Plenum AG

Quarterly Report • Jun 1, 2006

Quarterly Report 1/2006

Q1 as of March 31, 2006 according to the International Financial Reporting Standards (IFRS)

Overview

plenum Group – key figures (IFRS)
€ thousands	Q 1, 2006	Q 1, 2005
Sales revenues	6,232	8,405
Gross profit	840	674
EBITDA	– 126	– 497
EBIT	– 276	– 663
Group net loss	– 313	– 796
Earnings per share in € (undiluted/diluted)	– 0.03	– 0.08
Shares outstanding (undiluted, in thousands)	9,577	9,577
Shares outstanding (diluted, in thousands)	9,584	9,577

€ thousands	March 31, 2006	Dec 31, 2005
Equity ratio	41 %	42 %
Net liquidity*	4,173	5,477
Employees	198	195

* Cash and cash equivalents / securities less short-term bank liabilities and advance payments received

Organizational structure of the plenum Group as of March 2006

Revenues development (€ million)

Revenues structure Q1 2006

Letter to our Shareholders

Dear Shareholders,

Together with the figures for the first quarter ended March 31, 2006, I am pleased to once again inform you that, as planned, our Refocusing Strategy is being successfully implemented step-by-step.

Hartmut Skubch Chairman of the Management Board of plenum AG

Thus, sales revenues climbed for the first time since seven quarters and in the amount of EUR 6.2 million rose by 19.2 % versus Q4 2005 (EUR 5.2 million). Accordingly, Group net income improved from EUR – 0.6 million in Q4 2005 to EUR -0.3 million in Q1 2006. Due to the sales revenues and Group net result being slightly above our expectations, I still consider our forecasted sales of EUR 24 million and EBIT of EUR – 1.9 million (as part of the objective announced in our medium term budget for 2006) as well as a return to a profit zone in 2007 to be realistic.

Refocusing means:

• Expanding the consulting business
• Distinctive profile in the communications business
• Retrenching the implementation business

All three areas of focus have been successfully driven forward in Q1 2006. The consulting business rose by 16.6 % to EUR 2.5 million compared with Q4 2005 (EUR 2.1 million). The communications business, operating under plenum stoll & fischbach and DOM, even climbed to EUR 2.7 million and is therefore 29.9 % above Q4 2005 (EUR 2.1 million). As planned, the implementation business was pushed back from EUR 3.3 million in Q1 2005 to EUR 1.2 million.

The development of our core business consulting was also qualitatively expanded within the terms of our strategy. As a result, important orders were won in IT-Strategy and IT-Governance and the consulting team was strengthened with some very good new hires.

We think the future – is for us leading idea and challenge alike. We have designed a line of future forums under plenum Institut, in which ideas are exchanged with our customers and markets. This lively and confiding dialogue not only serves as a marketing platform for our competences, but delivers important indicators in terms of content of our alignment.

That you, our shareholders, approve of this strategy and consciously perceive its consequent implementation is demonstrated to me by the very satisfactory development of our stock. The stock shares have not only soared by 50 % since the beginning of the year, but the

trading volume has reached a value of about 50 thousand shares per stock trading day from January to April 2006 compared to about 30 thousand shares for the same comparative prior period.

Dear ladies and gentlemen, shareholders and business partners, the throughout positive resonance to our Refocusing Strategy and its implementation is an excellent basis for consequent continuance. I would be pleased if you further accompanied us actively.

