1 January 30 June 2008 Interim Financial Report

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1 1 January 30 June 2008 Interim Financial Report

2 GFT Group Summary Financial Figures according to IFRS in (k) 01/01-30/06/ /01-30/06/2007 Revenue 115, ,102 Earnings before interest, tax, depreciation and amortisation (EBITDA) 2,680 5,676 Total depreciation Earnings before interest and taxes (EBIT) 1,875 5,045 Earnings before taxes (EBT) 2,255 5,302 Net income as at 30 June 1,086 3,294 IAS earnings per share, in Non-current assets 30,494 30,933 Cash, cash equivalents and securities 18,057 21,595 Other current assets 56,154 54,261 Balance sheet totals 104, ,789 Equity ratio, in % Number of permanent employees as at 30 June 1,039 1,051

3 1 Contents Interim Management Report as at 30 June Economic environment 2 2. Course of business during the first six months of The GFT share 3 4. Development of revenues 4 5. Earnings situation 6 6. Financial position 7 7. Net assets 7 8. Employees 8 9. Research and development Opportunities and risks Significant events during the first half year of Outlook 9 Interim Consolidated Financial Statements Consolidated Balance Sheet 10 Consolidated Income Statement 12 Consolidated Cash Flow Statement 13 Consolidated Statement of Changes in Equity 14 Notes to the Interim Consolidated Financial Statements 16 Responsibility Statement 20 Further information Our Divisions/Imprint 21 GFT Interim Financial Report 2008

4 2Interim Management Report Interim Management Report as at 30 June 2008 GFT Technologies Aktiengesellschaft, St. Georgen a forecasted annual turnover of 45.6bn, followed by Germany with 32.8bn and France with 24.8bn. 7.8bn is expected for Spain. The growth forecasts look best for Germany (6.6%) and Spain (6.5%). 1. Economic environment Macroeconomic developments The effects of the tide of the US real estate crisis, the turbulence on the international financial markets and the increase in energy prices, means that the world economy has lost some of its dynamic in the first six months of The International Monetary Fund (IMF), in its updated study of July 2008, is forecasting an economic weakening in the global gross domestic product (GDP) from 5.0% in 2007 to 4.1% in The IMF estimates an increase of 2.0% for Germany however, but not until sometime during 2009 do the experts expect a gradual recovery. The economic climate, as analysed by the German ifo Institute for the Euro zone, deteriorated again in the second quarter of In Western Europe, the indicator sank primarily in France, Italy and Spain; by contrast, in Germany, Austria and Switzerland the climate indicator deteriorated only slightly. Development in the IT industry According to current studies by the European Information Technology Observatory (EITO), the European Information Technology, Telecommunications and New Media industry continues on a growth course, despite the temporarily difficult business conditions. Forecasts from the industry association BITKOM (German Association for Information Technology, Telecommunications and New Media) confirm this; according to the association, the European market for IT, telecommunications electronics and digital entertainment electronics will grow in 2008 by 3% to 761bn, somewhat weaker than in the previous year. The most growth will be seen in the IT services market with 5.7% by the end of the year. Here, EITO is forecasting an annual turnover of around 160bn for the entire EU. If one observes the market in which GFT operates, the UK is the front-runner with According to the BITKOM industry barometer for Germany (June 2008), the mood in the high-tech industry is predominantly optimistic. Nonetheless, after an encouraging start to the year, the dynamics in some market sectors slackened slightly. All the same, 62% of companies expect increased turnover in 2008 and only 15% anticipate a reduction. The largest obstacle in the industry, according to the BITKOM industry barometer, continues to be the lack of qualified personnel. 58% of all companies indicate that the lack of experts is slowing down their business. 2. Course of business in the first six months of 2008 Despite the difficult business conditions in the first half of 2008, the GFT Group achieved its planned sales objective in the first six months of the current financial year and was able to increase the Group s total revenue by 3% to 115.9m. Resourcing was the best-performing division, as in the previous quarters. With an increase by 12% compared to the previous year, the division continued to benefit from the dynamically growing demand for freelance IT specialists and the continued lack of experts. It was therefore possible to balance out the forecast revenue reduction in the Services division. Weakening activity in this area, which focuses on clients from the financial services industry, can be attributed to the current restraint on the part of banks and insurance companies when it comes to new investments. In the Software division the expenditure on sales and marketing has already led to a slight revenue increase compared to the same period in the previous year. After the successful market launch of the archiving solution inboxx, the sales channels are steadily expanding further. We therefore expect a stronger revenue growth for the second half of the year. Interim Management Report

