GFT Technologies SE — Interim / Quarterly Report 2020

Nov 19, 2020

Interim Statement 9M/2020

GFT Technologies SE 12 November 2020

GFT grows despite Covid-19

• Total revenue increase of 4% in the first nine months
• On-going dynamic revenue growth of 15% without top-2 clients1)
• 38% revenue share with fast-growing technologies2)
• EBT in third quarter significantly above first half
• Outlook for revenue and EBT confirmed once again
• Insurance business rose strongly by 34% to revenue share of 14%
• Business with cloud solutions grew by 52% to 8% revenue share
• Strong operating cash-flow driven by positive working capital effects
• Cash and cash equivalents at prior-year level, net debt position improved

Shaping the

business

¹⁾ GFT's top-2 clients are defined as Deutsche Bank and Barclays.

²⁾ Fast-growing technologies per GFT's definition: DLT/blockchain, artificial intelligence, data analytics, cloud and DevOps.

Minor variances due to rounding possible Interim Statement

Diversification successfully continued

Fast-growing technologies1) on the rise

Client concentration decreased further

Revenue share after nine months increased to 38%

Diversification successfully continued Dynamic growth in insurance of 34%

Sector split expanded

78%

1) Fast-growing technologies per GFT's definition: DLT/blockchain, artificial intelligence, data analytics, cloud and DevOps.

Others

Key figures

€m in	9M/2020	9M/2019	∆%
Revenue	327.04	315.95	4%
Revenue w/o in-GmbH	323.55	315.95	2%
EBITDA adjusted*	30.81	34.78	-11%
EBITDA	27.80	32.20	-14%
EBIT	10.74	14.30	-25%
EBT	9.05	12.34	-27%
Net income	6.38	10.08	-37%
Earnings per share (in €)	0.24	0.38	-37%
(in €)* Earnings per share adjusted	0.47	0.59	-20%
Employees (in FTE)	5,754	5,173	11%

• Revenue increase of 4% (organic 2%), revenue contribution of in-GmbH (€3.49m)
• Decline of 11% in EBITDA adjusted mainly due to:
  • Operational margin improvement (esp. Americas, UK & APAC) €2.0m
  • Underutilisation (esp. Continental Europe) €-4.30m (9M/2019: €-1.40m)
  • Restructuring measures amounting to €-6.01m (9M/2019: €-3.48m)
  • FX effects amounting to €-0.44m (9M/2019: €-0.79m)
  • IFRS 16 effects €8.48m (9M/2019: €9.37m)
• EBITDA burdened by M&A-effects (in-GmbH) in the amount of €-0.94m
• EBT-margin at 2.8% (9M/2019: 3.9%)
• Tax ratio at 29.4% (9M/2019: 18.3%)

*Adjusted for non-operational effects from M&A activities (EBITDA) plus applicable tax effects (net income and EPS)

Revenue and EBITDA adjusted by quarter (in €m)

• Q3/2020 vs. Q2/2020: Revenue impact due to COVID and summer holiday season as expected; burdens in earnings from Covid-19 were reduced as forecasted: higher capacity utilisation and lower restructuring expenses
• Q3/2020 vs. Q3/2019: Revenue and EBITDA adjusted at prior-year level

*Adjusted for non-operational effects from M&A activities

Revenue by segment (I)

in €m	Revenue		Growth rates
	9M/2020	9M/2019	Organic	M&A	FX	Total
Americas UK & APAC ,	157 39	147 30	14%	0%	-7%	7%
Continental Europe	169 39	168 24	-1%	2%	0%	1%
Others	0 26	0 41	n/a	n/a	n/a	n/a
GFT Group	327 04	315 95	6%	1%	-3%	4%

• Americas, UK & APAC: positive trend esp. with retail banks in Brazil and Hong Kong as well as with insurance companies in Canada
• Continental Europe: anticipated revenue decline with top-2 clients compensated by growth with other clients; esp. dynamic growth in insurance in France
• M&A effects: acquisition of in-GmbH with effect from 1 January 2020 (revenue contribution of €3.49m)

