CANCOM SE — Interim / Quarterly Report 2009

May 8, 2009

Q1/2009

»Leading provider of IT infrastructure and professional services«

Table of contents

Section	Page
Tab le of contents	02
Prefac e – Key figures	03
Business development Q1	04-09
1) CANCOM's business and the general economic situation 2) Earnings, financial and assets situation of the CANCOM Group 3) Shareholdings of the Executive and Supervisory Boards 4) Events of particular significance after the reporting date 5) Risk report 6) Opportunities report 7) Forecast Balance Sheet	04-05 05-07 08 08 08 08 08-09 10-11
Income statement	12
Cash flow statement	13
Development of equity	14-15
Appendix	16-23

CONTENT

Preface – Key figures

Dear Shareholders,

Despite the economic crisis, CANCOM has had a successful first quarter compared with the market as a whole.

The figures for the first quarter of 2009 reflect our acquisition policy, which continues to be part of our business strategy. The significant growth in sales revenue in comparison

with the first quarter of 2008 is attributable to the inclusion in the financial statements of the full figures for our subsidiaries CANCOM SYSDAT GmbH and Home of Hardware GmbH & Co. KG.

A glance at the profit trend shows that we have not been unaffected by the far-reaching economic crisis, although the figures are nevertheless satisfactory.

Back in the second half of 2008, when the first signs of the looming crisis became apparent, we identified areas with savings potential. We

then took steps which primarily included optimising the working capital, as well as reducing costs by insourcing certain activities, so that employee numbers were left largely unaffected. We then saw the necessity for further precautionary measures. Unfortunately, we have been unable to avoid introducing short-time working for some of the Group's employees. We see this as a means of proactively adjusting the Group's cost structures in line with the economic trend without losing expertise, and in the way that is most acceptable to employees in terms of social compatibility.

Key figures

in Euro million

The global economy has taken a dramatic downturn as a result of the worsening of the international financial crisis last autumn. The economic forecasts for Germany have repeatedly been revised downwards within a very short period. The Federal government now expects a six percent drop in economic activity in Germany, with no end to the crisis foreseeable in the near future. We therefore face further big challenges, which we

are tackling by means of rigorous cost management. On the other hand, consolidated markets offer us the opportunity to expand our customer list, by means of acquisitions among other things. Our restrictive dividend policy gives us the necessary strength in our balance sheet to achieve this.

As analysts' 'buy' recommendations continue to demonstrate, CANCOM is still an attractive prospect for investors.

Kind regards,

Klaus Weinmann, CEO

Kennzahlenübersicht CANCOM Konzern in Mio. €	01/01/ - 03/31/2009	01/01/ - 03/31/2008	Veränderungen/ Change	Overview of key figures CANCOM group in € million
Umsatzerlöse	102.0	73.8	+ 38.2%	Revenue
Rohertrag	28.5	22.8	+ 25.0%	Gross profit
Rohertragsmarge	28.0%	30.9%	-2.9 %	Gross margin
EBITDA	1.7	1.7	+/- 0%	EBITDA
EBIT	1.1	1.3	- 15.4%	EBIT
Periodenüberschuss	0.5	0.9	- 44.4%	Net profit
Ergebnis pro Aktie (in €) aus fortzuführenden				Earnings per share (in €)
Geschäftsbereichen (verwässert)	0.05	0.07	- 28.6%	from continuing operations (diluted)
Durchschnittliche Aktienzahl				Adjusted average number of shares
(in 1.000) (verwässert)	10,391	10,391	+/- 0%	(in 1,000) (diluted)
Mitarbeiter zum 31.03.	1.682	1,345	+ 25.1%	Employees as of 31 March

	Veränderungen/
in Mio. €	31.03.2009	31.12.2008 C	hange	in € million
Bilanzsumme	109.5	120.7	- 9.3%	Balance sheet total
Eigenkapital	39.4	38.9	+ 1.3%	Equity
Eigenkapitalquote	36.0	32.2	+ 3.8%	Equity ratio

1. CANCOM's business and the general economic situation

Organisational and legal structure of the CANCOM Group

CANCOM IT Systeme Aktiengesellschaft, based in Jettingen-Scheppach, Germany, performs the central financial and management role for the equity investments held by the CANCOM Group.

Focus of activities and sales markets

One of the largest integrated systems providers in Germany, the CANCOM Group has been transformed over the last few years from a systems house focusing primarily on hardware and software, into an IT systems integrator. As an integrated service provider, its central focus is now on providing IT services and integrating systems into companies, in addition to selling hardware and software from reputable manufacturers. Its IT services offering includes design and integration of IT systems, as well as system operation.

The CANCOM Group's customer base therefore primarily includes commercial end-users, from independent professionals and small, medium and large-sized companies, to public-sector institutions. Through the e-commerce platform of Home of Hardware GmbH & Co. KG, which it acquired in 2008, the CANCOM Group provides products and services to private consumers as well as business customers.

Explanation of the control system used within the Group

To control and monitor the performance of the individual subsidiaries, once a month CANCOM analyses, among other things, their sales revenues, gross profit, operating expenditure and operating profit, and compares these key figures with the original plan as well as the quarterly forecast. Additionally, the Company regularly uses external indicators such as inflation rates, interest rates, the general economic trend and the business trend within the IT sector – as well as forecasts for these – for the purpose of management control. The cash management procedures include a daily status investigation.

Research and development activities

As the business activities of the CANCOM Group are restricted to hardware and software distribution and service provision, no other major research and development costs are incurred.

Overview of the CANCOM Group's business performance

The CANCOM Group's path of growth continued in the first three months of 2009. Consolidated sales revenues were significantly higher than in the first quarter of 2008, with consolidated EBITDA at the same high level as last year.

The Group's consolidated sales revenues rose 38.2 percent year on year in the first quarter of 2009, to € 102.0 million compared with € 73.8 million. Consolidated gross profit was up 25.0 percent, from € 22.8 million to € 28.5 million. The gross profit margin fell from 30.9 percent to 28.0 percent, owing to the acquisition of the e-tailer Home of Hardware.

At € 1.7 million, consolidated EBITDA are at the same level as in the first quarter of 2008. Consolidated EBIT amount to € 1.1 million.

Significant events and investments

There have been no significant events or investments during the current financial year.

Mitarbeiter

As at 31 March 2009, there were 1,682 people employed by the CANCOM Group.

The employees worked in the following areas (as at 31 March 2009):

Total	1,682
Sales	285
Purchasing	41
Professional services	1,093
Marketing and product management	27
Logistics and customer services	88
Administration	148

The significant growth can be attributed to the inclusion in the consolidated accounts of the full figures for the new subsidiaries CANCOM SYSDAT GmbH and Home of Hardware GmbH & Co. KG.

The consolidated sales revenues of the CANCOM Group in the first quarter of 2009 were up 38.2 percent year on year, at € 102.0 million compared with € 73.8 million.

