01–06 2007

Interim Financial Report

GFT Group Summary

Financial figures according to IFRS in e(k)	01/01–30/06/2007	01/01–30/06/2006

Revenues	113,102	80,123

Earnings before interest, taxes, depreciation and
amortisation (EBITDA)	5,676	2,650
Total depreciation	631	547
Earnings before interest and taxes (EBIT)	5,045	2,103
Earnings before taxes (EBT)	5,302	2,286
Net income as of 30 June	3,294	917

IAS 33 earnings per share, in c	0.13	0.03

Fixed assets	23,589	23,416
Liquid assets and securities	21,595	10,169
Remaining current assets	54,882	44,798
Equity ratio	49	54

Number of permanent employees as of 30 June	1,051	1,006

Content

Interim Management Report GFT Technologies AG as of 30 June 2007

1 Course of Business

During the first half of 2007, the GFT Group significantly exceeded the revenue and profit values of the previous year. Earnings before tax (EBT) increased by around 132% and are at a record level as of 30 June 2007, at around c 5.3m. In the second quarter of 2007 alone, GFT generated a pre-tax result of c 3.1m., compared with c 1.3m. during the previous year and c 2.2m. during the previous quarter. The Services division, which contributed c 4.1m. to the half-year result, showed particularly encouraging development. This is primarily due to the successful implementation of major projects with customers in Germany, Brazil and Great Britain. In the Resourcing division, the earnings before tax more than doubled, from c 0.7m. in the previous year to c 1.6m. as of 30 June 2007. The growth mainly resulted from a strong increase in revenue, which also had a positive effect on the result. In the Software segment, the result was held back by ongoing investment into the further development of the core products. The loss was reduced slightly in comparison to the previous year and will continue to be reduced with increasing marketing of new product versions.

The dynamic growth of the GFT Group is also reflected in the highest revenue so far in the history of the company. At c 113.1m., the group revenue was around 41% higher than the previous year's value. After the very positive first quarter of 2007, revenue in the second quarter increased again by c 5.5m. to c 59.3m.

The strongest revenue growth was shown in the Resourcing segment, which improved by 62% or c 23.5m. during the first half-year, in comparison with the previous year. When considering that the companies acquired at the beginning of 2006 were only included for five months, the comparable increase in revenue amounts to 47% or c 19.6m., in comparison with the previous year.

Revenue in the Services division increased by just under 26% or c 10.3m. during the first half of 2007, in comparison with the previous year. The existing customer business expanded further in this segment. Revenue with customers in Great Britain, which more than doubled compared with the first half of 2006, developed particularly positively.

In the Software segment, revenue declined in comparison with the previous quarter and the same point in time during the previous year. The new product versions that were brought onto the market at the end of the first half of the year and the positive market prospects in business process management, allow us to anticipate rising segment revenues for the coming months.

On the basis of the promising development during the first half-year and a robust level of incoming orders, we can increase the revenue forecast for the GFT Group. For the full year 2007, we now anticipate revenues of more than c 220m., with an operating margin of 5%.

2 Economic Framework Conditions

2.1 Macroeconomic development

The global economic climate remained unchanged at a high level as at the end of the first half of 2007. An end to the continuing strong global economic upswing of the past four years is currently not expected.

The ifo economic research institute (Institut für Wirtschaftsforschung e.V., Munich) ascertained an economic climate index for the Euro zone, which is at a six-year high during the second quarter of 2007. Current survey results speak in favour of continued strong economic upswing during the second half of 2007. The economic growth in GFT's largest sales markets will accordingly continue to remain positive: in Germany, Spain, Great Britain and France, the economy will continue to expand in 2007 – however at a somewhat slower pace. (Spring Report 2007 of the Berliner Arbeitsgemeinschaft deutscher wirtschaftswissenschaftlicher Forschungsinstitute e.V.)

2.2 Development of the industry

"The mood in the high-tech industry in Germany has never been as good over the past six years, as it is now", according to the German Association for Information Technology, Telecommunication and New Media e.V. (BITKOM). This emerges from a survey, which BITKOM carries out on a quarterly basis in the ICT industry. The markets with the highest growth potential are the IT Services and Software sectors – segments, that reflect GFT's core competences.

The estimates of the European Information Technology Observatory (EITO) confirm this statement: In the EU, the software and IT services sector will grow by 6.5% (2006: 6.3%), resp. 5.5% (2006: 5.3%) this year. Europe's IT markets will gain further, in terms of dynamics: with a forecast of 6.1% market growth, Spain is at the top, Great Britain follows with 5% and France's IT market will grow by 4.6%. Germany is expected to achieve market growth of 3.5%. This value is below the EU average of 4.4%, but still significantly above the 2.4% growth in gross domestic product.

3 Development of revenue

The GFT Group generated total revenue of c 113.1m. during the first half of 2007. With growth of 41%, compared with the same period during the previous year, it is higher than ever before in the company's history. With a quarter-related rise by c 5.5m. to c 59.3m., the positive trend during the first quarter of 2007 was able to be continued.

3.1 Revenue by divisions

As at 30 June 2007, the revenue distribution according to segments appeared as follows:

The Resourcing division continued to grow during the second quarter of 2007. While the Services and Resourcing divisions were approximately equal as of the first half of 2006, Resourcing is at 55% as at 30 June 2007 and therefore significantly larger than Services (43%). In comparison with the same point in time during the previous year, the Resourcing share has therefore grown by eight percentage points. Growth from the first quarter of 2007 is continuing: from c 28.9m. to c 32.6m. The main reason for this rise was the expansion of business with a new customer from the banking sector in the area of Third Party Management, which generated 20% of the Resourcing revenue.