Wiesbaden, May 2006

Hartmut Skubch

3

Management's Discussion and Analysis

Market and Industry Development

Sales revenues and new orders

4 path towards this objective is encouraging as demon Order New Sales Order Calculated Market and Industry Development strated by the positive development of the new orders. backlog orders revenues backlog lifespan of the The worldwide economy continues to expand at a fast Compared to Q1 2005, an overall rise of about 33% was Jan 1 March 31 order backlog € thousands pace, which gave the German economy a vigorous achieved and even a rise of about 48% was generated in months upturn at the beginning of 2006. Hence, the Federal versus the prior quarter. Not only did the consulting Consulting 2,235 4,396 2,356 4,275 5.4 Office of Statistics calculated a growth in the gross segment contribute to this positive development, but Communications 2,102 2,948 2,710 2,340 2.6 domestic product of 0.4% for the first quarter versus the communications segment also posted increasing Implementation 1,123 1,081 1,166 1,038 2.7 stagnation in the economy for the prior quarter 2005. new orders. Total 5,460 8,425 6,232 7,653 3.7 The German Association for Information Technology, The added value (sales revenues less purchased Telecommunications and new Media e.V. (BITKOM) merchandise and services) changed only minimally Q1 2006 profited by an amount of EUR 123 thousand Earnings performance and development of expenses confirmed the positive expectations of the ITC industry despite lower sales revenues compared to Q1 2005. This from income arising from the release of provisions no in its industry barometer published on April 10, 2006. was primarily due to the purchased services within the Parallel to the development of sales revenues, the gross longer required, for which the net balance affected Phoenics project, which significantly declined. profit of EUR 840 thousand also improved, which other operating income and expenses. Sales revenues and new orders Compared to the prior quarter, the added value also represents 13 % of sales revenues compared to 8 % in remained virtually unchanged. Higher purchased Q1 2005 and 7 % for the prior quarter. The percentage Based on a slightly lower financial result of Due to the positive orders intake for the first quarter services were incurred by the agency for the classic and absolute rise of the gross profit arose from the EUR 24 thousand and a decrease of EUR 99 thousand 2006 and the generally good economic situation, sales media activities. structural change of the business; particularly from the in deferred tax expenses of EUR 61 thousand, revenues rose by EUR 1,031 thousand to EUR 6,232 decline in the implementation business. which was exceptionally high due to the thousand compared to the prior quarter. The decrease Phoenics project in Q1 2005, the Group net income of EUR -2,173 thousand versus Q1 2005 is primarily due Besides the improved gross profit, cost-savings in rose by EUR 483 thousand to EUR – 313 thousand. to the development of the implementation business, selling costs also improved the EBIT of EUR – 276 The earnings per share is at EUR minus 0.03. which dropped by EUR 2,105 thousand. Sales revenues thousand compared with Q1 2005 (EUR – 663 thousand). from the consulting and communications business were Costs for developing new topics in consulting were at about the same level as Q1 2005. Compensation of further intensified. For this reason, research and the Phoenics business within the implementation development expenses rose by 15 % to EUR 237 thousand segment by the consulting business could not yet be compared to the prior quarter. realized by the sales figures for Q1 2006. However, the Management's Discussion and Analysis 4

Earnings performance and development of expenses

Development of the Segments

Group allocations have been re-calculated for 2006. This was necessary due to organizational changes within the Group and an overall change in the size of the segments and companies. Such measures have not affected the Group net income. However, the segment results have been affected, which will be relieved by a total of about EUR 1.4 million for 2006. The effects on the results of the individual segments are explained in the following sections.

A. Consulting

Gross sales revenues from the consulting segment slightly improved to EUR 2,494 thousand versus Q1 2005. Compared to the prior quarter, a rise was incurred of EUR 355 thousand. The share of the consulting segment in total gross sales revenues of 39 % was significantly above the prior year's comparative quarter of 28 %.

Positive EBIT of EUR 27 thousand was generated in Q1 2006. Excluding the adjustment of the Group, an EBIT of EUR – 124 thousand would have arisen, which would have improved by EUR 191 thousand versus the EBIT for Q1 2005. The high level of new orders in consulting at the beginning of the year and the accompanying good utilization have contributed to this development.