Note: owing to the provisions of IFRS 5, some adjustments to the previous year's figures were necessary for areas that in 2008 were classified as discontinued operations.

Sales revenues of the CANCOM Group: year-on-year comparison of first quarter figures, 2008 and 2009 (in € million)

In Germany, sales revenues for the first three months of 2009 were up 44.1 percent year on year, at € 96.9 million. This is partly owing to the acquisition of CANCOM SYSDAT GmbH and Home of Hardware GmbH & Co. KG.

In the international business, consolidated sales revenues fell by 24.2 percent year on year, from € 6.6 million to € 5.1 million.

In the business solutions segment, sales revenues were up 22 percent from € 43.7 million to € 53.3 million. In the IT solutions segment they rose 62.0 percent, from € 30.0 million to € 48.6 million.

The consolidated gross profit for the first three months of 2009 was up 25.0 percent year on year, from € 22.8 million to € 28.5 million. The gross profit margin fell from 30.9 percent to 28.0 percent, owing to the acquisitions made in 2008. The high-margin services business of CANCOM SYSDAT GmbH contributed to the strong increase in the gross profit, but the gross profit margin is reduced slightly by the addition of the trading business of the e-tailer Home of Hardware GmbH & Co. KG.

The personnel expenses in the first three months were as follows (in € '000):

		1 Jan. to 31 Mar. 2009 1 Jan. to 31 Mar. 2008
Wages and salaries	17,483	14,072
Social security contributions	3,241	2.519
of which pension provisions	41	38
Total	20,724	16,591

2. Earnings, financial and assets situation of the CANCOM Group

a) Earnings situation

The CANCOM Group's sales revenues rose considerably in the first three months of 2009.

Gross profit of the CANCOM Group: year-on-year comparison of first quarter figures, 2008 and 2009 (in € million)

At € 1.7 million, consolidated EBITDA for the first quarter of 2009 are unchanged from the first quarter of 2008.

EBITDA of the CANCOM Group: year-on-year comparison

Consolidated EBIT for the first quarter were down slightly year on year, from € 1.3 million to € 1.1 million.

EBIT of the CANCOM Group: year-on-year comparison of first quarter figures, 2008 and 2009 (in € million)

The net income for the first three months of 2009 was € 0.5 million, compared with € 0.9 million in the first quarter of 2008. Earnings per share from continuing operations are consequently € 0.05 for the first three months of 2009, compared with € 0.07 for the first quarter of 2008.

The order position

In the business solutions segment and parts of the IT solutions segment, the majority of incoming orders are converted to sales within two weeks because of our large delivery capacity. Consequently, the reporting date figures on their own do not give a true picture of our order situation in this area of business, which is why they are not published.

In the IT solutions segment, orders are often given over long periods. At present the volume of orders is slightly declining.

Because of the stable services business – which now accounts for about two thirds of the gross profits (total output less material costs and services rendered) – as well as the healthy condition of the balance sheet, the management feels the Group is in a strong position within the IT sector.

b) Asset and financial position

Objectives of financial management

The core objective of the financial management of the CANCOM Group is to safeguard its liquidity at all times, to ensure that day-to-day business activities can be continued. In addition, the Group aims to achieve optimum profitability as well as a high credit status to ensure favourable refinancing rates.

Notes on the capital structure

On the assets side of the consolidated balance sheet, there was a 13.3 percent fall in current assets to € 72.2 million between 31 December 2008 and 31 March 2009. Trade accounts receivable went down by 11.8 percent to € 39.0 million. The Group's cash fell from € 18.3 million to € 9.7 million owing to seasonal effects. Non-current assets remain unchanged from 31 December 2008, at € 37.3 million.

On the liabilities side of the balance sheet, there was a fall of 18.1 percent in current liabilities to € 49.8 million. This is mainly owing to the reduction in trade accounts payable from € 39.3 million to € 31.7 million.

At € 20.3 million, non-current liabilities with a remaining term of at least one year were 2.9 percent lower than at 31 December 2008.

The balance sheet total fell to € 109.5 million, compared with € 120.7 million at 31 December 2008.

The nominal equity capital was increased from € 38.9 million to € 39.4 million over the first three months of 2009, mainly through transfers to net profits. Overall, therefore, the equity ratio as at 31 March 2009 was 36.0 percent, compared with 32.2 percent as at 31 December 2008.

Notes on the changes in the cash flow

The cash flow from ordinary activities is traditionally negative during the year, and as at 31 March 2009 there was a negative cash flow of € 8.6 million. This is mainly owing to a reduction in trade accounts payable as well as a change in inventories.

The cash flow from investing activities fell from € 2.2 million as at 31 March 2008 to a negative cash flow of € 0.3 million as at 31 March 2009.

The cash flow from financing activities rose to € 0.7 million, compared with € 0.0 million in 2008.

Overall, this results in cash of € 10.0 million (of which € 0.4 million is cash from discontinued operations), compared with € 8.5 million at the same date in 2008.

3. Shares held by members of the Executive and Supervisory Boards as at 31 March 2009

Total number of shares:	10,390,751	100%
In Vorstandsbesitz:
Klaus Weinmann	543,312	5.23%
Paul Holdschik	54,056	0.52%
Rudolf Hotter	175,000	1.68%
In Aufsichtsratsbesitz:
Walter von Szczytnicki	6,252	0.06%
Stefan Kober	826,289	7.95%
Dr. Klaus F. Bauer	1,500	0.01%
Raymond Kober	920,891	8.86%
Walter Krejci	10,000	0.10%

6. Opportunities report

There have been no major changes in the opportunities of future development at CANCOM since the beginning of the current financial year. Details of the opportunities can be found in the annual report for 2008, starting on page 41.

7. Forecast

The global financial crisis worsened gradually during 2008. In Germany, although GDP rose by 1.0 percent overall during the year (Source: LBBW BörsenMonitor, 16 April 2009), it fell by 2.1 percent during the fourth quarter of the year (Source: German Federal Statistics Office, 28 April 2009).

Most economic research institutes agree that the downturn accelerated in the first quarter of the current year. Forecasts for negative economic growth in 2009 range between 1.8 percent (worldwide) to 6.0 percent (Germany) (Source: German Federal Government estimate, 29 April 2009). The economy is only expected to pick up from the year 2010, following the economic recovery programmes currently being pursued.

The latest forecasts of the German Association of the Information Industry, Telecommunications and New Media (BITKOM), which were updated in December 2008 to take into account the effects of the financial crisis, suggest that given the current economic crisis the western European IT market should grow by approximately 1.5 percent in 2009, compared with 3.7 percent in 2008. The hardware segment is expected to shrink by 2.4 percent (2008: 0 percent), the software segment to grow by 2.0 percent (2008: 4.2 percent), and the IT services segment to grow by 3.7 percent (2008: 5.7 percent).

