Skills are our Assets Annual Report 1999/2000

Transcription

1 Skills are our Assets Aual Report 1999/2000

2 A Overview Amadeus Group Fiacial Summary 1999/ / /98 Chages DM/Euro i thousads DM Euro DM Euro DM Euro i % Sales Reveues 67,052 34,283 48,066 24,576 33,968 17, Gross Profit 26,502 13,550 17,036 8,710 11,490 5, Net Icome 5,146 2,631 1, ,993 1, EBIT icl. Goodwill Depreciatio 9,307 4,759 5,106 2,611 3,967 2, EBITDA 10,625 5,432 6,366 3,255 4,739 2, Pretax Earigs/Sales Ratio (adjusted) i % Number Of Employees Cash Flow From Operatios 8,764 4,481 8,452 4,321-1,979-1, Cash Flow/Share (DM/Euro) Balace Sheet Total 48,028 24,556 38,898 19,888 17,817 9, Stockholders Equity 36,381 18,601 31,235 15,970 9,906 5, Earigs Per Share Accordig To IAS Earigs Per Share Accordig To IAS diluted Earigs Per Share Accordig To DVFA/SG Earigs Per Share Accordig To DVFA/SG Diluted Earigs Per Share Accordig To DVFA/SG Excl. Goodwill Depreciatio Divided (DM/Euro) basis 5,100,000 shares; 2 basis 4,172,454 shares as of IAS 33 Nr. 14; 3 basis 5,484,750 shares as of IAS 33 Nr. 14 ad Nr. 29; 4 basis 4,205,287 shares as of IAS 33 Nr. 14 ad Nr.29; 5 basis 5,341,424 shares/treasury Stock Method

3 Cotets Amadeus Group Structure 2 Letter to Shareholders 3 Report of the Supervisory Board 4 10 years Amadeus Group 6 Solutio Provider 7 Recruitig a dramatically chagig market 8 Customer Care ad Kowledge Maagemet 9 Maagemet Report 11 Icome Statemets 21 Balace Sheets 22 Aalysis of Fixed Assets 24 Statemets of Cash Flow 26 Notes to the Fiacial Statemets 28 Report of Idepedet Auditors 40 Locatios 41

4 Amadeus Group Structure Amadeus AG Temporary ad permaet staffig services i the commercial area FiRe AG Temporary ad permaet staffig services i the areas of fiace ad accoutig FiRe Persoeelsdieste B.V. Temporary ad permaet staffig services i the areas of fiace ad accoutig Amadeus Services GmbH Iteral services FiRe GmbH Iterim-/Projectmaagemet ad Exteral Cotrollig

5 To the shareholders ad frieds of our compay Güter Spah Chairma of the Board ad Chief Executive Officer Dear ladies ad getleme, I our teth year of operatios, 1999/2000, ad our first year as a publicly listed compay, we are proud to preset record results.we exceeded our ambitious targets ad forecasts cosiderably. The steep success curve of the past years gaied further mometum from the success of our IPO. Positioig ourselves as a huma resource services ad solutio provider proved to be the right strategy ad was received by cliets ad ivestors very positively. By offerig professioal experts ad executive persoel services for the fiacial ad accoutig sector Amadeus huma resource services represets far more tha temporary staffig. Our iterim/project maagers lead departmets, are cotrollers, orgaizatio cosultats ad usually have iteratioal experiece at their disposal. The huma resources cosultig sector rouds off our solutios portfolio perfectly.this strategy of offerig our cliets solutios to problems, has led to further growth of our market leadership i the fiace ad accoutig sector ad a substatial icrease i our market share of professioal ad executive services. We will cotiue this strategy.the 2000/2001 fiscal year will be marked by a aggressive policy of expasio. We will ope at least 10 ew braches i order to accelerate orgaic growth eve better tha i the past. The opeig of ew locatios i Austria ad Switzerlad will give impetus to our iteratioalizatio. The emphasis of our ivestmet strategy will be placed o complemetary cosultig services whereby the solutio provider strategy will be cosistetly pursued. Skills are our assets stads oce agai as the subtitle of our aual report ad the qualificatios of our persoel uderlie the statemet. Not oly do approximately 70% of our employees have a tertiary qualificatio but they receive further targeted traiig from our cotiuig educatio parters resultig i further qualificatios ad thus provide a guaratee for our competitive edge ad techological stadards. Our ihouse systems have already reached a high level through the implemetatio of SAP R/3 ad are beig cotiually developed. The first weeks of the ew fiscal year have recorded reewed growth i sales over the previous year.we are optimistic that our ambitious targets, which lie well above the idustry average, will be achieved. We would like to take this opportuity to heartily thak all our employees.their qualificatios ad professioal attitudes form the basis for the success of our compay.we would also like to thak our cliets, busiess frieds ad shareholders for their trust i Amadeus AG. Güter Spah Chairma of the Board ad Chief Executive Officer

