GFT Technologies : Group quarterly statement as of 31 March 2020

Quarterly Statement Q1/2020

GFT Technologies SE

14 May 2020

© 2020 | GFT Technologies SE and its affiliates. All rights reserved.

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GFT meets revenue expectations in the first quarter of 2020

Further dynamic revenue growth of 22% without top-2 clients*

Total revenue up 6% to €112.48m

5% purely organic growth from consistent success in both segments

• Diversification strategy fully on track: insurance business share increases to 13%
• Cloud business growing strongly and reaches revenue share of 8%
• Adjusted EBITDA down 7% to €10.39m due to growth investments
• Dividend proposal of €0.20 per share for 2019 (payout ratio 39%)
• Outlook 2020: forecast suspended due toCovid-19 pandemic
• Medium-termoutlook: digitisation trend continuing, positioning of GFT for "new technologies" will pay off

*GFT's top 2 clients are defined as Deutsche Bank and Barclays

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Strong growth in cloud business

Cloud business 2020 (revenue in €m)

40-50

27

10

201820192020e*

Cloud experts at GFT	§Cloud business consistently gaining
growth momentum: ~8% revenue share
	in Q1/2020 (Q1/2019: 5%)

		§	Award as "Google Cloud 2019 EMEA
		1000	Breakthrough Partner of the Year"
		§	Strategic partnerships with the world's
			three largest cloud providers Amazon
	500		(AWS), Google (GCP) and Microsoft
		(Azure)
200		§	Example: virtual banking project in Hong
		Kong using an AWS infrastructure
2018	2019	2020e*

*2020e before impact of Covid-19 pandemic

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Key figures

in €m	Q1/2020	Q1/2019	∆%
Revenue	112.48	105.72	6%
Revenue w/o in-GmbH	111.23	105.72	5%
EBITDA adjusted*	10.39	11.16	-7%
EBITDA	9.26	10.28	-10%
EBIT	3.61	3.87	-7%
EBT	3.02	3.18	-5%
Net income	2.28	2.71	-16%
Earnings per share (in €)	0.09	0.10	-16%
Earnings per share adjusted (in €)*	0.16	0.17	-5%
Employees (in FTE)	5,460	4,910	11%

• Revenueup 6% (organic up 5%), revenue contribution of in-GmbH (€1.25m)
• 7% decline inadjusted EBITDAmainly due to higher personnel expenses (+11%) and other operating expenses (+11%), resulting from strong investments in sales activities
• EBITDAburdened by M&A effects (in-GmbH) of €-0.33m
• EBIT7% below prior-year level
• EBTof €3.02m just €-0.16m short of prior- year level (Q1/2019: €3.18m).
• EBT marginof 2.7% slightly down on the previous year (Q1/2019: 3.0%)
• Year-on-yearincrease in tax ratio to 24.4% (Q1/2019: 14.9%)

*Adjusted for non-operational effects from M&A activities (EBITDA) plus applicable tax effects (Net income and EPS)

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Revenue and EBITDA adjusted by quarter (in €m)

Revenue						EBITDA* adjusted
											12.84	13.13
			113.03
			112.48			10.44	10.89	11.16	10.78	3.21	3.40	10.39
				10.05
							2.53
106.99	105.72	105.31	104.92				8.30		3.63			2.84
104.17
103.76
	97.91

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

IFRS 16 effects

• Q1/2020 vs. Q1/2019revenue growth of 6% over prior-year quarter. Very strong growth in Brazil and Asia
• Q1/2020 vs. Q1/2019adjusted EBITDA without IFRS 16 at prior-year level (Q1/2020: €7.55m vs. Q1/2019: €7.53m)

*Adjusted for non-operational effects from M&A activities

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Revenue by segment

in €m	Revenue			Growth rates
	Q1/2020		Q1/2019	Organic	M&A	FX	Total
Americas, UK & APAC	52.50		49.88	7%	0%	-2%	5%
Continental Europe	59.90		55.71	5%	3%	0%	8%
Others	0.08		0.13	n/a	n/a	n/a	n/a
GFT Group	112.48		105.72	7%	1%	-2%	6%

• Americas, UK & APAC: positive trend in Brazil, Mexico, Canada and Asia. Expected weaker business with top-2 clients, revenue without top-2 clients up 23%
• Continental Europe: business with top-2 clients down as expected, above all in Germany. Positive trend in France mainly in insurance business, revenue without top-2 clients up 22%
• M&A effects: acquisition of in-GmbH with effect from 1 January 2020

