GFT Technologies SE — Interim / Quarterly Report 2009

May 14, 2009

Interim Financial Report 1st Quarter 2009

GFT Group Summary

Financial Figures according to IFRS in €(k)	01/01-31/03/2009	01/01-31/03/2008
Revenue	54,559	55,390
Earnings before interest, tax, depreciation and amortisation (EBITDA)	1,159	703
Total depreciation	330	413
Earnings before interest and taxes (EBIT)	828	290
Earnings before taxes (EBT)	981	522
Net income as at 31 March	722	132
IAS earnings per share, in €	0.03	0.01
Non-current assets	31,132	30,778
Cash, cash equivalents and securities	26,566	20,714
Other current assets	50,601	53,279
Balance sheet totals	108,299	104,771
Equity ratio, in %	59	55
Number of permanent employees as at 31 March	1,031	1,045

Contents

Interim Financial Report as at 31 March 2009

1.	Business conditions	2
1.1	Macroeconomic development	2
1.2	Development in the IT industry	2
2.	Course of business during the first three months of 2009	2
3.	The GFT share	3
4.	Development of revenue	4
5.	Earnings situation	6
6.	Financial position	7
7.	Net assets	8
8.	Employees	8
9.	Research and development	8
10.	Risks report	9
11.	Outlook	9

Interim Consolidated Financial Statements

Consolidated Balance Sheet	10
Consolidated Income Statement	12
Consolidated Cash Flow Statement	13
Consolidated Statement of Changes in Equity	14
Notes to the Interim Consolidated Financial Statements	16

Further Information

Financial Calendar	22
Imprint	22

Interim Financial Report

as at 31 March 2009 GFT Technologies Aktiengesellschaft, Stuttgart

1. Business conditions

1.1. Macroeconomic development

The outlook for the global economy did not begin to improve in the first quarter of 2009. Far-reaching bailout packages and rescue measures implemented by governments and central banks around the world have generated initial indications of stabilisation in the banking sector. The economic climate has further deteriorated however since year-end. Many growth forecasts have been corrected downwards, the OECD for example (Organisation for Economic Cooperation and Development) having cut its economic growth forecast to -4.2% for the member nations. In its spring 2009 report the IMF (International Monetary Fund) projected a 1.3% decline in overall economic output. The US, the world's largest national economy, is set to post 2.8% negative growth. Eurozone economic output is set to decline by an aggregate 4.2%. According to the report, Germany will be hit harder by the recession than most other major industrial economies. IMF analysts project GDP (gross domestic product) to fall by 5.6%. Just one quarter ago, the IMF had predicted a 2.5% contraction. Leading German economists see GDP falling as much as 6.0% this year.

1.2. Development in the IT industry

The IT/communications sector has held up well in the crisis according to industry association BITKOM (Bundesverband Informationswirtschaft Telekommunikation Neue Medien e.V.) in its February survey report. More than half of IT and communications firms reported feeling no effects from the crisis on incoming orders or revenue. Roughly six out of ten firms expect revenue or incoming orders to be lower over the next few months than originally estimated. However, more than one third of companies surveyed reported seeing no concrete indications of such a negative development. Nearly half of all companies surveyed are not planning any adjustments to staffing levels. Nearly half of IT/communications firms anticipated improvement in the economic situation this year.

2. Course of business during the first three months of 2009

The GFT Group started off the new financial year with a significant rise in earnings and stable revenue. Though Q1 (first quarter) is typically weaker – something that was exacerbated by the global economic crisis – earnings before taxes rose 88% year-on-year to € 0.98m as of 31 March 2009. The Resourcing and Services divisions generated the majority of earnings, yet the increase was mainly due to the Software division. This division nearly broke even owing to a significantly improved cost situation coupled with rising licensing revenue.

The GFT Group posted revenue of € 54.56m for the first quarter of 2009, falling slightly short of last year's impressive figure by 1.5%. While the Resourcing division saw revenue decline for the first time since onset of the economic crisis, the Services division posted higher revenues for the first three months of 2009. The Resourcing business of Third Party Management suffered from restrained use on the part of financial-sector customers of IT freelancers. The effect on the Services division of modest customer demand in the financial sector was more than offset by improved capacity utilisation and a broadened customer base. The Software division performed well in the first quarter despite the adverse economic conditions. The segment posted slightly lower total revenue year-onyear, though licensing sales for the new archiving environment inboxx rose steadily and came in significantly higher compared to previous months.

Q1 2009 revenue and earnings were in line with the projections for full year 2009 made in the Management Report for the 2008 Annual Report. For the current financial year the Executive Board continues to estimate revenue on par with last year's figure and earnings before taxes ranging between € 6m and € 8m.

3. The GFT share

The first quarter of 2009 began with two extremely difficult months for the world's stock markets. The beginnings of a counter development only began to materialise in March. However, analysts do not yet see any sort of trend reversal. The DAX and MDAX indexes are down by double digits since the start of the year, though the TecDax has performed significantly better. GFT shares also rose in the first three months of 2009, posting a 20% gain. The shares started out the year at € 1.35, and finished out Q1 at € 1.62. Analysts at Equinet and SES Research rate GFT shares "buy". In its current rating after the end of the reporting period (21 April 2009) LBBW rated the shares "hold" at a price of € 2.08.