5 The earnings before taxes (EBT) of the GFT Group was 2.3m, slightly below budget expectations in the reporting period. This can be attributed mostly to the significant 80 investments in marketing for inboxx, the new product in the Software division. The Services division continued to make the largest contribution to earnings; however this had levelled off somewhat, compared to the first half of 2007, due to the aforementioned effects of the financial market crisis. In addition, the one-time deconsolidation 60 costs from the sale of shares in GFT India (Ltd.) in the first quarter encumbered earnings. The Resourcing division was only slightly affected by the difficult market environment and was accordingly able to increase its earnings from the previous year. Given the backdrop of the continued cooling down of the world economy and of the, not yet foreseeable, effects of the financial market crisis, we are anticipating a mo derate increase in revenue compared to the previous year (2007: 247.1m) for the GFT Group for the entire year. In terms of the operational earnings before taxes we are striving to exceed the threshold of a double-digit million value, but consider this to be a major challenge given the current market environment. 3. The GFT share In the first half of 2008, the German stock markets noted price losses on almost all sectors due to the US financial market crisis, the dramatically rising oil price and the weakening of the economy. The GFT share price was not spared this development either; it started in 2008 at 3.31 and ended the second quarter at As a result, it lies 27% below the level of 30 June 2007 ( 3.19). Compared to similar issues on the TecDax and on the TecAllShare, the GFT share price showed an average development. The analysts from Equinet and SES Research continued to assess the GFT share as buy in the first half of In June 2008, there was a minor change in shareholder structure. The Baden-Württembergische Investmentgesellschaft mbh reduced its shares in GFT from 6.00% to 4.98% in June. In addition to the two members of the founding family who continue to hold 28.42% and 9.68%, the Austrian AvW Group is involved in the company with 5.01%, while 51.91% is to be allocated to free float. Development of the GFT share during the first six months 2008 indexed (Basis 2 January 2008 = 100%) % 95% 90% GFT TecDax Tech All Share 80 85% 80% 75% 70% January February March April May June GFT Interim Financial Report 2008

6 Development of revenue In the 40first half of 2008, the GFT Group generated revenue of 115.9m. Despite the difficult business conditions, it was thus possible for it to exceed the previous year s value 20 of 113.1m by 3%. As was already the case in the first quarter of 2008, revenue in the Services division fell year on 0 year due to the restrained spending behaviour of clients in the financial sector. However, growth in the Resourcing division was able to more than compensate for this. Revenue by divisions 100% 80% 60% 40% 20% 0% Resourcing and Services, as the divisions of the GFT Group generating the most revenue, represent 98% of the overall revenue, while the revenue share of the Resourcing division compared to the previous year has grown by five percentage points to 60% and remained at the level of the first quarter. The Services share dropped accordingly from 43% to 38%, while the share of the Software division remained constant at 2%. Thus, there were only minor shifts in comparison to the first quarter, in which Services made up 37% and Software 3% of the overall revenue H H Software Resourcing Services The continuing lack of qualified IT staff also favoured business in the second quarter of 2008, through the provision of freelancers. The growing demand for external IT specialists led to a growth in revenue of 12% in the Resourcing division compared to the first half-year of Here 68.9m was generated in the first six months of the current financial year (previous year: 61.5m), of which 36.1m was generated by the Third Party Management area (TPM; previous year: 37.0m) and 32.8m by the Resource Management area (RM; previous year: 24.5m). When it came to new investments, GFT clients from the financial services sector proved to be cautious throughout the first half of 2008, due to the ongoing crisis on the capital market. This influenced revenue in the Services division, which compared to the first six months of 2007 dropped by 4.8m to 44.2m. As in the first quarter of 2008, revenue was affected by the conclusion, at the end of 2007, by implementation phase of a project with a large bank in Brazil. This project accordingly contributed less to the revenue. If we consider the quarters separately, an upside trend can already be observed: in the second quarter revenue increased by just under 15%, compared to the first three months of 2008, to 23.6m. Concentration on the dynamically growing archiving market with the software product inboxx showed initial success in the Software division. It was thus possible to achieve a slight increase in revenue by 10% to 2.8m compared to the same period the previous year. Due to delayed sales successes we are anticipating a clear increase in revenue in this division for the rest of the year. Revenue by countries Germany 67% UK 11% Spain 7% France 6% Other countries 4% Switzerland 3% Brazil 2% 4,0 Revenue distribution by country has 3,5not changed significantly in comparison to 30 June ,0 2,5 2,0 1,5 1,0 0,5 Interim Management Report 0,0

