Q1/2007

Quarterly Financial Report

GFT Group Summary

Financial figures according to IFRS in e(k)	01/01/–31/03/2007	01/01/–31/03/2006

Revenue	53,790	37,940

Earnings before interest, tax,
depreciation and amortisation (EBITDA)	2,393	1,087
Total depriciation	300	267
Earnings before interest and taxes (EBIT)	2,093	821
Earnings before taxes (EBT)	2,235	915
Net income as of 31 March	1,297	343

IAS 33 earnings per share, in c	0.05	0.01

Fixed assets	23,634	23,256
Liquid assets and securities	20,558	14,453
Remaining current assets	49,976	41,307
Equity ratio, in %	50	53

Number of permanent employees as of 31 March	1,071	1,005

Interim Management Report as of 31 March 2007

1 Course of Business

After the positive business development observed in 2006, GFT continued its dynamic growth into the first three months of 2007. The group revenues amounted to c 53.8m. for the first quarter of 2007, displaying a growth of 42%, or c 15.9m., in comparison with the same quarter from the previous year. It should be noted here that the companies acquired in the beginning of 2006 were only represented for two months in the report from the same quarter from the previous year. By comparison, the increase in revenues in the same quarter last year was around 29%, or c 12.0m. The increase in revenues was about 16% over that of the fourth quarter of 2006. This growth in revenue is all the more positive considering that the first quarter is traditionally the weakest quarter of the year in terms of revenue. The Resourcing segment made significant contributions to this growth, which among other things can be traced back to the acquisition of a reputable major client in the Third Party Management division.

The Services segment was well above the previous year's figures and registered an increase in revenue of just under 24% in the first quarter against the last year's figure. It was possible to expand the international customer base with new clients from the Financial Services branches in Germany, Spain, and the UK. The positive development in the Services segment is the result of a firm focus on the branches of financial and logistical services. Following up on a strong fourth quarter in 2006, the revenues in the Software segment are slightly regressive in comparison with the previous quarter and the corresponding period from previous year.

The GFT group saw positive developments in results for the first quarter of 2007. With c 2.2m., the earnings before taxes during the reporting period more than doubled the previous year's earnings of c 0.9m. The positive developments in earnings were primarily due to the successful implementation of large projects and to long term contracts with existing customers in the Services division, a greater contribution the Resourcing segment, as well as reduced losses in the Software segment.

Given the consistently positive economic environment, GFT is optimistic for the remainder of the year following a strong first quarter. We expect that the GFT group will register revenues totalling more than c 200m. for the 2007 business year with an operating margin of at least 5%.

2 Economic Framework Conditions

2.1 Macroeconomic development

The global economy has been continuing its upturn phase in spring 2007. The pace of expansion is slightly slower than in the previous year, because the rise of production in the USA has levelled off. Nevertheless the global business cycle is still strong. The economic deceleration in the USA hasn't encroached to Europe yet.

In the Euro zone, the cyclical upward tendency will continue. The forecast for the economic growth in GFT's largest sales markets therefore nearly keeps the high previous year's level.

In Germany the upward tendency will continue, indeed with a slightly lower speed of expansion than the year before. (GDP of 2,4% compared to 2,7% in the previous year). Spain (3,5% after 3,9% in 2006), the UK (2,6% compared 2,8%) and France (2,1% to 2,2%) will also further grow at a slightly lower pace. (Joint consortium of German economic research institutes e.V.)

2.2 Development of the industry

The European Information Technology Observatory (EITO) estimates a stable development of the IT market in 2007 after a strong growth in the previous year. Again, the IT market will develop more dynamically than the gross domestic product (GDP) in each country. Particularly strong are GFT's core competence areas: software and IT services. According to the EITO forecast, they will grow by 6,5% (2006: 6,3%) or 5,5% (2006: 5,3%) within the EU.

Looking at the IT markets in the relevant countries, Spain ranks highest with a forecast 6,1%, followed by Great Britain with 5% and France with 4,6%. Germany with 3,5% exhibited weaker growth than the EU average of 4,4%; its growth rates outperformed, however, the GDP growth of 2,4%. Except for Spain whose IT market is expected to grow slower than in the previous year, the European IT markets will clearly gather momentum.