The area of Resource Management also generated significant organic growth in Germany and France. This includes the Parity companies acquired at the beginning of 2006. After only being included for five months during the first half of 2006, they have now been consolidated for the full six months. The comparable organic revenue growth of the Resourcing segment therefore amounted to 47% or c 19.6m.

The increasing shortage of skilled workers in the IT sector and the resulting rising demand for freelancers had a positive effect on revenue.

This strong growth in the Resourcing segment resulted in a lower share of revenue for the Services division (43% in comparison to 49% at the same point in time during the previous year). In absolute figures, a clear rise in revenue can be seen here: at c 49.0m. as of 30 June 2007, the previous year's value was exceeded by c 10.2m. or 26%. GFT profited from the rising order situation on the market and the corresponding expansion of existing customer business, primarily with customers from the banking, postal and logistics sectors in Germany, Great Britain and Brazil.

The timid start of the Software segment during the current financial year continued during the second quarter. After a strong fourth quarter in 2006, revenue during the first half of 2007 fell by c 0.7m., in comparison with the same time period during the previous year. At current revenue of c 2.6m., the share of this division fell to 2%. Now that the investments in the new product versions are largely completed, and were placed on the market at the end of June/July, rising revenue can be anticipated during the second half of the year.

3.2 Revenue by countries

When looking at the revenue distribution according to countries, no significant shifts have taken place in comparison with the reference date during the previous year. At 66%, Germany is still the largest sales market (previous year: 63%). Mainly due to the significant expansion of the Resourcing business, the revenue increased by more than half, to c 75.6m. At the same point in time during the previous year, it was still at c 49.7m. The customers in the Services segment also showed robust demand.

As in the first quarter, Great Britain was in second place, with a 10% revenue share – compared with the first half of 2006, revenue has now more than doubled. Through new customers, as well as rising demand by existing customers, it rose from c 5.4m. to c 11.3m. Spain also increased by 22% to c 8.1m., which corresponds to 7% of total revenue.

The share of revenue with customers from France and Brazil was at 6% in each case. In absolute figures, revenue in Brazil increased by 13% compared with the same point in time during the previous year, to c 6.5m. As in the previous quarter, this is due to the major project with a Brazilian bank. With an increase in revenue of 11% to c 5.4m. compared to the first half-year of 2006, the French subsidiary was also successful.

Switzerland as well was able to increase its absolute revenue further, in comparison to the previous year and to the first quarter of 2007, and achieved a share of 2%, with c 2.0m. of revenue.

Business with customers from other countries, among them Italy, Hungary and the USA, contributed c 3.2m. The decline by 36% compared with the same period during the previous year, is mainly a result of regrouping USA projects in Great Britain.

3.3 Revenue by industries

The concentration on the financial services sector continues to be clearly reflected in the distribution of revenues according to industries. c 74.9m., 48% more than in the previous year, was generated with companies from the banking and insurance sectors. This means a development of the share of this industry to two thirds of the total revenue.

The industrial area continues to be the second most important industry for GFT, with revenue of c 19.2m., which corresponds to a share of 17%. In comparison with the same time period during the previous year, revenues in this sector were able to be increased by c 2.1m.

Revenue with companies in the postal and logistics sector also increased slightly. At c 10.4m., it is 5% higher than during the first half of 2006. The income from major projects that were already gained in 2006 are gradually having an effect. In comparison with the first quarter of 2007, revenue rose by more than 80%, from c 3.7m. to c 6.7m.

Revenue with other industries and authorities accounted for 8% of total revenues during the reporting period. The increase compared with the previous year, by 229% to c 8.6m., is mainly attributable to revenue from the Resourcing business, which is not allocated to any of the core sectors. Furthermore, projects were able to be successfully concluded with Swiss cantons in the e-Government sector.

4 Earnings situation

During the first half of 2007, the GFT Group significantly exceeded the previous year's result. It generated earnings before tax (EBT) of c 5.3m. – this is a record level, with an increase over the same time period during the previous year by around 132%. In the second quarter of 2007 alone, GFT generated a pre-tax result of c 3.1m., compared with c 1.3m. during the previous year and c 2.2m. during the previous quarter.

Therefore, the strong rise in revenues was also reflected in the result. The Services division, which contributed c 4.1m. to the half-year result, showed particularly pleasing development. This is primarily due to the successful implementation of major projects with existing customers in Germany, Brazil and Great Britain. In the Resourcing division, the earnings before tax more than doubled, from c 0.7m. in the previous year, to c 1.6m. as of 30 June 2007. The growth mainly resulted from a strong increase in revenues, which also had a positive effect on the result.

In the Software segment, the result was held back by ongoing investment in the development of new products. The loss was able to be reduced slightly in comparison to the previous year and will continue to be reduced with increasing marketing of new product versions.

The earnings before interest and tax (EBIT) amounted to c 5.0m. during the first half-year, after c 2.1m. in the same time period during the previous year. Accordingly, the earnings before interest, taxes and depreciation of tangible and intangible assets (EBITDA) as of 30 June 2007 increased to c 5.7m. In comparison with the first half of 2006, this equates to growth of around c 3.0m. or 114%.

