OpenLimit Holding AG

Publication of the Half-Year Report 2015 - Seite 3

General Meeting 2015

At the General Meeting held in Baar on 23 June 2015, all agenda items were accepted with the necessary majorities. At the center was the implementation of the provisions of the Remuneration Ordinance ("Vergütungsverordnung" or VegüV) in Switzerland, which made necessary a complete revision of the Articles of Incorporation as well as reelection of all executive bodies and committees. In the course of this, the authorized and conditional capital of the company was again granted in the same amount. Further information can be found in the General Meeting minutes on the OpenLimit website.

Personnel

Christian Fuessinger who had agreed to act as CFO & Head of Corporate Affairs on an interim basis at the beginning of the year, will leave OpenLimit Group at the end of this month. Consequently, a number of changes at Executive Board level will be implemented effective September 1st, 2015. Marc Gurov, CEO, will take over the CFO function until further notice. At the same time, former Chief Commercial Officer, Maik Pogoda, will assume the newly established role of Chief Operating Officer. Hence, he will be responsible for executing OpenLimit's business strategy at the operating level and support the CEO / CFO in particular with respect to corporate affairs tasks such as administration, human resources und legal.

Outlook

The outlook for the financial year 2015 remains unchanged over that contained within the Annual Report 2014 (dated 24 April 2015) as well as in the Group Interim Report during the first half of 2015. Based on the long-term projects acquired, OpenLimit has an acceptable order balance for 2015, even if this is slightly smaller than in 2014. The company will have to generate substantial new business to achieve its aims of turnover growth in the high single-digit percentage range as well as a small increase in profitability. Looking beyond the year 2015, there are already signs that significant growth in turnover cannot be expected until 2017. The main reason for this is that the rollout of the Smart Meter Gateway on the part of the Federal Ministry for Economic Affairs and Energy is now not planned to begin until 1 January 2017. If the rollout of the Konnektor begins effectively on 1 July 2016 and the expected revenues from truedentity® materialize as planned, the effects of the delayed Smart Meter Gateway rollout could be partly absorbed, although not to the full extent. This situation shows, once again, how dependent OpenLimit is on legal and other frameworks which lie beyond the company's control. At present, we assume that the legal and technical frameworks for the Smart Meter Gateway and for the Konnektor will be completed in the second half of the year, which would significantly further OpenLimit's sales activities in the energy and healthcare sectors.