AMADEUS FIRE AG

Interim / Quarterly Report • Oct 20, 2011

Amadeus FiRe AG

Unaudited Nine-Months Financial Report January – September 2011

Unaudited Amadeus FiRe Group Financial Summary 9 months of Fiscal Year 2011

Amounts stated in EUR k	01.01.-30.09.2011	01.01-30.09.2010	Divergency in %
Revenues	97,820	85,517	14.4%
Gross profit on sales	41,897	34,525	21.4%
in per cent	42.8%	40.4%
EBITDA	16,864	13,313	26.7%
in per cent	17.2%	15.6%
EBITA	16,275	12,658	28.6%
in per cent	16.6%	14.8%
EBIT	16,275	12,658	28.6%
in per cent	16.6%	14.8%
Profit before taxes	16,296	12,547	29.9%
in per cent	16.7%	14.7%
Profit after taxes	11,164	8,637	29.3%
in per cent	11,4%	10,1%
Profit attributable to minority interest
disclosed under liablities	-454	-698	-35.0%
Profit for the period	10,710	7,939	34.9%
in per cent	10.9%	9.3%
Attributable to equity holders	10,922	8,146	34.1%
Atributable to minority interests	-212	-207	2.4%
Net cash from operating activities	13,277	8,808	50.7%
Net cash from operating activities per share	2.55	1.69	50.7%
Earnings per share	2.10	1.57	34.1%
Average number of shares	5,198,237	5,198,237
	30.09.2011	31.12.2010
Balance sheet total	59,457	54,619	8.9%
Stockholders' equity	38,546	36,354	6.0%
Cash and cash equivalent	32,400	28,946	11.9%
	30.09.2011	30.09.2010
Number of employees (active)	2,399	2,288	4.9%

Unaudited consolidated nine-months Financial Statements 2011 (01.01. - 30.09.2011)

Interim management report

Economic environment

The growth rate of the German economy has slowed. Compared to the previous quarter the gross domestic product rose by just 0.1 % in the second quarter of the calendar year. Against the background of the declining momentum of German economic development, leading economic research institutes recently revised their growth forecasts for the current and the next calendar year downwards. According to the relevant survey indicators the mood among companies and consumers in Germany deteriorated quite markedly in the summer. However, in the meantime the upturn in Germany's domestic economy is well established.

The development in Germany is following the global economic trend, which is charac terised by the debt crisis in the euro zone and the economic recovery in the USA and Japan that is not progressing. As part of this trend, important emerging market countries have tightened their monetary policy. Not least the high volatility of the financial markets demonstrates increased uncertainty. In addition to the diminished global economic momentum, diverse temporary special factors also played a role in the weak development in the second quarter, such as the negative foreign economic momentum that have come with the move towards alternative energy sources. Furthermore, construction investments normalised after the catch-up effects in the first quarter. Consumers, too, exercised buying restraint as a result of the sovereign debt crisis and rising energy prices. However, investments in equipment und increased inventory expansion continue to make contributions to growth within Germany. Therefore, the basic trend of the German economy can currently be viewed as more healthy than the minimal growth suggests.

So far, the developments described above had no negative effects on the employment market, which has continued to benefit from the still high demand for labor in the third quarter of the calendar year. The number of registered unemployed in Germany continued to drop in the course of the autumn pick up, coming to 2,796 million or 6.6 % in September. Registered unemployment was thus less than 2.8 million for the first time since December 1991. Thus, the decrease in unemployment continues. Both the current ifo employment barometer and the German Federal Employment Agency employmentindex indicate that companies willingness to hire is still high.

Industry sector performance

According to current trend figures from the German Federal Employment Agency, the number of employees in the temporary staffing sector in July 2011 was at 831,400, signi ficantly above the figure of 741,000 at year end 2010. Furthermore, the actual figure is well above the figure of the comparable prior year period of 733,500. In the past, actual employment figures in the temporary staffing sector have tended to be higher than the figures for the respective trends. The number of temporary staffing employees is expected to increase again over the course of the year. Given the development of the labor market the number of temporary staffing companies reporting a decline in job applications received has recently increased significantly. This means that it is becoming more and more difficult for the industry to recruit the staff requested by customers. This applies increasingly to qualified employees as well.

Compared to the situation in the prior year quarter the companies' willingness to hire is growing noticeable. This leads to an increasing demand for the permanent placement area.