After deduction of all expenses, the GFT Group registered a mid-year surplus of c 3.3m. as of 30 June 2007, compared to c 0.9m. for the same time period last year.

The concentration of income on countries with a relevant tax rate resulted in a computed tax rate of 38% for the first half of 2007. When exclusively looking at the second quarter, it was at 35%. Primarily the German loss carryforwards have only been able to be utilised to a limited extent so far due to start-up costs. However, the plan value of 30% will be achieved during the course of the year.

The earnings per share amounted to c 0.13 at the end of the first half of 2007. With this, it more than quadrupled, in comparison with the same period during the previous year. This data refers to an average of 26,325,946 shares currently in circulation. An interim dividend will not be paid.

The operating costs of the GFT Group increased by 37%, compared with the previous year, and amounted to around c 109m. as at 30 June 2007. Thus, the cost base increased sub-proportionally to revenue, which posted gains of 41% for the same time period. Around 60% of the operating costs comprises costs of materials, which mainly consist of expenses for services from freelance personnel. At the end of the first half of 2007, it amounted to c 65.9m. and has therefore increased, compared with the previous year's value of c 38.9m. by just under 70%. The increase in this cost position is mainly due to the revenue expansion for the Resourcing division. Furthermore, increased acquisition of external personnel also has an impact on the Services segment, as new projects are increasingly being proportionally staffed with freelance personnel.

At c 32.9m., employee benefits as at 30 June 2007 increased by just under 6%, in parallel with the number of employees, which increased by nearly 5% during the same time period. Whilst employee benefits and the number of employees increased super-proportionally in the near-shore development centres, the number of employees in Germany remained constant. The consistent implementation of the international production models resulted in an overall higher degree of qualification of the employees, so that personnel expenses in the German companies also increased, with a constant number of employees.

The depreciations on tangible and intangible assets amounted to c 0.6m. for the first half of 2007, slightly above last year's value of c 0.5m.

Other operating expenses totalled c 9.6m. in the first half of the year, exceeding the previous year's value by c 0.6m. The rise is mainly due to higher rental and ancillary costs for business premises, higher marketing expenses and higher personnel acquisition costs.

5 Financial position

As of 30 June 2007, the funds available for payment amounted to c 21.6m., compared with the amount of c 20.6m. as of 31 March 2007 and c 23.9m. as of the end of 2006. The freely available funds are defined as liquid funds and marketable securities. This was offset by short-term financial liabilities of c 4.0m., in the form of a factoring credit line of the acquired company in France.

In parallel with the increased revenues, trade receivables have risen by c 6.1m. to c 49.9m. compared to the previous quarter.

The cash flow from operating activities totalled c -3.1m. during the first half of 2007, after c -10.8m. for the same time period during the previous year. Therefore, the operating cash flow was on the same level as at the end of the first quarter. The positive cash flow from the result of the second quarter was compensated by a rise in net current assets. This reference date view is due to above-average outstandings as of 30 June 2007, with respect to two major customers in Germany and France and will return to normal again in the subsequent weeks.

Cash flow from investment activities amounted to c -0.7m., after c -2.9m. during the previous year and results almost exclusively from investments in non-current assets.

Cash flow from financing activities, at a value of c 1.6m. involves the utilisation of the factoring line of our French company.

6 Net assets

At c 106.8m., consolidated balance-sheet total as of 30 June 2007 was c 14.6m. above the total assets at the end of 2006. On the asset side, the increase in trade receivables by c 34.1m. to c 49.9m. primarily led to the rise in total assets. With this, it must be taken into account the trade receivables as of the end of 2006, were reduced by around c 5m. due to advance payments by a customer. Another reason for the growth in receivables lies in revenue expansion compared with the previous year and sluggish payment by two major customers as of the 30 June 2007. The main changes on the liability side are due to higher provisions, a rise in trade liabilities and an increase in equity capital.

Because of outstanding incoming invoices in the Resourcing segment, the provisions have increased by c 5.6m. to c 17.5m. The increase in trade payables by c 2.0m. to c 17.6m. results from higher acquisitions of external personnel.

The increase in equity by c 3.3m. to c 52.7m. stems from the profit after tax. With this, the equity ratio was at 49%, compared with 54% at the end of the financial year 2006, due to the expanding business volume during the first half of 2007.

7 Employees

As of 30 June 2007, 1,051 staff (including proportionally included part-time staff) were employed with the GFT Group. Thus, the group encompasses 45 people (5%) more than during the same point in time during the previous year. 72% (758) of the employees have their domicile outside of Germany, accordingly, 28% (293) are employed in Germany.

While the number of employees in the near-shore development centres grew (in Brazil, it nearly quadrupled), the number of employees in Germany remained largely constant.

The decline in the number of employees by 20 people during the course of the second quarter of 2007 results from normal fluctuation. Due to the shortage of skilled IT workers on the market, recruiting measures proceeded less quickly than planned, however, during the second half of the year, these measures will result in the growth in employees required for the major projects that have been acquired. Furthermore, new projects in the Services division will initially be increasingly staffed by external personnel, on a proportional basis.

8 Research and Development

Expenses for research and development fell by 24% to c 2.0m., in comparison with the first half of 2006. Almost 95% of this was attributable to personnel costs. The focus will continue to be on process innovations.