6 Report of the Supervisory Board Gerd B. vo Below Chairma of the Supervisory Board I fiscal year 1999/2000 the Supervisory Board has performed the fuctios accordig to the law ad the shareholders agreemet. It moitored the maagemet of the Compay.We have bee iformed of the situatio ad developmet of the Compay by the Maagemet Board i the Supervisory Board meetigs ad i verbal reports. I the curret period, six meetigs of the Supervisory Board took place i which we discussed the Compay s busiess situatio, strategic aligmet, opportuities for developmet ad risks to busiess with the Maagemet Board. Oe of the focuses was o the cosequeces for the Group s risk maagemet ad the requiremets for the iteral system of cotrols uder the ew Law o Cotrol ad Trasparecy i Busiess (KoTraG). The Supervisory Board approved all measures requirig the coset of the Supervisory Board accordig the shareholders agreemet ad/or the law. At the request of the Maagemet Board i accordace with Sec. 104 of the Stock Corporatio Act, the District Court of Frakfurt appoited Mr.Axel Böke ad Mrs. Ulrike Bert members of the Supervisory Board o Jauary 31, 2000 ad February 17, 2000, respectively.they represet the Group s employees i the Supervisory Board. The members of the Supervisory Board are: Mr. Gerd B. vo Below, Niddatal, Chairma Mr. Georg Bli, Bruchmühlbach, Vice Chairma Mr. Rudolf Locker, Kroberg Mr. Has H. Roolf, Oberursel Mrs. Ulrike Bert, Aschaffeburg Mr.Axel Böke, Kriftel The fiacial statemets ad maagemet report of Amadeus Aktiegesellschaft für Zeitarbeit ud Arbeitsvermittlug prepared i accordace with Germa accoutig stadards ad the cosolidated fiacial statemets ad appropriate maagemet reports for the time from April 1, 1999 to March 31, 2000, prepared accordig to IAS, were audited by the auditor elected at the geeral meetig of shareholders, Arthur Aderse Wirtschaftsprüfugsgesellschaft Steuerberatugsgesellschaft mbh, Eschbor, who redered them with uqualified audit opiios. The related auditor s reports were preseted to the Supervisory Board i its balace sheet meetig.the auditor atteded the supervisory board meetig ad reported o the key results of its audit of the fiacial statemets, the correspodig maagemet reports ad the iteral system of cotrols.the Supervisory Board took

7 ote of ad agreed the auditor s reports. The Supervisory Board did ot raise ay objectios oce it had completed its ow examiatio ad agreed with the auditor s results, approved the fiacial statemets i its meetig o Jue 13, 2000, agrees with the Maagemet Board s proposal for the appropriatio of the retaied earigs, approved the cosolidated fiacial statemets i its meetig o Jue 13, The Supervisory Board wishes to thak the Maagemet Board ad the employees for their highly successful efforts ad customers ad shareholders for the trust they have show i Amadeus AG. Frakfurt am Mai, Jue 14, 2000 O behalf of the Supervisory Board: Gerd B. vo Below Chairma of the Supervisory Board

8 10 years Amadeus Group Pioeer Specialist The focus o core competecies was iitiated i 1990 with the icorporatio of FiRe GmbH, a ovelty i the temporary staffig idustry.the market share of FiRe AG i the huma resource services market for fiace ad accoutig is curretly about 12 per-cet, makig FiRe AG market leader i this quality segmet. The shareholders of the Amadeus Group recogized the sigs of the times early ad have cosistetly pursued a strategy of specializatio with great success.the depth of visio for future developmets o the huma resource services market ad its chagig demad has bee improved ever sice.the Amadeus Group is orgaized accordig to it s sales orietatio ad achieves a high degree of cliet satisfactio. Costat commuicatio with cliets eables early registratio of the growig ad icreasigly complex demad for huma resource services. The acquisitio of Amadeus GmbH i 1996 meat that the services portfolio was logically expaded by a additio of commercial experts ad maagers. For this segmet too, the iitial focus was o the provisio of highly qualified ad experieced persoel. Optimal cliet solutios are offered i the persoel, purchases ad sales segmets because the cosultats at Amadeus AG kow the professioal huma

