GFT Technologies SE — Interim / Quarterly Report 2012

May 10, 2012

interim financial report as of 31 March 2012 Q1

Key figures according to IFRS

	First quarter
		01/01/– 31/03/2012	01/01/– 31/03/2011	Change
Income Statement
Revenue	€m	57.65	67.30	-14.3%
Earnings before interest, taxes, depreciation
and amortisation (EBITDA)	€m	1.51	2.18	-30.7%
Earnings before interest and taxes (EBIT)	€m	1.14	1.86	-38.7%
Earnings before taxes (EBT)	€m	1.27	2.02	-37.1%
Net income	€m	0.63	1.35	-53.3%
Balance sheet
Other non-current assets	€m	45.10	29.59	52.4%
Cash, cash equivalents and securities	€m	27.52	38.27	-28.1%
Other current assets	€m	57.86	62.00	-6.7%
ASSETS	€m	130.48	129.86	0.5%
Non-current liabilities	€m	8.42	2.18	286.2%
Current liabilities	€m	45.52	55.03	-17.3%
Shareholders´ equity	€m	76.54	72.65	5.4%
SHAREHOLDERS' EQUITY AND LIABILITIES	€m	130.48	129.86	0.5%
Equity ratio	%	59	56	5.4%
Cash flow
Cash flow from operating activities	€m	-12.45	-2.44	410.2%
Cash flow from investing activities	€m	-0.27	-0.43	-37.2%
Cash flow from financing activities	€m	0.09	0.63	-85.7%
Employees
Number of permanent employees (as of 31 March)		1,346	1,307	3.0%
Share
Earnings per share	€	0.02	0.05	-53.3%

Despite adverse market conditions, both business divisions got off to a solid start in the current financial year: in core operating activities, there was growth in revenue and EBT. For the current financial year, the Executive Board therefore confirms the forecast made in the Consolidated Financial Statements 2011 and expects total revenue of €250 million and earnings before taxes of €12 million in 2012 as a whole.

Contents

Consolidated Interim Management Report

of GFT Technologies AG as of 31 March 2012

Business environment

Economic environment

Macroeconomic development

The decision in favour of a larger Euro safety net led to a slight improvement in the global economic outlook in early 2012. However, the risk of crisis remains ever-present. In its World Economic Outlook of April 2012, for example, the International Monetary Fund (IMF) forecasts global economic growth of 3.5% for the current year – up 0.2 %-points from its January forecast.

According to the IMF, the progress of the global economy depends to a large extent on finding a solution for the Euro zone's current problems. Prospects in the region continue to fall short of average growth due to the weakness of countries such as Greece, Italy, Spain and Portugal. Although the IMF upgraded its January forecast somewhat, it still expects GDP in the Euro zone to fall by 0.3 %-points in 2012. Economic output is likely to shrink by half a percentage point in the first half of the year and recover somewhat in the second half.

The prospects for Germany were also upgraded slightly. Over the year as a whole, the IMF's forecast of 0.6% growth is now twice as much as it was three months ago.

Sector development

The mood of the German Information and Communication Technology (ICT) sector continued to improve at its current high level in the first quarter – as did the general mood among mid-size IT companies (the so-called »Mittelstand«). This was the result of a survey published in April 2012 by the German Federal Association for Information Technology, Telecommunications and New Media (BITKOM e.V.).

72% of all companies surveyed in the ICT sector reported year-on-year growth in the first quarter. This figure for the sector as a whole was mirrored by the progress made by Germany's mid-size IT companies, whereby suppliers of software and IT services fared even better – 79% reporting higher revenues than in the first quarter of 2011.

The upbeat sector mood was also reflected in the industry association's business confidence index: both the BITKOM sector index and the BITKOM Mittelstand index were up on the fourth quarter of 2011 to reach 63 (+3) and 64 points (+12), respectively.

Course of business in the first three months

Although the global economy continued to gain momentum over the past few months, the sense of uncertainty was still clearly apparent in the early part of 2012. Despite adverse conditions in the finance sector, both business divisions of the GFT Group got off to a solid start in the current financial year: in the core business of the Resourcing segment and the Services segment, total revenue grew by 11.4% to €57.65 million. This development was also reflected in an increase in operating earnings before taxes of 25% to €2.52 million. As a result, GFT achieved an operating margin before taxes of 4.4% in its seasonally weakest quarter of the year. The corresponding figure for 2011 as a whole was 4.1%.

Key earnings figures for the first quarter of 2011 still included lower-margin activities with a major client in Third Party Management with revenue of €15.64 million. These activities were discontinued in late 2011. As a result, a direct comparison of first quarter figures shows a decline in revenue from €67.30 million last year to €57.65 million in the first three months of 2012. Moreover, the first quarter of 2012 was burdened by one-off expenditure of €1.25 million for our international innovation initiative CODE_n. As this focused in 2012 on our CeBIT trade fair presence, these non-recurring costs were only expensed in the reporting period. A direct comparison of first quarter figures

therefore shows a decrease in pre-tax earnings (EBT) from €2.02 million last year to €1.27 million in the first three months of 2012.

In terms of revenue, the Resourcing division once again benefited from strong demand for freelance IT specialists and engineers in the manufacturing industry and continued the successful development of its Resource Management business. In total, segment revenue of €27.16 million was generated (prev. year: €38.41 million). There was particularly strong growth in the division's activities in France. However, this positive development in the field of Resource Management failed to compensate for revenue losses in Third Party Management. As a consequence, revenue in the Resourcing segment fell by 29% in the period under review. If one disregards the loss of revenue with the aforementioned major client, the segment achieved growth of 7% in the first quarter.

Despite further cautious demand from our clients in the corporate and investment banking sector, the Services division succeeded in raising its high revenue level: in the first three months of 2012, the segment generated revenue of €30.49 million – an increase of 6% over the previous year (€28.89 million). This growth was largely due to the acquisitions made in Switzerland and the USA during 2011 which were consolidated for the first time during the first quarter. Stable demand for outsourcing services and smart IT solutions to meet regulatory demands also had a positive impact on revenue growth.

Compared to the same period last year, earnings before taxes fell by 37% to €1.27 million (prev. year: €2.02 million) for the reasons stated above. However, the one-off costs for the CODE_n innovation initiative will not have any significant impact on EBT over the remaining quarters.