5. Risk report

There have been no major changes in the risks of future development at CANCOM since the start of the current financial year. Details of the risks can be found in the annual report for 2008, starting on page 36. The annual report can be downloaded from www.cancom.de, or obtained free of charge from the Company.

4. Events of particular significance after the reporting date

There were no events of particular significance after the reporting date.

Performance of the German IT sector in 2009*

(real change in comparison with 2008, as a percentage)

as a whole

BITKOM expects the economic situation to have less of an impact on the IT sector owing to the steady demand from the public sector. State investment projects are less dependent on economic fluctuations, and state economic recovery programmes have been drawn up.

BITKOM also identifies future IT trends in which there is growth potential even in times of crisis. The economic crisis is giving rise to increased cost pressure among users, resulting in a market for cost-saving IT solutions in 2009. IT solutions and trends such as outsourcing, virtualisation and consolidation, as well as green IT, offer effective instruments for reducing IT costs and, according to BITKOM, they can have a positive impact on this trend.

CANCOM geared its business policy to the IT trends of the future, and its sales and services structure is designed accordingly. Because of the promising prospects, the Group plans to continue pursuing the same policy in the future.

CANCOM has expanded its market presence as well as improving its customer proximity in the German-speaking countries, and is represented all over Germany and Austria by its many service and consulting locations.

In the business solutions segment, the sales structures are to be optimised further, for instance by expanding key account management. Key account management improves customer proximity and helps achieve an integrated approach to customers, especially in identifying their services requirements. This structure facilitates the efficient and fast identification of potential IT projects.

The tried and tested concept of specialist sales and marketing departments works by bundling specific expertise in dedicated units, while allowing the sales department quick access to information on the situations of individual customers. This concept is being expanded to ensure optimal dovetailing of the trading and service/consulting areas.

Additionally, the CANCOM Group's market position in the German IT environment is to be consolidated by means of targeted acquisitions. The market environment continues to offer favourable conditions for this policy, since several small, mostly owner-managed, integrated systems providers and IT service providers are looking for prospective buyers.

In consideration of the present conditions, for the financial years 2009 and 2010 the Executive Board expects further growth in sales revenues, a downturn in profits, but a continued positive financial situation.

The Executive Board wishes to point out that the actual results may deviate substantially from expectations. Forecasting is made significantly more difficult in view of the uncertain economic conditions.

Jettingen-Scheppach, Germany, May 2009 CANCOM IT Systeme Aktiengesellschaft

The Executive Board

This document contains statements and information about the future that are based on the assumptions and estimates of the Executive Board of CANCOM IT Systeme Aktiengesellschaft. These statements are identifiable by words and phrases such as "plan", "intend", "will", "expect", "we feel" etc. and are based on current expectations, assumptions and assessments. Although we feel that these expectations are realistic, we cannot guarantee their correctness. The assumptions may be subject to several internal and external risks and uncertainties, which may lead to the actual results deviating considerably, either positively or negatively, from the situations and figures forecast. The following influencing factors are relevant in this respect: changes in the general economic and business situation; changes in interest rates and foreign currency exchange rates; changes in the competitive situation, for instance by the emergence of new competitors, new products and services or new technologies; changes in the consumer habits of target customer groups etc.; and changes to the business strategy. CANCOM does not plan to update its forecasts beyond the legal requirements, nor does it make any commitment to do so.

Consolidated balance sheet (ifrs) – Assets

Zahlenangaben in T€			Figures in € '000
Aktiva	03/31/2009	12/31/2008	Assets
Kurzfristige Vermögenswerte			Current assets
Zahlungsmittel und Zahlungsmitteläquivalente	9,651	18,282	Cash and cash equivalents
Zur Veräußerung gehaltene Vermögenswerte	3,237	3,378	Assets held for sale
Forderungen aus Lieferungen und Leistungen	39,010	44,175	Trade accounts receivable
Sonstige kurzfristige finanzielle Vermögenswerte	2,974	4,141	Other current financial assets
Vorräte	13,134	10,080	Inventories
Aufträge in Bearbeitung	1,336	1,140	Orders in process
Rechnungsabgrenzungsposten und			Prepaid expenses and
sonstige kurzfristige Vermögenswerte	2,860	2,099	other current assets
Kurzfristige Vermögenswerte, gesamt	72,202	83,295	Total current assets
Langfristige Vermögenswerte			Long-term assets
Sachanlagevermögen	5,636	5,401	Property, plant and equipment
Immaterielle Vermögenswerte	4,441	4,544	Intangible assets
Geschäfts- oder Firmenwert	23,837	23,787	Goodwill
Finanzanlagen	129	129	Investments
Nach der Equity-Methode bilanzierte Finanzanlagen	13	13	Investments accounted for by the equity method
Ausleihungen	199	199	Notes receivable/loans
Sonstige finanzielle Vermögenswerte	766	766	Other financial assets
Latente Steuern aus temporären Differenzen	376	394	Deferred taxes arising from temporary differences
Latente Steuern aus steuerlichem Verlustvortrag	1,893	2,088	Deferred taxes arising from tax loss carryover
Sonstige Vermögenswerte	44	58	Other assets
Langfristige Vermögenswerte, gesamt	37,334	37,379	Total long-term assets
Aktiva, gesamt	109,536	120,674	Total assets

Consolidated balance sheet (ifrs) – Equity and liabilities

Zahlenangaben in T€			Figures in € '000
Passiva	03/31/009	12/31/2008	Equity and liabilities
Kurzfristige Schulden			Current liabilities
Kurzfristige Darlehen und kurzfristiger Anteil an			Short term debt and
langfristigen Darlehen	2,366	1,800	current portion of long-term debt
Verbindlichkeiten aus Lieferungen
und Leistungen	31,653	39,257	Trade accounts payable
Erhaltene Anzahlungen	974	1,951	Advanced payments redeived
Sonstige kurzfristige finanzielle Schulden	2,027	2,639	Other current financial liabilities
Rückstellungen	2,603	2,630	Accrued expenses
Umsatzabgrenzungsposten	1,118	835	Deferred revenues
Verbindlichkeiten aus Ertragssteuern	580	529	Income tax payable
Sonstige kurzfristige Schulden	7,047	9,598	Other current liabilities
Mit Veräußerung im Zusammenhang stehende Schulden	1,450	1,590	Liabilities associated with held for sale
Kurzfristige Schulden, gesamt	49,818	60,829	Total current liabilities
Langfristige Schulden			Long-term liabilities
Langfristige Darlehen	4,562	5,014	Long-term debt, less current portion
Genussrechtskapital und nachrangige Darlehen	11,571	11,571	Profit-participation capital and subordinated loans
Umsatzabgrenzungsposten	267	381	Deferred revenues
Latente Steuern aus temporären Differenzen	1,267	1,287	Deferred taxes from temporary differences
Pensionsrückstellungen	152	150	Pension provisons
Sonstige langfristige finanzielle Schulden	1,156	1,207	Other long-term financial liabilities
Sonstige langfristige Schulden	1,329	1,319	Other long-term liabilities
Langfristige Schulden, gesamt	20,304	20,929	Total Long-term liabilities
Eigenkapital			Equity
Gezeichnetes Kapital	10,391	10,391	Shared capital
Kapitalrücklage	15,441	15,441	Additional paid-in capital
Bilanzgewinn/Bilanzverlust			Net profit
(inklusive Gewinnrücklagen)	13,909	13,416	(incl. retained earnings)
Eigenkapitaldifferenz aus Währungsumrechnung	-302	-324	Currency translation difference
Minderheitenanteile	-25	-8	Minority interests
Eigenkapital, gesamt	39,414	38,916	Total equity
Passiva, gesamt	109,536	120,674	Total equity and liabilities