7 5 Germany continues to be the largest and most important market of the GFT Group. In the first half of 2008, two thirds of revenues was generated here (previous year: 65%). Compared with the first half of 2007, it was possible to increase revenue slightly from 75.6m to 78.0m. The effects of the financial market crisis prevented stronger growth in the Services area. The Resourcing business, in contrast, was able to expand further. Projects with clients from the USA and Italy ( Other countries ) contributed 5.0m in total to overall revenue, 59% more than in the same period of the previous year. Together they represent 4% of overall revenue (previous year: 3%), the reason being the growth in business in the USA. Revenue by industry Representing the largest GFT market after Germany, in the UK 12% more revenue was generated in the first half of the year than in the same period of the previous year, whereby the UK clients are mainly active in the finance sector. With 12.7m, the share of GFT s overall revenue was 11%, one percentage point more than in the first six months of 2007, thus continuing the positive trend from the first quarter of 2008, in which 6.4m was generated. Financial Services Providers 64% Industry 19% Others 9% Post/Logistics 8% GFT was also able to increase revenue with clients in Spain, from 8.1m in the previous year s half-year to 8.5m in the first six months of the current financial year. Compared to the previous quarter, revenue rose again by 16%, with the share of the overall revenue remaining constant at 7%. Revenue with clients in Brazil fell, owing to the fact that the project with a Brazilian bank has entered the maintenance phase. This project was realised in collaboration with our Spanish development centre. As in the first quarter of 2008, this caused the share in overall revenue to drop again in comparison to the first half of 2007, from just under 6% to 2% and amounted to 2.0m (previous year: 6.5m). Unchanged from the first half of 2007, the share in revenue from French clients was at 6%, which translates as 6.8m (previous year: 6.4m), with a slight increase of 4% noted in the second quarter, compared to the prior quarter. GFT was able to achieve a substantial increase in revenue with clients in Switzerland: at 2.9m the figure was about 42% above that of the previous year, of which 1.6m were attributable to the second quarter. The share in overall revenue came to 3% (previous year: 2%). With a 64% share of overall revenue, the financial services sector continued to be the most important industry for GFT in the first half of 2008 (previous year: 67%). Restraint on the part of financial institutions when it came to new investments caused revenues to decline slightly from 74.9m in the first six months of 2007 to 73.9m in the current financial year. Compared to the first quarter, however, a slight upside trend has already been noted, which is reflected in an increase in revenue of 8%. GFT was able to note an increase in revenue with industrial clients, compared to the first half of 2007, of 17% to 22.4m (previous year: 8.6m). The share of overall revenue rose from 17% to 19% in the current financial year. As already noted in the previous quarter ( 11.2m), the increase in business through the provision of freelance IT specialists was especially noticeable here. Clients from other industries and government agencies generated a clear improvement on revenue in the first half of 2008, compared to the previous year, up to 10.4m (previous year: 8.6m). This corresponds to an increase of 21%. The share of overall revenue thus amounted to 9%, up from around 7% in the previous year. The second quarter of 2008 in particular, made a positive difference to the results, with revenue of 6.6m 69% more than in the first three months. GFT Interim Financial Report 2008

8 6 The revenues with companies from the Post and Logistics sector fell slightly. After securing 10.4m in the first half of 2007, GFT achieved revenues of 9.2m in the current financial year. The share of overall revenue dropped accordingly by one percentage point to 8%, while the first three months ( 4.7m) were somewhat stronger than the second quarter ( 4.5m). 5. Earnings situation The earnings before taxes (EBT) of the GFT Group came to 2.3m in the first half of 2008 and thus remained, as expected, behind the earnings of the same period from the previous year ( 5.3m). Thus, at 1.7m, earnings during the second quarter were 1.2m above that of the previous quarter. The special items already mentioned in the first quarter, also caused the decline in earnings in the second quarter: the expected negative difference in each quarter of 2008 year on year (H1 2008: 1.0m), is a s a result of the extraordinary earnings contributions at the end of 2007, when the implementation phase of the large project in Brazil was concluded. The outflow of the majority stakes in the company in India also encumbered the earnings for the first six months by 0.2m. Furthermore the investment in sales and marketing for the software product inboxx exceeded the corresponding licence proceeds in the second quarter, by 1.0m in total in the first six months of In addition, the continuation of the subdued market environment also impacted the earnings situation in the second quarter, in particular in the Services division. Earnings before interest and taxes (EBIT) amounted to 1.9m in the first half of The difference compared to the first half of 2007 was thus -3.1m (previous year: 5.0m). At 2.7m, earnings before interest, taxes, depreciation and amortisation (EBITDA) were 53% lower than as at 30 June 2007 ( 5.7m). After deducting all expenses, the net income as at 30 June at 1.1m was 2.2m short of the previous year s semi-annual net income ( 3.3m). The quarterly net income in the second quarter of 2008 came to 1.0m. The calculated taxation rate for the first half of 2008 was thus at 52%, since the earnings were concentrated further on countries with a relevant tax ratio (previous year: 38%). However, the calculated taxation rate of the second quarter fell to 45% compared to the previous quarter (75%). We expect further normalisation up to the budgeted taxation rate of around 30% for the second half of the year. Earnings per share as at 30 June 2008 were 0.04 per share compared to 0.01 in the previous quarter, after 0.13 as at 30 June These figures relate to an average total number of 26,325,946 shares in circulation. Group earnings situation by division Earnings in the Services division improved by 0.8m compared to the previous quarter to 1.7m. This resulted in a half-year value of 2.6m, which as expected remained behind the value for the first half of 2007 ( 4.1m). A large part of this difference can be attributed to the nonrecurrence of the earnings from the concluding phase of the major Brazilian project. The half-year earnings also contain the outflow loss of GFT India for the Services division as well as decreased project earnings resulting from the restrained market situation. The earnings situation in the Resourcing division was 1.7m for the first half of 2008 and was thus 0.1m up on the comparable period of the previous year ( 1.6m). This resulted from the increased revenues in this division compared to the first six months of The earnings situation in the Software division improved slightly by 0.1m compared to the previous quarter, however it remained below our expectations in the first half of 2008 with -1.5m. The current costs for sales and marketing continued to exceed the revenue proceeds achieved. Interim Management Report