Earnings of the two operating divisions displayed growth in the reporting period: the Services division raised its segment result by 26% and contributed the largest share to total earnings with €1.81 million. A slight increase in revenue, positive margin effects from new acquisitions and a high level of capacity utilisation in both nearshore and farshore operations in the UK, Spain, Brazil and the USA had a positive impact on segment earnings.

Despite a significant decline in revenue, the Resourcing division also achieved year-on-year growth in its segment result to €0.68 million (prev. year: €0.65 million). In addition to successful measures aimed at raising efficiency, the main reason was a shift in revenue volumes in favour of the higher-margin Resource Management business.

Against the backdrop of diverging growth rates in its various client sectors, the GFT Group expects moderate growth in the first six months of its current financial year. An increasing propensity to invest in the finance sector – expected for the second half of the year – is likely to drive further growth. In particular, demand from clients in the field of corporate and investment banking will boost revenue in the Services division. The Resourcing division will continue to benefit from strong demand for freelance specialists in the industrial sector. The Executive Board therefore confirms the forecast it made in the Consolidated Financial Statements 2011 and continues to expect total revenue of €250 million and earnings before taxes of €12 million in 2012.

GFT share

The stock markets got off to a strong start in 2012. In Germany, both the DAX and TecDAX indices were already up significantly in the first month of trading. The blue-chip DAX index broke through the 6,000-point barrier in the first trading days of the year. This development was driven mainly by positive economic data from the USA, China and Germany. The start of the reporting season for US companies also encouraged this upbeat mood. In Germany, the IFO business confidence index for February was better than expected. In view of a further improvement in the global economic environment, the upward trend on the stock markets continued throughout the quarter. The European debt crisis took a back seat as the stock markets experienced a further surge in liquidity. The DAX continued to climb and reached 7,000 points in March for the first time since summer 2011. On 30 March 2012, the index closed at 6,947 points and thus achieved growth of 14% since the year started.

The tech-stock index TecDAX began the new year at a low of 685 points. Buoyed by the upbeat mood of the world's stock markets, however, it started a long-term upward trend. In February, it left the 750-point mark well and truly behind and gained a further 2% or so in March. The TecDAX index was up 15% on the year to date and ended the quarter at 790 points.

The GFT share got off to a good start in 2012. After closing 2011 at €2.72, the share had already climbed to its first year-high of €3.05 by 11 January. Buoyed by the general upbeat mood of the market, the GFT share continued to make encouraging progress over the quarter and cemented its position above the €3.00 threshold. Due to a few high sales orders, however, there were several temporary price markdowns in February and March which were offset slightly by the announcement of good company results in March. Thanks to the consistently positive market environment, the share soon climbed back to the €3.00 mark. At the end of the reporting period, the GFT share was quoted at €3.10 – up 13% on its year-opening price of €2.75.

Following the publication of key figures for financial year 2011, the analysts of LBBW and Warburg Research set an upside target of €4.00 and €5.00, respectively, and upheld their »buy« recommendation for the GFT share. Hauck und Aufhäuser raised their upside target from €4.20 to €4.70 and also recommended buying the share. Analysts at equinet Bank AG also maintained their »buy« rating and raised their target from €3.10 to €4.40.

Shareholder structure

There were no significant changes in the shareholder structure of GFT Technologies AG in the period under review. Company founder Ulrich Dietz continues to hold 28.08% of shares. Maria Dietz owns 9.68% of voting rights, while Dr Markus Kerber, a former member of GFT's Supervisory Board, holds 5.00%. The free float portion amounts to 57.24% of shares.

Shareholder structure

Indexed share price performance

Information on the GFT share

	Q1 2012	Q1 2011
Year-opening quotation (XETRA)*	€2.75	€4.33
Closing quotation on 30 March (XETRA)*	€3.10	€4.10
Percentage change since year-opening	+13%	-5%
Highest price (XETRA)*	€3.20 (02.03.2012, 13.03.–16.03.2012, 20.03.–21.03.2012)	€4.86 (18.01.2011)
Lowest price (XETRA)*	€2.75 (02.01.2012)	€3.62 (15.03.2011)
Market capitalisation as of 30 March	€81.61 million	€107.94 million
Earnings per share from continued operations	€0.02	€0.05
Average daily trading volume in shares (XETRA and Frankfurt)*	15,266	42,217

*daily closing prices

ISIN	DE 0005800601
Market segment	Prime Standard
Designated sponsors	Landesbank Baden-Württemberg (LBBW) equinet Bank AG
Number of issued bearer shares with no par value	26,325,946

Development of revenue

In the first three months of 2012, the GFT Group generated revenue of €57.65 million. This corresponds to a fall of 14% compared to the previous year (€67.30 million) and resulted from the complete reduction in business with a major Resourcing division client from the finance sector at year-end 2011. The segment accounted for €27.16 million of total revenue in the period under review (prev. year: €38.41 million). The Services division raised segment revenue by 6% to €30.49 million (prev. year: €28.89 million).

Revenue by segment

Following the decline in revenue of the Resourcing division, there was a shift in the breakdown of revenue by segment in favour of the Services division. Compared to 43% in the previous year, the Services segment accounted for 53% of the GFT Group's total revenue in the period under review. There was a corresponding fall in the proportion of the Resourcing division to 47% (prev. year: 57%). Of this total, the declining Third Party Management business accounted for 9% (prev. year: 27%) and the Resource Management business for 38% (prev. year: 30%).

In the period under review, the Services segment generated revenue of €30.49 million and thus raised the previous year's high revenue level by a further 6% (prev. year: €28.89 million). The increase was largely due to the effects of acquisitions made in 2011 in Switzerland and the USA which were clearly visible for the first time in the first quarter of 2012. Stable demand from the finance sector for IT solutions to implement regulatory compliance requirements, as well as for core banking solutions and outsourcing services, had a positive impact on the development of revenue in this segment.

The Resourcing division continued its successful development of the past financial year but was unable to compensate for the planned revenue loss from a major client. In the first three months of the current financial year, segment revenue amounted to €27.16 million – 29% less than in the same period last year (€38.41 million). This decline in revenue was mainly reflected in the segment's lower-margin Third Party Management business, whose contribution fell to €5.23 million (prev. year: €17.87 million). The higher-margin Resource Management business developed on target and was able to benefit from strong demand for freelance IT specialists. Revenue in this division rose by 7% to €21.93 million (prev. year: €20.54 million).