GFT continues to enjoy a stable share ownership structure. In March there was one change: former GFT Chief Financial Officer and Supervisory Board member Dr. Markus Kerber now holds 5.00% of voting rights. 28.46% are held by founder Ulrich Dietz. His wife Maria Dietz continues to hold 9.68%. 9.99% is held by institutional investors including Baden-Württembergische Investmentgesellschaft mbH (BWInvest) and the Austrian AvW Group AG. Free float amounts to 46.87%.

Share ownership structure

Share performance in the first three months of 2009 indexed (2 January 2009 = 100%)

Data and key figures of the share

German securities code no.	DE0005800601
Market segment	Prime Standard
Designated sponsors	Landesbank Baden-Württemberg (LBBW) equinet AG
Number of shares issued	26,325,946 bearer shares with a par value of € 1

Key figures Q1	2009	2008
Opening quotation (XETRA)	€ 1.35	€ 3.31
Closing quotation (XETRA)	€ 1.62	€ 2.90
Percentage change	+20%	-12%
Highest price (XETRA)*	€ 1.64 (31.03.2009)	€ 3.31 (02.01.2008)
100 Lowes price (XETRA)*	€ 1.13 (23.01.2009)	€ 2.54 (23.01.2008)
Market capitalisation as of 31 March	€ 42.7m	€76.3m
80 Earnings per share	€ 0.03	€ 0.01
Average daily trading volume (shares)	12,427	57,757

60 * Daily closing quotaion

4. Development of revenue 40

The GFT Group generated revenue of € 54.56m in the first three months of 2009. This figure is slightly lower, 1.5%, than the previous year's figure of € 55.39m. As anticipated, the Resourcing division (Third Party Management) recorded lower revenue year-on-year due to restrained customer spending on IT freelancers. The Services division however posted higher revenue. 0 20

Revenue by division

Resourcing was again the division which generated the most revenue in Q1 2009. This was slightly lower however as a percentage of total revenue, down 3% versus the previous year to 57%. The Services division picked up this difference, increasing from 37% last year to 40%, while Software contributed an approximate 3% of total revenue, unchanged quarter-on-quarter.

The Resourcing division recorded a lower percentage of total revenue in Q1 2009 for the first time since the onset of the economic and financial crisis, down slightly yearon-year to 57%. Revenue was down 6% in the first three months of this year versus Q1 2008, from € 33.37m to € 31.34m.

The Third Party Management business was the main reason for the slight decline in revenue, which suffered particularly from immediate cost-cutting measures by customers. Orders from other industries were not enough to offset the decline, leaving Third Party Management revenue for the first three months of 2009 at € 14.72m, down by € 2.02m (prev. yr.: € 16.74m).

Because of its diversified positioning, the Resource Management segment managed to keep revenue stable at last year's level, posting € 16.62m (prev. yr.: € 16.63m). Though market conditions were difficult in the UK, revenue picked up in France. The IT sector was affected by the general trend for reducing the use of external personnel. However, revenue remained stable in the higher-margin Resource Management business, and even increased in certain subsegments.

In the quarter under review, the Services division posted revenue of € 21.89m, up 6% versus € 20.56m one year ago. This was principally due to better capacity utilisation than in Q1 2008. Continued buying restraint from the financial sector prevented a larger increase. GFT benefits from a steadily expanding customer base in the financial sector, as IT consulting projects with existing and new customers can make up for falling demand and savings measures taken by individual banking customers.

The Software division recorded slightly lower revenue in Q1 2009. For the first three months of 2009 the division posted total revenue of € 1.33m (prev. yr.: € 1.46m). Licensing revenue increased a handsome 47% versus the same quarter last year. This indicates the soundness of our software strategy, which revolves around stimulating license sales. For the remainder of the year we expect licensing business to continue growing despite unfavourable economic conditions overall.

Revenue by country

As at 31 March 2009, there had been no significant change in the distribution of revenue by country compared with Q1 of the previous year.

Germany remains GFT's biggest and most important market, the source of 66% of total revenue (prev. yr.: 66%). Revenue from German customers was down slightly year-on-year to € 35.71m (prev. yr.: € 36.84m). Domestic Third Party Management revenue declined by € 2.02m, while Services revenue in Germany rose by approximately € 1.70m.

The financial crisis had an effect on revenue from customers in the UK in Q1 2009, which only accounted for 9% of total revenue, down from last year's very strong figure (prev. yr.: 12%). First-quarter revenue declined year-onyear from € 6.42m to € 5.08m for the current financial year. Lower project revenue from UK financial service providers, falling local demand for IT freelancers and the shifting of projects to Brazil were the responsible factors. We expect demand from the UK financial industry to remain weak throughout the second quarter.

In France revenue increased to 8% of total revenue (prev. yr.: 6%), coming in at € 4.50m for the quarter, up 35% against 31 March 2008 (€ 3.33m).

Revenue from the Spanish market increased to € 4.07m (prev. yr.: € 3.92m), again amounting to 7% of total revenue.