Favorable new orders have been posted in all focused consulting areas since the beginning of the year. In particular, IT-Governance has experienced high demand. Hence, orders were gained from a major energy supplier and a local utility. Not only was the

IT performance described, but also the complete IT-monitoring under new aspects of monitoring and the definition of added-value for the company. Moreover, several projects for efficiency and effectiveness improvements were won against the competition, which confirms the quality of plenum consulting services on the market. In addition, we participate in numerous projects with well-known inventory and new customers in the financial services sector for the integration/ outsourcing/ insourcing of IT and processes. Along with the identification of efficiency potential, the tasks also include a sustainable and responsible implementation of plenum in partnership with customers.

plenum Systems has been commissioned by a large German logistics company in a joint project with the task of the support and further development for creating the desired synergy for constant support and meeting today's and tomorrow's requirements in internet appearances. Because of the long-time experience in successfully rendering services in the areas, plenum and another consulting and services company are an ideal combination for meeting the planned tasks.

B. Communications

The communications segment sustained the gross sales revenues level of the prior year, which amounted to EUR 2,736 thousand versus EUR 2,799 thousand in the prior year. Compared to the prior quarter, a rise of EUR 629 thousand has been posted. Thus, the share in total gross sales revenues amounted to 43 % compared to 33 % for the prior year.

The segment result amounted to EUR 79 thousand compared to EUR -155 thousand in Q1 2005. Excluding the adjustment of the Group allocations, the EBIT would have totaled EUR – 16 thousand. The improvement is due to the lower acquisition costs incurred for pitches despite the higher level of new orders.

1. plenum stoll & fischbach

plenum stoll & fischbach won several pitches in the first quarter, which includes a large German chemical company. In addition, new: an account from Oxford. The office materials producer, Landre, sells writing pads and folders for specific uses under this brand. The task of plenum stoll & fischbach is to make the brand name more popular and refreshing with a new internet appearance and various commercial promotions, together with classic PR.

plenum stoll & fischbach experienced another highlight by participating in a Pitch in Dubai. This account deals with the marketing of the Dubai-Metro, which will be built in the Emirates by 2010. Participation in the pitch alone, as the sole representative from Germany, was a great success for the agency.

Moreover, the live presentation of several websites is a prevalent subject of plenum stoll & fischbach. In this manner, numerous internet appearances have been revised for customers in the past months, thereof including afri cola and dpg. The site for dpg (the German deposit system company) serves as a service and information platform for journalists, consumers and industry and provides transparency in the complex recycling issues.

5 For afri cola an integrated campaign was launched: "Entscheide Dich" (Decide!) is the motto for the new online appearance, as well as for advertisement, conventions, communications and PR work. Also at the trade fair, Intergastra, Stefan Raab's show intern, Elton, functioning as the bottle-opener of the new, old afri cola bottles provided publicity and good customer resonance.

2. DOM – Digital Online Media

DOM realized many projects during the first quarter 2006, thus underlining the company's innovative powers. In addition to websites, applications for mobile cellular equipment played the front stage. For example, Wella AG (hair products manufacturer): Per SMS call using DOM support, the user immediately receives a list of hair designers in his/her vicinity – no matter where he/she is located.

The soccer page on the internet site of the beer brewery, Bitburger Brauerei Th. Simon GmbH, continues to grow. As a result, a new world has been born in the internet by way of playing winning games. For purposes of launching the products of the new, young Bit brands, the DOM online enters the clubbing world – including a "Bit-Passion" tattoo – which the online user punches and can send as an electronic greeting.

Web'n'walk, the mobile internet, is not only the talk of the town due to the massive TV campaign from T-Mobile. The implementation of the DOM developed for internet – starting from the concept, the photoshooting and all the way to the public announcement. The extensive area of T-Mobile.de is currently in a twophase implementation, including an internationally known Popstar as a Special.

C. Implementation

Compared to Q1 2005, gross sales revenues dropped from EUR 3,271 thousand to EUR 1,166 thousand due to the discontinuing Phoenics project. The decline is only minimal compared to the prior quarter. The retreat from the implementation business will be continued in 2006. The share in gross sales revenues therefore declined from 39 % to 18 %.

Despite this decrease, EBIT was generated in the amount of EUR 3 thousand. Excluding the adjustment of the Group allocations, the EBIT would have totaled EUR – 96 thousand and improved by EUR – 98 thousand over the prior year due to cost-savings in administrative expenses.

The new orders at the beginning of 2006 mainly comprise of orders for further development and maintenance.