3 Development of revenue

Altogether, the revenues for the GFT Group in the first quarter of 2007 increased from c 37.9m. to c 53.9 m., or 42%, in comparison with the same period of the previous year. This also translates to growth over the previous quarter. In the last three months of 2006, the revenue amounted to c 46.3m., thus increasing 16% over the reporting period.

3.1 Revenue by segments

As of 31 March 2007, the distribution of revenue by segments may be represented as follows:

The distribution of revenues by segments continues to shift from the Services segment to the Resourcing segment. Resourcing is, with a revenue share of around 54%, clearly larger than Services segment, which realised just under 44% of the revenue. As such, the relationship between the two segments was reversed in comparison with the same period for the previous year. As of 31 March 2006, Services was responsible for 50% of the revenue while only 46% could be attributed to Resourcing. Both segments contributed a nearly equal share at the end of 2006 (Resourcing: 49%, Services: 47%).

The share of the Software segment dropped from the previous year's 4% to 2.5%.

With a revenue share of 54%, the Resourcing division improved eight percentage points in comparison with the same time in the previous year. In absolute numbers, revenue increased nearly two-thirds from c 17.5m. in the same quarter last year to c 28.9m. in the first three months of the current year.

Multiple factors were decisive for the added revenue. Firstly, the Resourcing segment achieved clearly organic growth. Secondly, the companies taken over in 2007 were consolidated for the full three months, while they could only be integrated for two months in the quarterly statement during the same period for the previous year. If the revenues from all three months had been included, the resulting revenues would have been c 3.9m. higher. The comparable organic growth of the Resourcing segment therefore amounts to c 7.6m., or 35%. Within the Resourcing segment, the companies taken over were entailed in the resource management business division.

The absolute segment revenues developed over the current reporting period in comparison with the corresponding period from the previous year and the 2006 financial statement as follows:

The Third Party Management division also displayed markedly organic growth. A big German bank was gained as a new client in this sector and contributed c 4.4m. to the segment's revenue.

The Services segment realised revenues of c 23.5m. and thus rose by 24% over the revenues of c 18.9m. for the same quarter from the previous year. Due to the even more drastic growth in the Resourcing division, the revenue share of Services sank by 12% (relatively) in comparison with the same period from the previous year, contributing 44% of the total revenue as of the balance sheet date on 31 March 2007 (previous year: just under 50%).

The absolute rise of c 4.6m. reflected the increasing number of incoming orders. The basis for this influx was formed by new clients as well as heavy demand from existing clients. This led to distinct growth in the Financial Services sector, above all in Germany, Great Britain, and Spain.

After a strong fourth quarter in 2006, with c 2.0m. charted, the revenue figures in the Software segment were slightly regressive. The division registered c 1.4m. in the first three months of 2007, which was c 0.2m. less than was registered during the first three months of 2006. The share of total revenues therefore amounts to 2.5%. As the year goes on, increases in revenue may be expected due to ongoing investments in product development within this division.

3.2 Revenue by countries

The changes to the distribution in revenue by country were insignificant compared with the distribution one year ago and the 2006 annual financial statement. Germany, with a 65% share in revenue, remains the most important sales market for GFT (previous year: 62%). The revenues with clients from Germany rose in comparison with the corresponding period in 2006 by almost 50% to c 35.2m. The UK displayed a revenue share of 10% due to its acquisition of new clients in the Financial Services division and boasted the second largest sales market ahead of Spain. Here, revenues increased by 116% from the previous year's c 2.5m. to c 5.5m. in the first quarter of 2007.

Solid demand was demonstrated in Spain, where GFT registered c 4.4m. or 8% of total revenues. The absolute revenue therefore climbed by 32% in comparison with the previous year.

The revenue share with clients in France remained at a constant 7%. From an absolute standpoint, revenue grew by c 0.7m. to c 3.6m. as of 31 March 2007. A large project with a bank led to a stable inflow of revenue of c 3.1m. in Brazil, 22% higher than the same time for previous year. Also Switzerland slightly increased its absolute revenues, indicating with c 0.9m. an almost 2% share in revenue. Business with clients from other countries, including Italy, Hungary, and the USA contributed c 1.1m. to the total revenue. That amount is c 4.1m. less than the corresponding period from the previous year, a result which, among other things, can be attributed to the sale of the Hungarian subsidiary at the end of 2006.