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Revenue by segment

in €m		Revenue		∆%
		Q1/2020		Q1/2019	Q1/2020 vs. Q1/2019
Americas, UK & APAC	Top-2 Clients	11.57		16.55	-30%
	Other Clients	40.93		33.33	23%
	Total	52.50		49.88	5%
Continental Europe	Top-2 Clients	13.98		18.00	-22%
	Other Clients	45.92		37.71	22%
	Total	59.90		55.71	8%
GFT Group	Top-2 Clients	25.54		34.55	-26%
*
	Other Clients	86.85		71.05	22%
* Excluding segment "Others"	Total	112.40		105.59	6%

• Further reduction in client concentration risk: revenue share of top-2 clients at 23% in Q1/2020 vs. 33% in Q1/2019
• 26% decrease in revenue withtop-2clientswithin expected range, decline especially in the UK (Americas, UK & APAC segment) and Germany (Continental Europe segment)
• Business withother clientsup 22% with further growth in Americas, UK & APAC (Q1/2020: +23%; Q1/2019: +53%)
  and strongly positive trend in Continental Europe (Q1/2020: +22%; Q1/2019: -1%)

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EBITDA adjusted, EBITDA and EBT by segment

in €m	EBITDA adjusted*			EBITDA			EBT
	Q1/2020	Q1/2019		∆%	Q1/2020	Q1/2019	∆%	Q1/2020	Q1/2019	∆%
Americas, UK & APAC	4.37	2.67		64%	3.57	1.79	100%	1.07	-0.30	< -100%
Continental Europe	5.60	8.99		-38%	5.27	8.99	-41%	1.93	4.13	-53%
Others	0.42	-0.50		< -100%	0.42	-0.50	< -100%	0.02	-0.65	< -100%
GFT Group	10.39	11.16		-7%	9.26	10.28	-10%	3.02	3.18	-5%

• Americas, UK & APAC: high sales expenses of previous year paying off, positive earnings impetus from Brazil and Asia.
• Continental Europe: earnings burdened in particular by capacity underutilisation, delayed restructuring and Covid-19 effects, especially in Germany.

*Adjusted for non-operational effects from M&A activities

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Revenue by country (in €m)

Q1/2020∆% Q1/2019

			23.90	Spain	0%	24.02
2%1% 2%			20.52	United Kingdom	-5%	21.71
			16.92	Italy	9%	15.50
4%
21%		12.50	Germany	-6%	13.36
4%
4%			10.99	Brazil	55%	7.11
8%			8.62	USA	-6%	9.20
			4.53	France	>100%	1.70
10%		18%
	4.50	Canada	16%	3.89
11%			4.45	Mexico	27%	3.49
15%			1.68	Switzerland	-6%	1.78
			1.62	Hong Kong	>100%	0.29
			2.25	Other countries	-39%	3.67
			112.48	Total	6%	105.72

3% 2%2%

4%
2%	23%

9%

7%

20%

13%

15%

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30 biggest clients Q1/2020 - six new entries in top 30

Capital Markets

Retail Banking

Insurance

Industry & Others

NEW

NEW

NEW

NEW

NEW

not disclosed

Revenue by sector

		Financial Services		76%
	NEW
		Insurance		13%
		Industry & Others		11%

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Detailed profit & loss statement

in €m	Q1/2020	Q1/2019	∆%
Revenue	112.48	105.72	6%
Other operating income	4.27	2.92	46%
Cost of purchased services	-11.97	-12.05	-1%
Personnel expenses	-81.52	-73.71	11%
Other operating expenses	-14.00	-12.60	11%
EBITDA	9.26	10.28	-10%
Depreciation and amortisation	-5.65	-6.41	-12%
EBIT	3.61	3.87	-7%
Interest income/expenses	-0.59	-0.69	-14%
EBT	3.02	3.18	-5%
Income taxes	-0.74	-0.47	57%
Net income	2.28	2.71	-16%
Earnings per share (in €)	0.09	0.10	-16%

• Revenue growthin line with expectations
• Cost of purchased servicesto revenue ratio of 11% and thus atprior-yearlevel
• Increasedpersonnel expensesmainly due to higher average headcount, as well as capacity adjustments and reduced purchases of external services. Ratio of personnel expenses (excluding capacity adjustments plus purchased services) to revenue of 83% (Q1/2019: 82%)
• Other operating expensesadjusted for IFRS 16 effects more or less atprior-yearlevel
• EBITDAwithout positive IFRS 16 effects down by 4% mainly due to increased personnel expenses
• Decrease indepreciation and amortisation of €0.76m largely attributable to lower depreciation ofright-of-useassets acc. to IFRS 16
• Net incomeburdened by increased income taxes. Expected imputed tax ratio of 24% (Q1/2019: 15%)