Revenue by segment

	Q1 2012	€ million
Resourcing	47%	27.16
Services	53%	30.49

Revenue by country

	Q1 2012	€ million
Germany	37%	21.43
France	17%	9.75
UK	16%	9.30
Spain	12%	6.65
Switzerland	6%	3.45
USA	4%	2.60
Other countries	8%	4.47

Revenue by country

Germany contributed €21.43 million to total revenue (prev. year: €36.72 million) and thus remains the GFT Group's largest sales market. The year-on-year fall in revenue of 42% was due to a reduction in revenue in the field of Third Party Management. Strong demand for IT experts and engineers in the industrial sector, however, boosted revenue in the company's Resource Management business. The Services segment in Germany benefited from stable long-term projects with clients in the finance sector. Due to the positive development of revenue in other countries, Germany's share of total revenue fell to 37% (prev. year: 55%).

With strong growth of 42%, France accounted for revenue of €9.75 million (prev. year: €6.88 million) and established itself for the first time as the GFT Group's second largest sales market with 17% of total revenue (prev. year: 10%). This leap in revenue resulted mainly from industrial clients in the Resourcing division, in which existing projects were expanded and new clients added. During the period under review, there was a marked shift in activities towards the higher-margin Resource Management business.

In the UK, the difficult market conditions in the finance sector observed in late 2011 continued to impact revenue in the first quarter of 2012. Although developments were more positive than originally assumed at the beginning of the year, revenue of €9.30 million fell short of the previous year's high level (€9.91 million). In the period under review, sales to UK clients accounted for 16% of total revenue (prev. year: 15%).

Despite adverse market conditions, there was a slight increase in the traditionally high level of revenue generated with clients in Spain. Stable long-term projects and consistently strong demand from European financial institutes for outsourcing services helped fuel this growth. A total of €6.65 million (prev. year: €6.51 million) was generated with clients on the Spanish market in the first three months of the year, accounting for 12% of total revenue (prev. year: 10%).

In Switzerland, the acquisition of Asymo AG and the expansion of project volumes in both business divisions helped boost revenue. With revenue of €3.45 million in the period under review (prev. year: €2.17 million), year-on-year growth amounted to 59%. As a result, the country's share of total revenue increased from 3% last year to 6%.

In the USA, organic growth in corporate and investment banking and the first-time consolidation of the acquired consulting division of G2 Systems led to revenue growth of 61% to €2.60 million (prev. year: €1.61 million). This resulted in an increase in the country's share of total revenue to 4% (prev. year: 2%).

The proportion of total revenue generated by clients in »Other countries«, including Brazil, the Benelux states and Italy, amounted to 8% (prev. year: 5%). Projects with clients in these countries resulted in revenue of €4.47 million, up 28% on the same period last year (€3.50 million). The main reason was an expansion of the company's service project business in Italy, Belgium and Brazil.

Revenue by industry

With a share of total revenue of 60%, there was a slight decline in the importance of the financial services industry (prev. year: 66%). However, it continues to represent the most important sector for the GFT Group. The planned reduction in revenue with a major client in the Resourcing division had a dampening effect on revenue in the period under review. In the first three months of 2012, projects with banks and insurance companies accounted for total revenue of €34.35 million (prev. year: €44.60 million).

Revenue with clients in the postal and logistics industry fell year on year by 53% to €2.22 million (prev. year: €4.75 million) and thus accounted for 4% of total revenue (prev. year: 7%).

The GFT Group generated 36% of total revenue with clients in the »Others« category, which also includes clients from the manufacturing industry (prev. year: 27%). Year-on-year revenue growth of 17% was mainly driven by strong demand for freelance IT experts and engineers. In the first three months of 2012, the GFT Group generated revenue of €21.08 million with clients in these sectors (prev. year: €17.95 million).

Earnings position

In the period under review, earnings before taxes (EBT) of the GFT Group amounted to €1.27 million and thus fell well short of the prior-year figure (€2.02 million). The operating margin before taxes decreased by 0.8 %-points, from 3.0% in the previous year to 2.2%. All in all, earnings in the first quarter of 2012 were above expectations as costs included an amount of €1.25 million in marketing expenditure for the CODE_n innovation initiative and CeBIT fair presence.

When considering the Group's business divisions, the Services segment in particular made a far stronger contribution to total earnings thanks to effects from new acquisitions in 2011 and an improved order position compared with the two preceding quarters. Earnings in the Resourcing segment were slightly up on the previous year.

As of 31 March 2012, earnings before interest and taxes (EBIT) amounted to €1.14 million and were thus €0.72 million below the prior-year figure (€1.86 million). As a consequence, earnings before interest, taxes and depreciation/amortisation (EBITDA) on property, plant and equipment and intangible assets were also down on the previous year at €1.51 million (prev. year: €2.18 million).

After the first three months of 2012, the quarterly net income of the GFT Group amounted to €0.63 million, corresponding to a decline of €0.72 million in earnings after taxes (prev. year: €1.35 million). The calculated tax ratio rose from 33% in the previous year to 51% due to an unbalanced distribution of earnings between the individual national subsidiaries in the first quarter.

Earnings per share deteriorated by €0.03 in the period under review to €0.02 per share (prev. year: €0.05 per share). These figures are based on an average of 26,325,946 outstanding shares.

Group earnings position by segment

Group earnings position by segment

Despite the ongoing volatility of its market environment, pre-tax earnings in the Services segment amounted to €1.81 million in the first quarter of 2012 and were thus 26% above the prior-year figure (€1.44 million). This improvement in earnings was largely due to the new acquisitions made in June and October 2011; comparable figures were not included in earnings figures for the first three months of 2011. Compared to the first quarter of 2011, the operating margin rose by 0.9 %-points to 5.9% (prev. year: 5.0%).

In the period under review, earnings in the Resourcing segment reached €0.68 million and were thus 4% above the prior-year figure (€0.65 million) – despite consistently adverse market conditions. The operating margin improved by 0.8 %-points to 2.5% (prev. year: 1.7%). This was largely due to reduced revenue in the segment's lowermargin Third Party Management business.

