Realtech AG — Interim / Quarterly Report 2009

May 7, 2009

Quarterly Report 1 2009

	Q1 2009		Q1 2008
	TEUR	$\Delta$ %	TEUR
Revenues and income
Revenues	15.695	(5)	16.493
Revenues consulting	13.366	$\circ$	13.416
Revenues software	2.329	(24)	3.077
Revenues Germany	5.943	(19)	7.295
Revenues foreign countries	9.751	6	9.198
Earnings before interest, taxes, depreciation and amortization (EBITDA)	(829)	(164)	1.296
Earnings before interest and taxes (EBIT)	(977)	(189)	1.093
Earnings before taxes (EBT)	(959)	(183)	1.161
Net income		(348)	606
Earnings per share (in EUR)		(338)	O, 12
Investments and depreciation
Investments in intangible and tangible assets		85	124
Depreciation		(27)	203
Key figures
Gross margin (in %)	29,0	(24)	38,3
EBITDA margin (in %)		(167)	7,9
EBIT margin (in %)		(194)	6,6
Cash flow from operating activities		57	1.724
Cash flow from investing activities		81	(3.008)
Cash flow from financing activities			$\circ$

	31.03.09		31.03.08
	TEUR	$\Delta$ %	TEUR
Assets, shareholders' equity and liabilities (end of quarter)
Total assets	47.397	(28)	65.886
Non-current assets	14.123	(1)	14.258
Current assests	33.274	(36)	51.628
Net cash and cash equivalents	8.867	(70)	29.563
Shareholders' equity	27.945	(42)	47.875
Equity ratio (in %)	59,0	(19)	72,7
Noncurrent liabilities	$\circ$		$\circ$
Current liabilities ann-	18.986	13	16.771
Employees (end of quarter)	710	6	671

• Group revenue down 5 percent to EUR 15.7 million
• Consulting revenue unchanged at EUR 13.4 million
• Software business decreased by 24 percent
• EBIT of minus EUR 1.0 million
• Increased cash flow and net cash and cash equivalents

Dear shareholders and business partners.

In 2008, our business developed very positively to begin with. On the one hand, we once again exceeded the previous year's record figures for revenue and income. On the other hand, dark clouds appeared on the economic horizon during our race to the summit. In the fall of 2008 the worldwide crisis in financial and credit markets finally had an effect on the real economy and our customers are now also feeling the impact of precisely these weaker trading conditions. The investment behavior of companies has also changed accordingly, with the result that many businesses have greatly reduced their IT budgets for the year 2009, or are consistently using their available funds for business-critical investments.

We responded to the initial signs of this trend back in 2008 - taking strict measures to minimize costs, streamlining our cost planning and postponing investments where we could do so without endangering the company's success. As the global economic development for the first quarter of this year shows, these measures were the right ones to take.

Business development

In the first quarter of 2009, REALTECH recorded revenues of EUR 15,695 thousand, thus falling 5 percent below the previous year's figure (EUR 16,493 thousand).

The Consulting business field achieved revenues of EUR 13,366 thousand, which put it on a par with the previous year (EUR 13,416 thousand). In contrast, revenues in the Software business field in the first quarter, at EUR 2,329 thousand, were 24 percent lower than in Q1/2008 (EUR 3,077 thousand). The contribution made by Software towards total revenue fell to 15 percent (previous year: 19 percent).

The largest decline in revenue was posted in Germany where, at EUR 5,943 thousand in the first three months, revenues were 19 percent lower than in the previous year (EUR 7,295 thousand). The share of Group revenue generated in Germany thus fell to 38 percent (previous year: 44 percent). As for the 62 percent of revenue generated in other countries (previous year: 56 percent), the region Rest of Europe again made the greatest contribution, recording a 14 percent increase in revenue from EUR 6,675 thousand to EUR 7,624 thousand. At the same time, the figure as a share of total revenue rose from 41 percent to 48 percent. In contrast, the US market recorded a volume of EUR 593 thousand, which was 32 percent lower than in the same quarter of the previous year (EUR 869 thousand). This region's contribution towards Group revenue fell from 5 percent to 4 percent. Lower revenues were also recorded in the Asia-Pacific region, where the revenue figure fell by 7 percent from EUR 1,654 thousand to EUR 1,535 thousand. Asia-Pacific therefore contributed 10 percent to Group revenue as in the previous year.