Report of the business development and results

After nine months of fiscal year 2011 the Group achieved consolidated revenues of EUR k 97,820 (prior year EUR k 85,517). This is an increase in revenue of 14.4 %. The period had one chargeable day more than the respective prior year period. Even without this additional chargeable day the increase in sales would have been significant.

After the first nine months of the fiscal year, gross profit of the Amadeus FiRe Group amounted to EUR k 41,897 after EUR k 34,525 in prior year's period, an increase of 21.4 %. Amounting to 42.8 % in the first nine months the gross profit margin was 2.4 % points above the comparable prior year amount. This development is mainly due to the increased share of permanent placement and to the sales of the additional chargeable day. Furthermore, in interim and project management we increased our gross profit margin despite falling revenue. The gross profit margin for training decreased, however, partly due to lower attendance figures.

In the first nine months selling and administrative expenses came to EUR k 25,648. Compared to EUR k 22,075 recorded last year this is an increase of 16.2 %. This in crease was mainly ascribable to higher personnel and material costs in connection with an increase in sales staff as part of investments in our operations as well as higher marketing costs.

Other operating income of the prior year includes a special item of EUR k 195 of refunds due to an indemnity agreement.

Profit from operations came to EUR k 16,275 and exceeded prior year by EUR k 3,617 (+28.6 %). After nine months the EBITA margin is at 16.6 % compared to 14.8 % in prior year's period.

Profit after taxes of the reporting period is recorded at EUR k 11,164 after EUR k 8,637 last year. From this result a gain of EUR k 242 is attributable to minority interest (prior year EUR k 491). The earnings per share, in relations to the profit for the period attributable to the ordinary equity holders amount to EUR 2.10 (prior year EUR 1.57).

Development in the Segments

Temporary staffing, interim and project management, permanent placement

Revenues in this segment were EUR k 88,055, up 16 % on prior year amount of EUR k 75.701.

Order figures in temporary staffing were above the comparable prior year figures through out the first nine months. By the same token, the level of business has improved continually since the beginning of the year.

Revenue in the interim and project management area decreased by 9 % compared to the prior year period. The decrease is primarily due to the development in the premium business. Also, a change in contracts contributed to a dip in revenue; at the same time, this change resulted in a higher gross profit on sales.

Sales development in the permanent placement area in the first nine months of the fiscal year was very encouragingly compared to the respective prior year period. This documents the still increasing willingness to hire of the companies.

Amounts stated in EUR k	Jan - Sept 2011	Prior year	Change in per cent
Temporary staffing	72.235	62.887	+ 15 %
Interim / project management	6.309	6.912	- 9 %
Permanent placement	9.511	5.902	+ 61 %
Total segment	88.055	75.701	+ 16 %

The following sales were attributed to the individual services:

The result of this segment totals to EUR k 15,645 compared to EUR k 11,384 in prior year's period.

The segment assets amounted to EUR k 48,706 on 30 September 2011, compared to EUR k 43,959 on 31 December 2010. The change is mainly due to the increase of trade receivables and of cash and cash equivalents.

Training

Revenues in the training segment were EUR k 9,765 in the first nine months 2011 (prior year: EUR k 9,816), and are slightly below prior year level. Business with corporate customers of this segment had to accept decreases in revenues.

The result of the segment after the first nine months of the fiscal year was EUR k 630 (prior year EUR k 1,275). The prior year result included EUR k 195 of refunds due to an indemnity agreement. Furthermore, due to a different marketing schedule marketing expenses in the reporting period were EUR k 72 higher than in the comparable period. These will be largely offset over the year as a whole. Furthermore, the lower result of the segment is largely attributable to lower attendance of courses in a number of fields.

Segment assets stood at EUR k 10,751 as of 30 September 2011, compared to EUR k 10,660 on 31 December 2010. The change is mainly due to the increase of trade receivables and of cash and cash equivalents.

Report on assets, liabilities and financial position

After the first nine months the cash flow from operating activities amounts to EUR k 13,277 (prior year EUR k 8,808). The change to the comparable period is due to the improved result for the period and due to a significantly lower increase in trade receivables in the first nine months of the reporting year. This effect is a result of the business development.

Net cash flows used in investing activities increased by EUR k 400 to EUR k 800. EUR k 533 of this increase is due to the above mentioned acquisition of the outstanding 20 %-share in Akademie für Internationale Rechnungslegung Prof. Dr. Leibfried GmbH, Stuttgart. Regarding the acquisition of intangible assets and property, plant and equipment EUR k 487 were spent in the reporting period. The amount is almost equal to the amount of the comparable prior year period. Mainly acquisitions for the improvement of the IT infrastructure have been made. Interest received increased by EUR k 74 to EUR k 167 compared to the prior year period.