Income statement (ifrs)

Zahlenangaben in T€	01/01/09	01/01/.08	Figures in € '000
Gewinn- und Verlustrechnung	-03/31/09	-03/31/08	Income Statement
Umsatzerlöse	101,954	73,751	Revenues
Sonstige betriebliche Erträge	197	179	Other operating income
Andere aktivierte Eigenleistungen	0	183	Other capitalised services rendered for own account
Gesamtleistung	102,151	74,113	Total operating revenue
Materialaufwand /			Cost of purchased
Aufwand für bezogene Leistungen	-73,642	-51,343	materials and services
Rohertrag	28,509	22,770	Gross profit
Personalaufwand	-20,724	-15,956	Personnel expenses
Abschreibungen auf Sachanlagen			Depreciation of property, plant and equipment
und immaterielle Vermögensgegenstände	-607	-456	and amortisation of intangible assets
Sonstige betriebliche Aufwendungen	-6,127	-5,065	Other operating expenses
Betriebsergebnis	1,051	1,293	Operating income
Zinsen und ähnliche Erträge	58	69	Interest and similar income
Zinsen und ähnliche Aufwendungen	-335	-295	Interest and other expenses
Abschreibungen auf Finanzanlagen	0	-2	Write-downs of financial assets
Gewinn-Verlustanteile aus Joint Ventures,			Share in profit or loss from joint ventures
die nach der Equity-Methode bilanziert werden	0	-2	accounted for by the equity method
Währungsgewinne / -verluste	7	-22	Foreign currency exchange income / losses
Ergebnis vor Steuern			Profit before taxes
(und Minderheitenanteile)	781	1,041	(and minority interests)
Steuern vom Einkommen und Ertrag	-280	-278	Income tax expense
Ergebnis nach Steuern aus
fortzuführenden Geschäftsbereichen	501	763
Ergebnis aus aufgegebenen Geschäftsbereichen	-19	182	Result from discontinued operations
Konzernjahresüberschuss	482	945	Net income for the year
davon entfallen auf Gesellschafter des Mutterunternehmens	493	909	thereof attributable to the shareholders of the parent
davon entfallen auf Minderheiten	-11	36	thereof attributable to minority interests
Durchschnittlich im Umlauf befindliche			Average number of
Aktien (Stück) unverwässert	10,390,751	10,390,751	shares outstanding (basic)
Durchschnittlich im Umlauf befindliche			Average number of
Aktien (Stück) verwässert	10,390,751	10,390,751	shares outstanding (diluted)
Ergebnis je Aktie aus			Earnings per share
fortzuführenden Geschäftsbereichen (unverwässert)	0.05	0.07	from continuing operations (non-diluted)
Ergebnis je Aktie aus			Earnings per share
fortzuführenden Geschäftsbereichen (verwässert)	0.05	0.07	from continuing operations (diluted)
Ergebnis je Aktie aus			Earnings per share
aufgegebenen Geschäftsbereichen (unverwässert)	-0.00	0.02	from discontinued operations (non-diluted)
Ergebnis je Aktie aus			Earnings per share
aufgegebenen Geschäftsbereichen (verwässert)	-0.00	0.02	from discontinued operations (diluted)

Consolidated cash flow statement (ifrs)

Zahlenangaben in T€	01/01/09	01/01/08	Figures in € '000
Kapitalfluss	-03/31/09	-03/31/08	Cashflow
Cashflow aus gewöhnlicher Geschäftstätigkeit:			Cash flow from ordinary activities:
Periodengewinn vor Steuern- und Minderheitenanteilen	781	1,041	Net profit for the period before taxes and minority interests
Berichtigungen:			Adjustments:
+/- Abschreibungen auf Sachanlagen und immaterielle			+/- Depreciation of property, plant and
Vermögensgegenstände	607	456	equipment, and amortisation of intangible assets
+/- Veränderungen der langfristigen Rückstellungen	2	-36	+/- Changes in long-term accruals
+/- Veränderungen der kurzfristigen Rückstellungen	-27	252	+/- Changes in current accruals
+/- Ergebnis aus dem Abgang von Anlagevermögen	2	-8	+/- Profit/ losses on the disposal of fixed assets
+/- Zinsaufwand	277	226	+/- Interest expense
+/- Veränderungen der Vorräte	-3,054	-970	+/- Changes in inventories
+/- Veränderungen der Forderungen aus Lieferungen			+/- Changes in trade accounts receivable
und Leistungen sowie anderer Forderungen	5,409	2,208	and other accounts receivables
+/- Veränderungen der Verbindlichkeiten aus Lieferungen			+/- Changes in trade accounts payables
und Leistungen sowie anderer Schulden	-12,958	-8,762	and other accounts payable
+/- Gezahlte Zinsen	-53	-12	+/- Interest paid
+/- Gezahlte und erstattete Ertragsteuern	-57	67	+/- Income tax payments and rebates
+/- Zahlungsunwirksame Aufwendungen und Erträge	0	0	Cash-based revenues and expenses
+/- Einzahlung / Auszahlung aufgegebene Geschäftsbereiche	393	-4	+/– Cash inflow/ outflow from discontinued operations
Nettozahlungsmittel aus betrieblicher Tätigkeit	-8,678	-5,542	Net cash from operating activities
Cashflow aus Investitionstätigkeit			Cash flow from investing activities
+/- Erwerb von Tochterunternehmen	428	-107	+/- Acquisition of subsidiaries
+/- Beim Kauf von Anteilen erworbene Zahlungsmittel	0	0	+/- Cash from acquisitions
+/- Zahlungen für Zugänge zu immateriellen			+/- Payments for additions to intangible assets as
Vermögenswerten sowie Sachanlagen	-741	-852	well as property, plant and equipment
+/- Zahlungen für Zugänge zu anderen Finanzanlagen	0	0	+/- Payments for additions to financial assets
+/- Erlöse aus dem Abgang von und Sachanlagen			+/- Proceeds from disposal of property, plant and
und Finanzanlagen	0	9	equipment as well as financial assets
- Beim Verkauf von Anteilen hingegebene Zahlungsmittel	0	0	- Cash used in disposal of equity holdings
+/- Erhaltene Zinsen	58	69	+/- Interest received
+/- Einzahlungen / Auszahlungen aufgegebene Geschäftsbereiche	0	3,107	+/- Cash inflow / outflow from discontinued
Für Investitionstätigkeit eingesetzte Nettozahlungsmittel	-255	-2,226	Net cash used in investing activities
Cashflow aus Finanzierungstätigkeit			Cash flow from financing activities
+/- Erlöse aus der Ausgabe von gezeichnetem Kapital	0	0	+/- Income from issuance of share capital
+/- Kapitalerhöhungskosten	0	0	+/- Costs of capital increase
+/- Ein/Auszahlungen für aufgenommene Kredite	114	332	+/- Inflows/ outflows from borrowings
+/- Gezahlte Zinsen	-282	-283	+/- Interest paid
+/- Ein- / Auszahlungen aus Finanzierungs-Leasingverträgen	858	0	+/- Cash inflow/outflow finance lease
+/- Einzahlungen / Auszahlungen aufgegebener Geschäftsbereiche	0	0	+/– Cash inflow/ outflow from discontinued operations
Für Finanzierungstätigkeit eingesetzte Nettozahlungsmittel	690	49	Net cash used in financing activities
Nettozu-/abnahme von Zahlungsmitt. u. Zahlungmittelaqivalente	-8,243	-3,267	Net change in cash and cash equivalents
+/- Wechelkursbedingte Wertänderungen	5	-10	+/- Changes in value resulting from foreign currency exchange
+/- Finanzmittelbestand am Anfang der Periode	18,282	11,778	+/- Cash and cash equivalents as at beginning of period
Finanzmittelbestand am Ende der Periode	10,044	8,501	Cash and cash equivalent sat end of period
Zusammensetzung:			Breakdown:
Liquide Mittel	9,651	7,975	Cash
Liquide Mittel aus aufgegebene Geschäftsbereiche	393	526	Cash from discontinued operations
	10,044	8,501