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Cash flow analysis (in €m)

31/12/2019				Q1/2020					31/03/2020
Net Cash Financing	Cash		Operating	Financing Investments	FX		Cash	Financing Net Cash
liabilities*			Cash Flow	Activities	Effects			liabilities*
		15.20		1.38		64.10
				-1.54

56.14	-7.08

• Financing structureremains solid. Credit facilities not yet drawn of €51.58m (31/12/2019: €52.84m). Net cash of €-52.17m (31/12.2019: €-58.80m)
• Increase incashto €64.10m due to working capital effects (31/12/2019: €56.14m)
• Year-on-yearincrease in operating cash flowto €15.20m (Q1/2019: €11.69m) due to decline in working capital with effect on cash
• Cash flow from financing activitiesinfluenced by low net borrowing of €1.25m (Q1/2019: net redemption of €9.32m).
• Cash flow from investing activitiesmainly shaped by cash outflows of €5.97m from the acquisition ofin-GmbH

-58.80-114.94

-116.27-52.17

*Financial liabilities include liabilities to banks

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Balance sheet (in €m)

• Decrease inbalance sheet total of €22.03m mainly due to decline in customer receivables
• €8.04m decrease innon-currentassetsdue to depreciation of right- of-use assets acc. to IFRS 16. Non-current assets account for 54% of balance sheet total (31/12/2019: 53%)
• Cash and cash equivalentsup 14% as a result ofclosing-dateeffects
• Decrease inother current assets of €21.95m mainly due to decline in trade receivables

435.83

232.21

56.14

147.48

31/12/2019

Non-current assets Current assets Other current assets

413.80

224.17

64.10

125.53

31/03/2020

435.83

413.80

133.14

128.38

157.08

152.39

133.03 145.61

31/12/2019 31/03/2020

Equity

Non-current liabilities

Current liabilities

• Currency-adjustedincrease in equityof €2.28m from net income. Equity ratio of 31%, or 35% adjusted for IFRS 16 effects. Both ratios at prior-year level
• Decrease innon-current liabilities results from fall in lease liabilities acc. to IFRS 16 of €4.69m
• €12.58m decline incurrent liabilitiesmainly attributable to €9.36m decrease in contract liabilities due to closing-date effects, as well as €2.93m reduction in trade payables

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Employees by country (FTE)

				5,460
		5,173	5,242	202
		202	154
4,910	4,892	207
229
153
151
202	207	239	308
223
141	142
295	282
185	195	418
279	321
428	405
385
366			591
		565
		527
501
477
			615
			610
567		593
579
781	778	874	953	1,127

1,869

1,827

1,875

1,833

1,816

Others*

UK

Canada

Mexico Germany**

Poland

Italy

Brazil

Spain

• Increase in Group headcount compared to Q4/2019 due to staff expansion esp. in Brazil, Poland and Mexico
• Slight decline in headcount in Spain and Canada compared to Q4/2019
• 113 employees involved in corporate functions
  (Q1/2019: 115)
• Utilisation rate of 89% atprior-year level (Q1/2019: 89%)

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

*Others: Costa Rica, Switzerland, USA, Belgium, Fance

**53 employees of AXOOM and 31 employees of in-GmbH in Germany included (AXOOM: Q3/2019; in-GmbH: Q1/2020)

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Outlook 2020

			§	Strong start to Q1
			§	Minor impact of Covid-19 pandemic so far
GENERAL			§	Provision of services to clients remains intact
			§	Digitisation trend continuing - dynamic development of cloud applications expected
			§	Broad international client base as stabilising factor
			§	Momentum of sector and client diversification unchanged, whereby industry sector more
				exposed to impact of Covid-19
REVENUE		§	Revenue growth without top-2 clients of 22% planned prior to Covid-19 crisis. Anticipated
				decline in revenue from top-2 clients* of around 33%.
			§	Growth likely to be temporarily slowed by pandemic
			§	Focus on growth requires further high expenses for sales and expansion of technological
				expertise
EARNINGS		§	Further expenses for capacity adjustments expected
			§	Due to uncertainties caused by Covid-19 pandemic, reliable earnings forecast not currently
				possible