The majority was accounted for by the implementation of CMMI (Capability Maturity Model Integration), an internationally recognised process model for software and system development. During the course of the second half of the year, GFT will achieve the quality requirements of Level 3 for the core processes in Germany, Spain and Great Britain. The goal is the standardisation of management and development processes.

An additional focus was on the further development of the software product family regarding document and process-based workflows. At the end of the half-year, new versions of both main products, GFT hyparchiv and GFT inspire, as well as GFT inboxx, a software for e-mail archiving, came onto the market.

Furthermore, internal applications were also developed further during the second quarter of 2007. For example, the internal "Workspace" GFT portal was expanded.

9 Risk report

During the first half of 2007, no significant changes took place to the opportunities and risks described in the management report for the 2006 consolidated financial statements. The risk situation of the GFT Group therefore remains unchanged.

10 Outlook

In a positive market environment, the GFT Group succeeded in increasing revenue and income to a record level during the first half of the year. With continuing, favourable market conditions, this trend is certain to continue during the second half of the year. In view of robust incoming orders and the extremely successful development during the first six months, we have increased our revenue forecast for the GFT Group. For the full year 2007, we anticipate revenue of about c 220m. The profit margin before tax will lie at around 5%.

In the Services division, the fact that GFT has now achieved the position as strategic partner with several national and international customers from the banking sector will continue to pay off. For the second half of the year, we anticipate rising demand by our customers in Germany, Spain and Great Britain. Furthermore, we have been mandated by our major Brazilian customer with further projects.

Business with our new customers from the banking sector in Third Party Management will lead to further growth in the Resourcing segment during the coming months. In this respect, we also profit from the current shortage of skilled IT workers, which will further increase demand for placing freelancers. Our new Resourcing divisions in Great Britain and Switzerland will additionally support the dynamic growth in the Resourcing segment during the second half-year.

With the new product versions in the Software division, we are addressing the growing willingness of companies to invest in software products from the business process management and archiving sectors. We are, therefore anticipating a significant rise in revenues in this segment during the second half of 2007.

The Executive Board would like to thank all of its employees for their firm commitment, and all clients, investors, and business partners for their trust and their loyalty.

St. Georgen, 3 August 2007 The Executive Board

(Chairman)

Ulrich Dietz Marika Lulay Dr. Jochen Ruetz Executive Board Executive Board Executive Board

Consolidated Balance Sheet (IFRS) as of 30 June 2007

ASSETS	30/06/2007 e	31/12/2006 e

Current Assets
Liquid Funds	18,076,483.36	20,244,411.54
Marketable Securities	3,518,538.15	3,647,088.15
Trade receivables	49,888,798.22	34,133,550.50
Receivables from related parties	0.00	0.00
Inventories	6,102.50	5,125.00
Deferred tax assets	0.00	0.00
Accrued items and other current assets	4,366,667.12	3,414,408.70
Others	0.00	0.00
Total current assets	75,856,589.35	61,444,583.89
Non-current assets
Tangible fixed assets	2,444,923.35	2,447,985.92
Intangible assets	779,154.88	742,751.92
Goodwill	20,365,010.57	20,365,010.57
Financial assets	0.00	0.00
Investments accounted for using the equity method	0.00	0.00
Loans receivable	0.00	0.00
Deferred tax assets	6,118,229.51	5,969,303.35
Other assets	1,225,813.78	1,225,813.78
Others	0.00	0.00
Total non-current assets	30,933,132.09	30,750,865.54














Total assets	106,789,721.44	92,195,449.43

LIABILITIES	30/06/2007 e	31/12/2006 e

Current liabilities
Current portion of capital lease obligation	0.00	0.00
Short-term loans and current portion of long-term loans	3,961,821.51	2,415,840.80
Trade payables	17,621,577.99	15,593,508.15
Payables from related parties	0.00	0.00
Deposits received	4,814,854.28	4,783,225.81
Provisions	17,528,051.40	11,883,057.71
Deferred revenues	1,648,154.85	415,014.88
Current income tax liabilities	1,051,380.35	1,240,128.12
Deferred tax liabilities	0.00	0.00
Other current liabilities	4,734,177.14	3,654,439.35
Others	0.00	0.00
Total current liabilities	51,360,017.52	39,985,214.82

Non-current liabilities
Long-term loans	150,000.00	150,000.00
Long-term capital lease obligations	0.00	0.00
Deferred revenues	0.00	0.00
Deferred tax liabilities	746,603.58	197,443.17
Provisions for pensions	849,692.00	837,692.00
Others	1,018,012.15	1,661,934.11
Total non-current liabilities	2,764,307.73	2,847,069.28

Minority interest	0.00	0.00

Shareholders' equity
Share capital	26,325,946.00	26,325,946.00
Capital reserve	67,346,563.99	67,346,563.99
Treasury stock	0.00	0.00
Legal reserve	1,387.65	1,387.65
Other retained earnings	2,343,349.97	2,343,349.97
Foreign currency translation	71,962.45	42,176.11
Market assessment for securities	2,343.75	23,437.50
Consolidated balance sheet loss	-43,426,157.62	-46,719,695.89
Total shareholders' equity	52,665,396.19	49,363,165.33