Furthermore, plenum Systems successfully supported an international chemicals company in the set-up of a tailored training management system. By way of assistance from this new solution, the training management process is optimized and automated to a large extent. Moreover, savings in the training administration and improvements in the quality of service were achieved from the introduction of PISA. In this context, plenum Systems received the order for a portion of the events management in human resources development as well as implementing the PISA solution. The objective will be the strengthening of Corporate Governance and improving the controlling possibilities on a lasting basis.

Assets and Financial Position

The cash and cash equivalents balance at the end of the first quarter 2006 (EUR 4,327 thousand) declined by EUR 1,507 thousand compared to December 31, 2005. In contrast, trade accounts receivable rose by EUR 1,122 thousand. The rise mostly resulted from the communications segment in the amount of EUR 617 thousand and from projects in the amount of EUR 403 thousand for future receivables for unbilled sales according to the percentage-of-completion method, which mainly arose from the consulting segment. Current assets declined by a total of EUR 259 thousand. Non-current assets decreased by EUR 95 thousand due to depreciation. The intensity of investments (non-current assets in relation to total

assets) remained virtually unchanged compared to the most recent balance sheet date. Overall, the balance sheet total decreased by 2.7 % to EUR 12,018 thousand. On the liabilities and stockholders' equity side, the decrease in the balance sheet total corresponds to EUR 333 thousand arising from the change in equity of EUR – 301 thousand. This was augmented by the accumulated deficit of EUR – 313 thousand. The equity ratio declined from 42.0 % as of December 31, 2005 to 40.6 %. The non-current financial position (the relation of non-current assets to non-current equity) remained unchanged at 0.4. The current financial position (the relation of current assets to non-current equity) slightly worsened by 0.1 to 1.7.

The cash outflows used for operating activities of EUR 1,390 thousand, used for investing activities of EUR 56 thousand and used for financing activities of EUR 61 thousand led to a reduction in cash and cash equivalents / securities of EUR 1,507 thousand. The cash outflows used for operating activities were mainly due to the rise in receivables of EUR 1,122 thousand. The cash outflows used for financing activities resulted from the premature repayment of a loan in the amount of EUR 61 thousand. The premature repayment will lead to an improvement of the financial result, since premature

Only minimal replacement investments were conducted during the first quarter 2006. As stated in the Annual Report 2005, no material investments are planned for the remainder of 2006.

plenum AG did not pay or propose to pay any interim dividends or make any other distributions for the reporting period from January 1 through March 31, 2006.

Employees

In comparison with the end of the financial year 2005, the number of employees as at March 31, 2006 remained almost unchanged. As a result of staff downsizing in 2005, the average number of employees substantially dropped from 221 in 2005 to 195 during the first three months of the financial year 2006.

Risk development

Compared to the detailed risk situation of plenum AG and their affiliated companies in the Annual report 2005 material changes did not occur.

Outlook

The focus on the consulting business and the brand distinction in the communications business remain to be the strategic goals, whose implementation has already shown effects in the first quarter 2006. The gratifying positive first quarter, in which sales revenues and earnings were above our expectations, does not have any effects on the expectations for the financial year 2006 based on today's standpoint.

The Refocusing Strategy has affected the earnings, as already announced. However, we will continue to strictly follow our objective – turnaround in 2007.

Subsequent events

Significant events requiring disclosure after the close of the reporting period did not occur.

The plenum Stock

Price move and trading volume from May 2005 through April 2006

Price move from January through April 2006 (index-linked)

The stock trend has developed positively since February of this year and closed at EUR 1.81 at the end of April in the XETRA exchange on the Frankfurt securities exchange. Since the beginning of the year, the plenum

stock has soared by about 50 %. The stock has developed significantly better than the comparative indices: Technology All Share, Prime Software and Prime Industry-Group IT-Services.

