AMADEUS FIRE AG

Quarterly Report • Nov 11, 2005

Nine Months Report Amadeus FiRe AG

• Fiscal Year 2005 -

Financial Summary

Amadeus FiRe Group Financial Summary

Amounts stated in EUR k	01.01.- 30.09.2005	01.01.- 30.09.2004	Divergency in %
Sales revenues	36.986	32.658	13,3%
Gross profit	14.665	13.277	10,5%
Gross profit margin in %	39,7%	40,7%
EBITDA	2.834	2.180	30,0%
EBITDA margin in %	7,7%	6,7%
EBITA	2.101	1.158	81,4%
EBITA margin in %	5,7%	3,5%
EBIT	2.101	820	156,2%
EBIT margin in %	5,7%	2,5%
Profit before tax	2.289	972	135,5%
PBT margin in %	6,2%	3,0%
Net earnings	1.571	606	159,2%
Net earnings margin in %	4,2%	1,9%
Balance sheet total	34.733	28.801	20,6%
Stockholders' equity	24.841	22.459	10,6%
Cash and cash equivalents	13.348	12.039	10,9%
Net Cash from operating activities	3.451	2.140	61,3%
Net Cash from operating activities per share	0,65	0,40
Earnings per share Average number of shares undiluted	0,23	0,03	772,1%
	5.295.064	5.295.064
Earnings per share diluted	0,22	0,03	773,2%
Average number of shares diluted	5.534.311	5.535.978
	828	643	28,8%
Number of employees 30.09. (productive) thereof in customer assignment	668	499	33,9%

Management's Discussion

Consolidated Financial Statements Nine months of Fiscal Year 2005 (01.01. – 30.09.2005)

In the first nine months of the fiscal year the Group has achieved consolidated sales revenues of EUR k 36.986 (prior year 01.01. – 30.09.2004: EUR k 32.658), an increase of 13,3 per cent. The number of chargeable days compared to prior year has been even.

At 30th of September 2005 the consolidated financial statements which are prepared in accordance with IFRS show the following revenues in the different services:

• Temporary staffing EUR k 20.174 (prior year EUR k 18.192); an increase of 10,9 per cent
• Interim and project management EUR k 6.761 (prior year EUR k 5.328); an increase of 26,9 per cent
• Recruitment/permanent placement EUR k 3.784 (prior year EUR k 3.333); an increase of 13,5 per cent
• Training & education EUR k 6.267 (prior year EUR k 5.805); an increase of 8,0 per cent

Temporary staffing gained a volume growth of about 16 per cent which was partly compensated by lower average hourly charge rates.

The demand for interim/project management services has picked up remarkably. For the first nine months sales add up to an increase of 26,9 per cent.

Sales of recruitment/permanent placement services continued to rise and achieved an increase of 13,5 per cent after nine months.

Management's Discussion

The tax college "Steuer-Fachschule Dr. Endriss" has acquired a 80 per cent stake of the "Akademie für Internationale Rechnungslegung Professor Dr. Leibfried GmbH" (Academy for International Accounting), one of the leading training institutes for IFRS and US-GAAP, at 1st of September 2005. The Amadeus FiRe Group proceeds its strategic objectives in the specialized human resource services and strengthened the competence as market leader for high qualified services in finance & accounting. Sales in the training and education sector were 8 per cent above prior year after nine months. These include EUR k 184 sales of the acquired Academy for International Accounting. The organic growth in this area was 4,8 per cent.

In the reporting period Amadeus FiRe achieved a gross profit of EUR k 14.665 compared to EUR k 13.277 in prior year, an increase of 10,5 per cent. The gross profit margin was 39,7 per cent actual against 40,7 per cent in prior year. The reduction of gross profit margin is mainly caused by lower margin in the area training and education as well as higher deployment in recruitment.

The selling and administrative expenses after nine months amount to EUR k 12.692 which is 5,1 per cent above prior year's EUR k 12.079.

