset against scheduled depreciation in the amount of € 0.40 m. The company´s goodwill remains unchanged with € 11.00 m.

Current assets comprised 69% of total assets as of December 31, 2013. As of the reporting date trade receivables and services increased by € 3.19 m to € 20.45 m or 42% of total assets compared to September 30, 2013. Cash and cash equivalents increased compared to the balance sheet date September 30, 2013 and amounted to € 7.54 m (September 30, 2013: € 5.96 m). Net financial means (financial means less financial liabilities) as of December 31, 2013 amounted to € 6.16 m compared to net financial means of € 5.23 m as of September 30, 2013.

As of December 31, 2013 the Group equity according to IFRS amounted to € 19.58 m, which equals an equity ratio of 40%. Non-current liabilities decreased from € 1.96 m to € 1.83 m.

Current liabilities rose by € 5.38 m to € 27.14 m. Moreover, trade liabilities and services increased by € 2.62 m to € 14.39 m and other liabilities rose by € 1.92 m to € 10.81 m.

As of December 31, 2013 the number of outstanding shares was 15,386,742; the authorized capital amounted to € 7,693,371.

Audit Waiver for the Interim Report

This interim report as at December 31, 2013 was neither audited nor subject to an auditor's review.

Other Disclosures

At the 15th ordinary general meeting of BRAIN FORCE HOLDING AG on February 28, 2013, among other things, a resolution, which authorizes the CEO to purchase own shares, was passed. This right has not been exerted yet.

On October 23, 2013 the chairman of the management board Mr. Michael Hofer has acquired 2.692.695 shares of BRAIN FORCE HOLDING AG. This equals voting rights and a share capital participation in BRAIN FORCE HOLDING AG of approximately 17.5%.

In its meeting held on December 12, 2013, the Supervisory Board of BRAIN FORCE HOLDING AG has approved the mutual termination of the management contract with Mr. Hannes Griesser, as at December 31, 2013. Mrs. Michaela Friepess was appointed as Chief Financial Officer as of today until December 31, 2016. In addition it was resolved to extend the contract of the Chief Executive Officer Michael Hofer until December 31, 2016.

Vienna, February 14, 2014

The Management Board

Financial Calendar

Date	Event
February 14, 2014	Report on the first quarter of 2013/14
March 5, 2014	General Meeting
March 10, 2014	Ex-dividend day
March 12, 2014	Dividend payment day
May 15, 2014	Six months report 2013/14
August 29, 2014	Report on the first three quarters of 2013/14
December 12, 2014	Annual Report 2013/14 and Annual Financial Report

Information on the Company and the BRAIN FORCE Share

Investor Relations:	Michaela Friepeß
Telephone:	+43 1 263 09 09 0
E-Mail:	investorrelations@brainforce.com
Internet:	www.brainforce.com
Vienna Stock Exchange:	BFC
Reuters:	BFCG
Bloomberg:	BFC:AV
Datastream:	O:BFS
ISIN:	AT0000820659

BRAIN FORCE HOLDING AG

Am Hof 4 1010 Vienna Austria

Telephone: +43 1 263 09 09 0 Fax: +43 1 263 09 09 40

info@brainforce.com www.brainforce.com www.brainforce.com