Consolidated Income Statement

€ thousands	Q 1, 2006	Q 1, 2005
Sales revenues	6,232	8,405
Cost of revenues	– 5,392	– 7,731
Gross profit	840	674
Selling and marketing expenses	– 618	– 975
General and administrative expenses	– 409	– 414
Research and development expenses	– 237	– 15
Other operating income and expenses	148	67
Operating result	– 276	– 663
Financial result	24	31
Result from continuing operations before income taxes	– 252	– 636
Income taxes	– 61	– 160
Net loss	– 313	– 796
Earnings per share (in €, diluted and undiluted)	– 0.03	– 0.08
Average number of shares outstanding
(in thousands, undiluted)	9,577	9,577
Average number of shares outstanding
(in thousands, diluted)	9,584	9,577

Consolidated Balance Sheet

Assets
€ thousands March 31, 2006	Dec. 31, 2005
Cash and cash equivalents/securities 4,327	5,834
Trade accounts receivable 4,586	3,464
Inventories 3	60
Prepaid expenses
and other current assets 520	337
Total current assets 9,436	9,695
Property, plant and equipment 1,001	1,067
Intangible assets 215	244
Financial assets 123	123
Loans 1,169	1,157
Deferred tax assets 74	65
Total non-current assets 2,582	2,656
Total assets 12,018	12,351

Liabilities and stockholders' equity
€ thousands	March 31, 2006	Dec. 31, 2005
Current portion of long-term debt	5	18
Trade accounts payable	776	858
Advance payments received	149	339
Current provisions	3,797	3,747
Other current liabilities	694	528
Total current liabilities	5,421	5,490
Long-term debt	0	44
Deferred tax liabilities	855	855
Non-current provisions	78	8
Pension provisions	781	770
Total non-current liabilities	1,714	1,677
Capital stock	9,577	9,577
Capital reserves	14,189	14,177
Treasury stock	– 83	– 83
Accumulated deficit	– 18,800	– 18,487
Total stockholders' equity	4,883	5,184
Total liabilities and stockholders' equity	12,018	12,351

Consolidated Cash Flow Statement Statement of Changes in Stockholders' Equity

€ thousands	Q 1, 2006	Q 1, 2005
Group net loss	– 313	– 796
Depreciation and amortization	150	166
Income taxes	61	160
Results from the disposal of intangible assets and property,
plant and equipment	0	– 1
Financial result	– 24	– 27
Other non-cash expenditures and income	12	0
Changes in working capital
Inventories	57	80
Receivables	– 1,122	2,928
Other assets and liabilities	– 133	– 106
Trade accounts payable	– 82	– 411
Other liabilities	– 24	– 220
Change in provisions	61	– 223
Change in other assets and liabilities	– 42	– 6
Proceeds from interest	9	19
Proceeds from dividends	0	1
Cash flows used for operating activities	– 1,390	1,564
Proceeds from the disposal of intangible assets and property,
plant and equipment	0	1
Payments for purchases of intangible assets and property,
plant and equipment	– 56	– 34
Cash flows used for investing activities	– 56	– 33
Repayment of loans	– 61	0
Cash flows used for financing activities	– 61	0
Movement in cash and cash equivalents/securities	– 1,507	1,531
Cash and cash equivalents/securities at the beginning of the period	5,834	6,632
Cash and cash equivalents/securities at the end of the period	4,327	8,163

€ thousands	Number of shares in thousands	Net loss	Capital stock	Capital reserves	Treasury stock	Accumula ted deficit	Total stock holders' equity
January 1, 2005	9,577		9,577	14,151	– 83	– 15,324	8,321
Net loss		– 796				– 796	– 796
March 31, 2005	9,577		9,577	14,151	– 83	– 16,120	7,525
January 1, 2006	9,577		9,577	14,177	– 83	– 18,487	5,184
Stock Options				12			12
Net loss		– 313				– 313	– 313
March 31, 2006	9,577		9,577	14,189	– 83	– 18,800	4,883