Consolidated statement of changes in equity (ifrs)

	Aktien/	Gezeichnetes Kapital	Kapitalrücklagen/	Gewinnrücklagen	Eigene Anteile
	Shares	Issued capital	Capital reserves	Revenue reserves	Treasury shares
	TStück/Quantity '000	T€ /'000	T€ /'000	T€ /'000	T€ /'000
31. Dezember 2007	10,391	10,391	15,441	122	0
Kapitalerhöhungen	0	0	0
Veränderung der kumulierten
Währungsdifferenzen
Ergebnis des Berichtszeitraums
Minderheitenanteile:
- Minderheitenanteile-Ergebnisanteil
31. Dezember 2008	10,391	10,391	15,441	122	0
Kapitalerhöhungen	0	0	0
Veränderung der kumulierten
Währungsdifferenzen
Veränderung der Rücklagen:
- Veränderung stock options
- IPO Kosten			0
Ergebnis des Berichtszeitraums
Minderheitenanteile:
- Minderheitenanteile-Ergebnisteil
- Ausschüttungen
- Veränderungen durch Erwerb/Veräußerung
31. Dezember 2009	10,391	10,391	15,441	122	0

Consolidated statement of changes in equity (ifrs)

	Eigenkapital gesamt/Total	Minderheitenanteile	Bilanzgewinn/	Eigenkapitaldiff. aus der erstmaligen Anwendung	Eigenkapitaldiff. aus der Währungsumrechnung/
	equity	Minority interests	Earned surplus	von IFRS	Translation reserve
		T€ /'000	T€ /'000	T€ /'000	T€ /'000
31 December 2007	36,254	-5	10,752	-153	-294
Capital increase	0
Change in accumulated foreign
currency exchange difference	-30				-30
Net profit for the period	2,695		2,695
Minority interests:
- Result of minority interests	-3	-3
31 December 2008	38,916	-8	13,447	-153	-324
Capital increase	0
Change in accumulated foreign
currency exchange difference	22				22
Change in reserves
- change in stock options	0
- IPO costs	0
Net profit for the period	493		493
Minority interests:
- Share in profit attributable to minority interests	-17	-17
- Dividends	0
Change following acquisition/disposal	0
31 December 2009	39,414	-25	13,940	-153	-302

NOTES

to the consolidated accounts for the quarter ended 31 March 2009

A. The principles adopted for the consolidated financial statements

1. General information

The consolidated financial statements of CANCOM IT Systeme Aktiengesellschaft and its subsidiaries ("the CANCOM Group" or "the Group") for the financial year 2009 were drawn up according to the International Financial Reporting Standards or the International Accounting Standards (IFRS/IAS).

The main corporate objective of CANCOM IT Systeme Aktiengesellschaft and its consolidated subsidiaries is the sale and distribution of integrated IT system solutions (hardware, software and network products) and the provision of a broad range of IT services (e.g. consultation, system integration, service and support, and training).

The consolidated financial statements were drawn up in euro.

The financial year covers the period from 1 January to 31 December 2009. The address of the Company's registered office is Messerschmittstrasse 20, 89343 Jettingen-Scheppach, Germany.

The shares are traded on the Regulated Market of the FWB Frankfurt Stock Exchange under ISIN DE0005419105 and are admitted to the Prime Standard of Deutsche Börse AG.

2. Reporting entity – scope of consolidation

The consolidated financial statements include CANCOM IT Systeme Aktiengesellschaft and all subsidiaries in which CANCOM IT Systeme Aktiengesellschaft has either a direct or an indirect majority shareholding, or in which it holds the majority of the voting rights. These subsidiaries are fully consolidated.

	Company's registered office	Share-- holding
1. CANCO M Deutschland GmbH	Jettingen-Scheppach	100.0
and its subsidiaries	Germany
• CANCOM (Switzerland AG)	Caslano / Switzerland	100.0
• CANCOM Computersysteme GmbH and its subsidiariy	Grambach / Austria	100.0
– CANCOM a + d IT solutions GmbH	Perchtoldsdorf / Austria	100.0
2 CANCO M NSG GmbH	Jettingen-Scheppach, Germany 100.0
3. CANCO M IT Solutions GmbH	Jettingen-Scheppach, Germany 100.0
and its subsidiary
• acentrix GmbH	Jettingen-Scheppach,Germany 51.0
4. CANCO M SYS DAT GmbH	Cologne, Germany	100.0
5. SYSNE T Computer-
Systemvertriebsgesellschaft mbH and its subsidiaries	Jettingen-Scheppach, Germany 100.0
• Home of Hardware GmbH & Co. KG	Westendorf, Germany	75.5
• Home of Hardware Verwaltungs GmbH	Westendorf, Germany	100.0
6. CANCO M physical infrastructure GmbH	Jettingen-Scheppach, Germany 100.0
and its subsidiary
• Novodrom People Value Service GmbH	Jettingen-Scheppach,Germany 100.0
7. CANCO M EN GmbH	Jettingen-Scheppach, Germany 100.0
8. CANCO M Ltd.	Guildford / UK	100.0

3. Accounting and valuation policies

The same accounting and valuation policies were used as in the consolidated financial statements for the financial year 2008, which can be downloaded from www.cancom.de.

