Financial Position

Operating cash flow at its usual level

Net cash from operating activities amounted to €23.3 million in the first quarter. This represents a share of 18.7 percent in Group revenues. In the first quarter of 2006, an exceptionally high level of €26.1 million was achieved. The second quarter however was much weaker. Free cash flow amounted to €22.2 million (Q1 2006: €24.2 million), corresponding to 17.8 percent of Group revenues or €0.79 per share (Q1 2006: €0.86).

Balance sheet ratios remain solid

Cash and cash equivalents grew by 15 percent to €211.2 million as of March 31, 2007 (December 31, 2006: €183.2 million). Shareholder's equity rose as well, increasing by 5 percent, or €22.7 million, to €444.9 million (December 31, 2006:€422.2 million). With total assets amounting to €684.0 million, the equity-to-assets ratio was nearly unchanged in comparison with year-end 2006 at 65 percent in the first quarter of 2007.

Capital expenditure and net assets

Capital expenditures amounted to €1.1 million in the quarter under review (Q1 2006: €1.9 million) and primarily comprised operating and office equipment in the sales branches and at the administrative headquarters in Darmstadt.

As of March 31, 2007, our total assets amounted to approximately €684.0 million in comparison with €643.9 million as of the December 31, 2006 reporting date. The main reason for the increase was the rise in current assets.

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