Revenue by segment (II)

in €m		Revenue	∆%
		9M/2020	9M/2019	9M/2020 9M/2019 vs.
Americas UK & APAC ,	Top-2 clients	32 75	45 35	-28%
	Other clients	124 64	101 94	22%
	Total	157 39	147 30	7%
Continental Europe	Top-2 clients	39 38	49 09	-20%
	Other clients	130 01	119 16	9%
	Total	169 39	168 24	1%
GFT Group*	clients Top-2	72 13	94 44	-24%
	Other clients	254 65	221 10	15%
* w/o segment "Others"	Total	326 78	315 54	4%

• Further decrease in client concentration: revenue share with top-2 clients at 22% (9M/2019: 30%)
• Top-2 clients: revenue decrease as anticipated in UK (Americas, UK & APAC) and in Germany (Continental Europe)
• Unbroken growth trend with other clients in both segments with an overall increase of 15%

EBITDA adjusted, EBITDA and EBT by segment

€m in		EBITDA adjusted*	EBITDA		EBT
	9M/2020	9M/2019	∆%	9M/2020	9M/2019	∆%	9M/2020	9M/2019	∆%
Americas UK & APAC ,	15 21	12 64	20%	13 14	10 40	26%	5 91	2 13	>100%
Continental Europe	15 78	23 85	-34%	14 84	23 51	-37%	4 61	12 52	-63%
Others	-0 18	-1 71	-90%	-0 18	-1 71	-90%	-1 47	-2 31	-37%
GFT Group	30 81	34 78	-11%	27 80	32 20	-14%	9 05	12 34	-27%

• Americas, UK & APAC: revenue growth led to good utilisation, increased earnings contribution and margin improvement
• Continental Europe: restructuring costs as well as underutilisation in Germany and Spain mainly as a result of the Covid-19 pandemic

^* Adjusted for non-operational effects from M&A activities

Revenue by country (in €m)

9M/2020		∆%	9M/2019
64 62 ,	Spain	-5%	67 95 ,
58 40 ,	UK	-3%	60 12 ,
48 10 ,	Italy	4%	46 41 ,
37 05 ,	Germany	-4%	38 61 ,
34 22 ,	Brazil	47%	23 35 ,
25 18 ,	USA	-6%	26 66 ,
16 71 ,	Canada	42%	11 79 ,
13 28 ,	France	80%	7 36 ,
12 00 ,	Mexico	-4%	12 47 ,
5 88 ,	Hong Kong*	>100%	2 06 ,
5 77 ,	Switzerland	17%	4 94 ,
83 5 ,	Other countries	-59%	14 23 ,
327 04 ,	Total	4%	315 95 ,

* SAR

30 biggest clients 2020 – six new entries

Detailed profit & loss statement

in €m	9M/2020	9M/2019	∆%
Revenue	327 04	315 95	4%
Other operating income	9 68	6 31	53%
Cost of purchased services	-35 05	-35 22	0%
Personnel expenses	-237 44	-219 11	8%
Other operating expenses	-36 43	-35 73	2%
EBITDA	27 80	32 20	-14%
Depreciation and amortisation	-17 06	-17 90	-5%
EBIT	10 74	14 30	-25%
income/expenses Interest	-1 69	-1 96	-14%
EBT	05 9	12 34	-27%
Income taxes	-2 67	-2 26	18%
Net income	6 38	10 08	-37%
Earnings share (in €) per	0 24	0 38	-37%