Customer spending in Switzerland was strong, rising 18% to € 1.53m in the first three months versus Q1 of the previous year (prev. yr.: €1.29m). This represents 3% of total revenue (prev. yr.: 2%).

Revenue from Brazil further declined in line with expectations, as our major project for a Brazilian customer neared completion, halving year-on-year from 2% to 1% of total. Revenue from invoiced sales in Brazil for Q1 2009 totalled € 0.33m (prev. yr.: € 1.00m).

Projects with customers from Benelux, Italy and the US ("Other countries") generated Q1 revenue of € 3.33m, amounting to 6% of total revenue (prev. yr.: 5%) and a year-on-year increase of 28% (€ 2.59m). This rise was chiefly due to strong business in the US and Benelux countries.

Revenue by industry

The financial service sector remains the most important industry for GFT, the source of 62% of total revenue. Revenue generated from this industry declined slightly from € 35.56m to € 33.82m. The ongoing financial crisis took its toll on GFT; banking customers continued to fund projects already underway, but demonstrated reluctance to invest in new projects. Simultaneously, customers reduced the numbers of freelance IT personnel as a short-term cost-cutting measure, impacting the Resourcing division.

Business with industrial clients, consisting principally of the sourcing of freelance IT specialists, also declined in the first quarter, amounting to 19% of total revenue. Revenue came in at € 10.20m, 9% lower year-on-year (€ 11.22m).

Revenue from customers from other industries and the public sector increased substantially, especially in the Resourcing business, which posted a rise from a previous € 3.88m to € 6.00m. The percentage of total revenue thus increased to 11% (prev. yr.: 7%).

Revenue from customers in the postal and logistics industry declined slightly. Q1 revenue of € 4.53m fell 4% short of the previous-year figure (prev. yr.: € 4.73m), down from 9% to 8% of total revenue.

5. Earnings situation

The GFT Group posted sharply higher earnings before taxes (EBT) up 88% year-on-year to € 0.98m as of 31 March 2009 (prev. yr.: € 0.52m).

As in the preceding quarters, the Services and Resourcing divisions made the largest contribution to the EBT of the GFT Group, despite slightly decreasing segment earnings. The considerable year-on-year increase reflected a significantly improved cost situation, trimming losses in the Software division.

Earnings before interest and taxes (EBIT) for Q1 2009 came in at € 0.83m, € 0.54m more than one year ago (prev. yr.: € 0.29m).

Similarly, earnings before interest, taxes and depreciation/amortisation (EBITDA) on property, plant and equipment and intangible assets increased by € 0.46m to € 1.16m. The figure for Q1 of the previous year was € 0.70m.

After deducting all expenses the GFT Group generated a net income for the quarter ending 31 March 2009 of € 0.72m (prev. yr.: € 0.13m).

The taxation rate for the first quarter was 26% (prev. yr.: 75%). This considerable difference versus the previous year reflects a more even distribution in the breakdown of earnings by country.

Earnings per share rose to € 0.03 as of 31 March 2009 versus € 0.01 for Q1 last year. These figures are based on an average 26,325,946 shares outstanding.

Group earnings by division

The Services division contributed Q1 revenue of € 0.77m in 2009, a reduction of € 0.19m. The current market situation is creating noticeable pricing pressure. The major project in Brazil, already in substantial part concluded last year, will only contribute insignificantly to 2009 Group revenue and

earnings. This was offset by deconsolidation losses recorded by GFT in Q1 of last year in connection with the sale of an Indian subsidiary. Lower earnings thus resulted chiefly from pressure on margins, particularly in UK and Spain.

The Resourcing division was likewise affected by margin pressure caused by ebbing demand. The division posted Q1 earnings of € 0.63m, which was € 0.13m less than one year ago (prev. yr.: € 0.76m).

The Software division has improved its cost structure by reducing distribution and marketing expenditures. These moves were in response to deterioration of the market for standard software. Segment earnings improved by € 0.76m to € -0.07m (prev. yr.: € -0.83m) due to costs optimisations and higher licensing revenue.

Group expenses and income

As of 31 March, Other operating income totalled € 0.46m, versus € 0.80m one year ago. This year-on-year change was mostly the result of a lower amount of reversals of provisions.

Cost of materials declined by € 1.23m in the first quarter to € 32.10m (prev. yr.: € 33.33m). This was due to more favourable purchasing terms for freelancers and lower demand for freelance IT specialists affecting our UK subsidiary.

Personnel expenses rose slightly, up € 0.29m to € 17.02m as of 31 March 2009 (prev. yr.: € 16.73m). This was mainly attributable to salary increases in 2008.

Depreciation of non-current tangible and intangible assets totalled € 0.33m for the first quarter, lower yearon-year by € 0.08m (prev. yr.: € 0.41m).

Other operating expenses declined year-on-year to € 4.69m from a previous € 5.15m. The largest reductions were in travel costs and advisory fees, including in particular, expenditure on human resources consulting.

6. Financial position

The level of unrestricted cash increased substantially year-on-year to € 26.57m as of 31 March 2009 (prev. yr.: € 20.71m). This increase primarily reflected an improvement in customer payment behaviour.

Trade receivables thus came in lower for Q1 2009 at € 47.08m, down by € 2.28m (prev. yr.: € 49.36m). Trade payables totalled € 19.36m at the end of the quarter (prev. yr.: € 17.63m).