9 7 Group expenses and income Other operating income exhibited a value of 1.3m as at 30 June 2008 (previous year: 1.0m). Worthwhile were the earnings from liquidating provisions that for the most part stemmed from the first quarter. The cost of material increased again in the second quarter corresponding to the increase in revenue in the Resourcing division and is to be attributed to the increased purchases of external labour. The half-year value for 2008 was 70.2m (previous year: 65.9m), which corresponds to a 7% increase. In the Services division there was a correspondingly lower demand for external workers due to the lower revenue, in comparison to the same period the previous year. 2.6m in the first half of 2007 to 0.5m as at 30 June This is mainly attributable to the repayment of the factoring credit line in France at the end of In the first quarter of 2008, the trade receivables increased by 3.5m to 53.4m year on year. This was countered by trade payables of 17.7m (previous year: 17.6m). The rising trend in trade receivables is being determined by the growing Resourcing business which has higher average payment targets. This trend towards longer days sales outstanding is also the reason for the reduction in cash flows from operating activities, from -3.1m as on the previous year s cut-off date to -9.9m compared to the end of the first half of At 17.0m in the second quarter, personnel expenses remained on par with the first quarter of 2008 ( 16.7m). At 33.7m, the cumulative value as at 30 June 2008 was 0.8m higher than in the comparable period of the previous year ( 32.9m), which corresponds to an increase of 2%. The personnel expenses of the first half of 2008 include the proportionate share of personnel expenses of GFT India. In the second quarter, depreciation of non-current intangible assets and of tangible assets remained on par with the first quarter at 0.4m. At the half-year mark the value was thus 0.8m in comparison to 0.6m during the first half of The change in cash flows from investing activities from -0.7m in the first half of 2007 to -0.9m is mainly due to the disinvestment in the Indian subsidiary in the first quarter of Further capital expenditures flowed mainly into property, plant and equipment. The cash flows from financing activities was clearly lower in the first half of 2008 than in the previous year and came to 0.4m (previous year: 1.6m). No financial transactions worth mentioning were made in the first six months of this year. 7. Net assets Other operating expenses in the second quarter remained almost unchanged compared to the first at 5.1m. At 10.3m after the first six months of 2008, they were thus 0.7m over the previous year s value ( 9.6m). This change represented a net effect mainly from increased rental costs and consulting services, as well as reduced travel expenses. 6. Financial position The funds available for payment (including securities) declined slightly year on year ( 21.6m) to 18.1m. In return, the non-current financial liabilities dropped from At 104.7m, the balance sheet total as at 30 June 2008 was 2.1m lower than on the previous year s cut-off date and 7.2m below the value as at 31 December The trade receivables increased compared to the first half of 2007 by 7% and compared to 31 December 2007 by 11%, the reason being the reduced trade receivables at the end of the year, due to early payments in the fourth quarter of In comparison to the first half of 2007, equity increased from 52.7m to 58.7m due to the reduced losses carried forward, which consistently decreased as a result of the positive quarterly results, in particular in the second half of As a result, the equity ratio increased from GFT Interim Financial Report 2008

