Financial Statements

(in EUR million)

2005 – IFRS (*)

2004 - IFRS

Variation

Revenue

 43.7

40.2

+ 9%

Cost of sales

 13.1

11.1

+ 17%

Gross margin

30.6

29.1

+5%

Research & Development

  9.5

 9.6

- 1%

Sales & Marketing

  8.9

 8.9

 -

General & Administrative

  6.4

 6.5

- 1%

Provision reversal for specific risks

 - 0.9

-

-

Goodwill depreciation

  0.1

 2.1

- 93%

Operating expenses

24.0

27.1

- 11%

Operating income             

   6.6

1.9

Financial income

  0.3

0.2

Other income (expenses) – Exchange gains

  0.1

-

Income tax

- 1.6

- 1.0

Group net income

  5.4

1.1

(in EUR million)

December 31, 2005 – IFRS (*)

%

December 31, 2004 - IFRS

%

Goodwill

  6.4

13%

  6.0

18%

Development costs

  2.8

  6%

  2.9

  9%

Other non current assets

  3.3

  7%

  4.2

13%

Client receivables

Other current assets

Cash

 19.3

   1.5

 15.1

40%

  3%

31%

  9.6

  1.6

  9.3

29%

  5%

28%

Total assets

48.4

100%

33.6

100%

Shareholders’ equity

24.0

50%

19.2

57%

Non current liabilities  

  1.8

  4%

 2.3

  7%

Pre-billed maintenance

Other current liabilities

 10.9

 11.7

 22%

 24%

 2.3

 9.8

7%

29%

Total liabilities

48.4

100%

33.6

100%