Consolidated Statement of Cash Flows (IFRS) – unaudited

For the Period Ended March 31,    2010
€ 		   2009
€ 		  
Operating Activities        
Net Profit   3,191,904   3,506,848
Adjustments to Reconcile Net Profit to Net Cash
Provided by Operating Activities:		        
Depreciation and Amortization of Tangible and Intangible Assets   1,428,975   1,279,863
Income Tax Benefit   (199,120)   (41,734)
Net Gain on Sales of Financial Assets   0   (771,555)
Unrealized Net Loss on Derivative Financial Instruments   126,193   103,016
Loss/ (Gain) on Sale of Property, Plantand Equipment   3,870   (497)
Recognition of Deferred Revenue   (9,295,676)   (7,998,800)
Stock-based Compensation   384,669   282,136
Changes in Operating Assets and Liabilities:        
Accounts Receivable   5,886,169   (1,554,658)
Prepaid Expenses, Other Assets and Tax Receivables   1,081,907   1,305,065
Accounts Payable and Provisions   1,451,547   1,518,484
Licenses Payable   358,949   2,110,793
Other Liabilities   (4,777,587)   (2,831,794)
Deferred Revenue   13,316,956   1,163,314
Cash Generated from Operations   12,958,756   (1,929,519)
Interest Paid   3,869   0
Interest Received   (36,365)   (136,405)
Income Taxes Paid   136,240   395,476
Net Cash Provided by/ Used in Operating Activities   13,062,500   (1,670,448)

See accompanying notes to the Interim Consolidated Financial Statements

For the Period Ended March 31,    2010
€ 		   2009
€ 		  
Investing Activities:        
Purchases of Financial Assets   (7,988,753)   0
Proceeds from Sales of Financial Assets   0   7,345,773
Purchases of Property, Plant and Equipment   (637,227)   (159,873)
Proceeds from Disposals of Property, Plant and Equipment   0   530
Additions to Intangibles   (375,656)   (131,281)
Net Cash Used in/ Provided by Investing Activities   (9,001,636)   7,055,149

Financing Activities:		        
Proceeds from the Exercise of Options and Convertible Bonds
Granted to Related Parties		   230,122   61,155
Net of Proceeds and Payments from the Issuance of Convertible Bonds Granted to Related Parties   0   (1,850)
Purchases of Derivative Financial Instruments   (175,900)   (173,304)
Proceeds from the Disposal of Derivative Financial Instruments   0   47,000
Net Cash Provided by/ Used in Financing Activities   54,222   (66,999)
         
Effect of Exchange Rate Differences on Cash   (21,215)   (17,862)
Increase in Cash and Cash Equivalents   4,093,871   5,299,840
Cash and Cash Equivalents at the Beginning of the Period   41,255,316   40,113,727
Cash and Cash Equivalents at the End of the Period   45,349,187   45,413,567

See accompanying notes to the Interim Consolidated Financial Statements