Consolidated Statement of Cash Flows (IFRS) – unaudited

For the Period Ended June 30,    2010
€ 		   2009
€ 		  
Operating Activities      
Net Profit   5,864,381   5,043,991
Adjustments to Reconcile Net Profit to Net Cash
Provided by Operating Activities:		        
Depreciation and Amortization of Tangible and Intangible Assets   2,868,958   2,599,511
Income Tax Benefit   (241,712)   (84,873)
Net Gain on Sales of Financial Assets   (678,348)   (934,087)
Unrealized Net Loss on Derivative Financial Instruments   121,900   83,418
Loss/ (Gain) on Sale of Property, Plantand Equipment   3,810   357
Recognition of Deferred Revenue   (19,941,117)   (15,621,543)
Stock-based Compensation   979,584   842,318
Changes in Operating Assets and Liabilities:        
Accounts Receivable   5,560,071   (1,087,082)
Prepaid Expenses, Other Assets and Tax Receivables   1,055,041   991,255
Accounts Payable and Provisions   2,704,866   619,045
Licenses Payable   10,535,320   (197,960)
Other Liabilities   (2,957,081)   (1,976,385)
Deferred Revenue   23,366,912   16,681,557
Cash Generated from Operations   29,242,585   6,959,522
Interest Paid   (6,432)   (1,954)
Interest Received   72,276   204,151
Income Taxes Paid   (761,522)   (537,906)
Net Cash Provided by Operating Activities   28,546,907   6,623,813

See accompanying notes to the Interim Consolidated Financial Statements

For the Period Ended June 30,    2010
€ 		   2009
€ 		  
Investing Activities:        
Purchases of Financial Assets   (20,783,313)   (10,988,704)
Proceeds from Sales of Financial Assets   6,216,948   8,855,654
Purchases of Property, Plant and Equipment   (938,904)   (568,793)
Proceeds from Disposals of Property, Plant and Equipment   0   535
Additions to Intangibles   (10,992,388)   (359,160)
Net Cash Used in Investing Activities   (26,497,657)   (3,060,468)

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   31,480
Purchases of Derivative Financial Instruments   (175,900)   (173,304)
Proceeds from the Disposal of Derivative Financial Instruments   9,176   47,000
Cost of Share Issuance   (15,500)   0
Net Cash Provided by/ Used in Financing Activities   47,898   (33,669)
         
Effect of Exchange Rate Differences on Cash   108,889   136,272
Increase in Cash and Cash Equivalents   2,206,037   3,665,948
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   43,461,353   43,779,675

See accompanying notes to the Interim Consolidated Financial Statements