• Further solid revenue growth
• Increased other operating income mainly due to government grants and foreign exchange gains
• Cost of purchased services to revenue ratio with 11% at prior-year level
• Increased personnel expenses mainly due to higher average headcount as well as restructuring costs primarily as a result of the Covid-19 pandemic. Ratio of personnel expenses excluding restructuring costs plus purchased services to revenue of 83% (9M/2019: 79%)
• EBITDA down by 14% mainly due to increased personnel expenses
• Decrease in depreciation and amortisation of €0.84m largely attributable to lower depreciation of right-of-use assets according to IFRS 16
• Net income burdened by increased income taxes. Effective tax ratio up to 29% (9M/2019: 18%) due to the earnings distribution among national companies

Cash flow analysis (in €m)

^*Financing liabilities include liabilities to banks

• Financing structure remains solid. Unused credit facilities of €56.09m (31/12/2019: €52.84m). Net cash at €-53.80m (31/12.2019: €-58.80m)
• Despite the Covid-19 crisis cash with €55.93m at prior-year level (9M/2019: €56.14m) due to positive working capital effects
• Increase in operating cash flow primarily because of cash-effective decline in working capital, esp. trade receivables to €31.19m (9M/2019: €22.27m). Generated funds were used to reduce financial debt
• Cash flow from financing activities influenced by dividend payment to shareholders in the amount of €5.27m (9M/2019: €7.90m) and net redemption of loans of €5.23m (9M/2019: net borrowing of €14.49m)
• Cash flow from investing activities mainly characterised by cash outflows of €5.97m from the acquisition of in-GmbH

Balance sheet (in €m)

• Decrease in balance sheet total of €31.27m mainly associated with decline of customer receivables and property, plant and equipment
• €10.49m decrease in non-current assets primarily due to depreciation of right-of-use assets acc. to IFRS 16. Non-current assets account for 55% of balance sheet total (31/12/2019: 53%)
• Cash and cash equivalents with €55.93m in essence at level of previous year-end
• Decrease in other current assets of €20.57m primarily due to decline in trade receivables from customers

• Currency-adjusted increase in equity by €1.21m. Net income of €6.38m was opposed by dividend payment to shareholders of €5.27m. Equity ratio of 30% (31/12/2019: 31%) or adjusted for IFRS 16 effects of 35% (31/12/2019: 35%)
• Decrease in non-current liabilities results from reduction in lease liabilities acc. to IFRS 16 of €3.13m
• €19.81m decline in current liabilities mainly attributable to closing-date effects in contract liabilities amounting to €12.67m. In addition, reduction of financing liabilities by €4.98m from the redemption of bank loans.

Employees by country (FTE)

▪ Increase vs. Q2/2020 due to staff expansion esp. in Brazil and Poland

Others* UK Canada Mexico Germany** Italy Poland Brazil Spain

• Decrease in Germany vs. Q2/2020 esp. caused by restructuring measures
• Corporate functions with 116 employees (Q3/2019: 116)
• Utilisation rate with 89% at prior-year level (9M/2019: 89%) and with slight improvement vs. prior-quarter (H1/2020: 88%)

*Other countries: Costa Rica, Switzerland, USA, France, Hong Kong, Belgium, Singapore **36 employees of in-GmbH in Germany included (in-GmbH since Q1/2020)

Outlook FY 2020 (in €m)

^{419 413 429 440} 2017 2018 2019 2020e 33 38 32 29 13 11 2017 2018 2019 2020e 40 45 16 23 18 13 2017 2018 2019 2020e 19 35 40 35 31 13 11 2017 2018 2019 2020e 48 42 Revenue +3% EBITDA adjusted* -13% EBITDA -11% EBT -32% Effects from IFRS 16

Revenue

▪ Decrease in revenue with top-2 clients of around 26%

▪ In contrast, 14% growth expected outside the top-2 clients; client and sector diversification continues to improve, expansion of industrial business deferred by Covid-19

• Earnings
• Burdens from Covid-19 due to underutilisation and restructuring measures
• Focus on revenue growth requires higher spending for sales activities and technological expertise
• Savings on future rental costs lead to lower IFRS 16 effect of €11m (old: €13m)