Total equity and liabilities	106,789,721.44	92,195,449.43

Consolidated Income Statement (IFRS) from 1 January until 30 June 2007

	Interim report		Cumulated Period
	01/04–30/06	01/04–30/06	01/01–30/06	01/01–30/06
	2007	2006	2007	2006
	e	e	e	e
Revenue	59,312,408.00		42,182,769.27 113,102,221.79	80,123,212.71
Other operating income	366,505.62	551,151.42	975,897.27	1,503,751.09
Changes in inventories of work in progress	0.00	0.00	0.00	0.00
Other capitalised services	39,936.31	85,105.10	92,195.59	170,443.35
Cost of material/Purchased services	-35,115,999.92	-20,887,998.48	-65,865,623.33	-38,796,152.38
Employee benefits costs	-16,668,779.60	-15,669,721.43	-32,884,078.09	-31,118,976.27
Depreciation of tangible and intangible assets	-330,694.71	-280,429.78	-630,649.57	-547,031.79
Goodwill amortisation	0.00	0.00	0.00	0.00
Other operating expenses	-4,568,415.66	-4,485,223.80	-9,575,740.78	-8,997,345.59
Others	0.00	0.00	0.00	0.00
Result from operating activities	3,034,960.04	1,495,652.30	5,214,222.88	2,337,901.12

Interest income/expenses	114,488.72	88,584.62	256,178.79	182,659.39
Dividend income	0.00	0.00	0.00	0.00
Income/expenses from financial assets using the equity method	0.00	0.00	0.00	0.00
Foreign currency gains/losses	2,511.03	17,047.29	-12,213.85	14,457.58
Other income/expenses	-85,100.00	-230,400.00	-156,600.00	-249,500.00
Earnings before tax
(and minority interest)	3,066,859.79	1,370,884.21	5,301,587.82	2,285,518.09

Income tax expenses	-1,070,592.28	-796,638.23	-2,008,049.55	-1,368,580.31
Extraordinary income/expenses	0.00	0.00	0.00	0.00
Earnings before minority interest	1,996,267.51	574,245.98	3,293,538.27	916,937.78

Minority interest	0.00	0.00	0.00	0.00
Net income	1,996,267.51	574,245.98	3,293,538.27	916,937.78

Net earnings per share (basic)	0.08	0.02	0.13	0.03
Net earnings per share (diluted)	0.08	0.02	0.13	0.03

Weighted average number of shares (basic)	26,325,946	26,325,946	26,325,946	26,325,946
Weighted average number of shares (diluted)	26,325,946	26,325,946	26,325,946	26,325,946

Consolidated Cash Flow Statement (IFRS) from 1 Januar until 30 June 2007

		Cumulated Period
	01/01–30/06 2007 e	01/01–30/06 2006 e
Cash flows from operating activites
Net income	3,293,538.27	916,937.78
Adjustments for
Minority interest	0.00	0.00
Depreciation	630,649.57	547,031.79
Increase/decrease of provisions and value adjustments	5,377,090.31	1,347,809.32
Losses/gains from the disposal of assets	-2,480.04	1,234.61
Foreign currency gains/losses	-12,213.85	14,457.58
Others	94,800.00	249,500.00
Changes in working capital	-12,479,471.08	-13,890,136.95
Cash flows from operating activities	-3,098,086.82	-10,813,165.87
Cash flows from investing activities
Acquisition of consolidated companies, net of purchased cash	0.00	-6,015,882.84
Income of sales of consolidated companies, net of purchased cash	0.00	0.00
Acquisition of fixed assets	-665,408.50	-711,432.36
Income of sales of fixed assets	3,898.58	416.00
Others	3,245.26	3,827,200.00
Cash flows used in investing activities	-658,264.66	-2,899,699.20
Cash flows form financing activities
Cash receipts from equity contribution	0.00	0.00
Cash receipts from issuing short- or long-term loans	1,545,980.71	30,000.00
Cash payments for repayments of loans	0.00	-529,993.53
Cash payments for lease obligations	0.00	0.00
Others	42,442.59	32,541.08
Cash flows used in financing activities	1,588,423.30	-467,452.45
Foreign exchange difference	0.00	0.00
Decrease of liquid funds	-2,167,928.18	-14,180,317.52
Liquid funds at the beginning of the period	20,244,411.54	20,652,062.51
Liquid funds at the end of the period	18,076,483.36	6,471,744.99

Consolidated Statement of Changes in Equity (IFRS) as of 30 June 2007

			Retained Earnings
	Subscribed Capital e	Capital reserve e	Legal reserve e	Other revenue reserves e
As of 31/12/2005	26,325,946.00	67,346,563.99	1,387.65	2,343,349.97
Financial assets available for sale (securities):
- Change of fair value recognised in equity 01/01–30/06/2006
- Transferred to Income Statement 01/01–30/06/2006
Exchange differences on translating foreign operations 01/01–30/06/2006
Deferred taxes taken directly to or transferred from equity 01/01–30/06/2006
Income and expense recognised directly in equity 01/01–30/06/2006
Net income 01/01–30/06/2006
Total recognised income and expense 01/01–30/06/2006
As of 30/06/2006	26,325,946.00	67,346,563.99	1,387.65	2,343,349.97
Financial assets available for sale (securities):
- Change of fair value recognised in equity 01/01–31/12/2006
- Transferred to Income Statement 01/01–31/12/2006
Exchange differences on translating foreign operations 01/01–31/12/2006
Deferred taxes taken directly to or transferred from equity 01/01–31/12/2006
Income and expense recognised directly in equity 01/01–31/12/2006
Net income 01/01–31/12/2006
Total recognised income and expense for the financial year 2006
As of 31/12/2006	26,325,946.00	67,346,563.99	1,387.65	2,343,349.97
Financial assets available for sale (securities):
- Change of fair value recognised in equity 01/01–30/06/2007
- 01/01–30/06/2007
Exchange differences on translating foreign operations 01/01–30/06/2007
Deferred taxes taken directly to or transferred from equity 01/01–30/06/2007
Income and expense recognised directly in equity 01/01–30/06/2007
Net income 01/01–30/06/2007
Total recognised income and expense 01/01–30/06/2007
As of 30/06/2007	26,325,946.00	67,346,563.99	1,387.65	2,343,349.97