Due to increased sales the operating profit totals EUR k 2.101 (prior year: EUR k 1.158), an increase of 81,4 per cent. The EBITA margin after nine months is 5,7 per cent compared to 3,5 per cent in prior year's period. Hence the planned result was exceeded.

IFRS 3 was adopted for the first time in quarter April 1 to June 30, 2004 which was the first quarter in the shortened fiscal year 2004. Prior year's quarter January 1 to March 31, 2004 therefore includes goodwill amortization. The net income before minority interests after nine months of fiscal year 2005 totals EUR k 1.571 after EUR k 606 in the prior year (prior year including goodwill amortization of EUR k 338). The undiluted earnings per share amount to EUR 0,23 (prior year: EUR 0,03).

Management's Discussion

Financial Situation

After nine months the cash flow from operating activities add up to EUR k 3.451 (prior year EUR k 2.140). The increase of funds is mainly caused by an improved operating profit. Net capital expenditure in the reporting period amount to EUR k 487 (prior year: EUR k 358).

Dividends to minority shareholders of Steuer-Fachschule Dr. Endriss of EUR k 560 and to the shareholders of EUR k 529 have been paid.

The acquisition of the Academy for International Accounting generated a cash outflow of EUR k 4.000. The minority shareholders of the Steuer-Fachschule Dr. Endriss have paid in EUR k 1.080 for the acquisition.

At September 30, 2005 the cash position totaled EUR k 13.348.

Prospects

Due to a commenced pick up of demand in the specialized temporary staffing market and positive business indicators despite less chargeable days a result on prior year's level is expected for the period October to December.

Frankfurt, October 20, 2005

Günter Spahn Peter Haas CEO & Chairman of the Board CFO & Board Member

Consolidated Income Statement

Amounts stated in EUR k	01.01. – 30.09.2005	01.01. – 30.09.2004
Sales revenues	36.986	32.658
Cost of rendered services	-22.321	-19.381
Gross profit	14.665	13.277
Selling expenses	-9.965	-9.110
Administrative expenses	-2.727	-2.969
Other operating income	140	58
Other operating expenses	-12	-98
Income from operations before goodwill amortization	2.101	1.158
Goodwill amortization	0	-338
Income from operations	2.101	820
Financial result	188	152
Income before taxes	2.289	972
Income taxes	-718	-366
Profit for the period	1.571	606
allocated to minorities	350	466
allocated to shareholders	1.221	140
Earnings per share
basic (euro/share)	0,23	0,03
diluted (euro/share)	0,22	0,03

Consolidated Income Statement

3rd Quarter of Fiscal Year 2005

Amounts stated in EUR k	01.07. – 30.09.2005	01.07. – 30.09.2004
Sales revenues	13.456	11.038
Cost of rendered services	-7.920	-6.362
Gross profit	5.536	4.676
Selling expenses	-3.610	-3.100
Administrative expenses	-901	-972
Other operating income	67	10
Other operating expenses	-1	-59
Income from operations before goodwill amortization	1.091	555
Goodwill amortization	0	0
Income from operations	1.091	555
Financial result	64	50
Income before taxes	1.155	605
Income taxes	-439	-149
Profit for the period	716	456
allocated to minorities	122	144
allocated to shareholders	594	312
Earnings per share
basic (euro/share)	0,11	0,06
diluted (euro/share)	0,11	0,06

Consolidated Balance Sheet

Amounts stated in EUR k	30.09.2005	31.12.2004
Assets
Non-current assets
Software	827	700
Goodwill	13.855	9.996
Property, plant & equipment	1.017	1.162
Prepayments	0	17
Deferred taxes	155	154
	15.854	12.029
Current assets
Trade receivables	4.261	3.726
Other assets	892	827
Prepaid expenses	378	422
Cash and cash equivalents	13.348	12.926
	18.879	17.901
Total assets	34.733	29.930
Equity & Liabilities
Equity
Capital stock	5.295	5.295
Capital reserve	12.099	12.099
Adjustment item from currency translation	-59	-102
Retained earnings	5.789	5.097
Minority interests	1.717	679
	24.841	23.068
Deferred tax	244	0
Current liabilities
Provisions for taxes	390	102
Trade payables	657	1.181
Other liabilities and accruals	8.601	5.579
	9.648	6.862
Total equity & liabilities	34.733	29.930