Q1/2009	Q1/2008	Q1/2007
€ 1= GBP 0.930	€ 1= GBP 0.795 € 1= GBP 0.680
	€ 1= SFR 1.575 € 1= SFR 1.497 € 1= GBP 0.909	€ 1= SFR 1.571 € 1= SFR 1.624 € 1= SFR 1.601 € 1= SFR 1.617 € 1= GBP 0.757 € 1= GBP 0.680

B. Notes to the consolidated balance sheet

1. Assets held for sale

Since the Company intends to sell CANCOM Ltd., UK, in the near future, all the assets of the company are shown under assets held for sale.

2. Other current financial assets

This item includes bonuses due from suppliers (€ 1,318k), receivables due from suppliers for returned goods (€ 299k), marketing revenue (€ 273), claim to the payment of a purchase price (€ 246k), receivables from employees (€ 240k), claims in respect of loans (€ 223k), receivables from former shareholders (€ 210k) and creditors with a debit balance (€ 165k).

3. Inventories

Inventories consist almost exclusively of merchandise, particularly hardware components and software. Most of it is stored at the logistics centre in Jettingen-Scheppach, Germany.

Inventories are made up as follows (company-specific breakdown):

	03/31/2009 T€	12/31/2008 T€
Finished products and goods	13,122	10,050
Down-payments made	12	30
	13,134	10,080

4. Orders in process

The orders in process are orders calculated according to the percentage of completion method.

5. Prepaid expenses, deferred charges and other current assets

This item mainly consists of other current assets. These mainly include a receivable arising from a copyright levy (€ 1,518k), tax refunds (€ 432k) and compensations by insurances (€ 180k).

The prepaid expenses and deferred charges (€ 610k) also include deferred insurance premiums.

6. Non-current assets (fixed assets)

6.1 Property, plant and equipment

Property, plant and equipment mainly consists of the equipment necessary for the automated small parts warehouse and the manual pallet rack to the value of € 470k, and the data centre of € 412k. Computer equipment, tenant's fittings and office furnishings and equipment are also shown under this item.

6.2 Intangible assets

The intangible assets include purchased software (€ 614k), the brand rights (€ 1,756k), customer list (€ 2,034k) and orders received (€ 37k).

6.3 Goodwill

Goodwill at the balance sheet date mainly includes the relevant figures arising from the inclusion in the consolidated financial statements of CANCOM Deutschland GmbH (€ 11,469k), CANCOM SYSDAT GmbH (€ 4,557k), CANCOM IT Solutions GmbH (€ 3,446k), CANCOM NSG GmbH (€ 2,568k) and CANCOM a + d IT solutions GmbH (€ 1,737k).

6.4 Loans

Loans include the asset value from reinsurance, amounting to € 199k.

7. Deferred tax assets

The deferred tax assets are as follows:

Temporary	Tax loss
differences	carryover
€ '000	€ '000
394	2,088
0	0
-18	-195
376	1,893

The deferred tax assets for tax loss carryforwards were capitalised on the basis of the existing loss carryforwards of about € 7.0 million (corporation tax in Germany and other countries) and about € 4.7 million (German trade tax).

The deferred taxes from temporary differences are the result of differences in goodwill (€ 208k), other provisions (€ 99k), intangible assets (€ 65k) and pension provisions (€ 4k).

8. Short-term loans and current component of long-term loans

Short-term loans and the current component of long-term loans shows liabilities due to banks. These comprise the utilisation of credit facilities provided by banks, and those parts of long-term loans that are due for repayment within one year.

9. Other current financial liabilities

This item includes debtors with a credit balance (€ 926k), outstanding bills of charges (€ 716k), purchase price liabilities (€ 340k) and Supervisory Board remuneration (€ 45k).

10. Other provisions

The provisions mainly include copyright levy (€ 1,518k), guarantees and warranties (€ 740k), severance payments and salaries (€ 696k), purchase price for shares in affiliated companies (€ 368k), additional leasing costs (€ 221k), contingent risks (€ 184k), costs of financial statements (€ 131k) and social security contributions and tax on wages and salaries (€ 57k).

The total provisions include long-term provisions of € 1.327k which are disclosed under other long-term liabilities. These are mainly the guarantees and warranties (€ 422k), the provision for severance payments which are legally mandatory in Austria (€ 401k), price paid for shares in affiliated companies (€ 184k) and anniversaries (€ 165k).

11. Income tax liabilities

Income tax liabilities mainly consist of obligations for 2006 (tax audit), 2007, 2008 and 2009.

12. Other current liabilities

Other current liabilities mainly include sales tax (€ 1,600k), Bonus payments to Board members and employees (€ 1,449k), holiday and overtime entitlements (€ 1,733k), tax on wages and salaries and church tax (€ 1,139k), trade association payments (€ 507k), wages and salaries (€ 199k), social security contributions (€ 95k), and compensation levy for non-employment of the severely handicapped (€ 55k).

13. Long-term loans

Long-term loans consist purely of liabilities due to banks with a remaining term of at least one year. The part of these loans that is due for repayment within the next twelve months is shown under short-term loans and current component of long-term loans.

14. Capital from profit-participation rights and subordinated loans

Capital from profit-participation rights and subordinated loans includes profit-participation rights of € 6,000,000 (PREPS 2005-1 and PREPS 2005-2), mezzanine capital of € 4,000,000 (Bayern Mezzaninekapital GmbH & Co. KG) and a subordinated loan of € 1,650,000 (Sparkasse Günzburg-Krumbach no. 6005 000 119).

15. Deferred tax liabilities

The deferred tax liabilities are as follows:

As at 31 March 2009	1,267
Profit and loss account tax expenses	-20
Addition from deferred tax liabilities	0
As at 1 January 2009	1,287
	€'000

The deferred tax liabilities arise from deviations from the tax balance sheets. They are the result of the revaluation of intangible assets (€ 1,107k), property, plant and equipment (€ 83k), orders in process (€ 27k), other provisions (€ 24k), capital from profit-participation rights and subordinated loans (€ 24k) and pension provisions (€ 2k).

They are recognised at an individual tax rate of between 25 percent (Austrian subsidiary) and 32.98 percent.

16. Pension provisions

Provisions for pensions include provisions for members of the Executive Board (€ 112k; 2007: € 132k) and provisions for pensions of other employees (€ 40k).

Individual defined benefit obligations exist with regard to an Executive Board member. There are also other defined benefit obligations for other employees who joined the company as the result of an acquisition.

