Balance Sheet

                                                                           
Consolidated balance sheet at December 31
In Eur 1,000
Assets 2009 2008
Non-current assets
Intangible assets 342,691 249,263
Property, plant & equipment 84,788 66,467
Investments in associates 26,221 15,682
Other investments 211 204
Other non-current assets 19,818 14,801
Deferred tax assets 17,959 12,226
Derivatives 1,207 3,816
Total non-current assets 492,895 362,459
Current assets
Inventories 467 771
Derivatives 102 236
(Un)billed receivables 555,090 538,539
Other current assets 35,871 32,023
Corporate income tax receivable 6,219 6,461
Cash and cash equivalents 224,509 117,875
Total current assets 822,258 695,905
Total assets 1,315,153 1,058,364
Equity and liabilities
Shareholders’ equity
Share capital 1,354 1,239
Share premium 106,788 36,193
Cumulative translation reserve (28,397) (40,213)
Hedging reserve 78  
Retained earnings 199,128 153,036
Net income 72,753 57,330
Total equity attributable to equity holders of the Company 351,704 207,585
Minority interest 16,833 12,344
Total equity 368,537 219,929
Non-current liabilities
Provisions 28,363 26,665
Deferred tax liabilities 10,790 6,034
Loans and borrowings 342,056 266,784
Derivatives 843 16,881
Total non-current liabilities 382,052 316,364
Current liabilities
Billing in excess of cost 158,777 182,653
Corporate tax liabilities 7,363 18,671
Current portion of loans and borrowings 5,600 4,886
Current portion of provisions 6,039 4,375
Derivatives 2,686 145
Accounts payable 128,940 133,235
Accrued expenses 21,294 12,250
Bank overdrafts and short term borrowings 26,906 9,821
Other current liabilities 206,959 156,035
Total current liabilities 564,564 522,071
Total liabilities 946,616 838,435
Total equity and liabilities 1,315,153 1,058,364
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