3.3 Revenue by industries

The distribution of revenue by branch reflects GFT's focus on the financial service sector in the first quarter as well. Just 65% of revenues, or c 34.8m., was registered in the first three months of 2007 in this industry. This translates to an absolute revenue growth of 48% compared with the previous year.

The industry sector is the second largest, demonstrating a revenue share of 19%. This share can primarily be traced to the GFT Resourcing division. In comparison with the period from the previous year, revenues rose by one-third, that is, from c 7.7m. to c 10.2m. The share in revenue held by other branches slightly increased, roughly by one percentage point, to 9%.

In the postal and logistics division, which had a 7% share on total revenue for the year with c 3.7m., major strategic projects and important framework agreements were made in 2006. We expect associated revenues to come in over the course of this business year. During the previous year, revenue totalled around c 3.4m.

4 Earnings position

The results from the first three months of 2007 were noticeably higher than the same period from the previous year. As of 31 March 2007, the earnings before tax totalled c 2.2m. This corresponds to a growth of 144% in comparison with the same period from the previous year. The pre-tax earnings also grew slightly in comparison with the fourth quarter of 2006, rising by c 0.05m.

These clear improvements to the operating results before taxes can be traced back to all three segments.

The Services division increased in terms of earnings by c 0.3m. in comparison with the same quarter from the previous year. Through long term contracts with existing clients and the successful implementation of a large project in Brazil, the Spanish subsidiary was the primary contributor to this increase in results.

The Resourcing segment improved in terms of earnings by c 0.5m., which can be attributed both to the positive effects of organic increases to revenue, and to the integration costs accrued in the previous year. Finally, the consolidation only reveals the effects for the first two months of the previous year here as well; if all three months had been included for the previous year, the earnings before taxes in the first quarter 2006 would have been c 0.1m. higher.

Due to an improved cost base, the Software division was able to reduce its loss by c 0.2m. in comparison with the same period from the previous year.

Nevertheless, the clear increase in revenues from the first quarter of 2007 due to start-up investments in several major projects has not yet been sufficiently reflected in earnings. We expect further improvements in terms of operating results margins for the remainder of the year. The earnings before interest and taxes amounted to c 2.1m. in the first quarter of 2007, after c 0.8m. in the corresponding quarter from the previous year.

Earnings before interest, tax, and depreciation of tangible and intangible fixed assets as of 31 March 2007 rose to c 2.4m. This corresponds to a growth of 120%, or c 1.3m. compared to the corresponding period from the previous year.

After deduction of all expenses, the GFT Group registered a quarterly surplus of c 1.3m. as of 31 March 2007, compared to c 0.3m. for the same time period last year. The calculated tax rate of 42% is based on the concentration of income in countries with corresponding tax rates. The German loss carry-forwards cannot be used due to startup costs. According to plan, however, the tax rate should level off at 30% during the course of the year.

The per-stock earnings amounted to c 0.05 at the end of the first quarter for 2007, which is a five fold increase in comparison with the corresponding period from last year. These figures refer to the average 26,325,946 stocks current being traded. A fractional dividend will not be paid out.

4.1 Development of costs and prices

As in the previous quarters, the operating costs of the GFT Group increased slightly under proportionately, at 37%, to the 42% increase in revenues. As of 31 March 2007, the operating costs totalled c 52.3m., following the c 38.1m. in costs from the corresponding period of the previous year.

The lion's share of operating costs was occupied by material expenses, which largely consisted of expenses for services from outside personnel. The share of operating

costs amounted to c 30.7m., about 72% above the costs for the first quarter of 2006. The majority of this share can be traced back to the acquired companies, which were only contained in two months of the first quarter from last year.

Personnel expenses totalled c 16.2m., slightly higher than the figure of c 15.4m. from the first quarter of 2006. This increase reflects the increased number of employees as well as their high level of qualification.

The depreciation of fixed assets and long term intangible assets remained unchanged at c 0.3m. in comparison with the comparable time period in 2006.

Other operating expenses rose in comparison with the first quarter of 2006 from c 0.5m. to c 5.0m. This cost block is fundamentally composed of leasing and ancillary expenses for business premises, marketing expenses, which include important advertising and travel expense items, and administrative expenditures.