9 A solutio provider with a complete value chai resources requiremets of these sectors from persoal experiece. The Amadeus Group differetiated its services at a early stage.apart from temporary staff services, FiRe GmbH has bee offerig iterim ad project maagemet sice From the outset top maagers i fiace ad accoutig have bee egaged by our cliets for challegig maagemet tasks: from the set-up of iteratioal reportig to the assumptio of cotrollig tasks at subsidiaries or assistace with reorgaizatio iterim maagers from Amadeus have prove to be professioal ad effective service providers for a wide rage of executive tasks. The Amadeus Group has become a strategic parter for may of its cliets i huma resources plaig ad placemet. Growig demad for persoel services highlights the fact that dyamically growig compaies, particularly those i the so-called New Ecoomy, eed a service provider who ca offer optimal total solutios for a rage of differet tasks. The services of the Amadeus Group will be developed to tur the compay ito a comprehesive cosultig-service provider.we see this value chai as havig five steps: Cosultat develops busiess cocept The maagemet board ad braches are i costat cotact with each other ad are therefore able to provide tailored cliet solutios. The orietatio ad proximity to cliet eeds has resulted i a philosophy i daily busiess that all employees of the Amadeus Group share: We are huma resource services ad solutio providers! IT-cosultat defies requiremets Iterim-/Project maager fuctios as team leader Temporary persoel support Iterim-Maager Persoel cosultat recruits permaet maagemet staff

10 Recruitig a dramatically chagig market Flexible ad well-qualified professioal ad maagemet staff are eeded for the all the growig markets of the New Ecoomy. I particular, competitio amog service providers such as telecommuicatios ad high-tech compaies, start-ups but also cosultig compaies ad fiacial services providers is particularly fierce i tryig to attract talet ad high potetials. I the cotext that ever more compaies are workig o a project basis by creatig teams of temporary staff aroud a lea core of permaet staff, huma resource services providers have become a idispesable factor for growth ad staffig requiremets. The Amadeus Group ca quickly provide these cliets with matchig persoel from our cadidate database backed by our iovative persoel marketig. Recruitig istrumets are beig costatly developed ad iclude huma resources fairs, tertiary college marketig ad a icreasig use of e-recruitig i additio to traditioal advertisig usig prited media. Amadeus Group s iteret presece will be expaded to become a portal for professioal busiess ad executive staff i Germay i the ext few moths. Beyod this, our team at Amadeus ad our FiRe braches costatly search leadig olie job markets ad make cotact with iterestig applicats.this takes accout of the tred that a icreasig umber of highly-qualified cadidates are usig the iteret to advertise themselves for positios by publishig their CV ad curret applicatio electroically.these cadidates, who are i particularly hot demad, treat their credetials ad highly-prized professioal kowledge i a commercial way ad look for employers to match. The recruitig market is udergoig a revolutio. The ew self-cofidece of professioal staff is also a motivatio for exteral staff to work for ad with Amadeus ad FiRe.They recogize the advatages of workig with a huma resource services provider.they are proactive with their skills ad kowledge; they cooperate i cliet projects ad get ivolved i teams that are costatly chagig. By so doig, they lear to sharpe their kowledge ad keep themselves fit for the dyamically chagig eeds of the market. For job-seekers, the Amadeus Group is therefore a strategic career parter who accompaies them throughout their career, actively supportig them from plaig through to fulfillmet.

11 Customer Care ad Kowledge Maagemet The Amadeus Group will meet the quatitative icrease i demad for highly qualified professioals ad executives with further measures to esure quality.a decisive factor for growth remais our costat ad uambiguous orietatio to beefits for the cliet. This also icludes optimal utilizatio of the cliet s commuicatio chaels.with regard to the fact that approx. 75 percet of the cliets are active iteratioally ad commuicate with their braches via iteret ad as a matter of course, we, too, will cotiue to ivest i this area. Our braches are already coected to a moder telecommuicatios ad IT etwork ad use moder professioal commuicatio aids such as , databases ad iteret. Customer iquiries ca therefore be respoded to very rapidly ad processed i our atioal etwork of braches very effectively.the area maagers ad cosultats i the braches make use of a commoly maitaied database of applicat profiles i which ew profiles are etered daily.this IT ifrastructure meas that vacat positios i middle ad icreasigly also i upper maagemet ca be filled at very short otice. Customer Structure Approx.1,600 other customers Xerox Gruppe Pro Markt Holdig Coca Cola DETE CSM GE Compuet AG Nokia Ford Werke AG DETE Immobilie Sega Deutschlad Rockwell Automatio The Amadeus Group will also cotiue to optimize work-flows. Emphasis is beig placed o a professioally structured kowledge database i additio to the relauch of our iteret presece.the preparatios for the developmet ad implemetatio of a Kowledge Maagemet System have already bee iitiated. With the help of this iformatio-system, the Amadeus Group will icrease the quality of its cosultig ad its productivity ad be able to respod to cliet demad eve more effectively. Both those staff workig exterally for our cliets ad our i-house staff will profit from this system. 84% Sales 75 % iteratioal ad 25 % atioal 16% Our uderlyig philosophy i makig this ivestmet is that the kowledge held by each oe of our staff should be made available to the etire orgaizatio ad thus come to beefit our cliets.the kowledge shared i this way will make the etire orgaizatio eve more effective.the Amadeus Group will thus cotiue to live up to its expectatio of beig a solutio provider, summed up i our self uderstadig: Skills are our assets!