Statement of Changes in Equity

Amounts stated in EUR k	Capital stock	Capital reserve	Legal reserves	Currency translation	Retained earnings	Minority interests	Total
01.01.2004	5.295	12.099	30	-84	4.507	733	22.580
Dividends paid	0	0	0	0	0	-741	-741
Currency translation	0	0	0	14	0	0	14
Net income	0	0	0	0	140	466	606
Transfer from legal reserves	0	0	-30	0	30	0	0
30.09.2004	5.295	12.099	0	-70	4.677	458	22.459
01.10.2004	5.295	12.099	0	-70	4.677	458	22.459
Currency translation	0	0	0	-32	0	0	-32
Net income	0	0	0	0	420	221	641
31.12.2004	5.295	12.099	0	-102	5.097	679	23.068
01.01.2005	5.295	12.099	0	-102	5.097	679	23.068
Dividends paid	0	0	0	0	-529	-560	-1.089
Currency translation	0	0	0	43	0	0	43
Net income	0	0	0	0	1.221	350	1.571
Profit carried forward minorities	0	0	0	0	0	163	163
Share capital minorities	0	0	0	0	0	5	5
Transfer to capital reserve	0	0	0	0	0	1.080	1.080
30.09.2005	5.295	12.099	0	-59	5.789	1.717	24.841

Consolidated Cash Flow Statement

Amounts stated in EUR k	01.01. – 30.09.2005	01.01. – 30.09.2004
Cash flow from operating activities
Profit for the period	1.571	606
Income and deferred taxes	685	404
Depreciation/amortization on non-current assets	733	1.360
Currency translation adjustment	44	14
Financial income	-188	-161
Interest expenses	0	9
Operating result before changes to net working capital	2.845	2.232
Increase/decrease in trade receivables and other receivables	252	1
Increase/decrease in prepaid expenses	61	145
Increase/decrease in trade payables, other liabilities and accruals	939	-255
Cash generated from operations	4.097	2.123
Interest paid	0	-24
Income taxes paid/received	-646	41
Net cash flow from operating activities	3.451	2.140

Consolidated Cash Flow Statement

Amounts stated in EUR k	01.01. – 30.09.2005	01.01. – 30.09.2004
Balance carried forward	3.451	2.140
Cash flow from investing activities
Acquisition of subsidiaries net of cash acquired and outstanding purchase prices	-2.694	0
Paid purchase price installments	0	-721
Purchase of intangible assets and property, plant and equipment	-504	-417
Proceeds from sales of equipment	17	59
Interest received	161	142
Net cash used for investing activities	-3.020	-937
Cash flow from financing activities
Dividend of minority interests	-560	-741
Dividends paid	-529	0
Paid in capital reserves minorities	1.080	0
Net cash used for financing activities	-9	-741
Net increase/decrease in cash and cash equivalents	422	462
Cash and cash equivalents at the beginning of fiscal year	12.926	11.577
Cash and cash equivalents at 30th of September	13.348	12.039

Segment reporting

Amounts stated in EUR k	Temporary staffing services/ Interim- and project management/Recruitment/ Permanent placement	Training and education	Elimi- nations	Consoli dated
01.01.-30.09.2005
Sales
External sales	30.719	6.268	-1	36.986
Inter-segment sales	0	0	0	0
Total revenue	30.719	6.268	-1	36.986
Segment result	3.736	964	0	4.700
Segment result before goodwill amortization	3.736	964	0	4.700
01.01.-30.09.2004
Sales
External sales	26.853	5.805	0	32.658
Inter-segment sales	0	0	0	0
Total revenue	26.853	5.805	0	32.658
Segment result	2.657	1.172		3.829
Segment result before goodwill amortization	2.913	1.254		4.167