Cash flows from operating activities for the first three months of 2009 came to € -8.40m, versus € -7.27m in the previous year. A high level of cash was held at the end of 2008, as a result of low working capital tied up in receivables as of 31 December 2008. Customer payment behaviour normalised in the first quarter, leading to an increase in working capital tied up. As in previous years, an effect was seen in the first quarter resulting from a high level of customer payments remitted before the close of the year, totalling approximately € 5.8m. Consequently, liquidity is always high at year-end, with cash flows from operating activities falling accordingly in the early quarters of each year.

Cash flows from investing activities went from € -0.57m last year to € -0.14m at 31 March 2009. Last year's figure included € -0.17m from the divestiture of the Indian subsidiary; investment in tangible assets also decreased yearon-year due to the adverse economic situation.

Cash flows from financing activities for Q1 2009 remained around a last year's low level, at € 0.09m (prev. yr.: € 0.07m). No significant financial transactions were effected in Q1 2009.

7. Net assets

As of 31 March 2009, the balance sheet total came to € 108.30m, representing a year-on-year increase of € 3.53m, though lower than the € 113.50m recorded at the end of 2008.

The year-on-year increase in assets reflected a higher level of cash holdings in connection with declining trade receivables. Total non-current assets changed only minimally from € 30.78m one year ago to € 31.13m for Q1 of this year.

The two principal factors affecting liabilities were lower current liabilities due to declining provisions and prepayments received despite higher trade payables. Equity on the other hand came in significantly higher. Earnings over the preceding four quarters lifted shareholders' equity by € 6.10m to € 63.89m versus Q1 2008 (prev. yr.: € 57.79m). The equity ratio thus rose from 55% to 59%.

8. Employees

As of 31 March 2009, the GFT Group's workforce numbered 1,031 including part-time employees accounted for on a percentage basis; this was 14 people fewer than one year ago, but 4 more than as of 31 December 2008.

The average number of freelance contractors was 1,100 as of 31 March 2009, down year-on-year from 1,162.

Number of employees as of 31 March

	2009	2008
Germany	297	313
International	734	732
Total	1,031	1,045
% International	71	70

Number of employees by division

	2009	2008
Services	847	841
Resourcing	93	95
Software	54	72
Other	37	37

The declining number of employees in Germany chiefly reflected developments in the Software division. In September 2008, Inspire Technologies GmbH acquired the Business Process Management (BPM) unit of GFT inboxx GmbH in a management buy-out. At that time the unit employed a team of six. Additionally, positions vacated through staff turnover were not filled.

In this quarterly report, for the first time we are reporting the number of employees of the holding company under the category of "Other" instead of under the Services division.

9. Research and development

R&D expenses in Q1 2009 came to € 0.39m, a considerable drop versus the € 1.02m spend during the same period last year. These primarily represented personnel costs. With efforts underway since 2005 in the Services division to adapt our software and system development to conform with the international CMMI® (Capability Maturity Model Integration) standard, in 2008 our Spain and Brazil development centres obtained third-level accreditation, This accounts for the higher expenses in 2008. Current efforts are focused on maintaining the accreditation level already reached.

Additionally, in the first three months of this year we invested in the further development and expansion of our group-wide internal information platform.

10. Risks report

In the first three months of 2009, there were no material changes with regard to the comprehensive discussion of opportunities and risks provided in the Management Report accompanying the 2008 consolidated financial statements. The risk position of the GFT Group is thus unchanged.

11. Outlook

The global economy is in the grips of the worst recession since the worldwide economic crisis that occurred in the early 1930s. Many economists believe the recession will last throughout the entire year. The IMF forecasts global economic output to decline by 1.3 %. The German economy is set to contract by 5.6% in 2009. According to the IMF, only next year will the global economy resume expansion, growing at a projected 1.9%.

We anticipate IT/communications demand to remain restrained in our markets in Q2 2009. We do not expect demand and customer IT spending to pick up again until the second half of this financial year, at the earliest.

We expect conditions will remain difficult for the remainder of financial year 2009. Accordingly, we are confirming our forecast of unchanged revenue year-on-year (2008 revenue: € 242m). Earnings before taxes are still estimated to come in between € 6 and € 8m. Our expectation is for revenue and earnings to rise more substantially quarter for quarter than in the previous year.

The impact on the Services division of cost-cutting on the part of the financial services industry will continue to be felt in Q2 2009. We expect demand for our IT services to revive in the second half of the current financial year.

The Third Party Management business operated in the Resourcing division also will be impacted by this costcutting, as financial service providers are a major source of revenue. Our higher-margin, multi-industry Resource Management business provides a stabilising effect however. Thus, overall we are projecting stable results for the Resourcing segment in the second quarter, with revenue picking up in the second half.

Having heavily invested in marketing and distribution last year and with structural costs now returning to normal levels, the Software division was able to post satisfactory results for Q1 2009. Revenue is expected to rise further over the course of the year, with business strengthening particularly in the second half.