In spite of the significant reduction in revenue, earnings from Third Party Management activities were only slightly down on the previous year at around break-even (prev. year: €0.01 million). In the Resource Management business, earnings rose by 5% to €0.68 million (prev. year: €0.64 million).

The »Others« category comprises balance sheet effects, as well as non-allocated costs of the holding company and consolidation amounts which cannot be directly charged to either of the two aforementioned divisions. Due in particular to expenses recognised in connection with the CODE_n project and CeBIT fair presence, pre-tax earnings in the first quarter were well below the prior-year figure at €-1.22 million (prev. year: €-0.07 million).

Earnings position by income and expense items

As of 31 March 2012, other operating income amounted to €0.98 million and was thus €0.63 million higher than in the previous year (€0.35 million). This increase in other operating income was mainly due to income from the liquidation of provisions amounting to €0.48 million and write-ups on marketable securities of €0.19 million. The remaining changes resulted from other operating income, benefits in kind and income from the derecognition of liabilities.

As of 31 March 2012, the cost of materials – mainly comprising the purchase of external manpower – amounted to €27.47 million and was thus well below the prior-year figure (€39.25 million). This decline resulted from the significant reduction in Third Party Management revenue and the respective decrease in the purchase of external manpower. As a proportion of revenue, the cost of materials consequently fell by 10 %-points year on year to 48% (prev. year: 58%).

Personnel expenses rose by €2.18 million to €23.23 million (prev. year: €21.05 million). This 10% increase in personnel expenses was mainly due to the rise in headcount following new acquisitions and salary increases granted in 2011. As a proportion of revenue, personnel expenses were up strongly by 9 %-points to 40% (prev. year: 31%). This was a result of the increased revenue share of the Services segment of 53% in the first quarter of 2012 (prev. year: 43%).

Depreciation of intangible and tangible assets amounted to €0.37 million as of 31 March 2012 and was thus €0.06 million above the prior-year figure (€0.31 million). However, this had only a minor impact on ordinary operating profits.

Other operating expenses increased to €6.43 million in the first three months of the financial year, corresponding to a year-on-year increase of 26% (prev. year: €5.10 million). The cost increases were mainly attributable to higher operating, administrative and selling expenses, which rose by €1.30 million to €5.95 million in 2012 (prev. year: €4.65 million) due to increased business activities and costs attributable to CODE_n. This item also includes other expenses which are not out-of-period, other taxes and exchange rate losses.

As of 31 March 2012, income taxes amounted to €0.64 million and were thus just €0.03 million below the prior-year figure (€0.67 million). The calculated tax ratio increased from 33% to 51% due to an unbalanced distribution of earnings between the national subsidiaries.

Financial position

As of the end of the first quarter, cash, cash equivalents and securities amounted to €27.52 million and were thus €12.16 million below the corresponding figure at the end of 2011 (€39.68 million). The decline was mainly due to a significantly lower level of liquid funds, which fell by €12.63 million to €19.84 million following payments to external staff and company acquisitions in the second and fourth quarters of 2011.

Compared to the year-end figure (€50.96 million), trade receivables increased to €55.29 million. This rise was largely due to overdue receivables from a major client. As of 31 March 2012, trade payables amounted to €17.91 million and were thus well below the corresponding figure on 31 December 2011 (€28.63 million). This decrease resulted mainly from the significant reduction in Third Party Management revenue and the related purchase of external staff.

Following a very favourable working capital ratio at yearend 2011, cash flows from operating activities were negative at €-12.45 million (prev. year: €-2.44 million). Compared to the same period last year, the typical increase in working capital during the first quarter was stronger in the first quarter of 2012 due to the deterioration in customer payment behaviour.

At €-0.27 million, cash flows from investing activities were up €0.16 million on the previous year (€-0.43 million); compared to last year, there was a decrease in capital expenditure, including IT procurements.

As of 31 March 2012, cash flows from financing activities totalled €0.09 million. This amount resulted exclusively from a foreign subsidiary's short-term use of credit lines. In the previous year, the corresponding figure amounted to €0.63 million.

Asset position

As of 31 March 2012, the balance sheet total of the GFT Group was down €7.80 million at €130.48 million. At the end of the financial year 2011, the total was €138.28 million.

On the asset side, there was a significant change in current assets and in particular the items cash and cash equivalents, and trade receivables. Non-current assets, however, were largely unchanged. Compared to 31 December 2011, they fell by €0.21 million to €51.36 million, mainly as a result of a reduction in tax claims.

As of 31 March 2012, current assets were well below their year-end level (€86.71 million) and fell to €79.12 million. Within this item, liquid funds decreased strongly by €12.63 million to €19.84 million, while trade receivables increased by €4.33 million to €55.29 million.

Other current assets 53.25 57.86 Other non-current assets 45.35 45.10 On the liabilities side, the only notable changes were among the current liabilities; equity was slightly up on the year-end figure. As of 31 March 2012, equity amounted to €76.54 million and was thus €0.93 million above the corresponding figure on the balance sheet date of 31 December 2011. This improvement was largely due to a reduction in the balance sheet loss to €-5.09 million. As a result, the equity ratio rose to 59%, compared to 55% at the end of 2011.

On the liabilities side, there was little change in noncurrent liabilities which amounted to €8.42 million as of the balance sheet date; at year-end 2011, the corresponding figure was €8.59 million.

ASSETS € million Cash, cash equivalents	31/12/2011		31/03/2012

138.28 130.48

EQUITY & LIABILITIES € million	31/12/2011	31/03/2012
Current liabilities	54.07	45.52
Non-current liabilities	8.59	8.42
Equity capital	75.62	76.54
	138.28	130.48

Group balance sheet structure

There was a significant decline in current liabilities during the period under review, which fell by €8.55 million to €45.52 million. Within this item, there was a strong reduction in trade payables to €17.91 million, compared with €28.63 million as of 31 December 2011. In contrast, other provisions rose to €17.52 million (31 December 2011: €17.07 million) and other liabilities to €7.74 million (31 December 2011: €6.45 million).

The equity/non-current assets ratio – the yardstick for solid balance sheet structures – improved to 149% as of 31 March 2012 (31 December 2011: 147%).