5 Financial position

The quarterly surplus had positive effects on liquidity. As of 31 March 2007, the balance of freely accessible cash totalled c 20.6m. as opposed to the c 14.5m. available at the corresponding point of the previous year and the c 23.9m. available at the year's end 2006. This was offset by short term financial liabilities to the sum of c 2.6m. (previous quarter: c 2.4m.), which resulted from the factoring credit line for the acquired companies in France.

The cash flow from operating activities in the first quarter of 2007 was, with c -3.1m., at a satisfactory low. Here it is important to take into consideration that, as in previous years, liquidity is always higher than average at the year's end due to prepared incoming payments from clients. Factoring in such payments, which amounted to around c 5.0m., the operating cash flow was a positive c 1.9m. for the first quarter.

In the first three months of the current business year, the GFT Group invested c 0.4m., c 0.1m. more than the corresponding period from the previous year. Thereof c 0.3m. were invested in intangible fixed assets and c 0.1m. in long term intangible assets.

Long term intangible assets, such as development costs for self-produced software were capitalised in 2007 in a similar manner to the first quarter of 2006. They amounted to c 0.1m., around 40% below the previous year's figure. These development costs came from the Indian subsidiary of GFT for the GFT Solutions AG product family. Pursuant to IAS 38, the expenses for manufacturing costs were capitalised and amortised according to a three-year schedule.

6 Net assets

With booming profitable revenues, the balance sheet as of 31 March 2007 exceeded the corresponding figures of previous year's corresponding date and of the end of 2006.

Compared to the first quarter 2006, the receivables and liquid assets in particular exceeded the corresponding figures. In comparison with 31 December 2006, the receivables as of the end of the first quarter were higher due to a client's significant excess payment and further rising revenues.

The long term liabilities slightly exceeded the year-end figure from 2006 with c 3.1m. due to higher deferred taxes in the liabilities side, but were still lower than the previous year's effective date.

With 59%, the equity ratio could be retained on an unchanged gratifying high stage.

7 Employees

The GFT Group employed a total of 1,071 employees, including part-time employees, as of the balance sheet date of 31 March 2007: 14 people more than at the end of 2006 and 66 more people than were employed at the corresponding point of the previous year. The number of outside personnel rose by 67% from 751 to 1,252 employees compared to the corresponding period of the previous year.

In the first three months of the current business year, an average 1,066 employees were on payroll, which reflects an increase of 67 employees over the 999 employed last year. The percentage of employees working abroad amounted to 73% as of 31 March 2007, a number which corresponds to 782 employees (previous year: 710 employees or 71%). Accordingly, 27% or 289 employees were located in Germany (previous year: 291 employees or 29%).

8 Research and Development

The expenses for Research and Development in the first quarter of 2007 were consistent with corresponding costs from the previous year at c 1.3m. Personnel costs occupied the primary cost position, as they had in the past, amounting to c 1.1m.

The Research and Development sector focused on process innovations as it had in the previous quarters. The implementation of CMMI (Capability Maturity Model Integration), an internationally recognised process model for software and system development, is the largest item. CMMI level 3 should have been reached for core processes by the end of the year in Germany, Spain, and the UK. The goal is to standardize management and development processes.

The further development of the family of software products around document- and process-based workflows formed the second central component of the GFT research and development activities. In the second quarter of 2007, GFT will introduce a new version of GFT inspire, a type of software used to optimize business processes, to the market.

In addition, we have enhanced our internal applications and, by way of example, spurred on the further development of the internal GFT "Workspace" portal.

9 Chances and risks

The GFT Group's chances and risks have been described in detail in the Management Report for the Consolidated Financial Statements 2006. Compared to this status there have been no relevant changes in the actual reporting period.

10 Outlook for the current business year

By positively developing our Services and Resourcing segments, we were ably to significantly increase our revenues in comparison with the same quarter for the previous year. The stable demand from our existing clients and high business volumes with new clients in the Third Party Management sector played a key role in exceeding our revenue expectations. The results of the first quarter were nevertheless burdened by start-up costs for the various large projects such that our operating results margin hovered below the target value for the entire year.

For the entire 2007 business year, we anticipate revenues of more than c 200m. Following a very strong first quarter, we expect a continuing positive course of business for the coming quarters. A large outgoing project to Brazil should be compensated for by new clients and projects over the course of the year. The resulting margin before taxes for the GFT Group in 2007 will amount to at least 5%.