Our customers in all three divisions are demonstrating fundamentally stable, if not rising capital expenditure, albeit restrained at present by a range of cost-cutting measures. In today's markets we are focusing particularly on solidifying relationships with strategic customers, with whom we are cooperating closely on pipeline projects. In view of the ongoing dialogue with customers, the strength of our long-term strategy and our market positioning in our three divisions, we are confident of successfully emerging from the present crisis.

The Executive Board would like to thank all of our employees for their great dedication, as well as our customers, investors and business partners for their trust an loyalty.

Stuttgart, 4 May 2009

The Executive Board

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

Consolidated Balance Sheet (IFRS)

as at 31 March 2009

GFT Technologies Aktiengesellschaft, Stuttgart

Assets	Interim Report 31/03/2009 €	Annual Accounts 31/12/2008 €
Current Assets
Cash and cash equivalents	24,568,124.56	33,014,913.43
Marketable securities	1,997,944.00	2,177,744.00
Trade receivables	47,079,805.44	44,122,891.38
Receivables from related parties	0.00	0.00
Inventories	3,990.00	6,602.50
Deferred tax assets	0.00	0.00
Accrued items and other current assets	3,517,093.67	2,848,205.73
Others	0.00	0.00
Total current assets	77,166,957.67	82,170,357.04
Non-current assets
Property, plant and equipment	2,491,190.99	2,626,154.23
Intangible assets	420,765.29	476,845.48
Goodwill	20,365,010.57	20,365,010.57
Financial assets	0.00	0.00
Investments accounted for using the equity method	41,784.14	40,096.56
Loans receivable	0.00	0.00
Deferred tax assets	6,706,022.38	6,704,066.98
Other assets	1,107,073.77	1,113,626.00
Others	0.00	0.00
Total non-current assets	31,131,847.14	31,325,799.82
Total assets	108,298,804.81	113,496,156.86

Liabilities	Interim Report 31/03/2009 €	Annual Accounts 31/12/2008 €
Current liabilities
Current portion of capital lease obligation	0.00	0.00
Short-term loans and current portion of long-term loans	169,641.42	150,000.00
Trade payables	19,355,608.13	26,100,329.27
Payables from related parties	0.00	0.00
Deposits received	1,003,925.04	3,096,142.81
Provisions	12,716,043.33	12,293,780.88
Deferred revenues	1,978,276.27	785,915.54
Current income tax liabilities	974,795.62	1,384,108.10
Deferred tax liabilities	0.00	0.00
Other current liabilities	5,713,977.34	4,140,749.48
Others	0.00	0.00
Total current liabilities	41,912,267.15	47,951,026.08
Non-current liabilities
Long-term loans	0.00	0.00
Long-term capital lease obligations	0.00	0.00
Deferred revenues	0.00	0.00
Deferred tax liabilities	541,487.71	392,204.10
Provisions for pensions	968,026.09	963,076.09
Others	989,870.27	1,017,186.12
Total non-current liabilities	2,499,384.07	2,372,466.31
Minority interest	0.00	0.00
Shareholders' equity
Share capital	26,325,946.00	26,325,946.00
Capital reserve	42,147,782.15	42,147,782.15
Treasury stock	0.00	0.00
Legal reserve	0.00	0.00
Other retained earnings	6,843,349.97	6,843,349.97
Foreign currency translation	38,651.92	-32,434.45
Market assessment for securities	-786,800.00	-708,080.00
Consolidated balance sheet loss	-10,681,776.45	-11,403,899.20
Total shareholders' equity	63,887,153.59	63,172,664.47
Total equity and liabilities	108,298,804.81	113,496,156.86

Consolidated Income Statement (IFRS)

for the period from 1 January to 31 March 2009 GFT Technologies Aktiengesellschaft, Stuttgart

	Cumulated Period
	01/01/-31/03/ 2009 €	01/01/-31/03/ 2008 €
Revenue	54,558,748.16	55,389,747.41
Other operating income	462,363.55	802,495.34
Changes in inventories of work in progress	0.00	0.00
Other capitalised services	0.00	34,311.93
Cost of material/Purchased services	-32,104,445.25	-33,331,234.45
Employee benefits costs	-17,024,745.34	-16,729,604.42
Depreciation of tangible and intangible assets	-330,259.98	-412,525.01
Goodwill amortisation	0.00	0.00
Other operating expenses	-4,694,299.30	-5,147,055.82
Others	0.00	0.00
Result from operating activities	867,361.84	606,134.98
Interest income/expenses	152,917.70	231,328.34
Dividend income	0.00	0.00
Income/expenses from financial assets using the equity method	1,687.58	-21,048.37
Foreign currency gains/losses	57,258.73	-31,105.12
Other income/expenses	-98,000.00	-263,484.54
Earnings before tax (and minority interest)	981,225.85	521,825.29
Income tax expenses	-259,103.10	-389,921.26
Extraordinary income/expenses	0.00	0.00
Earnings before minority interest	722,122.75	131,904.03
Minority interest	0.00	0.00
Net income	722,122.75	131,904.03
Net earnings per share (basic)	0.03	0.01
Net earnings per share (diluted)	0.03	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 (IFRS)

for the period from 1 January to 31 March 2009 GFT Technologies Aktiengesellschaft, Stuttgart