* Adjusted for non-operational effects from M&A activities

Backup

Results at a glance per quarter

in €m
	Q1/2019	Q2/2019	Q3/2019	Q4/2019	TY 2019	Q1/2020	Q2/2020	Q3/2020	9M/2020
Revenue	105	105	104	113	428	112	108	105	327
	72	31	92	03	98	48	57	99	04
EBITDA adjusted*	11 16	10 78	12 84	13 13	47 91	10 39	8 14	12 28	30 81
EBITDA	10	9	11	12	44	9	7	11	27
	28	94	98	69	89	26	20	34	80
EBIT	3	4	5	7	21	3	1	5	10
	87	48	95	03	33	61	56	57	74
EBT	3	3	5	6	18	3	1	5	9
	18	97	19	39	73	02	02	01	05
Net income	2 71	3 36	4 01	58 3	13 66	2 28	53 0	57 3	6 38
Net	4	5	5	4	20	4	2	5	12
income	55	17	70	65	07	33	55	53	41
adjusted*
Earnings share adj (in €)* per	0 17	0 20	0 22	0 17	0 76	0 16	0 10	0 21	0 47
Earnings share (in €) per	0 10	0 13	15 0	0 14	52 0	0 09	0 02	0 13	0 24
Employees	4	4	5	5	5	5	5	5	5
(in	910	892	173	242	242	460	585	754	754
FTE)	,	,	,	,	,	,	,	,	,

*Adjusted for non-operational effects from M&A activities (EBITDA) plus applicable tax effects (Net Income and EPS)

Split of operative and M&A Effects

€m in		9M/2020			9M/2019
	GFT stand alone	in-GmbH	GFT Total	GFT stand alone	GFT Total
EBITDA adjusted	29.42	1.39	30.81	34.78	34.78
M&A earn-out & retention	-1.94	-0.89	-2.83	-2.11	-2.11
M&A consult & integrate	0.00	-0.02	-0.02	-0.13	-0.13
M&A amortisation orderbook	-0.12	-0.04	-0.16	-0.34	-0.34
EBITDA	27.36	0.44	27.80	32.20	32.20
Depreciation & amortisation	-12.47	-0.09	-12.56	-14.68	-14.68
M&A amortisation	-4.18	-0.32	-4.50	-3.22	-3.22
EBIT	10.71	0.03	10.74	14.30	14.30
Interest	-1.69	0.00	-1.69	-1.96	-1.96
M&A interest	0.00	0.00	0.00	0.00	0.00
EBT	9.02	0.03	9.05	12.34	12.34
Income taxes	-2.67	0.00	-2.67	-2.26	-2.26
Net income	6.35	0.03	6.38	10.08	10.08
Net income adjusted	11.12	1.30	12.41	15.42	15.42
Shares outstanding (m.)	26.33	26.33	26.33	26.33	26.33
EPS basic (€)	0.24	0.00	0.24	0.38	0.38
EPS adjusted (€)	0.42	0.05	0.47	0.59	0.59

Shaping the	Interim Statement	Minor variances due
future of digital	9M/2020	to rounding possible
business

Consolidated income statement

in €	9M/2020	9M/2019	∆%
Revenue	327 043 832 13 , ,	315 952 133 84 , ,	4%
Other operating income	9 677 262 76 , ,	6 313 812 45 , ,	53%
Cost of purchased services	35 050 721 46 , ,	35 224 412 84 , ,	0%
Personnel expenses	237 444 843 20 , ,	219 105 147 80 , ,	8%
Other operating expenses	36 422 655 38 , ,	35 732 777 75 , ,	2%
Result from operating activities before depreciation and amortisation	27 802 874 85 , ,	32 203 607 89 , ,	-14%
Depreciation and amortisation of intangible and , plant and equipment assets property	17 066 486 79 , ,	17 902 231 34 , ,	-5%
Result from operating activities	10 736 388 06 , ,	14 301 376 55 , ,	-25%
Interest income	210 371 61 ,	464 133 22 ,	-55%
Interest expenses	1 901 378 42 , ,	2 426 695 04 , ,	-22%
Financial result	-1 691 006 81 , ,	-1 962 561 81 , ,	-14%
Earnings before taxes	045 25 9 381 , ,	12 338 814 74 , ,	-27%
Income taxes	2 661 099 73 , ,	2 259 589 85 , ,	18%
Net income for the period	52 6 384 281 , ,	10 079 224 89 , ,	-37%
Earnings share – basic per	0 24	0 38	-37%