The pension obligations for pension schemes in Germany are basically measured according to the number of years of service and the remuneration of the employees in question.

17. Other non-current financial liabilities

Other non-current financial liabilities refers to purchase price liabilities of € 672k and the minority interest in the commercial partnership Home of Hardware GmbH & Co. KG, which amounts to € 484k.

18. Equity capital

Changes in the equity capital are shown in the consolidated statement of changes in equity on page 14/15.

Share capital

The Company's share capital at 31 March 2009 was € 10,390,751, divided into 10,390,751 notional no-par-value shares.

19. Minority interests

Minority interests concern the share of the equity held by the minority shareholders of acentrix GmbH.

20. Capital risk management

The Group manages its capital with the aim of maximising the return to stakeholders through the optimisation of the debt and equity balance. It is ensured that all entities in the Group can operate under the going concern premise. The capital structure of the Group consists of debt, cash and the equity attributable to equity holders of the parent. This comprises issued capital, retained earnings, other reserves, currency translation differences and minority interests.

The goals of the capital management are to ensure that the Group will be able to continue as a going concern and an adequate interest rate for the equity. For implementation the group balances its capital and the overall capital structure.

The capital is monitored on the basis of the economic equity. The economic equity is the balance sheet equity. The borrowed capital is defined as current and non-current financial liabilities, provisions, liabilities connected with disposals, prepaid expenses and deferred charges, and other liabilities.

C. Notes to the consolidated income statement

1. Segment reporting

The CANCOM Group discloses segmental information according to the rules of IAS 14.

The primary segment reporting format of the CANCOM Group is based on geographical segments, since the risks, the return on equity and the earnings potential of the Group are influenced mainly by whether the business is operational in Germany or in the rest of Europe.

The secondary segment reporting format of the CANCOM Group is based on the business segments: business solutions and IT solutions.

The accounting methods used for internal segment reporting are in line with the accounting policies described in Section A. 3. The only differences arise from the translation of foreign currency and these result in slight deviations between the data for internal reporting and the relevant disclosures for the external presentations of financial statements.

Internal sales are recorded on the basis of either their cost or their current market prices, depending on the type of service or product sold.

The CANCOM Group's primary segmental reporting for 2008 includes the following companies in Germany: CANCOM Deutschland GmbH, CANCOM IT Solutions GmbH, CANCOM NSG GmbH, CANCOM SYSDAT GmbH, SYSNET Computer-Systemvertriebsgesellschaft mbH, Home of Hardware GmbH & Co. KG, Home of Hardware Verwaltungs GmbH, CANCOM physical infratructure GmbH, Novodrom People Value Service GmbH, acentrix GmbH, CANCOM EN GmbH, CANCOM Financial Services GmbH and CANCOM IT Systeme Aktiengesellschaft.

The Europe segment includes CANCOM Computersysteme GmbH, a + d IT solutions GmbH, CANCOM Ltd., CANCOM (Switzerland) AG and Softmail IT AG (up to 30 June 2008).

The performance pool method is used for internal transfer pricing for transactions between the segments.

The following table shows various disclosures in the consolidated financial statements according to region. All figures were calculated in the same way as the relevant consolidated data; the totals for the segmented data are therefore consistent with the consolidated figures.

Geographical segments		Germany	Europe		Elimination		Consolidated
	03/31/09	03/31/08	03/31/09	03/31/08	03/31/09	03/31/08	03/31/09	03/31/08
	T€	T€	T€	T€	T€	T€	T€	T€
Sales revenues
- External sales	96,878	67,161	5,076	6,590
- Inter-segment sales	8	1,877	60	22	-68	-1,899
- Total income	96,886	69,038	5,136	6,612	-68	-1,899	101.954	73.751
Profit
EBITDA	1,705	1,639	-47	112			1.658	1.751
- Depreciation and amortisation	550	417	57	39			607	456
Operating result (EBIT)	1,155	1,222	-104	73			1.051	1.295
- Interest income							58	69
- Interest expenditure							-335	-295
- Write-downs of financial assets							0	-2
- Share in profit or loss of joint ventures
accounted for by the equity	0	-2	0	0			0	-2
Result from ordinary activities							774	1.065
- Extraordinary result	0	0	0	0			0	0
- Currency differences							7	-22
- Income tax							-280	-278
- Discontinued operations	0	0	-19	182			-19	182
Consolidated income for the year							482	947
thereof attributable to the shareholders of the parent company							493	909
thereof attributable to minority interest							-11	36

Other information				Überleitung2
- Segment assets1	96,497	77,320	10,436	12,967	2,603	2,907	109,536	93,194
- Current liabilities	43,823	29,153	5,190	6,196	805	1,236	49,818	36,585
- Long-term liabilities	16,307	16,450	2,058	2,604	1,939	675	20,304	19,729
- Investments1	339	928	451	81			790	1,009

1 Segmet assets and investments including goodwill from consolidation of capital 2 Tax assets

In secondary segment reporting, the IT solutions segment includes CANCOM NSG GmbH, CANCOM SYSDAT GmbH, CANCOM physical infrastructure GmbH, Novodrom People Value Service GmbH, acentrix GmbH, CANCOM IT Solutions GmbH and the CANCOM Deutschland GmbH cost centres allocated to them.

The business solutions segment comprises CANCOM IT Systeme Aktiengesellschaft, CANCOM Deutschland GmbH, SYSNET Computer-Systemvertriebsgesellschaft mbH, Home of Hardware GmbH & Co. KG, Home of Hardware Verwaltungs GmbH, CANCOM EN GmbH, CANCOM Computersysteme GmbH, CANCOM a + d IT solutions GmbH, CANCOM (Switzerland) AG, CANCOM Ltd., Softmail IT AG (up to 30 June 2008) less the cost centres allocated to CANCOM IT Solutions GmbH.

Secondary reporting segment		business solutions IT Solutions			Elimination		Consolidated
	03/31/09	03/31/08	03/31/09	03/31/08	03/31/09	03/31/08	03/31/09	03/31/08
	T€	T€	T€	T€	T€	T€	T€	T€
Segment revenues
- External sales	53,338	43,692	48,616	30,059
- Inter-segment sales	484	490	432	464	-916	-954
- Total sales revenues	53,822	44,182	49,048	30,523	-916	-954	101,954	73,751
Segment assets1,2	56,674	56,405	50,259	33,882	2,603	3,041	109,536	93,328
Investments1	713	821	77	188			790	1,009

Information on dominant customers:

The Siemens AG customers account for over 5 percent of the total sales of the CANCOM Group, and significantly more than 5 percent of the contribution margin.

2. Sales revenues

The sales revenues of € 101,954k include order revenue of € -2k calculated using the POC method.