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13 Maagemet Report Ecoomy Developmet I 1999 the gross domestic product (GDP) rose by 1.4%, 0.8% less tha i Germay is at the bottom of the scale for growth i Europe. I the fourth quarter of 1999 GDP rose by 2% compared to the prior year, with growth acceleratig further i the first quarter of Estimates for the year 2000 predict a GDP icrease of 3.0%. Developmet of the Idustry The persoel services sector is experiecig dyamic growth. Betwee 1993 ad 1999 the volume of sales icreased from DM 4 billio to some DM 10 billio p.a. I 1999, sales were up approx. 15% o the prior year. Services/admiistratio has a share of approx. DM 2.5 billio (25%) i the persoel services market as a whole.as of Jue 30, 1999 there were 11.1% more persoel services compaies tha i the prior year, with the figure risig to 3,372 (prior year 3,031), the umber of employees was up 13.3% to 286,394 persos (prior year 252,895). The reasos for the above-average growth of the sector i compariso to the ecoomy as a whole are as follows: The globalizatio of the ecoomy demads that compaies costatly improve their efficiecy ad flexibility.temporary employees are a importat factor for projects, restructurig, durig peak periods ad short-term staffig bottleecks. With a peetratio rate of 0.8%, the Germa persoel services sector is uderdeveloped i compariso with other Europea coutries, such as the U.K. (1.8%), Frace (1.9%), or the most established market, the Netherlads (4.5%). As such, it has potetial to make up for lost groud.

14 Huma resource services providers ofte act as huma resource cosultats. Staff are deployed temporarily ad the take o, which leads to cosiderable cost savigs i compaies. Huma resource services are becomig more widely accepted i both political ad strategic terms. Huma resource services providers are turig ito strategic parters. Huma resource services providers are becomig more specialized, which eables more competet advice ad offers more advatages for the cliet. Recruitig qualified employees is becomig more ad more time-cosumig ad expesive i Germay. Usig ew techologies ad media gives rise to opportuities for huma resource services providers with higher qualified people. Further deregulatio of the Law o Temporary Employmet, which is curretly beig discussed i the Germa Parliamet, would improve the idustry s growth potetial. Experts have estimated that the persoel services sector will grow aually by some 15 to 20%. As a specialist for commercial specialists ad executives,amadeus AG is very well positioed with its clear focus o its core competecies ad huma resource services ad solutio provider strategy.together with its subsidiary, FiRe AG, the Amadeus Group is the market leader ad the first specialist for highly qualified persoel ad iterim/project maagers i fiace ad accoutig, with experiece i atioal ad iteratioal accoutig (IAS, US-GAAP). Fast growig, iovative, flexible, streamlied ad iteratioally successful compaies are demadig more ad more highly qualified specialists.the Amadeus Group will capture a large share of this market growth.

15 Amadeus AG Huma Resource Services ad Solutio Provider The Group matched its successful developmet of busiess i fiscal year 1999/2000, closig the year with record results. I the past fiscal year, Group sales amouted to DM 67.1 millio (prior year DM 48.1 millio). This represets a icrease of 39.5%, way above the average i the idustry.the foudatios of our sales growth are the specializatio ad aligmet of the Group as a huma resource services ad solutio provider.the Amadeus Group (Amadeus AG, FiRe AG, FiRe GmbH ad FiRe B.V.) offers its customers temporary staffig services, iterim/project maagemet ad persoel cosultig ad is positioig itself as a solutio provider. Sales I DM millios Thaks to our high degree of specializatio ad demadig quality stadards, our gross profit rose by 55.6% to DM 26.5 millio. The gross profit margi icreased from 35.4% to 39.5%. The gross profit margi for commercial specialists ad executives is approachig the high level of that for specialists for fiace ad accoutig.the EBIT (operatig result) i the past fiscal year was DM 9.3 millio (prior year DM 5.1 millio). This traslates ito a icrease of 82.4%. The cosolidated et icome was DM 5.1 millio (prior year DM 1.1 millio) 363.6%. more tha last year.adjusted for IPO costs ad after taxes, the et icome totals DM 5.2 millio (prior year DM 2.4 millio), which is equal to a icrease of 116.7%. 97/98 98/99 99/2000 EBIT I DM millios /98 98/99 99/2000 EBIT/Sales i % /98 98/99 99/2000