Earnings

Nicola Clowinski Chief Executive Office

Dr. Rudolf Caspary Chief Technology Officer

This resulted in a 28 percent drop in gross profit from EUR 6,316 thousand to EUR 4,550 thousand. As a percentage of revenues, this meant a decrease from 38 percent to 29 percent. This development was due to the 31 percent decline in gross profit in the Consulting business field from EUR 3,874 thousand to EUR 2,694 thousand and a reduction in the gross profit margin from 29 percent to 20 percent. In the Software business field, gross profit fell by 24 percent from EUR 2,442 thousand to EUR 1,856 thousand. However, in relation to revenues, it increased from 79 percent to 80 percent. Consulting thus contributed 59 percent (previous year: 61 percent) of gross profit, while Software accordingly contributed 41 percent (previous year: 39 percent).

Selling and marketing expenses in the first quarter, at EUR 2,489 thousand, were 6 percent higher than in the previous year (EUR 2,349 thousand). The figure as a proportion of revenue rose slightly to 16 percent (previous year: 14 percent).

General and administrative expenses in the first three months increased compared to the previous year (EUR 1,819 thousand) by 4 percent to EUR 1,891 thousand. Relative to revenue, these expenses accounted for 12 percent, compared with 11 percent in Q1/2008.

REALTECH recorded an EBIT figure of minus EUR 977 thousand (previous year: EUR 1,093 thousand) in the first quarter of 2009.

The decline in earnings was in particular due to the fact that the EBIT figure for the first quarter of 2009 directly reflects the reduced gross profit. EBITDA amounted to minus EUR 829 thousand (previous year: EUR 1,296 thousand), which corresponded to a 164 percent decrease.

The Group's net interest in the three-month period amounted to EUR 18 thousand (previous year: EUR 104 thousand). This decline was primarily due to the fact that the company distributed cash to shareholders in December 2008 based on an ordinary capital reduction of EUR 21.0 million, which led to a substantial reduction in the basis for interest income.

Net income amounted to minus EUR 1,503 thousand (previous year: EUR 606 thousand). The fact that this figure was lower than in the previous year is in particular due to the effect described above with regard to EBIT. The corresponding earnings per share were minus EUR 0.29 (previous year: EUR 0.12).

$\blacksquare$ Financial situation

Cash flow from operating activities in the first quarter of 2009 was EUR 2,702 thousand (previous year: EUR 1,724 thousand). This increase, despite a lower net income, can primarily be attributed to a EUR 2,248 thousand reduction in trade receivables compared to the same key date the previous year.

The cash flow from investing activities in the period under review gave rise to a cash outflow of EUR 580 thousand, whereas a cash outflow of EUR 3,008 thousand was posted in the same period of the previous year. This change was essentially the result of the substantially lower increase in the number of securities compared with the previous year. Investments in intangible and tangible assets amounted to EUR 230 thousand (previous year: EUR 124 thousand). This particularly involved procuring replacements.

Assets

Compared to December 31, 2008, total assets increased by 2 percent to EUR 47,397 thousand.

Trade receivables fell to EUR 21,780 thousand (December 31, 2008: EUR 24,028 thousand), and thus represented 46 percent of total assets (December 31, 2008: 52 percent). This 9 percent reduction can be partly attributed to improved receivables management, and was partly also caused by the reduction in revenues.

Net cash and cash equivalents increased compared to December 31, 2008 (EUR 6,436 thousand) to EUR 8,867 thousand. This increase can be essentially attributed to a reduction in the company's trade receivables. Net cash and cash equivalents represented 19 percent of assets (December 31, 2008: 14 percent).

Compared to December 31, 2008, provisions decreased by EUR 1,268 thousand to EUR 6,995 thousand.

Shareholders' equity decreased by 6 percent compared to December 31, 2008 to EUR 27,945 thousand. The reduction in net income was particularly responsible for this. The company's equity ratio on March 31, 2009, at 59.0 percent, was lower than at the end of the previous year (62.9 percent).

Employees

At the end of the first quarter of 2009. REALTECH had 710 employees worldwide - 6 percent more than at the end of the first quarter of 2008 (671). A total of 257 of these employees worked in Germany (previous year: 247). As a result, the percentage of REAL-TECH employees working in Germany fell slightly from 37 percent to 36 percent.

$\overline{\mathbf{m}}$ RED!