Employees

As of 31 March 2012, the GFT Group employed a total of 1,346 people and thus 3% or 39 persons more than on 31 March 2011. The number of employees is calculated on the basis of full-time staff, whereby part-time staff are included on a pro rata basis. There was also a slight increase in headcount in comparison to the preceding quarters. On 31 September 2011, GFT had 1,321 employees and on 31 December 2011 1,337.

At the end of the reporting period, a total of 1,199 people were employed in the Services division, corresponding to year-on-year growth of 3% or 33 persons. This increase over 31 March 2011 was mainly due to the acquisition of Asymo AG in Switzerland and the consulting division of G2 Systems in the USA. There was strong headcount growth in both countries. There was also a significant increase in the number of staff employed in Spain, compared to the previous year.

Headcount in the Resourcing division remained virtually unchanged – falling from 102 on the same date last year to 101 employees as of 31 March 2012.

The »Others« category comprises 7 employees more than in the previous year. The holding company thus employed 46 people on the reporting date.

Employees by division as of 31 March

	2012	2011
Services	1,199	1,166
Resourcing	101	102
Others	46	39
Total	1,346	1,307

The number of people employed in Germany as of 31 March 2012 amounted to 275. This was 2% or 7 persons below the prior-year figure. Staff employed outside Germany rose by 46 to a total of 1,071 employees (prev. year: 1,025). As a result, the proportion of total staff employed outside Germany now amounts to 80% (prev. year: 78%).

The average number of freelancers employed fell strongly to 941 (prev. year: 1,337). This resulted from a reduction in activities for a major client in the field of Third Party Management.

Employees by country as of 31 March

2012	2011
275	282
149	158
17	18
31	29
49	28
807	789
18	3
1,346	1,307
80	78

Research and development Subsequent events

Research and development expenses of the GFT Group in the first quarter of 2012 amounted to €1.00 million. The Group thus almost doubled its R&D expenditure compared to 31 March 2011 (€0.52 million).

These expenses resulted mainly from R&D activities in connection with the following strategic initiatives:

a-touch: in the first quarter of 2012, GFT continued to develop the IT-aided solution for advisors in the field of private banking and wealth management. The application provides system-supported implementation of all compliance requirements. Thanks to its additional security components, it is also suitable for use on mobile devices.

SAP Competence Centre: GFT develops suitable application possibilities to help banks convert their systems to SAP software.

Mobile Finance: GFT intensified its R&D activities in the field of platform-independent mobile applications for financial service providers; for example with the expansion of its Mobile Finance Competence Centre founded in 2009.

As of May 2011, GFT has pooled all R&D activities in the field of applied innovation management in its internal »Applied Technologies Group«.

In order to ensure consistently high quality in its global development efforts, GFT continued to optimise software development processes in accordance with the international CMMI© (Capability Maturity Model Integration) standard.

No events occurred after the balance sheet date as at 31 March 2012 that are of major significance to GFT.

Opportunity and risk report

In the first three months of 2012, there were no material changes with regard to the comprehensive discussion of opportunities and risks provided in the Management Report accompanying the Consolidated Financial Statements for 2011. The risk position of the GFT Group is thus unchanged.

Forecast report

Macroeconomic development

Although the prospects for the global economy are somewhat more optimistic than at the end of last year, the International Monetary Fund (IMF) has not yet fully lifted its warnings. On the contrary, it believes that the risk of a further crisis is still very present. The IMF points, for example, to the geopolitical unrest in Iran which may push the oil price up even further. The high budget deficits of the USA and Japan are also still classified as a risk factor for the financial markets. Finally, the IMF believes that these problems may be exacerbated by the Euro zone's sovereign debt crisis.

In its World Economic Outlook of April 2012, the IMF predicts growth of 4.1% for 2013 – 0.6 %-points above its forecast for the current year. The outlook for the Euro zone is also somewhat more optimistic for 2013 than for 2012. Following a slight recession this year, the IMF forecasts growth of 0.6% for 2013. The IMF sees signs of improvement especially in such crisis-hit countries as Spain and Italy, with positive consequences for the entire Euro zone. However, these latest improvements are highly fragile, warn the IMF's experts. Unemployment in the Euro zone is also expected to remain high for some time.

The economists upheld their forecast for Germany made in January 2012, predicting growth of 1.5% for 2013 – 0.9 %-points above the country's expected growth in the current year.

Sector development

The prospects for Germany's Information and Communication Technology (ICT) sector remain favourable. In its forecast published in March 2012, the German Federal Association for Information Technology, Telecommunications and New Media (BITKOM) predicts revenue of €73.2 billion for 2012, representing growth of 4.5%. The IT Services segment alone is expected to generate revenue of €35.5 billion. This would correspond to growth of 3.8%.

The results of a BITKOM survey of sector mood in April 2012 confirm these forecasts. 78% of all companies interviewed expect increasing revenues in 2012 compared with the previous year – among suppliers of software and IT services, the figure is as high as 85%.

The sector mood is equally upbeat with regard to manpower requirements. Some 74% of mid-size IT companies plan to hire new staff in 2012. BITKOM expects that the sector as a whole will create 5,000 to 6,000 additional jobs this year. 63% of companies are suffering from a shortage of skilled workers.

Technologies such as cloud computing, the growing spread of tablet computers and smartphones, and the related mobile apps, are expected to add further momentum to the sector's development. There is currently growing demand from both companies and private consumers for new devices, applications and services.

Revenue and earnings forecast

The GFT Group sees growth potential in various sectors for its financial year 2012 and will continue to work on ways to exploit this potential. Business will be dominated by the diverging growth rates in those markets of importance for GFT. Whereas the first half of the year is still likely to be influenced by cautious capital spending in the finance sector – especially in the field of corporate and investment banking – growth is expected to be driven by the financial services industry and the industrial sector in the second half of the year.

With its international network of specialists, the Resourcing division is well placed to serve the growing need of many companies for skilled and flexible IT experts and engineers. Strong growth is expected above all in the field of Resource Management in France and Germany during the course of the year. In addition to the expansion of projects with existing clients, significant revenue is likely to be generated with new customers. Effective cost management and a greater focus on the higher-margin Resource Management business – already started in 2011 – will also have a positive impact on segment earnings. The completed reduction of business with a major client in the field of Third Party Management will lead to a decrease in revenue of €48 million in financial year 2012. Due to the low margins of this business, however, this will not have a noticeable impact on EBT.