	Cumulated Period
	01/01/-31/03/ 2009 €	01/01/-31/03/ 2008 €
Cash flows from operating activities
Net income	722,122.75	131,904.03
Adjustments for
Minority interest	0.00	0.00
Depreciation	330,259.98	412,525.01
Increase/decrease of provisions and value adjustments	140,055.84	1,496,150.68
Losses/gains from the disposal of assets	-598.49	60,031.04
Foreign currency gains/losses	57,258.73	-31,105.12
Others	96,312.42	284,532.91
Changes in working capital	-9,747,389.83	-9,628,295.44
Cash flows from operating activities	-8,401,978.60	-7,274,256.89
Cash flows from investing activities
Acquisition of consolidated companies, net of purchased cash	0.00	0.00
Income of sales of consolidated companies, net of purchased cash	0.00	-174,067.05
Acquisition of fixed assets	-140,250.22	-394,789.25
Income of sales of fixed assets	1,632.16	2,000.00
Others	0.00	0.00
Cash flows used in investing activities	-138,618.06	-566,856.30
Cash flows from financing activities
Cash receipts from equity contribution	0.00	0.00
Cash receipts from issuing short- or long-term loans	19,641.42	0.00
Cash payments for repayments of loans	0.00	0.00
Cash payments for lease obligations	0.00	0.00
Others	74,166.37	65,857.19
Cash flows used in financing activities	93,807.79	65,857.19
Foreign exchange difference	0.00	0.00
Decrease of liquid funds	-8,446,788.87	-7,775,256.00
Liquid funds at the beginning of the period	33,014,913.43	25,699,209.08
Liquid funds at the end of the period	24,568,124.56	17,923,953.08

Consolidated Statement of Changes in Equity (IFRS)

as at 31 March 2009

GFT Technologies Aktiengesellschaft, Stuttgart

				Retained Earnings
	Subscribed Capital €	Capital reserve €	Legal reserve €	Other revenue reserves €
As at 31/12/2007	26,325,946.00	42,147,782.15	0.00	2,343,349.97
Financial assets available for sale (securities):
– Change of fair value recognised in equity 01/01/-31/03/2008
– Transferred to Income Statement 01/01/-31/03/2008 Exchange differences on translating foreign operations
01/01-31/03/2008
Deferred taxes taken directly to or transferred from equity 01/01-31/03/2008
Income and expense recognised directly in equity 01/01-31/03/2008
Net income 01/01-31/03/2008
Total recognised income and expense 01/01-31/03/2008
As at 31/03/2008	26,325,946.00	42,147,782.15	0.00	2,343,349.97
Financial assets available for sale (securities):
– Change of fair value recognised in equity 01/01-31/12/2008
– Transferred to Income Statement 01/01-31/12/2008
Exchange differences on translating foreign operations 01/01-31/12/2008
Deferred taxes taken directly to or transferred from equity 01/01-31/12/2008
Income and expense recognised directly in equity 01/01-31/12/2008
Annual net income 01/01-31/12/2008
Total recognised income and expense for the financial year 2008
Appropriation to retained earnings
– to other retained earnings 01/01-31/12/2008				4,500,000.00
As at 31/12/2008	26,325,946.00	42,147,782.15	0.00	6,843,349.97
Financial assets available for sale (securities)
– Change of fair value recognised in equity 01/01-31/03/2009
– Transferred to Income Statement 01/01-31/03/2009
Exchange differences on translating foreign operations 01/1/-31/03/2009
Deferred taxes taken directly to or transferred from equity 01/1/-31/03/2009
Income and expense recognised directly in equity 01/01/-31/03/2009
Net income 01/01-31/03/2009
Total recognised income and expense 01/01-31/03/2009
Appropriation to retained earnings
– to other retained earnings 01/01-31/03/2009
As at 31/03/2009	26,325,946.00	42,147,782.15	0.00	6,843,349.97

					not affecting results
Total Share capital €	Minority interests €	Equity attributed to equity holders of the parent €	Consolidated balance sheet loss €	Market assessment for securities €	Foreign currency translations €
57,729,975.48	0.00	57,729,975.48	-12,925,134.60	-196,300.00	34,331.96
-112,200.00		-112,200.00		-112,200.00
37,257.19		37,257.19			37,257.19
-1,400.00		-1,400.00		-1,400.00
-76,342.81 131,904.03	0.00 0.00	-76,342.81 131,904.03	0.00 131,904.03	-113,600.00	37,257.19
55,561.22	0.00	55,561.22	131,904.03	-113,600.00	37,257.19
57,785,536.70	0.00	57,785,536.70	-12,793,230.57	-309,900.00	71,589.15
-508,700.00		-508,700.00		-508,700.00
0.00		0.00
-66,766.41 -3,080.00		-66,766.41 -3,080.00		-3,080.00	-66,766.41
-578,546.41	0.00	-578,546.41	0.00	-511,780.00	-66,766.41
6,021,235.40	0.00	6,021,235.40	6,021,235.40
5,442,688.99	0.00	5,442,688.99	6,021,235.40	-511,780.00	-66,766.41
0.00	0.00	0.00	-4,500,000.00
63,172,664.47	0.00	63,172,664.47	-11,403,899.20	-708,080.00	-32,434.45
-81,800.00		-81,800.00		-81,800.00
0.00		0.00
71,086.37		71,086.37			71,086.37
3,080.00		3,080.00		3,080.00
-7,633.63	0.00	-7,633.63	0.00	-78,720.00	71,086.37
722,122.75	0.00	722,122.75	722,122.75
714,489.12	0.00	714,489.12	722,122.75	-78,720.00	71,086.37
0.00	0.00	0.00	0.00
63,887,153.59	0.00	63,887,153.59	-10,681,776.45	-786,800.00	38,651.92