Net cash used in financing activities of EUR k 9,023 (prior year EUR k 8,217) include mainly with EUR k 8,681 (prior year EUR k 7,537) dividend payments to the shareholders of the Amadeus FiRe AG. Regarding the payments to minority interests EUR k 102 result from distributions to minority shareholders of Akademie für Internationale Rechnungslegung Prof. Dr. Leibfried GmbH, Stuttgart, and EUR k 240 result from distributions to minority shareholders of Steuer-Fachschule Dr. Endriss.

On 30 September 2011 cash and cash equivalents totals to EUR k 32,400 (prior year EUR k 25,146).

The equity ratio was 65 % as of 30 September 2011.

Employees

The number of employees on customer assignment amounts to 2,041 at the end of September. The comparable number in the prior year was 1,982. This is an increase of 3 %.

The following table shows the number of employees active at the cut-off date:

	Number of employees
	30.09.2011	30.09.2010
Employees on customer assignments (external employees)	2.041	1.982
Sales stuff (internal employees)	311	262
Administration	47	44
Total	2.399	2.288

Report on major related party transactions

There were no material related party transactions or agreements in the reporting period.

Opportunities and risks

The macroeconomic conditions in Germany described in the most recent annual report have not changed significantly for Amadeus FiRe. After the federal government had al ready raised its forecast real GDP growth for 2011 from 2.3 % to 2.6 % in April, over the course of the year several institutes initially revised their forecasts upwards to values above the 3 % mark, and have now revised them downwards again to values around the 3% mark. For 2012, several institutes have revised their latest growth forecasts downwards to values around the 1 % mark.

According to the most recent economic indicators, German companies assess the current business situation as weaker than in summer, but still positive. Therefore, higher growth is to be expected for the third quarter than for the second. However, German companies' expectations regarding business performance in the next six months have fallen significantly. This development may be attributable both to the increased discussions of previous weeks regarding the correct solution to the euro zone's debt crisis and to the weak economic developments, particularly with regard to the US.

The estimates of the leading institutes and the Federal Ministry of Economics are not entirely in agreement. If the European debt crisis should continue or even escalate, it is feared that the increasing uncertainty among consumers and companies will negatively affect the real economy over the winter. Consumers might hold off on their spending and companies may delay more and more of their investment decisions. It is agreed that the German economy in general is doing well. However, a slowdown on the world markets would exert a negative influence on Germany's export sector. For Germany at least, there is little possibility of looming recession. Instead, imminent stagnation or a phase of more modest growth is expected. Positive economic development in the second half of 2011 and beyond will thus depend on whether consumers' and investors' confidence in solid state finances can be won back or retained.

Despite the anticipated slowdown of the economy, majority opinion expects a stable situation in the labor market. Demand for labor still remains high. Private consumer spending should thus make an increased contribution to growth. The number of employed would thus increase further and the seasonally adjusted unemployment figure would continue to fall. More pessimistic voices consider an unemployment rate around the 7 % mark likely in 2012.

There are currently no recognisable risks which threaten the existence of the Amadeus FiRe Group. For more details, please refer to the Risk Report section of the 2010 Annual Report.

Forecast

At 63 days, the fourth quarter will have two days less than the comparable prior year quarter. Due to the calendar, the fourth quarter will have three chargeable days less than the reporting quarter. The lower number of chargeable days will lead to lower revenue and lower results in the fourth quarter compared to the reporting quarter.

Despite the described general economic and industry specific outlook the Amadeus FiRe Group's business prospects for the rest of the fiscal year still remain positive. Business in the temporary staffing sector has developed satisfactorily in the year to date as well as at the beginning of the fourth quarter. In an increasingly tight labor market, it is becoming more and more difficult to hire qualified staff. However, given the actual economic development in Germany management still expects a positive development of orders in the further course of the year.

We expect demand for permanent placement and interim/project management to remain steady over the year. As part of the restructuring of permanent placement services within the Amadeus FiRe Group, "Greenwell Gleeson GmbH" was renamed to "Amadeus FiRe Personalvermittlung & Interim Management GmbH" on 1 September of the reporting year. The permanent placement and interim management business is thereby being further developed within the framework of a one brand strategy.