16 Net icome before IPO costs i DM millio We achieved this result despite of high ivestmets i improvig iformatio techology (especially commuicatio software ad SAP R/3) ad the ifrastructure of existig ad ew locatios. I the fiscal year, capital expediture amouted to DM 2.6 millio (prior year DM 1.8 millio). I the secod ad fourth quarters of the fiscal year ew braches were opeed i two locatios.as of March 31, 2000 the Group had 31 braches i te atioal ad oe iteratioal locatio. The ew braches cotributed DM 0.6 millio to sales ad caused start-up losses of DM 0.7 millio. The Amadeus Group s first iteratioal locatio, fouded i Autum 1998, FiRe Persoeelsdieste B.V.,Amsterdam, developed as plaed i a fiercely competitive market, achievig the budgeted result i fiscal year 1999/ /98 98/99 99/2000 Services The sharp focus o the group compaies core competecies has prove to be successful ad the Group s strategy as a huma resource services ad solutio provider is beig developed further: Amadeus AG commercial specialists ad executives FiRe AG Zeitpersoalservice fiace ad accoutig specialists FiRe GmbH - outsourcig ad exteral cotrollig i fiace ad accoutig Persoeelsdieste B.V.,Amsterdam fiace ad accoutig specialists

17 Temporary Staffig Service Sales i this area icreased to DM 54.9 millio i the fiscal year, followig o from the DM 41.2 millio geerated i the year before. This represets a icrease of 33.3%, which surpasses the growth of the sector as a whole of approx. 15%. Temporary staffig services accouted for some 82% of total sales (prior year 86%). Temporary Staffig Service i DM millio Persoel Cosultig/Persoel Placemet Sales were up 140% to DM 2.4 millio (prior year DM 1.0 millio). This relatively youg service area already accouts for 3.6% of total sales (prior year 2.0%), makig a substatial cotributio to the overall result. Iterim/Project Maagemet This service ivolvig the deploymet of highly qualified iterim ad project maagers for executive tasks ad special projects (both atioal ad iteratioal) is primarily hadled by the subsidiary FiRe GmbH Outsourcig ud Exteres Cotrollig im Fiaz- ud Rechugswese, which geerated sales of DM 9.7 millio (prior year DM 5.8 millio) i the fiscal year.this is equal to a icrease of 67.2%. It cotributed 14.4% to total sales (prior year 12.1%). Buildig o the icrease of 61% i the prior year, FiRe GmbH also ejoyed excellet growth i this fiscal year. 97/98 98/99 99/2000 Persoel Cosultig/ Persoel Placemet i DM millio /98 98/99 99/2000 Iterim-/ Projec Maagemet i DM millio /98 98/99 99/2000

18 Amadeus Group Staff Structure i % Staff Structure of the Idustry as a Whole* i % Uiversity/College degree Commercial Educatio Employees The Amadeus Group s strategy focussig o the highly qualified commercial segmet is proved by the qualificatios of our exteral employees. Some 70% of all exteral staff have a uiversity or college degree ad 30% have a recogized commercial vocatioal qualificatio. This distiguishes us from the rest of the idustry ad emphasizes the Group s demads o the quality of its persoel services.amadeus employed a total average of 662 persos durig the year (prior year 538 persos). This represets a icrease of more tha 23%. The umber of exteral staff icreased from the aual average of 492 i fiscal year 1998/1999 to a average of 596 i fiscal year 1999/2000, which is a improvemet of almost 21%. The umber of iteral employees grew from 47 to 66, i.e. by 40%. Ivestmets i iteral persoel were made to reiforce the existig ad ew braches ad i the areas of Huma Resources, Marketig ad IT to safeguard the quality of our advisory services ad to provide the foudatios for expasio. Commercial Educatio Uiversity degree College/Applied Scieces degree without qualified commercial educatio Orgaizatioal Structure The orgaizatioal structure i the group compaies is efficiet ad slim ad allows a swift respose to customers requiremets ad chages.the brach maagers ad cosultats acts as etrepreeurs i the eterprise ad are highly qualified ad motivated. Staff participate i their compay s overall performace by a stock optio pla. *Source: Lüedok Cosultacy + Research 1999