*GFT's top 2 clients are defined as Deutsche Bank and Barclays

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Results at a glance per quarter

in €m	Q1/2019	Q2/2019	Q3/2019	Q4/2019	FY 2019	Q1/2020
Revenue	105.72	105.31	104.9201	113.03	428.98		112.48
EBITDA adjusted*	11.16	10.78	12.84	13.13	47.91		10.39
EBITDA	10.28	9.94	11.98	12.69	44.89		9.26
EBIT	3.87	4.48	5.95	7.03	21.33		3.61
EBT	3.18	3.97	5.19	6.39	18.73		3.02
Net income	2.71	3.36	4.01	3.58	13.66		2.28
Net income adjusted*	4.55	5.17	5.70	4.65	20.07		4.33
Earnings per share adj. (in €)*	0.17	0.20	0.22	0.17	0.76		0.16
Earnings per share (in €)	0.10	0.13	0.15	0.14	0.52		0.09
Employees (in FTE)	4,910	4,892	5,173	5,242	5,242		5,460

*Adjusted for non-operational effects from M&A activities (EBITDA) plus applicable tax effects (Net Income and EPS)

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Split of operative and M&A effects

in €m			Q1/2020			Q1/2019
	GFT stand alone		AXOOM		in-GmbH	GFT Total	GFT stand alone		GFT Total
EBITDA adjusted	9.78		0.00		0.61	10.39	11.16		11.16
M&A earn-out & retention	-0.67		0.00		-0.30	-0.97	-0.83		-0.83
M&A consult & integrate	0.00		0.00		-0.02	-0.02	0.00		0.00
M&A amortisation orderbook	-0.13		0.00		-0.01	-0.14	-0.05		-0.05
EBITDA	8.98		0.00		0.28	9.26	10.28		10.28
Depreciation & amortisation	-3.95		-0.06		-0.01	-4.02	-5.29		-5.29
M&A amortisation	-1.51		-0.01		-0.11	-1.63	-1.12		-1.12
EBIT	3.52		-0.07		0.16	3.61	3.87		3.87
Interest	-0.59		0.00		0.00	-0.59	-0.69		-0.69
M&A interest	0.00		0.00		0.00	0.00	0.00		0.00
EBT	2.93		-0.07		0.16	3.02	3.18		3.18
Income taxes	-0.69		0.00		-0.05	-0.74	-0.47		-0.47
Net income	2.24		-0.07		0.11	2.28	2.71		2.71
Net income adjusted	3.97		-0.06		0.42	4.33	4.55		4.55
Shares outstanding (m.)	26.33		26.33		26.33	26.33	26.33		26.33
EPS basic (€)	0.08		0.00		0.01	0.09	0.10		0.10
EPS adjusted (€)	0.15		0.00		0.01	0.16	0.17		0.17

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Consolidated income statement

in €	Q1/2020	Q1/2019		∆%
Revenue	112,478,829.91	105,720,565.00		6%
Other operating income	4,272,443.65	2,921,292.91	1	46%
Cost of purchased services	11,968,632.19	12,050,753.40		-1%
Personnel expenses	81,516,648.35	73,711,906.59		11%
Other operating expenses	14,010,806.98	12,597,668.96	1	11%

Result from operating activities before depreciation and amortisation	9,255,186.04	10,281,528.96	-10%
Depreciation and amortisation of intangible assets and property, plant and equipment	5,649,264.97	6,412,236.42	-12%
Result from operating activities	3,605,921.07	3,869,292.54	-7%
Interest income	52,481.19	47,698.64	10%
Interest expenses	640,752.12	737,095.69	-13%
Financial result	-588,270.93	-689,397.05	-15%
Earnings before taxes	3,017,650.14	3,179,895.49	-5%
Income taxes	737,637.04	474,015.18	56%
Net income for the period	2,280,013.10	2,705,880.31	-16%
Earnings per share - basic	0.09	0.10	-16%

• Adjusted, refer to note 2.3 of the consolidated financial statements as of 31 December 2019