As in the previous year, for event-related reasons the training division is expected to deliver a higher earnings contribution in the remaining quarter than in previous quarters.

On the basis of the current order situation and under constant economic general conditions, the Management Board of the Amadeus FiRe Group anticipates the operating result for fiscal year 2011 to exceed that of the previous year despite the planned investments in personnel in the existing branch network.

Responsibility statement of the legal representatives

We confirm that, 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 assets, liabilities, financial position and profit or loss of the Group, and the interim management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the group for the remaining months of the financial year.

Frankfurt am Main, 20 October 2011

Peter Haas Dr. Axel Endriss CEO Chief Training Officer

Ergebnis- und Verlustrechnung Income statement Statement of comprehensive income Balance sheet Statement of changes in group equity Cash flow statement Information on the business segments Notes 9 months 1 3rd quarter 9 months 1 3rd quarter

Unaudited Consolidated Income Statement 9 months of Fiscal Year 2011

Amounts stated in EUR k	01.01.–30.09.2011	01.01.–30.09.2010
Revenue	97,820	85,517
Cost of sales	-55,923	-50,992
Gross profit	41,897	34,525
Selling expenses	-21,086	-17,955
General and administrative expenses	-4,562	-4,120
Other operating income	49	211
Other operating expenses	-23	-3
Profit from operations	16,275	12,658
Finance cost	-205	-214
Finance income	226	103
Earnings before taxes	16,296	12,547
Income taxes	-5,132	-3,910
Profit after taxes	11,164	8,637
Profit attributable to minority interests disclosed under liabilities	-454	-698
Profit for the period	10,710	7,939
- Attributable to minority interests	-212	-207
- Attributable to equity holders	10,922	8,146
Earnings per share, in relation to the profit of the period attributable to the ordinary equity holders of the parent
Basic (euro/share)	2,10	1,57

Ergebnis- und Verlustrechnung Interim Management Report . Unaudited Consolidated Financial Statements Income statement Statement of comprehensive income Balance sheet Statement of changes in group equity Cash flow statement Information on the business segments Notes 9 months 1 3rd quarter 9 months 1 3rd quarter

Unaudited consolidated statement of comprehensive income 9 months of Fiscal Year 2011

Amounts stated in EUR k	01.01.–30.09.2011	01.01.–30.09.2010
Profit for the period	10,710	7,939
Other comprehensive income
Exchange differences on translating foreign operations	-1	6
Other comprehensive income for the period, net of tax	-1	6
Total comprehensive income for the period, net of tax	10,709	7,945
- Attributable to minority interests	-212	-207
- Attributable to equity holders	10,921	8,152

Ergebnis- und Verlustrechnung Income statement Statement of comprehensive income Balance sheet Statement of changes in group equity Cash flow statement Information on the business segments Notes 9 months 1 3rd quarter 9 months 1 3rd quarter

Unaudited Consolidated Income Statement 3rd quarter of Fiscal Year 2011

Amounts stated in EUR k	01.07.–30.09.2011	01.07.–30.09.2010
Revenue	34,958	31,492
Cost of sales	-19,299	-17,890
Gross profit	15,659	13,602
Selling expenses	-7,384	-6,315
General and administrative expenses	-1,607	-1,566
Other operating income	10	3
Other operating expenses	-22	-1
Profit from operations	6,656	5,723
Finance cost	-68	-71
Finance income	90	26
Earnings before taxes	6,678	5,678
Income taxes	-2,084	-1,856
Profit after taxes	4,594	3,822
Profit attributable to minority interests disclosed under liabilities	-126	-236
Profit for the period	4,468	3,586
- Attributable to minority interests	-21	-101
- Attributable to equity holders	4,489	3,687
Earnings per share, in relation to the profit of the period attributable to the ordinary equity holders of the parent
Basic (euro/share)	0.86	0.71

Ergebnis- und Verlustrechnung Interim Management Report . Unaudited Consolidated Financial Statements Income statement Statement of comprehensive income Balance sheet Statement of changes in group equity Cash flow statement Information on the business segments Notes 9 months 1 3rd quarter 9 months 1 3rd quarter

Unaudited consolidated statement of comprehensive income 3rd quarter of Fiscal Year 2011