10 8 49% to 56% compared to the previous year s cut-off date of 30 June Equity remained almost unchanged in comparison to the end of The lower balance sheet total thus led to an increase in the equity ratio of 52% as at the end of Trade payables were on par with the figure for the previous year and for the previous quarter. 8. Employees As at the cut-off date of 30 June 2008, the GFT Group had 1,039 employees including the proportionately included part-time workers, 12 people fewer than at the same time in the previous year and six fewer than as at 31 March With 716 employees, the share of staff employed abroad was 69% (previous year: 758, or 72%). Accordingly, 323 employees or 30% (previous year 293, or 28%) were employed in Germany. The decrease in the number of employees abroad continues to be due mainly to the sale of 70% of the shares in the Indian subsidiary GFT India Ltd, Trichy, India, to the managing director of the company on 29 February The increase in the number of employees working in Germany stems from the recruitment of new sales employees in the Resourcing division. The Services division continues to have the largest share of employees with 871 people. 916 employees were active in this division in the same period last year. The reduction in people largely corresponds to the reduction in the Indian shares, as 47 employees were employed here last year. The Resourcing division employed 97 people as at 30 June 2008, which is 27 more people than in the same period last year. This reflects the growing demand for external experts in the companies. On the cut-off date 30 June, 71 people worked in the Software division six more than in the same period last year. The number of freelancers rose by 8% in comparison to the same period last year from 1,167 to 1,266 people. 9. Research and development The expenses for research and development increased slightly at 2.2m in comparison to the first half of 2007 (previous year: 2.0m). The largest share of this increase continued to be attributed to personnel costs. In the research and development area, as already outlined in the first quarter of 2008, the focus was on achieving steady process improvement in the Services division through the continuing implementation and expansion of CMMI (Capability Maturity Model Integration). In the meantime, GFT has achieved the quality requirements and certifications of level three for the Spanish and Brazilian development centres. Also the work on the further development and expansion of the internal Group wide information platform continued. 10. Risk report During the first half of 2008, no substantial changes occurred to the opportunities and risks extensively dealt with in the Management Report of the 2007 Consolidated Financial Statements. The risk situation of the GFT Group therefore remains unchanged. 11. Significant events during the first half of 2008 In the first half of 2008, GFT concluded the bundling of all activities in the Resourcing division in Germany. With effect from 1 January 2008, the GFT Technologies AG brought its business unit emagine into the GFT Resource Management GmbH in the way of singular succession. Active in third-party management, emagine is responsible for purchase management for its clients with regard to non-strategic IT service providers as well as the sourcing of software developers, programmers and other smaller IT service providers. In the financial year 2007, emagine generated revenue in the amount of 85.9m. With the integration of emagine into the GFT Resource Management GmbH, all activities in the Resourcing division are now consolidated in Germany in the Interim Management Report

11 9 GFT Resource Management GmbH or its subsidiaries. All revenues of GFT Technologies AG are being allocated to the Services segment starting on 1 January A further significant event in the first half-year of 2008 was the sale of shares in GFT India Ltd. In the course of concentrating its offshore activities in Brazil, GFT Technologies AG sold 70% of its shares in GFT India Ltd., Trichy, India, to the managing director of the company on 29 February GFT AG will continue to use the development centre in India in the future for the further development of internal applications and product development in the Software area. On 11 June 2008, the ninth regular Annual General Meeting of GFT Technologies AG agreed to relocate the company s headquarters from St. Georgen to Stuttgart. St. Georgen will continue to be used as a location for development and administrative functions. The earnings development of the first half went according to plan, with the exception of the Software division. With a view to the second half-year, we anticipate an appreciable improvement in the earnings situation. In terms of the operational earnings before taxes we are striving to exceed the threshold of a double-digit million value, but consider this to be a major challenge given the current market environment. In the Services division, the difficulties in the financial market will continue to influence the investment behaviour of our clients. At the same time, the economic impact on the demand from banks and insurance companies of skyrocketing energy prices and rising inflation are still unpredictable. Therefore, we are expecting at least constant revenues from our Services division during the second half of the year with our existing clients. At the same time we are working intensively on increasing revenue through new projects and clients. 12. Outlook Based on the IMF s forecasts, world economic growth is expected to continue to slow throughout 2008 with experts predicting a gradual recovery sometime during Given the cooling world economy, growth forecasts for the IT industry are relatively optimistic. To what extent GFT can benefit from this will depend, however, on how the current financial crisis develops. The restrained demand on the part of international financial institutions appears to be influenced by this at the moment. Against this backdrop, we are expecting a moderate increase in revenue for the GFT Group for the entire year 2008 compared to the previous year (2007: 247.1m). As in previous years, we are assuming a steadily rising revenue volume across all quarters. We will continue to consistently use the growth opportunities that result from the rising demand for IT freelancers in the Resourcing division. After the successful market launch of the archiving solution inboxx in the first quarter as well as the expansion of the sales channels in the second quarter, we now have a good starting position for the second half of the year. We are therefore expecting rising revenues and correspondingly increasing results. The Executive Board would like to thank all the company s employees for their high level of commitment and all our clients, investors and business partners for their trust and loyalty. St. Georgen, 1 August 2008 The Executive Board Ulrich Dietz Marika Lulay Dr. Jochen Ruetz Executive Board (Chairman) Executive Board Executive Board GFT Interim Financial Report 2008