The executive board would like to thank all employees for their reliability, loyalty, and all our clients, investors, and business partners for their trust and loyalty.

St. Georgen, 4 May 2007 The Executive Board

Executive Board Executive Board Executive Board (Chairman)

Ulrich Dietz Marika Lulay Dr. Jochen Ruetz

Balance Sheet (IFRS) as of 31 März 2007

	Interim Report 31/03/2007	AnnualAccounts 31/12/2006
ASSETS	e	e

Current Assets
Liquid Funds	16,970,819.64	20,244,411.54
Marketable Securities	3,587,388.15	3,647,088.15
Trade receivables	43,758,205.45	34,133,550.50
Receivables from related parties	0.00	0.00
Inventories	6,230.00	5,125.00
Deferred tax assets	0.00	0.00
Accrued items and other current assets	4,985,999.76	3,414,408.70
Others	0.00	0.00
Total current assets	69,308,643.00	61,444,583.89
Non-current assets
Tangible fixed assets	2,511,368.55	2,447,985.92
Intangible assets	757,909.45	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	6,175,347.92	5,969,303.35
Other assets	1,225,813.78	1,225,813.78
Others	0.00	0.00
Total non-current assets	31,035,450.27	30,750,865.54














Total assets	100,344,093.27	92,195,449.43

LIABILITIES	Interim Report 31/03/2007 e	AnnualAccounts 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	2,624,716.38	2,415,840.80
Trade payables	15,315,901.41	15,593,508.15
Payables from related parties	0.00	0.00
Deposits received	5,432,699.56	4,783,225.81
Provisions	14,562,967.06	11,883,057.71
Deferred revenues	1,262,605.34	415,014.88
Current income tax liabilities	1,461,044.74	1,240,128.12
Deferred tax liabilities	0.00	0.00
Other current liabilities	5,961,894.89	3,654,439.35
Others	0.00	0.00
Total current liabilities	46,621,829.38	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	439,436.88	197,443.17
Provisions for pensions	837,692.00	837,692.00
Others	1,641,240.89	1,661,934.11
Total non-current liabilities	3,068,369.77	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	43,134.14	42,176.11
Market assessment for securities	15,937.50	23,437.50
Consolidated balance sheet loss	-45,422,425.13	-46,719,695.89
Total shareholders' equity	50,653,894.12	49,363,165.33

Total equity and liabilities	100,344,093.27	92,195,449.43

Consolidated Income Statement (IFRS) from 1 January to 31 March 2007

	Cumulated Period
	01/01/–31/03/ 2007 e	01/01/–31/03/ 2006 e

Revenue	53,789,813.79	37,940,443.44
Other operating income	609,391.65	952,599.67
Changes in inventories of work in progress	0.00	0.00
Other capitalised servies	52,259.28	85,338.25
Cost of material / Purchased services	-30,749,623.41	-17,908,153.90
Employee benefits costs	-16,215,298.49	-15,449,254.84
Depreciation of tangible and intangible assets	-299,954.86	-266,602.01
Goodwill amortisation	0.00	0.00
Other operating expenses	-5,007,325.12	-4,512,121.79
Others	0.00	0.00
Result from operating activites	2,179,262.84	842,248.82

Interest income/expenses	141,690.07	94,074.77
Dividend income	0.00	0.00
Income/expenses from financial assets using the equity method	0.00	0.00
Foreign currency gains/losses	-14,724.88	-2,589.71
Other income/expenses	-71,500.00	-19,100.00
Earnings before tax (and minority interest)	2,234,728.03	914,633.88

Income tax expenses	-937,457.27	-571,942.08
Extraordinary income/expenses	0.00	0.00
Earnings before minority interest	1,297,270.76	342,691.80

Minority interest	0.00	0.00
Net income	1,297,270.76	342,691.80

Net earnings per share (basic)	0.05	0.01
Net earnings per share (diluted)	0.05	0.01