Amounts stated in EUR k	01.07.–30.09.2011	01.07.–30.09.2010
Profit for the period	4,468	3,586
Other comprehensive income
Exchange differences on translating foreign operations	11	-7
Other comprehensive income for the period, net of tax	11	-7
Total comprehensive income for the period, net of tax	4,479	3,579
- Attributable to minority interests	-21	-101
- Attributable to equity holders	4,500	3,680

Income statement Statement of comprehensive income Balance sheet Statement of changes in group equity Cash flow statement Information on the business segments Notes

Unaudited consolidated Balance Sheet

Amounts stated in EUR k	30.09.2011	31.12.2010
Assets Non-current assets
Software	400	538
Goodwill	10,015	10,020
Property, plant and equipment	1,098	1,206
Prepayments	125	46
Income tax credit	168	199
Deferred tax assets	736	633
	12,542	12,642
Current assets
Trade receivables	14,060	12,522
Other assets	148	179
Prepaid expenses	307	330
Cash and cash equivalents	32,400	28,946
	46,915	41,977
Total assets	59,457	54,619
Equity & Liabilities Equity
Subscribed capital	5,198	5,198
Capital reserves	11,247	11,247
Adjustment item from currency translation	-139	-138
Revenue reserves	22,322	20,081
Attributable to equity holders of Amadeus FiRe AG	38,628	36,388
Minority interests	-82	-34
Non-current liabilities	38,546	36,354
Liabilities to minority interests	2,918	2,713
Deferred tax liablilities	394	355
Other liabilities	84	83
Current liabilities	3,396	3,151
Income tax liabilities	1,645	912
Trade payables	863	769
Liabilities to minority interests	1,432	2,023
Other liabilities and accrued liabilities	13,575	11,410
	17,515	15,114
Total equity & liabilities	59,457	54,619

Income statement Statement of comprehensive income Balance sheet Statement of changes in group equity Cash flow statement Information on the business segments Notes

Unaudited Statement of Changes in Group Equity

Amounts	Equity attributable to equity holders of the parent
stated in EUR k	Share capital	Capital reserve	Currency translation	Revenue reserves	Total	Minority interests	Total equity
01.01.2010	5,198	11,242	-144	15,515	31,811	5	31,816
Total comprehensive income	0	0	6	8,145	8,151	-207	7,944
Profit distributions	0	0	0	-7,537	-7,537	0	-7,537
Cash received from the sale of minority interests	0	5	0	0	5	0	5
30.09.2010	5,198	11,247	-138	16,123	32,430	-202	32,228
01.07.2010	5,198	11,247	-138	16,123	32,430	-202	32,228
Total comprehensive income	0	0	0	3,958	3,958	168	4,126
31.12.2010	5,198	11,247	-138	20,081	36,388	-34	36,354
01.01.2011	5,198	11,247	-138	20,081	36,388	-34	36,354
Total comprehensive income	0	0	-1	10,922	10,921	-212	10,709
Profit distributions	0	0	0	-8,681	-8,681	0	-8,681
Acquisition of minority interests	0	0	0	0	0	164	164
30.09.2011	5,198	11,247	-139	22,322	38,628	-82	38,546

Unaudited consolidated Cash Flow Statement 9 months of Fiscal Year 2011

Amounts stated in EUR k	01.01.–30.09.2011	01.01.–30.09.2010
Cash flows from operating activities
Profit before minority interests	11,164	8,637
Tax expenses	5,132	3,910
Amortization, depreciation and impairment losses on non-current assets	589	655
Currency translation differences	-1	6
Finance income	-226	-103
Finance costs	205	214
Non-cash transactions	154	207
Operating profit before working capital changes	17,017	13,526
Increase/decrease in trade receivables and other assets	-1,417	-3,349
Increase/decrease in deferrals	23	-37
Increase/decrease in trade payables, other liabilities and accruals	2,117	1,735
Cash flows from operating activities	17,740	11,875
Income taxes paid	-4,463	-3,067
Net cash from operating activities	13,277	8,808

Unaudited consolidated Cash Flow Statement 9 months of Fiscal Year 2011

Amounts stated in EUR k	01.01.–30.09.2011	01.01.–30.09.2010
Balance carried forward	13,277	8,808
Cash flows from investing activities
Acquisition of minority interests	-533	0
Acquisition of intangible assets and property, plant and equipment	-487	-500
Disposals of assets	53	7
Interest received	167	93
Net cash used in investing activities	-800	-400
Cash flows from financing activities
Cash paid to minority interests	-342	-520
Profit distributions	-8,681	-7,537
Cash paid out of capital reserve by minority interests	0	-160
Net cash used in financing activities	-9,023	-8,217
Net change in cash and cash equivalents	3,454	191
Cash and cash equivalents at the beginning of the period	28,946	24,955
Cash and cash equivalents at the end of the period	32,400	25,146
Cash on hand and bank balances (without drawing restrictions)	32,400	25,146
Additional information:
Credit lines (not utilized)	500	500