12 10Interim Consolidated Financial Statements Consolidated Balance Sheet (IFRS) as at 30 June 2008 GFT Technologies Aktiengesellschaft, St. Georgen Assets 30/06/ /12/2007 Current Assets Cash and cash equivalents 15,328, ,699, Marketable Securities 2,728, ,002, Trade receivables 53,425, ,947, Receivables from related parties Inventories 3, , Deferred tax assets Accrued items and other current assets 2,725, ,381, Others Total current assets 74,211, ,039, Non-current assets Property, plant and equipment 2,493, ,615, Intangible assets 778, , Goodwill 20,365, ,365, Financial assets Investments accounted for using the equity method 54, Loans receivable Deferred tax assets 5,710, ,943, Other assets 1,091, ,095, Others Total non-current assets 30,493, ,892, Total assets 104,705, ,931, Interim Consolidated Financial Statements

13 11 Liabilities 30/06/ /12/2007 Current liabilities Current portion of capital lease obligation Short-term loans and current portion of long-term loans 537, , Trade payables 17,721, ,915, Payables from related parties Deposits received 2,622, ,916, Provisions 16,016, ,696, Deferred revenues 1,725, , Current income tax liabilities 1,154, ,050, Deferred tax liabilities Other current liabilities 3,728, ,643, Others Total current liabilities 43,506, ,359, Non-current liabilities Long-term loans Long-term capital lease obligations Deferred revenues Deferred tax liabilities 558, , Provisions for pensions 857, , Others 1,108, ,425, Total non-current liabilities 2,524, ,842, Minority interest Shareholders' equity Share capital 26,325, ,325, Capital reserve 42,147, ,147, Treasury stock Legal reserve Other retained earnings 2,343, ,343, Foreign currency translation 62, , Market assessment for securities -365, , Consolidated balance sheet loss -11,839, ,925, Total shareholders' equity 58,675, ,729, Total equity and liabilities 104,705, ,931, GFT Interim Financial Report 2008

14 12 Consolidated Income Statement (IFRS) for the period from 1 January to 30 June 2008 GFT Technologies Aktiengesellschaft, St. Georgen Quarterly Financial Report 01/04-30/06/ /04-30/06/ 2007 Interim Financial Report 01/01-30/06/ /01-30/06/ 2007 Revenue 60,511, ,312, ,901, ,102, Other operating income 475, , ,277, , Changes in inventories of work in progress Other capitalised services 44, , , , Cost of material/purchased services -36,895, ,115, ,227, ,865, Employee benefits costs -16,978, ,668, ,708, ,884, Depreciation of tangible and intangible assets -392, , , , Goodwill amortisation Other operating expenses -5,121, ,568, ,268, ,575, Others Result from operating activities 1,642, ,034, ,248, ,214, Interest income/expenses 148, , , , Dividend income Income/expenses from financial assets using the equity method -7, , Foreign currency gains/losses -15, , , , Other income/expenses -35, , , , Earnings before tax (and minority interest) 1,732, ,066, ,254, ,301, Income tax expenses -778, ,070, ,168, ,008, Extraordinary income/expenses Earnings before minority interest 954, ,996, ,085, ,293, Minority interest Net income 954, ,996, ,085, ,293, Net earnings per share (basic) Net earnings per share (diluted) Weighted average number of shares (basic) 26,325,946 26,325,946 26,325,946 26,325,946 Weighted average number of shares (diluted) 26,325,946 26,325,946 26,325,946 26,325,946 Interim Consolidated Financial Statements