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Consolidated cash flow statement

in €	Q1/2020	Q1/2019	∆
Net income for the period	2,280,013.10	2,705,880.33	-425,867.23
Income taxes	737,637.04	474,015.18	263,621.86
Interest income	588,270.93	689,397.05	-101,126.12
Interest received	49,906.03	-161,864.63	211,770.66
Interest paid	-224,978.09	42,255.17	-267,233.26
Income taxes paid	442,427.20	435,432.33	6,994.87
Depreciation and amortisation of intangible assets and property, plant and equipment	5,649,264.97	6,412,236.42	-762,971.45
Net proceeds on disposal of intangible assets and property, plant and equipment	23,932.92	12,066.64	11,866.28
Net proceeds on disposal of financial assets	-433,059.99	0.00	-433,059.99
Other non-cash expenses and income	-1,068,364.42	343,851.14	-1,412,215.56
Change in trade receivables	32,251,693.81	23,830,206.11	8,421,487.70
Change in contract assets	-7,688,912.38	-13,476,742.94	5,787,830.56
Change in other assets	-1,596,964.70	5,206,887.60	-6,803,852.30
Change in provisions	1,359,835.93	-1,807,192.51	3,167,028.44
Change in trade payables	-2,934,149.79	-3,444,839.84	510,690.05
Change in contract liabilities	-9,364,753.34	-5,883,052.11	-3,481,701.23
Change in other liabilities	-4,870,724.01	-3,693,229.18	-1,177,494.83
Cash flow from operating activities	15,201,075.21	11,685,306.76	3,515,768.45
Proceeds from disposal of property, plant and equipment	6,756.77	1,714.68	5,042.09
Proceeds from disposal of financial assets	433,059.99	0.00	433,059.99
Capital expenditure for intangible assets	-196,380.68	-398,128.45	201,747.77
Capital expenditure for property, plant and equipment	-1,360,210.20	-753,674.47	-606,535.73
Cash outflows for acquisitions of consolidated companiesnet of cash and cash equivalents acquired	-5,967,000.00	0.00	-5,967,000.00
Cash flow from investing activities	-7,083,774.12	-1,150,088.24	-5,933,685.88
Proceeds from borrowing	3,321,918.65	249,816.93	3,072,101.72
Cash outflows from loan repayments	-2,075,993.86	-9,574,564.05	7,498,570.19
Cash outflows from repayment of lease liabilities	-2,783,810.38	-3,293,040.53	509,230.15
Dividends to shareholders	0.00	0.00	0.00
Cash flow from financing activities	-1,537,885.59	-12,617,787.65	11,079,902.06
Effect of foreign exchange rate changes on cash and cash equivalents	1,376,652.80	417,911.85	958,740.95
Net increase in cash and cash equivalents	7,956,068.30	-1,664,657.28	9,620,725.58
Cash and cash equivalents at beginning of period	56,143,932.27	61,569,726.64	-5,425,794.37
Cash and cash equivalents at end of period	64,100,000.57	59,905,069.36	4,194,931.21

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Consolidated balance sheet

Assets

Non-current assets	31/03/2020	31/12/2019	∆%
Goodwill	119,314,623.24	118,659,143.65	1%
Other intangible assets	21,618,729.40	22,126,664.83	-2%
Property, plant and equipment	69,610,395.30	76,779,652.91	-9%
Other financial assets	900,538.77	955,531.60	-6%
Deferred tax assets	9,163,563.37	9,241,308.85	-1%
Income tax assets	441,085.59	441,085.60	0%
Other assets	3,122,421.88	4,012,128.46	-22%
	224,171,357.55	232,215,515.90	-3%
Inventories	94,626.95	171,676.80	-45%
Trade receivables	81,768,793.77	114,020,487.58	-28%
Contract assets	23,420,852.75	15,731,940.37	49%
Cash and cash equivalents	64,100,000.57	56,143,932.27	14%
Other financial assets	3,326,137.09	1,841,853.84	81%
Income tax assets	7,179,033.58	7,093,039.20	1%
Other assets	9,743,511.09	8,617,329.27	13%
	189,632,955.80	203,620,259.33	-7%

Equity and liabilities

Shareholders' equity	31/03/2020	31/12/2019	∆%
Share capital	26,325,946.00	26,325,946.00	0%
Capital reserve	42,147,782.15	42,147,782.15	0%
Retained earnings	69,870,452.92	67,590,439.82	3%
Other reserves	-9,962,699.47	-2,922,395.55 241%
	128,381,481.60	133,141,772.42	-4%
Non-current liabilities
Financing liabilities	98,347,529.60	98,444,626.79	0%
Other financial liabilities	38,413,540.14	43,470,371.89	-12%
Provisions for pensions	9,654,997.00	9,494,464.32	2%
Other provisions	1,573,585.20	1,332,487.21	18%
Deferred tax liabilities	4,406,099.10	4,342,460.83	1%
	152,395,751.04	157,084,411.04	-3%
Current liabilities
Trade payables	6,565,371.96	9,499,521.75	-31%
Financing liabilities	17,919,527.71	16,500,000.00	9%
Other financial liabilities	13,236,674.18	14,074,187.51	-6%
Other provisions	37,315,799.49	36,357,594.23	3%
Income tax liabilities	4,178,188.15	4,532,531.35	-8%
Contract liabilities	29,475,400.49	38,840,153.83	-24%
Other liabilities	24,336,118.73	25,805,603.10	-6%
	133,027,080.71	145,609,591.77	-9%