Segment Informationen

€ thousands		Consulting	Communi cations	Implemen tation	Total 1
Gross sales revenues	Q1 – 2006	2,494	2,736	1,166	6,396
	Q1 – 2005	2,415	2,799	3,271	8,485
Internal sales	Q1 – 2006	138	26	0	164
	Q1 – 2005	38	42	0	80
Net sales revenues	Q1 – 2006	2,356	2,710	1,166	6,232
	Q1 – 2005	2,377	2,757	3,271	8,405
Depreciation and amortization	Q1 – 2006	– 51	– 51	0	– 102
	Q1 – 2005	– 58	– 54	0	– 112
Other segment expenses	Q1 – 2006	– 2,278	– 2,580	– 1,163	– 6,021
	Q1 – 2005	– 2,634	– 2,858	– 3,465	– 8,957
Segment results (EBIT)	Q1 – 2006	27	79	3	109
	Q1 – 2005	– 315	– 155	– 194	– 664
EBITDA	Q1 – 2006	78	130	3	211
	Q1 – 2005	– 257	– 101	– 194	– 552
Segment assets	March 31, 2006	4,060	3,803	908	8,771
	Dec. 31, 2005	3,460	1,931	670	6,061
Segment investments	Q1 – 2006	10	45	0	55
	Q1 – 2005	4	28	0	32
Segment liabilities	March 31, 2006	– 2,599	– 3,538	– 2,375	– 8,512
	Dec. 31, 2005	– 2,035	– 2,299	– 2,691	– 7,025

Reconciliation to Group figures under note D. 5 to the notes to the interim financial statements

1

Notes to the Interim Financial Statements

A. General principles

10 10 The consolidated financial statements of plenum AG as at December 31, 2005 were prepared in conformity with International Financial Reporting Standards (IFRS) in effect as of the balance sheet date as applicable in the EU. The consolidated interim financial statements (interim report) as at March 31, 2006, which have been prepared according to International Accounting Standard (IAS) 34 "Interim Financial Reporting", primarily apply the same accounting principles as applied to the consolidated financial statements for the financial year ended 2005. Necessary adjustments arising from new or revised Standards have been explained in the notes as follows. All binding Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) have been recognized as at March 31, 2006. In addition, this interim report is consistent with the German Accounting Standard No. 6 (DRS 6) – Interim reporting of the German Accounting Standards Committee e.V. (DRSC). The interim financial statements have been neither audited nor reviewed by the Group auditors, Deloitte & Touche GmbH, Wirtschaftsprüfungsgesellschaft. Regarding further information to the individual accounting and valuation principles, please refer to the consolidated financial statements of plenum AG as at December 31, 2005.

The consolidated interim financial statements of plenum AG for the first quarter ended 2006 include plenum AG and four German subsidiaries. Compared to the first quarter ended 2005, one German subsidiary has been included for the first time. The change in the scope of consolidation is immaterial to the net assets, financial position and results of operations of the Group.

Changed accounting principles applicable for the first quarter 2006

The following revised or supplemented Standard is applicable for the first time to the consolidated financial statements as at March 31, 2006:

– Amendment to IAS 21 ("Effects of Changes in Foreign Exchange Rates")

Since all consolidated companies of the plenum Group are located in Germany, this standard does not affect the consolidated financial statements of plenum AG.

New accounting principles issued during the first quarter 2006

IASB issued the following new Interpretations during the first quarter 2006:

– IFRIC 8 ("Scope of IFRS 2")

– IFRIC 9 ("Reassessment of Embedded Derivatives")

IFRIC 8 is applicable starting May 1, 2006 and IFRIC 9 starting June 1, 2006. These Interpretations will not materially affect the plenum Group.

B. Notes to the Consolidated Income Statement

3. Income taxes

The Group's income taxes exclusively comprise of deferred taxes. Deferred tax expenses of EUR 61 thousand (Q1 2005: EUR 160 thousand) were

incurred in the first quarter 2006.