15 13 Consolidated Cash Flow Statement for the period from 1 January to 30 June 2008 GFT Technologies Aktiengesellschaft, St. Georgen Reporting Period 01/01-30/06/ /01-30/06/ 2007 Cash flows from operating activites Net income 1,085, ,293, Adjustments for Minority interest Depreciation 805, , Increase/decrease of provisions and value adjustments 2,132, ,377, Losses/gains from the disposal of assets 59, , Foreign currency gains/losses -46, , Others 327, , Changes in working capital -14,265, ,479, Cash flows from operating activities -9,901, ,098, Cash flows from investing activities Acquisition of consolidated companies, net of purchased cash Income of sales of consolidated companies, net of purchased cash -174, Acquisition of fixed assets -715, , Income of sales of fixed assets 4, , Others , Cash flows used in investing activities -885, , Cash flows from financing activities Cash receipts from equity contribution Cash receipts from issuing short- or long-term loans 387, ,545, Cash payments for repayments of loans Cash payments for lease obligations Others 28, , Cash flows used in financing activities 416, ,588, Foreign exchange difference Decrease of liquid funds -10,370, ,167, Liquid funds at the beginning of the period 25,699, ,244, Liquid funds at the end of the period 15,328, ,076, GFT Interim Financial Report 2008

16 14 Consolidated Statement of Changes in Equity (IFRS) as at 30 June 2008 GFT Technologies Aktiengesellschaft, St. Georgen Retained Earnings Subscribed Capital Capital reserve Legal reserve Other revenue reserves As at 31/12/ ,325, ,346, , ,343, Financial assets available for sale (securities): Change of fair value recognised in equity 01/01-30/06/2007 Transferred to Income Statement 01/01-30/06/2007 Exchange differences on translating foreign operations 01/01-30/06/2007 Deferred taxes taken directly to or transferred from equity 01/01-30/06/2007 Income and expense recognised directly in equity 01/01-30/06/2007 Net income 01/01-30/06/2007 Total recognised income and expense 01/01-30/06/2007 As at 30/06/ ,325, ,346, , ,343, Financial assets available for sale (securities): Change of fair value recognised in equity 01/01-31/12/2007 Transferred to Income Statement 01/01-31/12/2007 Exchange differences on translating foreign operations 01/01-31/12/2007 Deferred taxes taken directly to or transferred from equity 01/01-31/12/2007 Income and expense recognised directly in equity 01/01-31/12/2007 Annual net income 01/01-31/12/2007 Total recognised income and expense for the financial year 2007 Allocated from capital reserve -25,198, Allocated from retained earnings thereof from the statutory reserve -1, As at 31/12/ ,325, ,147, ,343, Financial assets available for sale (securities): Change of fair value recognised in equity 01/01-30/06/2008 Transferred to Income Statement 01/01-30/06/2008 Exchange differences on translating foreign operations 01/01-30/06/2008 Deferred taxes taken directly to or transferred from equity 01/01-30/06/2008 Income and expense recognised directly in equity 01/01-30/06/2008 Net income 01/01-30/06/2008 Total recognised income and expense 01/01-30/06/2008 As at 30/06/ ,325, ,147, ,343, Interim Consolidated Financial Statements

17 15 Changes in equity not affecting results Foreign currency translations Market assessment for securities Consolidated balance sheet loss Equity attributed to equity holders of the parent Minority interests Total share capital 42, , ,719, ,363, ,363, , , , , , , , , , , , , , ,293, ,293, ,293, , , ,293, ,302, ,302, , , ,426, ,665, ,665, , , , , , , , , , , , , , ,594, ,594, ,594, , , ,594, ,366, ,366, ,198, , , , ,925, ,729, ,729, , , , , , , , , , , ,085, ,085, ,085, , , ,085, , , , , ,839, ,675, ,675, GFT Interim Financial Report 2008