3. Other operating income

The other operating income is made up as follows:

€'000	01/01/ - 03/31/2009	01/01/ - 03/31/2008
Rent	99	58
Income not relating to the period	88	97
Other operating income	10	24
Total	197	179

Income not relating to the period mainly includes payments received in relation to receivables that had been written off, income from debtors with a credit balance also written off, and income from the reversal of a provision of warranties.

4. Personnel expenses

The personnel expenses are made up as follows:

Total	20,724	15,956
Pension expenses	42	24
Social security contributions	3,199	2,468
Wages and salaries	17,483	13,464
€'000	01/01/ - 03/31/2009	01/01/ - 03/31/2008

5. Other operating expenses

The other operating expenses consist of the following:

01/01/ - 03/31/2009	01/01/ - 03/31/2008
	849
	151
	1,101
501	321
9	96
412	503
648	475
663	675
400	107
414	272
119	193
122	77
85	0
263	245
6,127	5,065
	1,188 289 1,014 Stock exchange and entertainment expenses Fees and charges, costs of money transactions

6. Interest income/expense

Interest income mainly consists of interest on cash in banks and interest from customers.

7. Income tax

The rate of income tax for German companies is 30.46 percent. This is made up of corporation tax, trade tax and the solidarity surcharge. The divergence between the tax expenses reported and those at the tax rate of CANCOM IT Systeme Aktiengesellschaft arises as follows:

€'000	01/01/ - 03/31/2009
Earnings before tax	773	1.187
Expected tax at rate to German companies
(30.46 percent; 2008: 29.04 percent)	235	345
- Difference from tax paid abroad	8	-10
- Change in the value adjustment of deferred tax assets
on loss carryforwards	0	1
- Tax-free income	0	3
- Actual income tax not relating to the period	-17	11
- Permanent differences: non-deductible
operating expenses and additions and
reductions due to trade tax	53	-21
- Other	1	-22
- Tax savings recognised under discontinued
operations	0	-29
Total Grou income tax	280	278

The actual tax rate is as follows:

	€'000
Income before tax	773
Income tax	280
Actual tax expense rate	36.22 %

Tax losses not yet utilised and for which no deferred tax claim was recognised in the balance sheet amounted to € 914k (IAS 12.81.e.)

Income tax comprises the income tax paid or owed in the individual countries and also the deferred taxes:

Groupe income tax	280	278
	193	250
Liabilities	-20	-37
Deferred taxes Assets	213	287
Actual income tax paid	87	28
€'000	01/01/ - 03/31/2009	01/01/ - 03/31/2008

8. Discontinued operations

The impact of discontinued operations on the consolidated income statement is a loss of € 19k (2007: profit € 182k).

This amount consists of income (including other operating income) of € 3,756k (2007: € 5,364k), expenditure of € 3,758k (2007: € 5,153k) and pre-tax loss of € 2,0k (2007: profit € 211k). The related income tax expense is € 0 (2007: € -29k).

The areas are detailed below.

Softmail group:

The net impact of the sale of the Softmail group was recognised under discontinued operations as a profit of € 162k.

CANCOM Ltd.:

The Group intends to sell its interest in CANCOM Ltd., UK in the near future. The entire result of CANCOM Ltd. was therefore recognised under discontinued operations. The figures for 2007 were adjusted accordingly.

The impact on discontinued operations was a loss of € 19k (2007: profit € 20k). The Company's wholly-owned subsidiary in the UK, CANCOM Ltd., has been struggling to weather the impact of the recession in the United Kingdom. In addition, the subsidiary's results were affected by problems with a manufacturer.

9. Minority interests

Minority interests are equivalent to 24.5 percent of the net income of Home of Hardware GmbH & Co. KG (€ 6k) and 49 percent of the net loss made by acentrix GmbH for the financial year 2008 (€ 17k).

D. Notes to the cash flow statement

The consolidated cash flow statement is prepared in accordance with IAS 7 Statement of Cash Flows. This requires that a distinction be made between cash flows from operating activities, investing activities and financing activities. The cash shown in the cash flow statement comprises cash in hand and cash at banks.

The indirect method was used to establish the cash flow from current activities. The cash flow from ordinary activities fell by € 3.1 million compared with the first quarter of 2008.

The cash resources of € 10,044k include the cash shown in the balance sheet. This comprises cash in hand and cash at banks as well as cash of € 393k from discontinued operations.

E. Other disclosures

1. Related party disclosures

CANCOM IT Systeme Aktiengesellschaft has prepared these consolidated financial statements as the parent company with ultimate control.

According to IAS 24, CANCOM Financial Services GmbH, the joint venture formed in January 2006 with TRS Technology Refresh GmbH, is deemed a related party. This company was set up to strengthen customer loyalty to the CANCOM Group by offering added value in the field of finance. CANCOM Financial Services GmbH brokers the leasing contracts concluded by TRS Technology Refresh GmbH. There were no payments from the Group to TRS Technology Refresh GmbH.

For the purposes of IAS 24, Klaus Weinmann can be considered a related party who can exercise a significant influence on the CANCOM Group, both as an Executive Board member and as a shareholder in CANCOM IT Systeme Aktiengesellschaft. Rudolf Hotter and Paul Holdschik, who also belong to the Executive Board, are further related parties for the purposes of IAS 24, as are the members of the Supervisory Board.

There were no receivables or payables in relation to the Executive Board or the other companies in the CANCOM Group at the balance sheet date.

Since 1 July 2007, a consultancy agreement has been in place between CANCOM IT Systeme Aktiengesellschaft and the Chairperson of its Supervisory Board, Walter von Szczytnicki. The contract was drawn up on 9 March 2007 and approved in accordance with Section 114 of the German Stock Companies Act (Aktiengesetz, AktG), and provides for an annual remuneration of € 60,000. The remuneration in financial 2008 thus amounts to € 60,000.

On 27 June 2007 the Supervisory Board approved an M&A consultancy agreement with Auriga Corporate Finance GmbH, Munich, Germany on the occasion of the election to the Supervisory Board of CANCOM IT Systeme AG of Walter Krejci, managing director of Auriga Corporate Finance GmbH. The agreement had been signed on 7 March 2007 and required the approval of the Supervisory Board in accordance with Section 114 I of the German Stock Companies Act (Aktiengesetz, AktG).

Transactions with related parties were settled in the same way as arm's length transactions.

2. Shares held by members of the Executive and Supervisory Boards (at the balance sheet date)

Please see page 8 of this report for a list of shareholdings.

3. Equity interests in the Company as defined in Section 20 IV of the German Stock Companies Act (Aktiengesetz, AktG)

In the period from 1 January to 31 March 2009 CANCOM IT Systeme Aktiengesellschaft received no written notice from any shareholder disclosing a majority shareholding as defined in Section 20 of the above Act.

Interim Report

Q1/2009 3-Monatszahlen 2007

Masthead

CANCOM IT Systeme AG Investor Relations

Messerschmittstr. 20 89343 Jettingen-Scheppach

Germany