Revenues

EBIT

Net

IN

FINC

income

$Q_1$

$7,5$

$0.6$

$(millions EUR)$ 09 08 09 08 09 08 09 08

$(1,5)$

$1.3$

OUT

PAGE

$Q₂$

$18,1$

$Q₃$

$16,7$

$2,3$

$Q_4$

The number of employees working at REALTECH companies in other countries rose 7 percent from 424 to 453. This development can be attributed to the region Rest of Europe, where a 9 percent increase from 348 to 379 employees was recorded. The headcount in the USA increased slightly to 17 (previous year: 16), whereas the number of employees in the Asia-Pacific region fell 5 percent from 60 to 57.

Comparing the key dates of March 31 for the different enterprise areas, we can see the following developments:

In Consulting, the number of employees was up 2 percent from 456 to 466. The number of product consultants, currently 47 employees, was further increased compared to the previous year (32). The area of sales and distribution was also expanded. with a 14 percent increase in employees from 66 to 75. The number of people working in development decreased slightly from 51 to 49 employees. In contrast, the administration headcount increased by 11 percent from 66 to 73.

Outlook for 2009

Faced with an extremely subdued overall economic environment, REALTECH has also not been able to avoid being affected by the current economic developments in the first quarter. The further course of the fiscal year therefore poses a great challenge for our organization.

We basically consider ourselves to be well equipped for the future, especially as the prospects for the IT sector remain comparatively robust. Having already begun to focus REALTECH AG on higher-volume projects that require intensive consulting services, we intend to expand this focus step by step this year SAP application environments. In particular,

REALTECH will be further expanding the high-margin segment of optimizing business processes. We will keep enhancing our software solutions in such a way that they deliver clear, tangible value for our customers.

From a geographical viewpoint, REALTECH will in 2009 once again be focusing on Europe. In our key markets of Germany, Italy and Spain, we have always set ourselves apart by offering a particularly broad, technologically dominated range of services and, following the growth in 2008, these core markets also continue to have a great deal of potential for corresponding growth. We have a strong market position in these countries in particular, and will make the most of this position in order to further expand our consulting portfolio in a customeroriented, demand-based manner.

It is REALTECH's employees who make the company a success, as their specialist knowledge and high motivation safeguard our leading market position day in day out. We are therefore continuing to strive to keep our highly specialized consultants in the company in the long term and safeguard jobs. We will follow this goal for as long as it is economically responsible for us to do so. This is because - especially in an economic environment characterized by sustained uncertainty - well trained employees are and will remain a consulting company's most important capital.

The difficulties regarding further economic development are currently manifesting themselves in the fact that the forecasts being made by market research companies and economic research institutes revolve around a sustained recession. Long-term statements regarding the development of the global economy and individual industries therefore vary greatly. At present, even major German corporations do not consider themselves to be in a position to precisely define their expectations for 2009 and provide concrete figures. REALTECH itself relies not only on the forecasts of the German "economic wise men" but, just as importantly, on the expectations of its main partners and customers. The vast majority of

With a clearly defined service portfolio, a pronounced customer orientation and competent employees, REALTECH has sound foundations for emerging from the general economic crisis with renewed strength.

these partners and customers consider themselves currently unable to make appropriate estimates regarding their company development.

As there is still great uncertainty with regard to the further economic development even after the first quarter of 2009, the Executive Board is currently refraining from making a revenue and earnings forecast for the current fiscal year. As soon as more certain facts on overall economic development are available, we too will be in a position to provide precise predictions for our further business development.

Despite the uncertain overall economic situation, we have set ourselves the goal of continuing to pay a dividend. At the General Meeting held on May 19, we will thus propose a dividend of EUR 0.50 per share.

We will stay true to our core competencies once again this year. With a clearly defined service portfolio, a pronounced customer orientation and competent employees, we have sound foundations for emerging from the general economic crisis with renewed strength. We have the right equipment to cope with the stony path we are currently walking along - even if it becomes strenuous and bumpy.

Responsibility statement by the Executive Board

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 of the net assets, financial position and earnings 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 of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.

Yours faithfully. The Executive Board REALTECH AG

Note

REALTECH AG has prepared its (non-audited) quarterly financial statements in accordance with the accounting standards of the International Accounting Standards Board (IASB), i.e. the International Financial Reporting Standards (IFRS) as applicable in the EU. The IAS, IFRS, and corresponding interpretations of the International Financial Reporting Interpretations Committee (IFRIC) applicable as of March 31, 2009 have been taken into account. The figures for the previous year were also determined based on the same standards.