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

Consolidated Cash Flow Statement from 1 January bis 31 March 2007

		Cumulated Period
	01/01/–31/03/ 2007 e	01/01/–31/03/ 2006 e
Cash flows from operating activites
Net income	1,297,270.76	342,691.80
Adjustments for:
Minority interest	0.00	0.00
Depreciation	299,954.86	266,602.01
Increase/decrease of provisions and value adjustments	3,123,929.49	-1,309,910.09
Losses/gains from the disposal of assets	-202.71	778.73
Foreign currency gains/losses	-14,724.88	-2,589.71
Others	47,700.00	-33,900.00
Changes in working capital	-7,854,805.98	-6,889,545.93
Cash flows from operating activities	-3,100,878.46	-7,625,873.19
Cash flows from investing activities
Acquisition of consolidated companies, net of purchased cash	0.00	-6,022,087.75
Income of sales of consolidated companies, net of purchased cash	0.00	0.00
Acquisition of fixed assets	-379,914.18	-263,734.19
Income of sales of fixed assets	1,621.87	416.00
Others	3,245.26	2,576,000.00
Cash flows used in investing activities	-375,047.05	-3,709,405.94
Cash flows from financing activities
Cash receipts from equity contribution	0.00	0.00
Cash receipts from issuing short or long term loans	208,875.58	156,547.50
Cash payments for repayments of loans	0.00	-526,771.47
Cash payments for lease obligations	0.00	0.00
Others	-6,541.97	-49,983.77
Cash flows used in financing activities	202,333.61	-420,207.74
Foreign exchange difference	0.00	0.00
Decrease of liquid funds	-3,273,591.90	-11,755,486.87
Liquid funds at the beginning of the period	20,244,411.54	20,652,062.51
Liquid funds at the end of the period	16,970,819.64	8,896,575.64

Consolidated Statement of Changes in Equity (IFRS) as of 31 March 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 01/01-31/03/2006
- Transferred to Income Statement 01/01-31/03/2006
Exchange differences on translating foreign operations 01/01-31/03/2006
Deferred taxes taken directly to or transferred from equity 01/01-31/03/2006
Income and expense recognised directly in equity 01/01-31/03/2006
Net income 01/01-31/03/2006
Total recognised income ad expense 01/01-31/03/2006
As of 31/03/2006	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 ad 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 01/01-31/03/2007
- Transferred to Income Statement 01/01-31/03/2007
Exchange differences on translating foreign operations 01/01-31/03/2007
Deferred taxes taken directly to or transferred from equity 01/01-31/03/2007
Income and expense recognised directly in equity 01/01-31/03/2007
Net income 01/01-31/03/2007
Total recognised income ad expense 01/01-31/03/2007
As of 31/03/2007	26,325,946.00	67,346,563.99	1,387.65	2,343,349.97

	not affecting results
Foreign currency translations	Market assessment for securities	Consolidated balance sheet loss	Equity attributed to equity holders of the parent	Minority interests	Total share capital
e	e	e	e	e	e
87,641.94	181,250.00	-51,829,043.39	44,457,096.16	0.00	44,457,096.16
	276,000.00		276,000.00		276,000.00
	-174,000.00		-174,000.00		-174,000.00
-11,733.77			-11,733.77		-11,733.77
	-38,250.00		-38,250.00		-38,250.00
-11,733.77	63,750.00	0.00	52,016.23	0.00	52,016.23
		342,691.80	342,691.80	0.00	342,691.80
-11,733.77	63,750.00	342,691.80	394,708.03	0.00	394,708.03
75,908.17	245,000.00	-51,486,351.59	44,851,804.19	0.00	44,851,804.19

	-6,000.00		-6,000.00		-6,000.0
	-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

	-12,000.00		-12,000.00		-12,000.00
	0.00		0.00		0.00
958.03			958.03		958.03
	4,500.00		4,500.00		4,500.00
958.03	-7,500.00	0.00	-6,541.97	0.00	-6,541.97
		1,297,270.76	1,297,270.76	0.00	1,297,270.76
958.03	-7,500.00	1,297,270.76	1,290,728.79	0.00	1,290,728.79
43,134.14	15,937.50	-45,422,425.13	50,653,894.12	0.00	50,653,894.12

Changes in equity

Notes to the Quarterly Financial Statements

(Interim Management Report) as of 31 March 2007

GFT Technologies Aktiengesellschaft, St. Georgen

1. Fundamentals for the GFT Group's quarterly financial statements

The quarterly 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 Euro 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 quarterly financial statements as in the previous group annual 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 31 December March 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 first quarter's Income Statement and the Cash Flow Statement with the first quarter 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 first quarter's Cash Flow Statement with three months, whereas in the first quarter 2006, they were solely included with two months. Their contribution to revenue in the first three months 2007 totalled c 12.4m. (first quarter 2006: c 0.1m.) with a contribution to results totalling c 0.4m. (first quarter 2006: c 0.1m.)