	not affecting results
foreign currency translations e	Market assessment for securities e	Consolidated balance sheet loss e	Equity attributed to equity holders of the parent e	Minority interests e	Total share capital e
87,641.94	181,250.00	-51,829,043.39	44,457,096.16	0.00	44,457,096.16

	24,000.00		24,000.00		24,000.00
	-246,500.00		-246,500.00		-246,500.00
-50,896.42			-50,896.42		-50,896.42
	83,437.50		83,437.50		83,437.50
-50,896.42	-139,062.50	0.00	-189,958.92	0.00	-189,958.92
		916,937.78	916,937.78	0.00	916,937.78
-50,896.42	-139,062.50	916,937.78	726,978.86	0.00	726,978.86
36,745.52	42,187.50	-50,912,105.61	45,184,075.02	0.00	45,184,075.02
	-6,000.00		-6,000.00		-6,000.00
	-246,500.00		-246,500.00		-246,500.00
-45,465.83			-45,465.83		-45,465.83
	94,687.50		94,687.50		94,687.50
-45,465.83	-157,812.50	0.00	-203,278.33	0.00	-203,278.33
		5,109,347.50	5,109,347.50	0.00	5,109,347.50
-45,465.83	-157,812.50	5,109,347.50	4,906,069.17	0.00	4,906,069.17
42,176.11	23,437.50	-46,719,695.89	49,363,165.33	0.00	49,363,165.33

	-33,750.00		-33,750.00		-33,750.00
	0.00		0.00		0.00
29,786.34			29,786.34		29,786.34
	12,656.25		12,656.25		12,656.25
29,786.34	-21,093.75	0.00	8,692.59	0.00	8,692.59
		3,293,538.27	3,293,538.27	0.00	3,293,538.27
29,786.34	-21,093.75	3,293,538.27	3,302,230.86	0.00	3,302,230.86
71,962.45	2,343.75	-43,426,157.62	52,665,396.19	0.00	52,665,396.19

Changes in equity

Notes to the Interim Consolidated Financial Statements (Interim Management Report)

as of 30 June 2007, GFT Technologies Aktiengesellschaft, St. Georgen

1. Fundamentals for the GFT Group's Interim Financial Statements

The unaudited Interim Financial Statements of the GFT Technologies Aktiengesellschaft Group (GFT AG) should be read in conjunction with the GFT AG Group Annual Financial Statements as of the end of the last financial year (31 December 2006). They were drawn up in c in accordance with standard principles of accounting and valuation and conform to the prescriptions set out in IAS 34 and the regulations for the Frankfurt Stock Exchange.

The same accounting and valuation methods were used in these Interim Financial Statements as in the previous Consolidated Financial Statements as of 31 December 2006. These are the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), which are to be applied within the EU.

2. Changes to the consolidated group and its associated companies

No changes to the scope of consolidation have occurred since the Consolidated Financial Statements were closed on 31 December 2006.

The following changes to the scope of consolidation have occurred since the Consolidated Financial Statements were closed on 30 June 2006.

All shares in the subsidiary GFT Websolutions Kft., Budapest, Hungary, were sold by GFT AG on 29 December 2006. GFT Websolutions Kft. was excluded from the scope of consolidation as of 29 December 2006. The share of GFT Websolutions Kft. in the Group's revenue amounted to 0.02% in the financial year 2006 and to 0.2% in the first quarter 2006; at the time it was excluded from the consolidation the share in the Group's asset was 0.3%. The sale of GFT Websolutions Kft. has had no significant impact on the Group's asset, financial, and earnings position; similarly there is no effect on comparability with previous year's figures.

The comparability of the 2007 half-year Income Statement and Cash Flow Statement with the first half-year 2006 is affected for the following reason:

With effect from 31 January 2006 GFT AG bought all of the business shares of the following companies:

1. GFT Technologies SARL, Paris, France
1. GFT Resource Management GmbH, Eschborn, Germany
Including the subsidiaries
GFT Flexwork GmbH, Berlin, Germany
Parity Eurosoft GmbH, Frankfurt am Main, Germany, and
Parity Business Solutions GmbH, Frankfurt am Main, Germany
All five companies together are jointly referred to as "Parity companies".

The companies named above were included in the Consolidated Financial Statements for the first time from 31 January 2006. Therewith they are included in the Income Statement and the 2007 half-year's Cash Flow Statement with six months, whereas in the first half 2006, they were solely included with five months. Their contribution to revenue in the first six months 2007 totalled c 24.4m. (first half-year 2006: c 0.3m.) with a contribution to results totalling c 1.0. (first half-year 2006: c 0.3m.)

Parity Eurosoft GmbH and Parity Business Solutions GmbH were consolidated on the effective date of 1 January 2006, into GFT Resource Management GmbH (the absorbing legal entity). The consolidations had no effect on the Consolidated Financial Statement of 31 December 2006.