Notes to the Interim Financial Statements

as at 31 March 2009 GFT Technologies Aktiengesellschaft, Stuttgart

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

The Interim Financial Statements of the GFT Technologies Aktiengesellschaft (GFT AG) should be read in conjunction with the GFT AG annual financial statements as of the end of the last financial year (31 December 2008). They were drawn up in € in accordance with standard principles of accounting and valuation and conform to the prescriptions set out in IAS 34, sections 37v to 37z WpHG and the regulations for the Frankfurt Stock Exchange.

The Interim Financial Statements have been prepared according to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) effective on the balance sheet date, which are to be applied within the EU. The same accounting and valuation methods were used in these Interim Financial Statements as in the previous Group Financial Statements as of 31 December 2008. Since the beginning of the financial year 2009, segment reporting is based on the standard IFRS 8 "Operating Segments", which supersedes the previously applied standard IAS 14 "Segment Reporting". According to this standard, information on the operating segments is published on the basis of internal reporting. In these interim financial statements, the previous year's figures have been adapted to the changed reporting format. The other new or amended standards and interpretations to be applied since the beginning of the financial year 2009 did not have any major effect on the interim financial statements.

The Interim Consolidated Financial Statements and the Interim Management Report as of 31 March 2009 have neither been audited according to section 317 HGB, nor been reviewed.

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 2008.

Compared to the Quarterly Financial Report as of 31 March 2008 the following changes in the scope of consolidation have occurred: On 11 June 2008, GFT USA Inc., located in New York, USA, was founded as a 100%-subsidiary of GFT Iberia Solutions, S.A., Sant Cugat del Vallés, Spain. In November 2008, GFT Holding France SARL, Neuilly-sur-Seine, France, was established within the scope of internal restructuring measures. Both events do not impair the comparability of the Interim Financial Statements as of 31 March 2009 with the previous year.

3. Changes in equity

For the changes in equity capital between 1 January 2009 and 31 March 2009 we refer to the consolidated statement of changes in equity which is separately represented.

As of 31 March 2009, the company's share capital of € 26,325,946.00 consists of 26,325,946 non-par value individual share certificates (no change relative to 31 December 2008). These shares are bearer shares and all grant equal rights. On 31 March 2009, the consolidated balance sheet loss included a carry forward from the previous year amounting to €(k) -11,403 (previous year: €(k) -12,925).

No changes resulted to the company's authorised and conditional capital between 1 January and 31 March 2009 relative to 31 December 2008. No dividends have been paid out in the financial year 2009 thus far. A proposal for payment of a dividend of 0.10 € per share from the net earnings of GFT AG as of 31 December 2008 has been submitted to the Annual General Meeting to be held in June 2009.

4. Segment reporting

GFT has identified the three segments Services, Software, and Resourcing as reportable segments. The identification of these segments was mainly based on the fact that the products and services offered in these segments show differences, and that the GFT Group is organised and controlled on the basis of these three segments. Internal reporting to the Executive Board is based on the classification of the group activities in these three segments.

The products and services with which the reportable segments generate their income can be characterised as follows: All activities in connection with IT solutions (services and projects) are aggregated in the Services segment. The Software segment concerns the internal development of software products, their distribution, and associated services. The Resourcing segment focuses on the placement of freelance IT specialists.

The internal control and reporting in the GFT Group and the segment reporting are based on the IFRS accounting principles as applied in the consolidated financial statements. The GFT Group measures the success of its segments by means of the segment EBT (earnings before tax). The segment income and earnings also include transactions between the segments. Intersegment transactions take place at market prices as also agreed with third parties.

As a general rule, the assets of the segments include all assets, except for those from income tax and assets attributed to the holding activity. The segment liabilities include all liabilities, except for those from income tax, financing, and liabilities in connection with the holding activity.

For detailed information about the business segments, please refer to the notes to the consolidated financial statements.

The reconciliation of the segment figures to the corresponding figures in the consolidated financial statements is as follows:

	01/01-31/03/2009 €(k)	01/01-31/03/2008 €(k)
Total segment revenues	57,414	56,582
Elimination of intersegment revenues	-2,855	-1,192
Group revenues	54,559	55,390
Total segment earnings (EBT)	1,328	894
Unallocated expenses – group headquarters	-347	-363
Others	0	-9
Group earnings before income tax	981	522

	31/03/2009 €(k)	31/03/2008 €(k)
Total segment assets	98,127	93,806
Unallocated assets – group headquarters	104	120
Securities	1,998	2,790
Assets from income tax	8,069	8,002
Others	1	53
Group assets	108,299	104,771
Total segment liabilities	42,261	44,670
Unallocated liabilities – group headquarters	635	627
Liabilities from income tax	1,516	1,689
Others	0	0
Group liabilities	44,412	46,986

The reconciliation contains subjects that are, by definition, not part of the segments. Moreover, it contains unallocated portions from the group headquarters, e.g. from centrally-administered situations. Business transactions between the segments are also eliminated in the reconciliation.