19 Risk Maagemet Supported by the flat hierarchical structures ad the maagemet board s proximity to operatig busiess, the Amadeus Group has logstadig, effective moitorig ad early warig systems based o corporate strategy. The successful implemetatio of the Amadeus Group s cocept of etrepreeurs i the eterprise ad its trasparet orgaizatioal structure has heighteed the awareess of brach ad head office employees of busiess processes, traiig staff to hadle them accordig to the procedural istructios defied by the maagemet board. The maagemet board costatly moitors performace with the aid of the Amadeus Group s fast ad effective reportig system. Customer satisfactio ad service quality play a cetral role. The last audit o the temporary employmet busiess by the State Labor Office of Hesse o October 28, 1998 did ot give rise to ay objectios. Last fiscal year Amadeus AG made substatial ivestmets i iformatio systems (SAP, commuicatio software, hardware ad etworks). The systems were examied by exteral auditors durig the fiscal year ad are state-of-the-art. Appropriate isurace policies (Directors ad Officers Isurace) to cover risks were siged i I fiscal year 2000/2001 the maagemet board iteds to ivest i the area of iteral audit/orgaizatio, takig accout to the plaed expasio of the busiess activities of the Amadeus Group. Prove by the developmet of curret fiscal year, the busiess activities of the Amadeus Group are ot exposed to ay risks that might pose a threat to its existece.

20 Busiess Developmet Sales Developmet i DM millios For the fiscal year 2000/2001 started o April 1, 2000 sales are expected to grow faster tha average at a rate of approx. 30% to DM 87.5 millio. The operatig result is projected to more tha DM 10 millio i fiscal year 2000/2001 from orgaic growth. The Amadeus Group, a specialized huma resource services ad solutio provider, is less susceptible to cyclical iflueces ad will participate above-average compared with the sectors expected growth. Our growth strategy will focus o extedig the existig brach etwork ad opeig at least 10 ew braches, icludig locatios i Austria ad Switzerlad. Our growth will be backed by the atioal ad iteratioal acquisitio strategy, which is to make targeted ivestmets/acquisitios i/of maagemet cosultig services i order to ehace our performace as a huma resource services ad solutio provider I additio to the ivestmets i expadig ad opeig braches, aother ivestmet priority is the relauch of our web site.we will create a iteractive platform for commuicatio purposes betwee cadidates ad braches or customers, exploitig the possibilities of this ew medium. Followig the implemetatio of the SAP R/3 modules CO, FI ad HR i the past fiscal year, the implemetatio of the SD module will be aother ivestmet priority. It will eable the braches to hadle day-to-day busiess usig moder iformatio techology with eve greater professioalism, efficiecy ad trasparecy, thereby safeguardig our high level of quality.the plaed icrease i the volume of busiess will require persoel ivestmets i the areas of operatios ad expasio, ivestor relatios ad iteral cotrol /99 99/00 00/01 (e) 01/02 (e) 02/03 (e)

21 Caledar The Amadeus Share Havig bee oversubscribed more tha 30 times, the Amadeus share was successfully placed i official tradig o the Frakfurt Stock Exchage o March 4, 1999.The issue price was o 11.50, at the upper ed of the bookbuildig rage. Sice April 26, 1999 Amadeus has bee a foudig member i the SMAX ad has bee listed i the SDAX sice Jue 21, Of the total of 5,100,000 bearer shares (accoutig value of o 1 per share), some 67% are still owed by the former shareholders families 67% ad some 33% are i free float Publicatio of the 3-Moths-Report for fiscal year 2000/ Road show i Lodo, Ediburgh, Stockholm, Amsterdam, Zurich, Geeva Shareholders Geeral Meetig Publicatio of the Semi Aual Report for fiscal year 2000/2001 Press coferece Publicatio of the 3-Moths-Report for fiscal year 2000/2001 April, 2001 Ad hoc aoucemet: Prelimiary Sales- ad EBIT figures for fiscal year 2000/2001 Jue, 2001 Ad hoc aoucemet: Result for the fiscal year 1999/2000 Press coferece ad DVFA-coferece for fiscal year results 1999/ July, 2001 Shareholders Geeral Meetig The closig price as of March 31, 2000 was o (Xetra), which was almost 55% over the issue price.with this gai, the Amadeus share beat the Small Cap Idex (SMAX) by 76% ad its performace was 72% better tha that of the SDAX. With the aid of professioal reportig,amadeus AG iforms its shareholders with fast appearig quarterly ad aual reports, which are explaied i detail i press ad telephoe cofereces. Our corporate strategy ad results are commuicated opely ad trasparetly i regular roadshows, ivestor ad aalyst meetigs Europe wide. Frakfurt, April 27, 2000 Güter Spah Maagemet Board Peter Haas Maagemet Board