Notes

Accounting according to International Financial Reporting Standards (IFRS)

According article 4 of the regulation (EU) No. 1606/2002 of the European Parliament and the European Council of July 19, 2002 (§ 315a I HGB) Amadeus FiRe AG is obliged to adopt the International Financial Reporting Standards. The present interim report was prepared in accordance with the IFRS published by the International Accounting Standards Board (IASB) and with their interpretations by the International Financial Reporting Interpretations Committee (IFRIC).

Basis of preparation

The interim report was prepared in accordance with IAS 34 (Interim Financial Reporting).

The fiscal year 2004 has been a shortened fiscal year from April 1, 2004 to December 31, 2004. The comparison to prior year is shown on the basis of the calendar year. All necessary adjustments have been executed to get a proper comparison between the periods.

Accounting and valuation methods

Software is depreciated on a straight-line basis over 3 to 5 years.According to IAS 8.32 et seqq. the expected useful life of the sales software was extended from originally 3 to 5 years. The end of the useful life was originally dated on May 31, 2006. It is now assumed that the software will be used until May 31st , 2008. The effect of lower depreciation for the reporting period totals EUR k 140, for the fiscal year 2005 EUR k 188.

All other accounting and valuation methods were applied as in the last end-of-year consolidated financial statements. A detailed description of the methods applied is given in the notes to the Amadeus FiRe annual report 2004.

Consolidated companies

Since the end of the shortened fiscal year 2004 on December 31, 2004 a 80 per cent stake of the "Akademie fuer Internationale Rechnungslegung Professor Dr. Leibfried GmbH" (Academy for International Accounting) has been acquired by the Steuer-Fachschule Dr. Endriss GmbH & Co. KG (Tax college Dr. Endriss) as of September 1, 2005.

The purchase price of the investment amounts to EUR k 4.530.

Purchase price (in EUR k)
Cash payment	4.000
Outstanding payments	530
Total	4.530
Net assets of the company acquired	671
Goodwill	3.859
Fixed assets	212
Current assets	2.148
Current liabilities and provisions	-1.521
Minority interests	-168
Net assets	671
Total purchase price	-4.530
therof outstanding payments	530
Acquired cash	1.306
Cash flow from the acquisition of subsidiaries net of cash acquired and outstanding purchase prices	-2.694

Notes

The net profit before minorities of the group at 30th of September 2005 includes a loss of EUR k 15 of the Academy for International Accounting.

From January 1 to September 30, 2005 the Academy for International Accounting has achieved revenues of EUR k 1.564 and a net profit of EUR k 453.

The impact on the consolidated group cash flow in the reporting period amount to:

Amounts stated in EUR k
Cash flow from operating acitivities	203
Cash flow from investing activities	0
Cash flow from financing activities	0

With the acquisition of the Academy for International Accounting hidden reserves of EUR k 608 have been capitalized and are shown in the position 'other assets'. The deferred tax provision on this impact is EUR k 244.

Consolidated revenues according IFRS 3.70a would amount to EUR k 38.366.

The disclosure of IFRS 3.70b is impracticable.

Segment reporting

Pursuant to IAS 14.35, segment reporting for geographical segments is not necessary.

Material events after closing

By resolution of the county court Frankfurt from October 6, 2005 Mr. Michael C. Wisser has been appointed as a member of the supervisory board according to § 104 para. 2 AktG.

Responsible

Amadeus FiRe AG Darmstädter Landstraße 116 60598 Frankfurt Tel. +49 (0) 69/96876-180 Fax +49 (0) 69/96876-182 www.amadeus-fire.com investor-relations@amadeus-fire.de