Consolidated cash flow statement

in €	9M/2020	9M/2019	∆%
Net income for the period	6,384,281.52	10,079,224.89	-37%
Income taxes	2,661,099.73	2,259,589.85	18%
Interest result	1,691,006.81	1,962,561.80	-14%
Income paid taxes	-4,937,011.54	-850,277.19	>100%
Income taxes received	1,985,168.49	0.00	n.a.
Interest paid	-758,527.89	-758,469.17	0%
Interest received	197,297.04	233,173.59	-15%
Depreciation and amortisation of intangible and plant and equipment assets property,	17,066,486.79	17,902,231.34	-5%
Net proceeds on disposal of intangible and plant and equipment assets property,	211,644.74	12,066.64	>100%
Net proceeds on disposal of financial assets	-433,059.99	0.00	n.a.
Other non-cash expenses and income	-1,732,709.29	360,731.72	<-100%
Change in trade receivables	32,563,990.55	13,891,675.48	>100%
Change in contract assets	-9,110,282.97	-18,922,257.39	-52%
Change in other assets	-3,669,483.25	4,608,924.30	<-100%
Change in provisions	2,541,700.43	-755,775.21	<-100%
Change in trade payables	-3,841,050.90	-7,102,618.90	-46%
Change in liabilities contract	-12,672,884.99	-6,775,441.51	87%
Change in other liabilities	3,039,988.61	6,123,861.31	-50%
Cash flow from operating activities	31,187,653.89	22,269,201.55	40%
Proceeds from disposal of plant and equipment property,	16,557.12	5,830.67	>100%
Proceeds from disposal of financial assets	433,059.99	0.00	n.a.
Capital expenditure for intangible assets	-338,694.34	-1,722,485.95	-80%
Capital expenditure for property, plant and equipment	-3,063,069.88	-2,544,664.79	20%
Cash outflows for acquisitions of affiliates of cash and cash equivalents acquired net	-5,976,613.29	-5,533,891.88	8%
Cash flow from investing activities	-8,928,760.40	-9,795,211.96	-9%
Proceeds from borrowing	3,321,918.65	14,712,133.92	-77%
Cash outflows from loan repayments	-8,551,356.71	-223,704.02	>100%
Cash outflows from of lease liabilities repayment	-8,318,921.92	-9,365,254.53	-11%
Dividends to shareholders	-5,265,189.20	-7,897,783.80	-33%
Cash flow from financing activities	-18,813,549.18	-2,774,608.43	>100%
Effect of foreign exchange changes on cash and cash equivalents rate	-3,655,906.11	320,930.01	<-100%
Net increase in cash and cash equivalents	-210,561.80	10,020,311.18	<-100%
Cash and cash equivalents beginning of period at	56,143,932.27	61,569,726.64	-9%
Cash and cash equivalents at end of period	55,933,370.47	71,590,037.82	-22%