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23 Cosolidated Icome Statemets of Fiscal Years 1999/2000, 1998/99 ad 1997/98 Amouts stated i DM 1999/ / /98 Sales Reveues 67,055, ,091, ,981, Discouts & Allowaces -2, , , Net Sales Reveues 67,052, ,066, ,967, Cost of Sales -40,550, ,030, ,477, Gross Profit 26,502, ,036, ,490, Sellig Expeses -11,791, ,318, ,398, Admiistrative Expeses -5,429, ,666, ,218, Other Reveues or Gais 160, , , Other Reveues or Losses -133, , , Operatioal Result 9,307, ,105, ,956, Iterest Icome Securities , Iterest Icome 962, , , Iterest Expeses -51, , , Extraordiary Items -162, ,914, Icome Taxes -4,909, ,378, ,832, Other Taxes , Net Icome 5,146, ,066, ,993, Opeig Retaied Earigs 234, ,905, , Paid Divided ,688, Icrease of Legal Reserve , Closig Retaied Earigs 5,380, , ,905, Earigs Per Share accordig to IAS (DM/Share) Earigs Per Share accordig to IAS diluted (DM/Share) Average of Commo Stock Issued Shares accordig to IAS udiluted 5,100,000 4,172,454 - diluted 5,484,750 4,205,287 - I accordace with Iteratioal Accoutig Stadards (IAS)

24 Cosolidated Balace Sheets as of March 31, 2000, 1999 ad 1998 Assets Amouts stated i DM March 31, 2000 March 31, 1999 March 31, 1998 Cash 34,641, ,248, ,783, Trade Receivables 6,514, ,313, ,825, Receivables Shareholders ,610, Receivables Affiliated Compaies , Receivables Employees 63, , , Other Receivables 206, , , Total Accouts Receivable 6,783, ,594, ,818, Prepaid Expeses 98, , , Total Curret Assets 41,522, ,950, ,624, Deferred Tax Asset 933, , Property, Plat & Equipmet 2,418, ,395, , Itagible Assets Software 719, , , Goodwill 2,433, ,839, ,244, Fiacial assets , Total Fixed Assets 5,572, ,518, ,192, Total Assets 48,028, ,898, ,816,986.78

25 Stockholders Equity & Liabilities Amouts stated i DM March 31, 2000 March 31, 1999 March 31, 1998 Trade Liabilities 931, , , Liabilities to Shareholders ,664, Tax Liabilities 1,444, ,053, ,136, Liabilities to Employees , Other Liabilities 1,369, ,186, , Total Accouts Payable 3,745, ,086, ,909, Accrued Taxes 4,272, ,239, ,535, Other Accruals 3,629, ,336, ,466, Total Accruals 7,901, ,576, ,001, Total Liabilities 11,647, ,663, ,911, Commo Stock 9,974, ,974, , Paid i Surplus 20,975, ,975, ,949, Legal Reserve 50, , Currecy Traslatio Adjustmet Retaied Earigs 5,380, , ,905, Total Stockholders Equity 36,381, ,234, ,905, Total Stockholders Equity & Liabilities 48,028, ,898, ,816,986.78

26 Fixed Assets Movemets for the year eded March 31, 2000 At cost Amouts stated i DM April 1,1999 Additios Disposals Itagible Assets Software 428, , , Goodwill 5,644, ,073, , , Property, Plat & Equipmet Other Equipmet, Fixtures, Fittigs ad Equipmet 2,687, ,938, , ,687, ,938, , ,761, ,615, ,077,994.53

27 Accumulated Depreciatio Net Book Value March 31,2000 April 1,1999 Additios Disposals March 31,2000 March 31,2000 March 31, , , , , , , , ,644, ,805, , ,211, ,433, ,839, ,557, ,950, , , ,404, ,153, ,122, ,740, ,292, , , ,322, ,418, ,395, ,740, ,292, , , ,322, ,418, ,395, ,298, ,243, ,317, , ,726, ,572, ,518,169.03

28 Cosolidated Statemets of Cash Flow for Fiscal Years 1999/2000, 1998/1999 ad 1997/1998 Amouts stated i KDM 1999/ / /1998 Cash Iflow/Outflow from Operatig Activities Net Icome before Icome Taxes ad 10,219 5,360 3,825 Extraordiary Expeses Depreciatio of Fixed Assets 1,318 1,318 1,260 1, ,537 6,620 4,607 Decrease/ -Icrease of Curret Assets ad Icrease/ -Decrease of Liabilities Trade Receivables -1,200-1,488-1,280 Receivables Affiliated Compaies Receivables Shareholders 0 6,611-6,554 Other Receivables Receivables Employees Deferred Taxes Prepaid Expeses Accrued Taxes 2, ,569 Other Accruals 1, Trade Liabilities Tax Liabilities Liabilities to Employees Other Liabilities Decrease/ -Icrease of Net Curret Assets 2,300 2,300 6,125 6,125-4,754-4,754 Icome Taxes -4,910-1,378-1,832 Extraordiary Expeses ,915 0 Cash Flow from Operatios 8,764 8,452-1,979 Balace carried forward 8,764 8,452-1,979