1. Other operating income and expenses

The other operating income comprises of the following positions:

€ thousands	Q1 2006	Q1 2005	4. Earnings per share
Income from the release
of provisions	123	29	The earnings per share are calculated by dividing the
Income from the reduction			Group net income by the weighted average number of
of valuation allowances			shares outstanding. The earnings per share are diluted
on receivables	22	13	when the average number of shares increase from the
Other	4	25	addition of potential shares issued from option rights.
	149	67

2. Financial result

The financial result is broken down as follows:

Income from the reduction			Group net income by the weighted average number of	Weighted average shares outstanding during Q1 2006,
of valuation allowances			shares outstanding. The earnings per share are diluted	diluted (thousands)		9,584
on receivables	22	13	when the average number of shares increase from the	Diluted earnings per share (€)			– 0.03
Other	4	25	addition of potential shares issued from option rights.
	149	67
			In 2005 option rights were issued to employees. The
The other operating expenses amount to EUR 1 thousand			earnings per share are diluted when the average stock
(Q1 2005: EUR 0 thousand).			rate during the financial year is higher than the issuance	C. Notes to the Consolidated Balance Sheet	3. Liabilities
			price of the options right. As a result of the option rights
			issued in 2005, the average stock price of the plenum	1. Cash and cash equivalents / securities	The loan with a credit institute still existing as at
2. Financial result			stock of EUR 1.34 in Q1 2006 and a subscription price of		December 31, 2005 was prematurely repaid without
			EUR 1.31 the following dilution effect resulted:	The cash and cash equivalents comprise of cash and	incurring premature payment penalties.
The financial result is broken down as follows:				bank balances with original maturities of less than three
				months.	4. Stockholders' equity
€ thousands	Q1 2006	Q1 2005
Income from loans	13	13		The securities of current assets include a short term	Capital stock, capital authorized for issue and
Other interest and				deposit in a money market fund in the amount of	conditional capital at the beginning and end of the
similar income	15	19		EUR 1,342 thousand.	financial year is as follows:
Intererst and					€ thousands
similar expenses	– 4	– 5
	24	27		2. Non-current assets	Capital stock		9,577
					Capital authorized for issue		4,789
				Investments of EUR 56 thousand are included under	Conditional capital		957
				intangible assets and property, plant and equipment.
				The non-current assets declined during the reporting	plenum held 16,790 treasury shares as of March 31, 2006,
				period by EUR 150 thousand for depreciation and	which were acquired at a total price of EUR 83 thousand
				amortization.	in 2001 and are offset against equity. No treasury shares
					were acquired, used or drawn during the first quarter
					2006.
1			1

			Earnings
	Earnings	Shares	per share
Profit attributable to ordinary equity holders of the parent entity
for Q1 of the year 2006 (€ thousands)	– 313
Weighted average shares outstanding during Q1 2006,
undiluted (thousands)		9,577
Basic earnings per share (€)			– 0.03
Weighted average number of shares under option (thousands)		324
Weighted average number of shares that would have been issued
at average market price (thousands)		– 317
Weighted average shares outstanding during Q1 2006,
diluted (thousands)		9,584
Diluted earnings per share (€)			– 0.03

C. Notes to the Consolidated Balance Sheet

2. Non-current assets

3. Liabilities

4. Stockholders' equity

€ thousands

Capital stock	9,577
Capital authorized for issue	4,789
Conditional capital	957

In the prior year, new option rights were issued to employees of plenum AG and employees of affiliated companies at the grant date of June 14, 2005. The capital reserves increased by the amount of personnel expenses of EUR 12 thousand during the first quarter 2006.

• D. Other Disclosures to the Consolidated Income Statement, Balance Sheet and Cash Flow Statement
• 1. Costs of purchased merchandise and services

2. Personnel expenses

€ thousands	Q1 2006	Q1 2005
Wages and salaries	3,119	3,686
Social security costs	429	535
Expenses for pension benefits	32	25
	3,580	4,246

3. Stock-based compensation

Stock options were not issued in the first quarter 2006.