As of the third quarter of 2012, the Services division is expected to benefit from the finance sector's increased propensity to invest. Demand for outsourcing services, core banking solutions and IT solutions to implement compliance regulations will remain strong. At the same time, banks are likely to invest more in core banking and customer management systems, while demand for smart IT solutions in the field of corporate and investment banking is also expected to rise. In 2012, the segment aims to place greater emphasis on targeting growth markets, such as mobile finance applications.

With its focus on the finance sector and selected growth markets, as well as a range of products and services strictly aligned with the needs of its clients, the GFT Group has laid a solid foundation for sustainable growth. We will continue to work on exploiting the synergy potential created by our two business divisions and developing our expertise in future-oriented topics. Amidst growing signs of stability in the finance sector and consistently strong demand in the manufacturing industry, the Executive Board of GFT can confirm the forecast it made in the Consolidated Financial Statements 2011: for 2012 as a whole, we expect revenue of €250 million and pre-tax earnings of €12 million.

Stuttgart, 7 May 2012

GFT Technologies Aktiengesellschaft

The Executive Board

Ulrich Dietz Jean-François Bodin Marika Lulay Dr. Jochen Ruetz Executive Board (Chairman) Executive Board Executive Board Executive Board

Consolidated Statement of comprehensive Income

for the period from 1 January to 31 March 2012 GFT Technologies Aktiengesellschaft, Stuttgart

Partial Statement Affecting Net Income: Consolidated Income Statement

	First quarter
€	01/01/– 31/03/2012	01/01/– 31/03/2011
Revenue	57,649,528.39	67,302,679.21
Other operating income	984,160.19	346,980.23
	58,633,688.58	67,649,659.44
Cost of materials:
a) expenses for raw materials and supplies and for purchased goods	74.25	4,600.74
b) Costs of purchased services	27,469,518.61	39,248,133.82
	27,469,592.86	39,252,734.56
Personnel expenses:
a) Salaries and wages	19,604,764.24	17,463,594.29
b) Social security and expenditures for retirement pensions	3,624,847.00	3,590,070.70
	23,229,611.24	21,053,664.99
Depreciation on non-current intangible assets and of tangible assets	370,535.90	313,422.50
Other operating expenses	6,425,400.28	5,100,093.93
Result from operating activities	1,138,548.30	1,929,743.46
Other interest and similar income	131,116.57	159,206.70
Income from investments	0.00	0.00
Profit share from associates	2,949.94	-2,817.02
Depreciation on securities	0.00	63,874.05
Interest and similar expenses	3,084.99	2,030.40
Financial result	130,981.52	90,485.23
Earnings before taxes	1,269,529.82	2,020,228.69
Taxes on income and earnings	643,640.96	667,223.22
Net income	625,888.86	1,353,005.47
– attributable to non-controlling equity holders	0.00	0.00
– attributable to equity holders of the parent	625,888.86	1,353,005.47
Net earnings per share – undiluted	0.02	0.05
Net earnings per share – diluted	0.02	0.05

	$\mathcal{I}$

	First quarter
€	01/01/– 31/03/2012	01/01/– 31/03/2011
Net income	625,888.86	1,353,005.47
Financial assets available for sale (securities):
– Change of fair value recognised in equity during the financial year	259,727.78	153,800.00
– Reclassification amounts to the Income Statement	0.00	0.00
	259,727.78	153,800.00
Exchange differences on translating foreign operations:
– Profits/losses during the financial year	42,574.27	-131,475.01
– Reclassification amounts to the Income Statement	0.00	0.00
	42,574.27	-131,475.01
Income taxes on components of other result	0.00	0.00
Other result	302,302.05	22,324.99
Total result	928,190.91	1,375,330.46
– thereof attributable to non-controlling shareholders	0.00	0.00
– thereof attributable to shareholders of parent company	928,190.91	1,375,330.46

Partial Statement Not Affecting Net Income: Consolidated Income Statement

Consolidated Balance Sheet

as at 31 March 2012

GFT Technologies Aktiengesellschaft, Stuttgart

Assets

€	31/03/2012	31/12/2011
Non-current assets
Intangible assets
Licences, industrial property rights
and similar rights	886,965.91	945,085.00
Goodwill	36,359,510.32	36,399,830.18
	37,246,476.23	37,344,915.18
Tangible assets
Other equipment, office and factory equipment	2,706,975.42	2,752,150.63
Construction on foreign property	59,662.54	54,780.08
	2,766,637.96	2,806,930.71
Financial assets
Securities	6,262,849.07	6,225,839.07
Financial assets, accounted for using the equity method	50,306.04	47,356.10
Investments	0.00	0.00
	6,313,155.11	6,273,195.17
Other financial assets	413,329.46	433,155.26
Current tax assets	444,056.51	514,567.53
Deferred tax assets	4,177,208.03	4,201,543.60
	51,360,863.30	51,574,307.45
Current assets
Trade receivables	55,287,592.97	50,962,108.83
Securities	1,415,750.00	982,520.00
Current tax assets	212,458.99	582,758.96
Cash and cash equivalents	19,844,633.87	32,472,593.37
Other financial assets	211,118.27	402,304.83
Other assets	2,150,625.77	1,305,256.69
	79,122,179.87	86,707,542.68
	130,483,043.17	138,281,850.13

Shareholders' Equity and Liabilities

€	31/03/2012	31/12/2011
Shareholders' equity
Equity attributable to equity holders of the parent
Share capital	26,325,946.00	26,325,946.00
– Conditional Capital €7,500,000.00 (previous year: €7,500,000.00 )
Capital reserve	42,147,782.15	42,147,782.15
Retained earnings
Other retained earnings	12,743,349.97	12,743,349.97
Changes in equity not affecting net income
Foreign currency translations	770,868.79	728,294.52
Reserve of market assessment for securities	-356,157.46	-615,885.24
Consolidated balance sheet loss	-5,087,814.06	-5,713,702.92
	76,543,975.39	75,615,784.48
Interests of non-controlling equity holders	0.00	0.00
	76,543,975.39	75,615,784.48
Liabilities
Non-current liabilities
Provisions for pensions	781,718.38	769,718.38
Other provisions	7,227,434.68	7,235,803.15
Other liabilities	0.00	0.00
Deferred tax liabilities	414,869.09	585,985.06
	8,424,022.15	8,591,506.59
Current liabilities
Other provisions	17,523,304.35	17,067,647.30
Current income tax liabilities	1,715,542.12	1,333,795.95
Financial liabilities	91,662.61	0.00
Trade payables	17,910,940.58	28,632,433.78
Other financial liabilities	532,641.53	588,991.71
Other liabilities	7,740,954.44	6,451,690.32
	45,515,045.63	54,074,559.06
	130,483,043.17	138,281,850.13