Information about the GFT Group by geographic regions:

in €m		Revenue from sales to external clients *	Investments in equipment and in intangible assets
	01/01- 01/01/- 31/03/2009 31/03/2008		31,03,2009	31,03,2008
Germany	35.71	36.84	21.83	21.66
UK	5.08	6.42	0.21	0.03
Spain	4.07	3.92	0.88	1.72
Brazil	0.34	1.00	0.24	0.17
France	4.50	3.33	0.07	0.06
Switzerland	1.53	1.29	0.05	0.07
Other foreign countries	3.33	2.59	0.00	0.00
Total	54.56	55.39	23.28	23.71

* Determined by client location

Revenues with customers that account for more than 10% of the group revenues:

in €m		Revenues	Segments, where the revenues were achieved
	01/01/- 31/03/2009	01/01/- 31/03/2008	31/03/2009	31/03/2008
Client 1	19.15	19.98	Services, Resourcing, Software	Services, Resourcing, Software

5. Changes to contingent liabilities

As of 31 March 2009, the Group had not undergone any significant changes to its contingencies and other financial commitments since its Consolidated Financial Statements of 31 December 2008.

6. Investments

During the period between 1 January and 31 March 2009, the GFT Group invested €(k) 15 in intangible fixed assets (1 January to 31 March 2008: €(k) 138) and €(k) 125 in tangible assets (1 January to 31 March 2008: €(k) 257).

7. Related party disclosures

Relative to the notes to the Consolidated Financial Statements as of 31 December 2008 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 2009, 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 2009 (section 160 (1) No. 2 AktG - German Company Law).

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) No. 3 of the German Stock Corporation Act which may be used have existed since 1 July 2005.

Segment Reporting (IFRS)

as at 31 March 2009

GFT Technologies Aktiengesellschaft, Stuttgart

	Services		Software
	31/03/2009 €(k)	31/03/2008 €(k)	31/03/2009 €(k)	31/03/2008 €(k)
Revenues from external customers	21,892	20,563	1,328	1,460
Revenues from transactions with other operating segments	3	266	264	209
Total revenues	21,895	20,829	1,592	1,669
Depreciation and amortisation	-253	-317	-16	-56
Material non-cash items other than depreciation and amortisation	0	-193	0	0
Interest revenue	71	111	0	0
Interest expense	-11	-26	0	0
Interest in the profit or loss of associates accounted for by the equity method	2	-21	0	0
Segment result (EBT)	768	959	-65	-826
Segment assets	57,876	53,805	2,365	2,404
Interest in associates accounted for under the equity method	42	62	0	0
Investments in non-current intangible and tangible assets	100	301	12	19
Segment liabilities	15,133	18,624	2,604	2,811

Software	Resourcing			Total		Eliminations		Consolidated
31/03/2009 31/03/2008 €(k) €(k)	31/03/2009 €(k)	31/03/2008 €(k)	31/03/2009 €(k)	31/03/2008 €(k)	31/03/2009 €(k)	31/03/2008 €(k)	31/03/2009 €(k)	31/03/2008 €(k)
1,328 1,460	31,339	33,367	54,559	55,390			54,559	55,390
264 209	2,588	717	2,855	1,192	-2,855	-1,192	0	0
1,592 1,669	33,927	34,084	57,414	56,582	-2,855	-1,192	54,559	55,390
-16 -56	-49	-25	-318	-398	-12	-15	-330	-413
0 0	0	0	0	-193	-98	-70	-98	-263
0 0	7	8	78	119	82	131	160	250
0	-43	-65	-54	-91	47	72	-7	-19
0	0	0	2	-21	0	0	2	-21
-826	625	761	1,328	894	-347	-372	981	522
2,404	37,886	37,597	98,127	93,806	10,172	10,965	108,299	104,771
0	0	0	42	62	0	0	42	62
19	23	61	135	381	5	14	140	395
2,811	24,524	23,235	42,261	44,670	2,151	2,316	44,412	46,986

Financial Calendar

Dates

Annual General Meeting	9 June 2009
Interim Report as of 30 June 2009	13 August 2009
Interim Report as of 30 September 2009	5 November 2009

Further Information

For further information, please contact our IR team who will be happy to answer any queries. Call us or visit our website at www.gft.com/ir. There you can find further information on our company and the GFT share.

GFT Technologies AG

Investor Relations Andrea Wlcek Filderhauptstraße 142 70599 Stuttgart Germany

T +49 711 62042-440 F +49 711 62042-301 ir@gft.com

The Quarterly Financial Report Q1/2009 is also available in German. The online versions of the Quarterly Financial Report in German and English are available on www.gft.com/ir.

Imprint

Concept and text: GFT Technologies AG, Stuttgart, www.gft.com Creative concept and design: IR-One AG & Co., Hamburg, www.ir-1.de

© Copyright 2009: GFT Technologies AG, Stuttgart