Unaudited information on the business segments

Amounts stated in EUR k	Temporary staffing/ interim and project management/ permanent placement	Training	Consolidated
01.01.-30.09.2011
Revenue*
Segment revenue	88,055	9,765	97,820
Result
Segment Result	15,645	630	16,275
Finance costs	0	205	205
Finance income	217	9	226
Profit before taxes	15,862	434	16,296
Income taxes	5,078	54	5,132
01.01.-30.09.2010
Revenue*
Segment revenue	75,701	9,816	85,517
Result
Segment Result	11,384	1,274	12,658
Finance costs	0	214	214
Finance income	94	9	103
Profit before taxes	11,478	1,069	12,547
Income taxes	3,769	141	3,910

* Revenues between segments of EUR k 0 (prior year: EUR k 11) and EUR k 22 (prior year: EUR k 22) was not consolidated

General information about the company

The interim consolidated financial statements for the first nine months 2011 were approved by the management board on 19 October 2011 for subsequent publication.

Amadeus FiRe AG is a stock corporation under German law and has registered office at Frankfurt am Main, Germany. Amadeus Fire AG has been listed on the regulated market of the Frankfurt Stock Exchange since March 4, 1999 and was admitted to the Prime Standard on January 31, 2003. Since 22 March 2010 the shares of Amadeus FiRe AG are listed within the SDAX.

The activities of the group entities comprise the provision of temporary staffing and temporary management services within the framework of the German Personnel Leasing Act ["Arbeitnehmerüberlassungsgesetz"], permanent placement, interim and project management as well as the provision of training in the areas of tax, finance and accounting and financial control.

Accounting according to International Financial Reporting Standards (IFRS)

According to 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) and DRS 16.

Accounting and valuation methods

All accounting and valuation methods were applied as in the consolidated financial statements for fiscal year 2010 ending at 31 December 2010. A detailed description of the methods applied is given in the notes to the Amadeus FiRe Annual Report 2010.

Notes on the components that do not effect income in the consolidated notes to the results for the entire period

The components of the results for the entire period that do not effect income are exclusively a result of translations of foreign operations and amount to EUR k -1 (previous year EUR k 6).

Income statement Statement of comprehensive income Balance sheet Statement of changes in group equity Cash flow statement Information on the business segments Notes

Tax calculation

The corporate income taxes were calculated on basis of the realized earnings in the reporting period of the group's legal entities. The composition of the tax expenses are shown in the following table:

Amounts stated in EUR k	30.09.2011	30.09.2010
Tax expense actually disclosed
Actually tax expenses	5,195	3,918
Deferred tax expenses
Origination und reversal of temporary differences	-63	-8
Tax expenses	5,132	3,910

Consolidated companies

Since the end of the fiscal year 2010, no changes have occurred in the list of consolidated companies, except for the acquisition of the remaining 20 % shareholding in Akademie für Internationale Rechnungslegung Prof. Dr. Leibfried GmbH, Stuttgart, by Steuer-Fachschule Dr. Endriss GmbH & Co. KG, Köln, by exercising the mutual put/call options.

Segment reporting

The Group's business is organized by services for corporate management purposes and has the following two operating segments which are subject to disclosure:

• The segment "temporary staffing/interim and project management/permanent placement" comprises all personal services in the qualified areas, whereas the main focus is temporary staffing.
• The segment "training" offers training sessions and seminars mainly in the area of finance and accounting which are staged nationwide.

The operating result of each segment is monitored separately by management to make decisions about resources to be allocated and assess its performance.

Other notes

This intermediate financial report was prepared in accordance with the provisions of section 37w of the German Securities Trading Act, but has not been audited in accordance with section 317 of the German Commercial Code or reviewed by the Company's auditors.

Material events after closing

There have been no material events subsequent to the end of the reporting period.

Responsible

Amadeus FiRe AG, Darmstädter Landstraße 116, 60598 Frankfurt Tel. +49 (0)69 96876-180, Fax +49 (0)69 96876-182 E-Mail: investor-relations@amadeus-fire.de