Consolidated Statement of Changes in Equity

as at 31 March 2012

GFT Technologies Aktiengesellschaft, Stuttgart

€	Subscribed	Capital	Retained
	capital	reserve	earnings
			Other
			retained
			earnings
As at 01/01/2011	26,325,946.00	42,147,782.15	10,243,349.97
Total income and expenses for the period 01/01/–31/03/2011
As at 31/03/2011	26,325,946.00	42,147,782.15	10,243,349.97
Dividend payment June 2011
Total income and expenses for the financial year 01/01/–31/12/2011
Allocations to retained earnings 2011
– to other retained earnings			2,500,000.00
As at 31/12/2011	26,325,946.00	42,147,782.15	12,743,349.97
Total income and expenses for the period 01/01/–31/03/2012
As at 31/03/2012	26,325,946.00	42,147,782.15	12,743,349.97

Total share capital	Non-controlling equity holders	Equity attributable to equity holders	Consolidated balance sheet loss		Changes in equity not affecting results
		of the parent		Market assessment for securities	Foreign currency translations
71,270,177.00	0.00	71,270,177.00	-7,554,412.13	-427,800.00	535,311.01
1,375,330.46	0.00	1,375,330.46	1,353,005.47	153,800.00	-131,475.01
72,645,507.46	0.00	72,645,507.46	-6,201,406.66	-274,000.00	403,836.00
-3,948,891.90	0.00	-3,948,891.90	-3,948,891.90
8,294,499.38	0.00	8,294,499.38	8,289,601.11	-188,085.24	192,983.51
0.00	0.00	0.00	-2,500,000.00
75,615,784.48	0.00	75,615,784.48	-5,713,702.92	-615,885.24	728,294.52
928,190.91	0.00	928,190.91	625,888.86	259,727.78	42,574.27

As at 31/03/2012 26,325,946.00 42,147,782.15 12,743,349.97 770,868.79 -356,157.46 -5,087,814.06 76,543,975.39 0.00 76,543,975.39

Consolidated Cash Flow Statement

for the period from 1 January to 31 March 2012 GFT Technologies Aktiengesellschaft, Stuttgart

	First quarter
€	01/01/– 31/03/2012	01/01/– 31/03/2011
Net income	625,888.86	1,353,005.47
Depreciation on non-current intangible and tangible assets	370,535.90	313,422.50
Changes in provisions	459,288.58	1,473,912.70
Other non-cash expenses/income	-155,941.89	-7,510.54
Profit from the disposal of long-term tangible and intangible assets as well as financial assets	689.00	0.00
Changes in trade receivables	-4,325,484.14	-3,375,710.03
Changes in other assets	-169,210.16	134,981.91
Changes in trade liabilities and other liabilities	-9,296,711.28	-2,195,934.75
Other changes in equity	42,574.27	-131,475.01
Cash flow from operating activities	-12,448,370.86	-2,435,307.75
Cash payments to acquire tangible assets	-233,508.04	-342,089.82
Cash payments to acquire non-current intangible assets	-37,743.21	-89,986.49
Cash flow from investing activities	-271,251.25	-432,076.31
Cash receipts from taking out short-term or long-term loans	91,662.61	633,419.99
Cash flow from financing activities	91,662.61	633,419.99
Change in cash funds from cash-relevant transactions	-12,627,959.50	-2,233,964.07
Cash funds at the beginning of the period	32,472,593.37	26,232,995.13
Cash funds at the end of the period	19,844,633.87	23,999,031.06

Notes to the Interim Financial Statements

as at 31 March 2012 GFT Technologies Aktiengesellschaft, Stuttgart

Fundamentals for the GFT Group's Interim Financial Statements ······························································································································· ··········

The Consolidated Interim Financial Statements of GFT Technologies Aktiengesellschaft (»GFT AG«) should be read in conjunction with the Annual Financial Statements of GFT AG as of the end of the last financial year (31 December 2011). 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, sections 37w and 37y of the German Securities Trading Act (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 last Consolidated Financial Statements as at 31 December 2011. The reporting format of these Interim Financial Statements has

been changed slightly compared to the Interim Financial Statements of the previous year; the prior-year figures have been adjusted to the amended reporting format. New or amended standards and interpretations to be applied as of the beginning of the financial year 2012 did not have any major effect on the Interim Financial Statements.

The Interim Financial Statements and the Interim Management Report as of 31 March 2012 have neither been audited according to section 317 HGB, nor been reviewed.

In drawing up these Interim Financial Statements, the Executive Board made estimations concerning the application and interpretation of accounting regulations. Actual events may differ from these estimations. Future developments and results depend on a number of external factors involving risks and uncertainties, and are based on current assumptions which may prove inaccurate.

Changes to the consolidated group and its associated companies ······························································································································· ······

There have been no changes to the scope of consolidation since the Consolidated Financial Statements were closed on 31 December 2011.

Changes in equity ······························································································································· ······························································································································· ··············

For the changes in equity capital between 1 January 2012 and 31 March 2012, we refer to the Consolidated Statement of Changes in Equity which is disclosed separately.

As of 31 March 2012, 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 2011). These shares are bearer shares and all grant equal rights.

In June 2011, a dividend of €0.15 per share was distributed to shareholders, totalling €3,949 thousand, from the balance sheet profit of the parent company GFT AG. No dividends have yet been paid in financial year 2012. At the Annual General Meeting to be held in May 2012, a proposal will be made to pay a dividend of €0.15 per share, totalling €3,949 thousand, from the balance sheet profit of GFT AG as of 31 December 2011.