GFT Business Development GmbH, Eschborn, which had been acquired on 10 February 2006 and been included in the Consolidated Financial Statement from this time onwards, is included with different time periods in the Income Statement and the Cash Flow Statement of the first half-year of 2007, compared to the first half-year of 2006. As this company did not engage in operating activities from the time it was purchased, there is no effect on comparability of the two time periods.

3. Changes in equity

With respect to the changes in equity capital between 1 January 2007 and 30 June 2007 we refer to the Consolidated Statement of Changes in equity which is separately represented.

As of 30 June 2007 the company's share capital of c 26,325,946.00 consists of 26,325,946 non par value individual share certificates (no change relative to 31 December 2006). These shares are bearer shares and all grant equal rights. On 30 June 2007 the consolidated balance sheet loss included a carry forward from the previous year amounting to c (k) -46,720 (previous year: c (k) -51,829).

Dividends have not been proposed or paid out during the 2007 financial year.

No changes resulted to the company's authorised capital between 1 January and 30 June 2007 relative to 31 December 2006.

In the period from 1 January to 30 June 2007 the following changes were made to conditional capital compared to 31 December 2006:

By resolution of the Annual General Meeting of 22 May 2007 the authority of the Annual General Meeting of 29 May 2002 to issue convertible and/or option bonds and the existing conditional capital pursuant to section 4 (6) lit. b of the articles of association (conditional capital II/2002) was rescinded. New Conditional capital II/2007 was created as follows:

Pursuant to the resolution of the Annual General Meeting of 22 May 2007 the share capital is to be conditionally increased by c 7.5m. by issuing up to 7,500,000 new individual bearer shares (Conditional capital II/2007). The conditional capital increase will only be carried out to the extent that

the owners or creditors of conversions rights or bonds that are appended to the convertible or option bonds to be issued by the company or by its majority holding companies by 21 May 2012 under the Annual General Meeting resolution of 22 May 2007 exercise their conversion or option rights or
the holders or creditors of convertible bonds to be issued by the company or by its majority holding companies by 21 May 2012 under the Annual General Meeting resolution of 22 May 2007 with an obligation to exercise their right of conversion actually discharge said obligation.

By resolution of the Annual General Meeting on 22 May 2007, the Executive Board was authorised, given Supervisory Board approval, to issue on a one-off basis or on multiple occasions up until 21 May 2012 bearer or registered convertible and/or option bonds ("bonds") with a total nominal value of up to c 100m. with a maximum term of 15 years and to grant the owners or creditors of bonds, option or conversion rights in the company with a pro rata share in the share capital of up to c 7.5m. in close accordance with the terms and conditions governing convertible or option bonds. The bonds may also be issued by direct or indirect majority holding companies of the company. In this case the Executive Board is authorised, given Supervisory Board approval, to accept a guarantee for the issuing majority holding company for the repayment of the bond and to grant holders of such option or conversion bonds in GFT Technologies AG in order to satisfy the rights conceded with these bonds. In certain cases, the Executive Board shall be authorised, given Supervisory Board approval, to exclude the subscription right of the shareholders to the bonds with option or conversion rights in GFT Technologies AG.

4. Segmental reporting

Segmental reporting for the first six months of the 2007 financial year was undertaken for the same business segments as in the Consolidated Financial Statement as of 31 December 2006. The Resourcing division also contains the Parity companies that were included with six months in the first half-year 2007 and with five months in the first half-year 2006 (see point 2 above).

GFT Technologies Aktiengesellschaft – Segment reporting as of 30 June 2007

	Services		Software
	30/06/2007 ke	30/06/2006 ke	30/06/2007 ke	30/06/2006 ke
Revenue
External sales	49,003	38,757	2,586	3,337
Inter-segment sales	69	-	-	-
Total revenue	49,072	38,757	2,586	3,337

Result
Segment result	4,121	3,168	-576	-674

Unallocated income/expenses
Operating results
Interest expenses
Interest income
Share of net profits of associates
Earnings before tax

Income tax expenses
Net income

Other information
Segment assets	48,351	35,461	2,080	1,257
Investments in associates accounted for under the equity method
Unallocated corporate associates
Consolidated total assets

Segment liabilities	24,185	21,108	2,101	1,993
Unallocated corporate liabilities
Consolidated total liabilities

Capital expenditure	437	434	134	193
Depreciations	503	446	54	61
Non-cash expenditure other than depreciation	-	-	-

Resourcing			Total		Eliminations	Consolidated
30/06/2007	30/06/2006	30/06/2007	30/06/2006	30/06/2007	30/06/2006	30/06/2007	30/06/2006
ke	ke	ke	ke	ke	ke	ke	ke

61,513	38,029	113,102	80,123
1,890	79	1,959	79	-1,959	-79
63,403	38,108	115,061	80,202	-1,959	-79	113,102	80,123


1,591	683	5,136	3,177			5,136	3,177

						-90	-1,074
						5,046	2,103
						-90	-78
						346	261
						-	-
						5,302	2,286

						-2,008	-1,369
						3,294	917

45,243	37,907	95,674	74,625			95,674	74,625

						-	-
				11,116	9,515	11,116	9,515
						106,790	84,140

25,619	13,396	51,905	36,497			51,905	36,497
				2,220	2,459	2,220	2,459
						54,125	38,956
73	70	644	697	21	14	665	711
54	29	611	536	20	11	631	547

-	-	-	-	157	250	157	250

In addition to segment data by business segment, oriented in accordance with the company's structure, the table shown below contains geographical data in accordance with IAS 14 (secondary segment information).