The consolidation and valuation methods used to prepare the quarterly financial statements and to establish the comparative figures for the previous year were basically the same as those used in the consolidated financial statement as of December 31, 2008. A detailed description of the individual methods is published in the notes of the 2008 annual report.

No matters of particular significance that may affect the company's income or circumstances that have affected business development are known other than those listed here.

Bo B

REALTECH certified for 'Run SAP' method

REALTECH AG has become one of the first SAP service partners to be certified by SAP AG for the implementation of the Solution Operation Standards based on the 'Run SAP' method. REALTECH has integrated the 'Run SAP' method into its implementation standards.

"In integrating the 'Run SAP' method, we are able to provide our customers with additional value - above all through end-to-end application management that goes beyond customer requirements," maintains Johannes Lang, Managing Director of REALTECH system consulting GmbH. "In offering our customers the SAP Standards for Solution Operations, we are now providing them with a tried and tested method. 'Run SAP' enables our customers to optimize their operation of SAP applications and thus reduce costs."

SAP^c Certified

in Run SAP methodology

"We would like to congratulate REALTECH on becoming one of the first partners to obtain certification for the 'Run SAP' method," states Dr. Uwe Hommel. Executive Vice President in the area of Active Global Support at SAP AG. "Thanks to the implementation of the End-to-End Solution Operation Standards from the 'Run SAP' method, REALTECH will in the future be able to support customers more effectively in the implementation of SAP solution operations."

The 'Run SAP' method is a key component of SAP Enterprise Support - an end-to-end support model developed for successful operation coupled with continuous improvement at reduced cost and effort.

The End-to-End Solution Operation Standards have various advantages for SAP customers. SAP Standards for Solution Operations are a key prerequisite for the ongoing optimization of SAP solution operation. They not only allow automated processes that reduce costs, but also offer improved traceability as well as verification logs that help the company achieve cost efficiency, assure quality and adhere to regulations.

REALTECH AG and Lünendonk GmbH publish trend survey on the topic of business process management

Cost management and efficient business processes are currently the order of the day. For the IT department, however, the economic crisis also provides the opportunity to set itself apart from other enterprise areas as an efficiency partner. The potential that user departments can unlock for the management of business processes through the use of "business service management" solutions and the prerequisites that need to be met in companies for this purpose are analyzed by a recent trend survey entitled "Geschäftsprozesse intelligent steuern, messen und gestalten - Business Process Management und Business Service Management als Instrumente zur Steuerung von Business und IT" (Intelligent control, measurement and design of business processes - business process management and business service management as tools for controlling business and IT). This trend survey was carried out by Lünendonk GmbH, Kaufbeuren in collaboration with Realtech AG, Walldorf.

LÜNENDON K

"Whereas IT in the area of IT service management has up to now concentrated on monitoring IT applications and the underlying infrastructure, business service management solutions can be used to monitor and map entire business processes," states Hartmut Lüerßen, a partner of Lünendonk GmbH. User departments receive not only confirmation of the availability of servers and adherence to defined response times, but also key process indicators such as run times and processing times straight from live operation. "This gives the user departments information of unprecedented quality and the chance to utilize previously unused optimization and cost-cutting potential," continues Lüerßen.

New REALTECH SyncAssist software product accelerates modification and development processes in SAP environments

REALTECH is offering an innovative software product for the automatic synchronization of distributed SAP environments. REALTECH SyncAssist can be used to synchronize software statuses in SAP project and live environments, and assists companies during release upgrades.

For the IT department, the economic crisis also provides the opportunity to set itself apart from other enterprise areas as an efficiency partner.

In modern IT environments, alongside their existing 3-system environment, more and more SAP customers are using an additional 2-system project environment. This consists of a development system and a quality assurance system, both of which are used to implement and test new developments. With a view to ensuring a smooth transition of new developments into live operation, it is absolutely essential that both system environments have exactly the same software status at all times. If carried out manually, the data synchronization required here is extremely time-consuming and error-prone, tying up valuable development and administration resources. Until now, there was no software on the market to solve this problem in an elegant and user-friendly way.

REALTECH has closed this gap with its new "Sync-Assist" product, which allows the synchronization process between SAP environments to be carried out in an automated and

thus reliable manner. If changes are made in the 3system environment, SyncAssist automatically receives the associated object list. It automatically classifies the individual objects listed there as either critical or uncritical objects. Any uncritical objects are then automatically transferred by SyncAssist to the project environment. The task of manually synchronizing critical objects is facilitated on the user interface by a split screen that visualizes any differences. Thanks to this status tracking, maximum process control and efficiency can be guaranteed.