There were no changes in Authorized Capital or Conditional Capital in the period 1 January 2012 to 31 March 2012 compared to 31 December 2011. As of 31 March 2012, GFT AG did not hold any of its own shares, nor did it purchase or sell any of its own shares in the period 1 January 2012 to 31 March 2012.

Segment reporting ······························································································································· ······························································································································· ···········

GFT has identified the two segments Services 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, managed and controlled on the basis of these segments. Internal reporting to the Executive Board is based on the classification of Group activities in these 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 Resourcing segment focuses on the placement of freelance IT specialists.

Internal controlling and reporting within the GFT Group, and thus also segment reporting, is based on IFRS accounting principles as applied in the Consolidated Financial Statements. The GFT Group measures the success of its segments by means of segment EBT (earnings before tax). Segment income and results also include transactions between the segments. Intersegment transactions take place at market prices on an arm's length principle.

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 Appendix attached to the Notes to the Consolidated Financial Statements. It also includes disclosures concerning revenue from external clients for each group of comparable products and services.

The reconciliation of the segment figures to the corresponding figures in the Consolidated Financial Statements is as follows:

€ thsd.	01/01/– 31/03/2012	01/01/– 31/03/2011
Total segment revenue	58,774	68,908
Occasionally occurring revenue	3
Elimination of intersegment revenue	-1,127	-1,605
Group revenue	57,650	67,303
Total segment results (EBT)	2,488	2,091
Non-attributed expenses/income of Group HQ	-2,183	-96
Non-attributed income for elimination of interim results	888	25
Other	77
Group result before taxes	1,270	2,020

€ thsd.	31/03/2012	31/03/2011
Total segment assets	116,224	109,551
Non-attributed assets of Group HQ	115	93
Securities	7,679	14,271
Assets from income taxes	5,488	5,949
Other	977
Group assets	130,483	129,864
Total segment liabilities	50,452	54,834
Non-attributed liabilities of Group HQ	378	482
Liabilities from income taxes	2,130	1,903
Other	979
Group liabilities	53,939	57,219

The reconciliation discloses items which per definition are not components of the segments. Non-attributed items of Group HQ, e.g. from centrally managed issues. Business transactions between the segments are also eliminated in the reconciliation.

The table below shows information according to geographic regions for the GFT Group:

	Revenue from sales to external clients 1	Non-current intangible and tangible assets
€ million	01/01/– 31/03/2012	01/01/– 31/03/2011	31/03/2012	31/03/2011
Germany	21.43	36.72	39.31	21.95
UK	9.30	9.91	0.10	0.14
Spain	6.65	6.51	1.16	1.02
France	9.75	6.88	0.11	0.05
USA	2.60	1.61	4.98	0.00
Switzerland	3.45	2.17	0.39	0.13
Other countries	4.47	3.50	0.28	0.31
Total	57.65	67.30	46.33	23.60

1 Determined by client location

Revenue from clients who account for more than 10% each of Group revenue is shown below:

	Revenue		Segments in which this revenue is generated
€ million	01/01/– 31/03/2012	01/01/– 31/03/2011	01/01/– 31/03/2012	01/01/– 31/03/2011
Client 1	17.97	32.32	Services, Resourcing	Services, Resourcing

Notes – information on business segments – Segment report

GFT Technologies Aktiengesellschaft, Stuttgart

	Services		Resourcing
€ thsd.	31/03/2012	31/03/2011	31/03/2012	31/03/2011
External sales	30,490	28,892	27,157	38,411
Inter-segment sales	0	0	1,127	1,605
Total revenues	30,490	28,892	28,284	40,016
Scheduled depreciation	-292	-255	-63	-49
Significant non-cash income/expenditure
other than depreciation	5	-24	0	0
Interest income	22	21	2	2
Interest expenses	-40	-7	-5	-22
Share of net profits of associated companies
reported according to the equity method	3	-3	0	0
Segment result (EBT)	1,809	1,439	679	652
Segment assets	80,266	60,822	35,958	48,729
Shares in associated companies reported according to the equity method	50	41	0	0
Investments in non-current intangible and tangible assets	240	366	23	53
Segment liabilities	25,924	22,671	24,528	32,163

Consolidated		Eliminations		Total
31/03/2012 31/03/2011	31/03/2011	31/03/2012	31/03/2011	31/03/2012
57,650 67,303		3	67,303	57,647
0	-1,605	-1,127	1,605	1,127
57,650 67,303	-1,605	-1,124	68,908	58,774
-371	-9	-16	-304	-355
156	32	151	-24	5
131	136	107	23	24
-3	27	42	-29	-45
3	0	0	-3	3
1,270	-71	-1,218	2,091	2,488
130,483 129,864	20,313	14,259	109,551	116,224
50	0	0	41	50
271	13	8	419	263
53,939 57,219	2,385	3,487	54,834	50,452

Changes to contingent liabilities ······························································································································· ····································································································

As of 31 March 2012, there were no significant changes to contingencies and other financial commitments compared to the Consolidated Financial Statements as at 31 December 2011. As at 31 December 2011, there were no contingent receivables.

Investments/disinvestments ······························································································································· ················································································································

During the period 1 January to 31 March 2012, the GFT Group invested €60 thousand in intangible assets (1 January to 31 March 2011: €90 thousand) and €211 thousand in tangible assets (1 January to 31 March 2011: €342 thousand). There were no significant disinvestments in the reporting period.

Related party disclosures ······························································································································· ·························································································································

Compared to the disclosures made in the Notes to the Consolidated Financial Statements as at 31 December 2011, there were no significant transactions. There were also no changes in the composition of related parties nor in relations with such parties.

Stuttgart, 7 May 2012

GFT Technologies Aktiengesellschaft The Executive Board

Ulrich Dietz Jean-François Bodin Marika Lulay Dr. Jochen Ruetz Executive Board (Chairman) Executive Board Executive Board Executive Board

Financial Calendar

Annual General Meeting 22 May 2012

Interim Report as of 30 June 2012 9 August 2012

Interim Report as of 30 September 2012 8 November 2012

Further information

Write to us or call us if you have any questions. Our Investor Relations team will be happy to answer them for you. 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

This Interim Report is also available in German. The online versions of the German and English Interim Reports are available on www.gft.com/ir.

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