	Revenues from sales Carrying amount to external clients* of segment assets				Investments in equipment and intangible assets
in c(k)	01/01–30/06 01/01–30/06 2007 2006 30/06/2007 30/06/2006		01/01–30/06 2007	01/01–30/06 2006
Germany	75,587	49,730	74,984	59,754	323	385
Great Britain	11,269	5,432	7,648	5,707	17	17
Spain	8,138	6,695	14,422	11,141	129	260
Brazil	6,479	5,758	293	94	112	3
France	6,425	5,778	7,811	5,264	47	3
Switzerland	2,049	1,780	1,184	1,184	17	39
Other foreign countries	3,155	4,950	447	996	20	4
Total	113,102	80,123	106,789	84,140	665	711

* Determined by client location

5. Changes to contingent liabilities

As of 30 June 2007, the Group had not undergone any significant changes to its contingencies and other financial commitments since its Consolidated Financial Statements of 31 December 2006.

6. Investments

During the period between 1 January and 30 June 2007, the GFT Group invested c (k) 161 in intangible fixed assets (1 January to 30 June 2006: c (k) 348) and c (k) 504 in tangible assets (1 January to 30 June 2006: c (k) 363).

7. Related party disclosures

Relative to the notes to the Consolidated Financial Statements as of 31 December 2006 there were no changes to the composition of the related companies and people, and to the relationships with these.

8. Explanations about shares for company use and subscription rights of employees and members of the company's executive bodies

As of 30 June 2007 GFT AG does not hold any own shares; nor were any own shares acquired or sold in the period from 1 January to 30 June 2007 (section 160 (1) sentence 2 German Stock Corporation Act (AktG).

The explanations about subscription rights of employees and members of the company's executive bodies as per section 160 (1) sentence 5 German Stock Corporation Act (AktG) refer to the stock options programme (subscription rights as per section 192 (2) sentence 3 German Stock Corporation Act):

The extraordinary shareholders' meeting of 4/24 June 1999 approved a conditional equity capital increase through an issue of up to 260,000 individual share certificates (corresponding to 780,000 individual share certificates following the 3:1 stock split of 16 May 2000, Conditional Capital I/1999) permitting subscription rights exclusively through stock options programmes as well as the basic features of stock options programmes to be launched by the Executive Board. The conditional increase in capital is to be carried out only insofar as the holders of the issued subscription rights wish to use their subscription rights according to section 192 (2)sentence 3 German Stock Corporation Act. Beneficiaries are exclusively members of the Executive Board and employees of GFT Technologies AG as well as members of 100% subsidiaries, to whom purchasing rights have been granted. The subscription rights under the "1999/2004" and "2000/2005" stock option programmes issued by the Executive Board lapsed on 6 July 2004 and respectively 1 July 2005 without having been exercised. Therefore, no subscription rights pursuant to section 192 (2) sentence 3 of the German Stock Corporation Act which may be used have existed since 1 July 2005.

Assurance of the Legal Representatives

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 of the group includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining months of the financial year.

St. Georgen, 3 August 2007

Ulrich Dietz Marika Lulay Dr. Jochen Ruetz Executive Board (Chairman) Executive Board Executive Board

Our divisions

Services

IT Services:

reliable international direct

In the Services business division we conceive and develop innovative and individual IT applications. After implementing these solutions, we also take on their operation and maintenance. Our wellfounded project and technological experience, as well as comprehensive industry competence in the financial and logistics services sectors, make GFT a preferred IT partner for reputable companies domestically and abroad.

GFT

Resourcing Supplying IT personnel:

flexible punctual suitable

The Resourcing business division covers the facilitation of IT specialists to companies in all industries. We find the sought-after IT experts, and supply them on a project-basis to our customers, ensuring optimum cost effectiveness.

Our subsidiary emagine is the leader in Third Party Management in Germany. It offers its clients the customised management of their IT suppliers, which enables them to reduce costs, increase process quality and improve legal security.

Software Optimisation of business processes:

automated pragmatic innovative

In the Software business division we develop and implement customised IT solutions for the optimisation of business processes and the archiving of documents. Our solutions are based on standardised software products which support companies in digitalising and automating internal processes.

With our GFT inspire family of products we offer a complete and powerful platform. The software solution GFT hyparchiv allows a consistent automatic and company-wide document management as well as auditable archiving.

Contact

GFT Technologies AG

Investor Relations Andrea Wlcek Leopoldstraße 1 D-78112 St. Georgen, Germany T +49 7724 9411-440 F +49 7724 9411-883 [email protected]

The Interim Financial Report January to June 2007 is also available in German under www.gft.com/ir. In case of doubt the German language version shall prevail.

The Interim Financial Report for the third quarter will be published on 8 November 2007.

Imprint

Concept and Text: GFT Technologies AG, St. Georgen, www.gft.com Creative concept and design: IR-One AG & Co. KG, Hamburg, www.ir-1.com Photography: Rüdiger Nehmzow, Düsseldorf, www.nehmzow.de

GFT Technologies AG Leopoldstraße 1 78112 St. Georgen, Germany

T +49 7724 9411-0 F +49 7724 9411-94

[email protected] www.gft.com