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 quarter of 2007, compared to the first quarter 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 quarters.

3. Changes in equity

With respect to the changes in equity capital between 1 January 2007 and 31 March 2007 we refer to the Consolidated Statement of Changes in Equity which is separately represented.

As of 31 March 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 31 March 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).

No changes resulted to the company's authorised and conditional capital between 1 January and 31 March 2007 relative to 31 December 2006. Dividends have not been proposed or paid out during the 2007 financial year.

4. Segmental reporting

Segmental reporting for the first three 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 three months in the first quarter 2007 and with two months in the first quarter 2006 (see point 2 above).

Segment Reporting (IFRS) as of 31 March 2007

	Services			Software
	31/03/2007 e(k)	31/03/2006 e(k)	31/03/2007 e(k)	31/03/2006 e(k)
Revenue
External sales	23,482	18,868	1,364	1,549
Inter-segment sales	91	0	0	0
Total revenue	23,573	18,868	1,364	1,549
Result
Segment result	1,736	1,402	-155	-398
Unallocated income/expenses
Depreciations goodwill (consolidated)
Operating result
Interest expenses
Interest income
Share of net profits of associates
Earnings before tax
Extraordinary income/expenses
Income tax expenses
Net income
Other information
Segment assets	45,126	41,287	2,164	1,232
Investments in associates accounted for under the equity method
Unallocated corporate associates
Consolidated total assets
Segment liabilities	24,240	21,338	2,320	2,137
Unallocated corporate liabilities
Consolidated total liabilities
Capital expenditure	243	132	73	99
Depreciations	240	219	27	30
Non-cash expenditure other than depreciation

	Resourcing		Total Eliminations Consolidated
31/03/2007 e(k)	31/03/2006 e(k)	31/03/2007 e(k)	31/03/2006 e(k)	31/03/2007 e(k)	31/03/2006 e(k)	31/03/2007 e(k)	31/03/2006 e(k)

28,944	17,523	53,790
562	0	653	0	-653	0
29,506	17,523	-653	37,940	-653	0	53,790	37,940


698	246	2,279	1,250

						-185	-429
						0	0
						2,093	821
						-40	-56
						181	150
						0	0
						2,235	915

						0	0
						-937	-572
						1,298	343


42,502	30,850	89,792	73,369			89,792	73,369
						0	0
				10,552	11,444	10,552	11,444
						100,344	84,813

20,789	14,096	47,349	37,571			47,349	37,571
				2,342	2,390	2,342	2,390
						49,690	39,961

53	30	368	261	12	3	380	264
23	12	291	261	9	6	300	267
				72	19	72	19

		Revenues from sales to external clients*	Carrying amount of segment assets		Investments in equipment and intangible assets
e(k)	01/01/–31/03/ 2007	01/01/–31/03/ 2006	31/03/2007	31/03/2006	2007	01/01/–31/03/ 01/01/–31/03/ 2006
Germany	35,221	23,490	69,580	60,119	150	155
Spain	4,424	3,364	15,787	11,467	97	93
Great Britain	5,453	2,516	6,527	5,681	33	8
Switzerland	889	817	1,157	1,444	9	6
Brazil	3,103	2,537	229	39	36	0
France	3,625	2,304	6,653	5,099	45	0
Other foreign
countries	1,075	2,912	411	964	10	2
Total	53,790	37,940	100,344	84,813	380	264

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).

* Determined by client location

5. Changes to contingent liabilities

As of 31 March 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 31 March 2007, the GFT Group invested c(k) 78 in intangible fixed assets (1 January to 31 March 2006: c(k) 97) and c(k) 302 in tangible assets (1 January to 31 March 2006: c(k) 167).

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 31 March 2007 GFT AG does not hold any own shares; nor were any own shares acquired or sold in the period from 1 January to 31 March 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.

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.

Resourcing Supplying IT personnel:

GFT

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.

Dates

Annual General Meeting	22 May 2007
2nd Quarter Report	9 August 2007
3rd Quarter Report	8 November 2007

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 Quarterly Financial Report Q1/2007 is also available in German under www.gft.com/ir. In case of doubt the German language version shall prevail.

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