Consolidated balance sheet

Assets				Equity and liabilities
in €	30/09/2020	31/12/2019	∆%	in €	30/09/2020	31/12/2019	∆%
Non-current assets				Shareholders' equity
Goodwill	118,199,670.89	118,659,143.65	0%	Share capital	26,325,946.00	26,325,946.00	0%
Other intangible assets	18,276,164.30	22,126,664.83	-17%	Capital reserve	42,147,782.15	42,147,782.15	0%
Property, plant and equipment	70,818,380.53	76,779,652.91	-8%	Retained earnings	68,800,646.72	67,590,439.82	2%
Financial investments	10,000.00	0.00	n.a.	Other reserves	-14,168,093.67	-2,922,395.55	>100%
Other financial assets	905,630.55	955,531.60	-5%		123,106,281.20	133,141,772.42	-8%
Deferred tax assets	9,745,320.01	9,241,308.85	5%	Non-current liabilities
Income tax assets	441,085.60	441,085.60	0%	Financing liabilities	98,209,188.73	98,444,626.79	0%
Other assets	3,324,879.91	4,012,128.46	-17%	Other financial liabilities	40,338,797.46	43,470,371.89	-7%
	221,721,131.79	232,215,515.90	-5%	Provisions for pensions	9,748,458.43	9,494,464.32	3%
				Other provisions	1,522,812.82	1,332,487.21	14%
Inventories	43,826.50	171,676.80	-74%	Deferred tax liabilities	3,886,431.20	4,342,460.83	-11%
Trade receivables	81,456,497.03	114,020,487.58	-29%	Other liabilities	1,951,051.55	0.00	n.a.
Contract assets	24,842,223.34	15,731,940.37	58%		155,656,740.19	157,084,411.04	-1%
Cash and cash equivalents	55,933,370.47	56,143,932.27	0%	Current liabilities
Other financial assets	2,978,374.02	1,841,853.84	62%	Trade payables	5,658,470.85	9,499,521.75	-40%
Income tax assets	5,573,719.02	7,093,039.20	-21%	Financing liabilities	11,524,224.20	16,500,000.00	-30%
Other assets	12,015,292.24	8,617,329.27	39%	Other financial liabilities	15,864,832.27	14,074,187.51	13%
	182,843,302.62	203,620,259.33	-10%	Other provisions	39,014,401.09	36,357,594.23	7%
				Income tax liabilities	4,118,296.41	4,532,531.35	-9%
				Contract liabilities	26,167,268.84	38,840,153.83	-33%
				Other liabilities	23,453,919.36	25,805,603.10	-9%
					125,801,413.02	145,609,591.77	-14%
	404,564,434.41	435,835,775.23	-7%		404,564,434.41	435,835,775.23	-7%

221,721,131.79	232,215,515.90	-5%	Provisions for pensions	9,748,458.43	9,494,464.32	3%
			Other provisions	1,522,812.82	1,332,487.21	14%
182,843,302.62	203,620,259.33	-10%	Other provisions	39,014,401.09	36,357,594.23	7%
			Income tax liabilities	4,118,296.41	4,532,531.35	-9%
			Contract liabilities	26,167,268.84	38,840,153.83	-33%
			Other liabilities	23,453,919.36	25,805,603.10	-9%
				125,801,413.02	145,609,591.77	-14%
404,564,434.41	435,835,775.23	-7%		404,564,434.41	435,835,775.23	-7%

Consolidated statement of comprehensive income

€ in	9M/2020	9M/2019	∆%
Net income for the period	6 384 281 52 , ,	10 079 224 89 , ,	-37%
Items that will be reclassified the income not to statement
Remeasurement of defined benefit plans	118 448 95 ,	-33 479 02 ,	>100%
of defined benefit Income plans taxes remeasurement on	-27 334 37 ,	6 277 32 ,	<-100%
reclassified Items that be to the income statement may
Currency translation	-11 245 698 12 , ,	2 017 401 74 , ,	<-100%
Other comprehensive income	-11 154 583 54 , ,	1 990 200 04 , ,	<-100%
comprehensive income Total	-4 770 302 02 , ,	12 069 424 93 , ,	<-100%