4. Consolidated cash flow statement

5. Segment information

The segment figures are reconciled to the Group figures as follows:

€ thousands Segments Reconciliation The cash flow statement does not take into Gross sales revenues Q1 – 2006 6,396 – 164 6,232 D. Other Disclosures to the Consolidated Income account non-cash increases in the capital reserve Q1 – 2005 8,485 – 80 8,405 of EUR 12 thousand (Q1 2005: EUR 0 thousand). Statement, Balance Sheet and Cash Flow Statement Internal sales 1 Q1 – 2006 164 – 164 0 Q1 – 2005 80 – 80 0 1. Costs of purchased merchandise and services Net sales revenues Q1 – 2006 6,232 0 6,232 Q1 – 2005 8,405 0 8,405 The costs for purchased merchandise and services Depreciation Q1 – 2006 – 102 – 48 – 150 amounted to EUR 1,632 thousand in Q1 2006 (Q1 2005: Q1 – 2005 – 112 – 54 – 166 EUR 3,915 thousand). 1 2 Other expenses Q1 – 2006 – 6,021 – 337 – 6,358 Q1 – 2005 – 8,957 53 – 8,904 2. Personnel expenses Earnings before interest and taxes (EBIT) Q1 – 2006 109 – 385 – 276 Q1 – 2005 – 664 – 1 – 665 The personnel expenses are broken down as follows: Internal Operating Profit (IOP) (EBITDA) Q1 – 2006 211 – 337 – 126 € thousands Q1 – 2005 – 552 55 – 497 Q1 2006 Q1 2005 Assets March 31, 2006 8,771 3,248 12,019 Wages and salaries 3,119 3,686 Dec. 31, 2005 6,061 6,290 12,351 Social security costs 429 535 Investments Q1 – 2006 55 1 56 Expenses for pension benefits 32 25 Q1 – 2005 32 3 35 3,580 4,246 Liabilities March 31, 2006 – 8,512 1,376 – 7,136 Dec. 31, 2005 – 7,025 – 591 – 7,616 The average number of employees for Q1 2006 was 195 (Q1 2005: 221). 1 Sales between segments The Group allocations were recalculated at the 6. Subsequent events beginning of the financial year 2006. As a result of the recalculation, the segments will be relieved by Important events did not arise after the close of the EUR 1.4 million for the financial year 2006 compared first quarter ended March 31, 2006. to the financial year 2005. The Group's customer structure did not result in any major concentration in any given geographical region. Revenues of 13.8 % were generated from one major customer in Q1 2006 (Q1 2005: 36.4 %). Notes to the Interim Financial Statements	expenses of EUR 12 thousand during the first quarter
	2006.			Group
				12

6. Subsequent events

Shares held by the Management Board

	Hartmut	Klaus	Heinz	Michael	Andreas
Number of shares	Skubch	Gröne	Stoll*	Rohde	Janssen	Total
Jan. 1, 2006	1,891,253	20,453	431,500	0	0	2,343,206
March 31, 2006	1,891,253	20,453	431,500	0	0	2,343,206

Stock options of the Management Board

7. Executive bodies of the company
The shares and subscription rights held by the executive bodies of plenum AG are presented as follows:
Shares held by the Management Board
Number of shares	Hartmut Skubch	Klaus Gröne	Heinz Stoll*	Michael Rohde	Andreas Janssen	Total
Jan. 1, 2006 March 31, 2006	1,891,253 1,891,253	20,453 20,453	431,500 431,500	0 0	0 0	2,343,206 2,343,206
* shares held indirectly
Stock options of the Management Board
Number of shares	Hartmut Skubch	Klaus Gröne	Heinz Stoll	Michael Rohde	Andreas Janssen	Total
Jan. 1, 2006 March 31, 2006	20,000 50,000	20,000 20,000	0 0	10,000 10,000	3,900 3,900	83,900 83,900
Shares held by the Supervisory Board
Number of shares		Michael Bauer*	Dr. Wolfgang Händel		Norbert Rohrig	Total
Jan. 1, 2006 March 31, 2006		370,360 370,360	1,000 1,000		700 700	372,060 372,060
* shares held indirectly

Shares held by the Supervisory Board

	Michael	Dr. Wolfgang	Norbert
Number of shares	Bauer*	Händel	Rohrig	Total
Jan. 1, 2006	370,360	1,000	700	372,060
March 31, 2006	370,360	1,000	700	372,060

Corporate calendar

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