The Group’s total assets rose 7.4 percent over the previous year to €643.9 million.

Changes on the assets side of the consolidated balance sheet are attributable primarily to higher current assets. Cash on hand and bank balances grew to €163.2 million compared to the previous year’s figure of €151.8 million. Securities rose from €9.8 million to €21.6 million. Current trade receivables stood at €172.4 million at the end of the year, €33.9 million above the previous year’s level. The increase in trade receivables resulted from higher sales volumes, a greater share of fixed-price projects, and higher licensing revenues as of the end of the quarter.

Non-current assets fell by €4 million to €238.7 million due to depreciation and a decrease in capital expenditure compared to the previous year. Goodwill stayed constant.

On the liabilities side, Group equity amounted to €422.2 million (prior year: €393.0 million). Higher retained earnings and a steady rise in Group earnings were primarily responsible for this increase. The equity- to-assets ratio remained a constant 66 percent.

Current and non-current liabilities were slightly above the previous year’s levels. On the balance sheet date, current liabilities amounted to €167.9 million (prior year: €152.9 million); non-current liabilities rose only modestly compared to the previous year to €53.8 million. Trade payables remained nearly unchanged at €22.9 million. Other current liabilities rose by 4.4 percent to €28.9 million. This figure includes tax liabilities of €9.4 million, salaries of €7.9 million, and €3.6 million for acquisitions in 2005.