Consolidated statement of changes in equity

	Share capital	earnings 1 Capital reserve Retained		Other reserves	Total equity
				Currency
in €				translation
2 Balance 1 January 2019 at	26,325,946.00	42,147,782.15	65,544,266.23	-6,903,723.71	127,114,270.67
Effect from adoption of IFRS 16	--	--	-2 343 079 35 , ,	--	-2 343 079 35 , ,
adjusted Balance at 1 January 2019	26,325,946.00	42,147,782.15	63,201,186.88	-6,903,723.71	124,771,191.32
Net income for the period	--	--	10 079 224 89 , ,	--	10 079 224 89 , ,
Other comprehensive income	--	--	-27 201 .70 ,	2 017 401 .74 , ,	1 990 200 04 , ,
Total comprehensive income	--	--	10,052,023.19	2,017,401.74	12,069,424.93
Dividends shareholders to	--	--	-7,897 ,783 80	--	-7,897 ,783 80
September Balance at 30 2019	26,325,946.00	42,147,782.15	65,355,426.27	-4,886,321.97	128,942,832.45
Balance at 1 January 2020	26,325,946.00	42,147,782.15	67,590,439.82	-2,922,395.55	133,141,772.42
Net income for the period	--	--	6 384 281 .52 , ,	--	6 384 281 .52 , ,
Other comprehensive income	--	--	91 114 .58 ,	-11 245 698 12 , ,	-11 154 ,583 .54 ,
Total comprehensive income	--	--	6,475,396.10	-11,245,698.12	-4,770,302.02
Dividends shareholders to	--	--	-5,265 189 20 ,	--	-5,265 189 20 ,
September Balance at 30 2020	26,325,946.00	42,147,782.15	68,800,646.72	-14,168,093.67	123,106,281.20

¹Retained earnings also include items that will not be reclassified to the consolidated income statement.

Actuarial gains/losses from the remeasurement of defined benefit plans amounted to 91,114.58 € net of tax in the first nine months 2020 (9M/2019: -27,201.70 €). ² The GFT Group has initially applied IFRS 16 at 1 January 2019. Under the modified retrospective transition method chosen, comparative information is not restated.

Segment report

	Americas ,	UK & APAC	Continental	Europe	Total	segments	Reconciliation		GFT	Group
in € thousand	9M/2020	9M/2019	9M/2020	9M/2019	9M/2020	9M/2019	9M/2020	9M/2019	9M/2020	9M/2019
External revenue	157 387 ,	147 296 ,	169 396 ,	168 245 ,	326 783 ,	315 541 ,	261	411	327 044 ,	315 952 ,
Intersegment revenue	7 846 ,	3 336 ,	41 922 ,	44 259 ,	49 768 ,	47 595 ,	-49 768 ,	-47 595 ,	0	0
Total revenue	165 233 ,	150 632 ,	211 318 ,	504 212 ,	551 376 ,	363 136 ,	507 -49 ,	-47 184 ,	327 044 ,	315 952 ,
Segment result (EBT)	5 909 ,	2 133 ,	4 604 ,	12 519 ,	10 513 ,	14 652 ,	-1 468 ,	-2 314 ,	9 045 ,	12 338 ,
thereof depreciation and
amortisation	-6 380 ,	1 428 -7 ,	-9 148 ,	1 -9 712 ,	-15 528 ,	-17 140 ,	-1 538 ,	-762	-17 066 ,	-17 902 ,
thereof interest income	178	445	32	112	210	557	0	-93	210	464
thereof interest expenses	-1 027 ,	1 -1 283 ,	-1 123 ,	1 -1 393 ,	-2 150 ,	-2 676 ,	249	249	-1 901 ,	-2 427 ,

¹Adjusted

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GFT Technologies SE Dr. Jochen Ruetz CFO Schelmenwasenstraße 34 70567 Stuttgart T +49 711 62042-422

jochen.ruetz@gft.com

GFT Technologies SE

Karl Kompe Senior Investor Relations Manager

Schelmenwasenstraße 34 70567 Stuttgart

T +49 711 62042-323

karl.kompe@gft.com

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