413,804,313.35435,835,775.23 -5%

413,804,313.35435,835,775.23 -5%

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Consolidated statement of comprehensive income

in €	Q1/2020	Q1/2019	∆%
Net income for the period	2,280,013.10	2,705,880.31	-16%
Items that will not be reclassified to the income statement
Remeasurement of defined benefit plans	0.00	-7,042.30	-100%
Income taxes on remeasurement of defined benefit plans	0.00	1,549.32	-100%
Items that may be reclassified to the income statement
Currency translation	-7,040,303.92	3,331,086.77	< -100%
Other comprehensive income	-7,040,303.92	3,325,593.79	< -100%
Total comprehensive income	-4,760,290.82	6,031,474.10	< -100%

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Consolidated statement of changes in equity

	Share capital	Capital reserve	Retained earnings 1	Other reserves	Total equity
in €				Currency translation
Balance at 1 January 2019 2	26,325,946.00	42,147,782.15	65,544,266.23	-6,903,723.71	127,114,270.67
Effect from adoption of IFRS 9	--	--	-2,343,079.35	--	-2,343,079.35
Balance at 1 January 2019 adjusted	26,325,946.00	42,147,782.15	63,201,186.88	-6,903,723.71	124,771,191.32
Net income for the period	--	--	2,705,880.33	--	2,705,880.33
Other comprehensive income	--	--	-5,492.98	3,331,086.77	3,325,593.79
Total comprehensive income	--	--	2,700,387.35	3,331,086.77	6,031,474.12
Balance at 31 March 2019	26,325,946.00	42,147,782.15	65,901,574.23	-3,572,636.94	130,802,665.44
Balance at 1 January 2020	26,325,946.00	42,147,782.15	67,590,439.82	-2,922,395.55	133,141,772.42
Net income for the period	--	--	2,280,013.10	--	2,280,013.10
Other comprehensive income	--	--	0.00	-7,040,303.92	-7,040,303.92
Total comprehensive income	--	--	2,280,013.10	-7,040,303.92	-4,760,290.82
Balance at 31 March 2020	26,325,946.00	42,147,782.15	69,870,452.92	-9,962,699.47	128,381,481.60

• Retained earnings also include items that will not be reclassified to the Consolidated Income Statement.
  Actuarial gains/losses from the remeasurement of defined benefit plans amount to €0.00 net of tax in Q1/2020 (Q1/2019: €-5,492.98).

• The GFT Group initially applied IFRS 16 as of 1 January 2019. Under the modified retrospective transition method chosen, comparative information is not restated.

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Segment report

		GFT Group
	Americas, UK & APAC	Continental Europe	Total segments	Reconciliation	GFT Group
in €T
Q1/2020	Q1/2019		Q1/2020	Q1/2019	Q1/2020	Q1/2019	Q1/2020	Q1/2019	Q1/2020		Q1/2019
External revenue	52,498	49,882		59,899	55,711	112,396	105,593	82	128	112,479		105,721
Intersegment revenue	2,668	172		13,978	15,109	16,646	15,281	-16,646	-15,281	0		0
Total revenue	55,166	50,054		73,877	70,820	129,042	120,874	-16,564	-15,153	112,479		105,721
Segment result (EBT)	1,070	-296		1,926	4,130	2,996	3,834	22	-654	3,018		3,180
thereof depreciation and amortisation	-2,184	-1,606		-2,947	-4,541	-5,131	-6,147	-518	-265	-5,649		-6,412
thereof interest income	48	46		4	33	52	79	0	-31	52		48
thereof interest expenses	-360	-522		-402	-357	-762	-879	121	142	-641		-737

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Shaping the future of digital business

GFT Technologies SE	GFT Technologies SE
Dr. Jochen Ruetz	Jens Hecht, CFA (external)
CFO	Investor Relations
Schelmenwasenstraße 34	Schelmenwasenstraße 34
70567 Stuttgart	70567 Stuttgart
T [phone]	T [phone]
[e-mail]	[e-mail]

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