18 16 Notes to the Interim Financial Statements as at 30 June 2008 GFT Technologies Aktiengesellschaft, St. Georgen 1. Fundamentals for the GFT Group s Interim Financial Statements The Interim Financial Statements of the GFT Technologies Aktiengesellschaft Group (GFT AG) should be read in conjunction with the GFT AG Group annual financial statements as of the end of the last financial year (31 December 2007). They were drawn up in in accordance with standard principles of accounting and valuation and conform to the prescriptions set out in IAS 34, sections 37v to 37z WpHG and the regulations for the Frankfurt Stock Exchange. The Interim Financial Statements have been prepared according to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), which are to be applied within the EU. The same accounting and valuation methods were used in these Interim Financial Statements as in the previous Group Financial Statements as at 31 December The Interim Consolidated Financial Statements and the Interim Management Report as at 30 June 2008 have neither been audited according to section 317 HGB, nor been reviewed. 2. Changes to the consolidated group and its associated companies The following changes to the scope of consolidation have occurred since the Consolidated Financial Statements were closed on 31 December With effect on 1 January 2008, GFT AG sold its holdings in the emagine gmbh, Eschborn to GFT Resource Management GmbH, Eschborn, and contributed its operative share in emagine to GFT Resource Management GmbH by means of singular succession. These intergroup transactions had no effect on the group s assets, financial and earnings position. Since 1 February 2008, the subsidiary GFT Solutions GmbH has been trading under the name GFT inboxx GmbH, Hamburg. On 29 February 2008, GFT AG sold 70% of its shares in the subsidiary GFT Technologies (India) Private Limited, Trichy, India. GFT Technologies (India) Private Limited left the consolidated group on 29 February 2008; since then, this company has been an associate, whose shares are shown in the balance sheet using the equity method. In the first quarter of 2008, and in the financial year 2007, GFT Technologies (India) Private Limited accounted for a share in revenues amounting to in each case 0.0%; as at 31 December 2007 and on the date of divestment, its share in the financial assets of the group amounted to 0.3%. The hiving off of GFT Technologies (India) Private Limited did not have any material effect on the assets, financial and earnings position of the Group; the costs of the sale amounted to (k) On 11 June 2008 GFT USA INC., located in New York, USA, was founded as a 100%-subsidiary of GFT Iberia Solutions, S.A., Sant Cugat del Vallés, Spain. GFT USA INC. hasn t performed any operational activity in the first half of Changes in equity For the changes in equity capital between 1 January 2008 and 30 June 2008 we refer to the consolidated statement of changes in equity which is separately represented. As at 30 June 2008 the company s share capital of 26,325, consists of 26,325,946 non par value individual share certificates (no change relative to 31 December 2007). These shares are bearer shares and all grant equal rights. On 30 June 2008 the consolidated balance sheet loss included a carry forward from the previous year amounting to (k) -12,925 (previous year: (k) -46,720). No changes resulted to the company s authorised and conditional capital between 1 January and 30 June 2008 relative to 31 December Dividends have not been proposed or paid out during the 2008 financial year. Interim Consolidated Financial Statements

19 17 4. Segmental reporting Segmental reporting (table on pages 18 and 19) for the first six months of the 2008 financial year was undertaken for the same business segments as in the Consolidated Financial Statement as at 31 December In addition to segment data by business segment, oriented in accordance with the company s structure, the table shown below contains geographical data in accordance with IAS 14 (secondary segment information). in (k) Revenue from sales to external clients* 01/01-30/06/ 2008 Carrying amount of segment assets 01/01-30/06/ /06/ /06/2007 Investments in equipment and intangible assets 01/01-30/06/ /01-30/06/ 2007 Germany 78,032 75,587 75,612 74, UK 12,652 11,269 8,476 7, Spain 8,474 8,138 11,602 14, France 6,779 6,425 6,593 7, Switzerland 2,912 2,049 1,768 1, Brazil 2,026 6, Other foreign countries 5,027 3, Total 115, , , , * Determined by client location 5. Changes to contingent liabilities As at 30 June 2008, the Group had not undergone any significant changes to its contingencies and other financial commitments since its Consolidated Financial Statements of 31 December Investments During the period between 1 January and 30 June 2008, the GFT Group invested (k) 197 in intangible fixed assets (1 January to 30 June 2007: (k) 161) and (k) 519 in tangible assets (1 January to 30 June 2007: (k) 504). 7. Related party disclosures Relative to the notes to the Consolidated Financial Statements as at 31 December 2007 there were no changes to the composition of the related companies and people, and to the relationships with these. 8. Explanations about shares for company use and subscription rights of employees and members of the company s executive bodies As at 30 June 2008 GFT AG does not hold any own shares; nor were any own shares acquired or sold in the period from 1 January to 30 June 2008 (section 160 (1) No. 2 AktG German Company Law). The subscription rights under the 1999/2004 and 2000/2005 stock option programmes issued by the Executive Board lapsed on 6 July 2004 and respectively 1 July 2005 without having been exercised. Therefore, no subscription rights pursuant to section 192 (2) No. 3 of the German Stock Corporation Act which may be used have existed since 1 July GFT Interim Financial Report 2008

20 18 Segment reporting (IFRS) as at 30 June 2008 GFT Technologies Aktiengesellschaft, St. Georgen 30/06/2008 (k) Services 30/06/2007 (k) 30/06/2008 (k) Software 30/06/2007 (k) Revenue External sales 44,170 49,003 2,833 2,586 Inter-segment sales Total revenue 44,297 49,072 3,504 2,586 Result Segment result 2,563 4,121-1, Unallocated income/expenses Operating results Interest expenses Interest income Share of net profits of associates Earnings before tax Income tax expenses Net income Other information Segment assets 56,053 48,351 1,682 2,080 Investments in associates accounted for under the equity method Unallocated corporate associates Consolidated total assets Segment liabilities 17,754 24,185 2,554 2,101 Unallocated corporate liabilities Consolidated total liabilities Capital expenditure Depreciations Non-cash expenditure other than depreciation 193 Interim Consolidated Financial Statements

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