REALTECH establishes new company structure: organizational separation of software and consulting business promotes business area focus and supports expansion plans

With effect from April 1, 2009, REALTECH has a new corporate structure under company law for its international operations. REALTECH AG will now only be performing the tasks of a holding company, under which the various companies abroad and the German subsidiaries are grouped.

Up to now, the German business operations of REALTECH AG have been the responsibility of REALTECH system consulting GmbH. This company comprised both the "SAP Consulting" business area and the "Software Products" segment. Two years ago, these divisions were separated in organizational terms into independent enterprise units under the umbrella of REALTECH system consulting GmbH. These units are being transformed into autonomous companies as of April 1, 2009.

In the future, "REALTECH Consulting GmbH" will be responsible for the SAP consulting business, while "REALTECH Software Products GmbH" will have the task of developing and marketing the company's own software products. These companies will be supported by "REALTECH Services GmbH", which will provide central services such as financial accounting, human resources services, IT services and marketing. The employees of the current REALTECH companies will be fully transferred to the new companies as of the key date of April 1, 2009.

With the new structure, the goals of the respective operating units will be supported even more effectively than before. The clear organizational arrangements will enable the individual companies to develop their own corporate goals and work towards these goals without compromise. For example, the German REALTECH Consulting GmbH will be concentrating on expanding its consulting business in German-speaking countries (Germany, Austria and Switzerland). REALTECH Software Products GmbH will be placing an emphasis on worldwide growth and on marketing its entire product range, including outside of the SAP market.

"As a result of the changed organization of REALTECH, we will be focusing each of the newly created companies entirely on its particular core business. Our positive experience over the past couple of years has shown that this is the right way to go," explains Nicola Glowinski, Chief Executive Officer of REALTECH AG.

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Consolidated Statements of Income

	Q1 2009 EUR	$Q1$ 2008 EUR
Revenues	15.694.624	16.492.747
Costs of revenues	11.144.640	10.176.644
Gross profit	4.549.984	6.316.103
Selling and marketing expenses	2.488.882	2.349.007
General and administrative expenses	1.891.181	1.818.795
Research and development expenses	1.096.078	1.156.380
Other operating expenses	527.978	456.028
Other operating income	476.778	556.584
Operating income	(977.357)	1.092.478
Net interest	17.514	103.992
Income from financial assets and securities	$\Omega$
Foreign currency exchange gains/(loss)	785	(35.701)
Income before taxes and minority interests	(959.058)	1.160.770
Income taxes	527.636	540.445
Income before minority interests	(1.486.694)	620.325
Minority interests	16.235	(14.050)
Net income	(1.502.929)	606.275
Accumulated profit/loss carried forward	10.349.783	7.276.847
Retained earnings	8.846.853	7.883.122
Earnings per share - basic	(0, 29)	O, 12
Earnings per share - diluted	(0, 27)	O, 11
Average number of shares outstanding - basic	5.260.452	5.248.452
Average number of shares outstanding - diluted	5.540.452	5.549.452

Segment Reporting

. . .	Q1 2009	Q1 2008
	EUR	EUR
Consulting
Revenues	13.366.083	13.416.191
Costs of revenues	10.671.993	9.542.189
Gross profit	2.694.090	3.874.002
Software
Revenues	2.328.541	3.076.557
Costs of revenues	472.647	634.455
Gross profit	1.855.894	2.442.101

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Financial Calendar 2009 | 2010

May 19, 2009	Annual General Meeting, Palatin, Wiesloch, 10.00 a.m.
August 06, 2009	Quarterly Report 2 2009
November 05, 2009	Quarterly Report 3 2009
November 09-11, 2009	Deutsches Eigenkapitalforum, Frankfurt
March 25, 2010	Annual Report 2009
May 06, 2010	Quarterly Report 1 2010
August 05, 2010	Quarterly Report 2 2010
November 04, 2010	Quarterly Report 3 2010

REALTECH AG Investor Relations Volker Hensel Industriestraße 39c D - 69190 Walldorf

$\blacksquare$ Tel.: +49.6227.837.500 Fax.: +49.6227.837.292

Investors@realtech.com www.realtech.com