29 Balace carried forward 8,764 8,452-1,979 Cash Flow from Ivestig Activities Fixed Assets Ivestmets -2,615-1, Fixed Assets Disposals (Net Book Value) Decrease of Securities 0-2, , ,392 6,866-2,122 Cash Flow from Ivestig Activities Liabilities to Shareholders 0-1,665-2,205 Paid Divideds 0-2,688 0 Cash Iflow from Icrease of Share Capital 0 1, thereof from IPO KDM 1,995 Paid i Surplus 0 - thereof from IPO KDM 20, ,957 18,600 6,557 4,352 6,392 25,466 2,230 Chages i Cash ad Cash Equivalets 6,392 25,466 2,230 Period Opeig Cash ad Cash Equivalets 28,249 2, Period Edig Cash ad Cash Equivalets 34,641 28,249 2,783 Structure of Cash ad Cash Equivalets at Fiscal Year Ed Cash at Bak ad i Had 34,641 28,249 2,783 Bak Liabilities ,641 28,249 2,783 Additioal Iformatio Credit Lies (ot utilized) Paymets made for Icome Taxes durig fiscal year 3,370 1,181 2 Iterest

30 Notes To The Cosolidated Fiacial Statemets Of Amadeus AG, As Of March 31, 2000 Explaatios to the Cosolidated Fiacial Statemets Geeral Disclosures The cosolidated fiacial statemets for fiscal year 1999/2000 of Amadeus AG comply with Iteratioal Accoutig Stadards (IAS). The iterpretatios of the Stadard Iterpretatios Committee (SIC) have bee followed. The fiacial statemets of the compaies icluded i the cosolidated fiacial statemets are based o uiform accoutig ad valuatio policies.the idividual fiacial statemets of compaies i which a ivestmet is held have bee prepared as of the balace sheet date of the cosolidated fiacial statemets ad maily i Germa marks. Foreig currecy traslatios are required for FiRe Persoeelsdieste B.V.,Amsterdam. There is o eed for segmet reportig i accordace with IAS 14. Sales from temporary employmet ad iterim/project maagemet are largely derived from the hirig out of temporary staff at preset. For this reaso, this busiess activity is cosidered as oe segmet pursuat to IAS For reasos of materiality, segmet reportig for the busiess uit employmet agecy services ad for geographical segmets is ot icluded. Coversio to Iteratioal Accoutig Stadards As a public eterprise, the Compay has made use of the provisio i 292a HGB ad prepared exemptig cosolidated fiacial statemets pursuat to Iteratioal Accoutig Stadard (IAS) as i the prior year.the cosolidated fiacial statemets have bee prepared ad audited i accordace to the provisios of the Germa Geerally Accepted Accoutig Priciples (HGB) sice iitial cosolidatio i fiscal year 1996/97. The comparative figures of fiscal year 1997/98 have bee calculated as if the fiacial statemets had bee issued accordig to the Iteratioal Accoutig Stadards (IAS) sice the foudatio of the Group.The deviatio of fiscal year 1997/98 is primarily related to the amortizatio of goodwill. The cosolidated accoutig is i lie with EC directive 83/349/EEC based o the iterpretatio of the Europea Commissio Cotact Committee for Accoutig Directives. Deviatios from accoutig, valuatio ad cosolidatio methods i accordace with Germa law primarily ivolve deferred taxes recorded

31 for all sigificat timig differeces betwee the commercial balace sheet ad the tax balace sheet coected with the tax loss carryforward ad refuds from the reductio of corporate tax o et equity available for tax purposes (EK40) pursuat to IAS 12. Purpose of The Compay The purpose of the group compaies is the provisio of temporary persoel ad time maagemet withi the framework of the Law o the Regulatio of Temporary Employmet (AÜG), persoel ad maagemet cosultig ad employmet agecy services as well as the hadlig of outsourced projects i the fiacial ad accoutig field, temporary maagemet, exteral cotrollig i the fiacial ad accoutig field, busiess advisory services for maagemet, cost accoutig, orgaizatio ad implemetatio of reportig systems.the compaies do ot provide tax or legal advice. Cosolidated Compaies The followig domestic ad foreig compaies i which Amadeus AG holds the majority of votig rights either directly or idirectly have bee icluded i the cosolidated fiacial statemets.as a rule, all subsidiaries are whollyowed. Name ad Place of Registratio Direct Ivestmets: FiRe AG Zeitpersoalservice ud Zeitmaagemet im Fiaz- ud Rechugswese, Frakfurt am Mai (FiRe AG) FiRe Persoeelsdieste B.V.,Amsterdam Amadeus Services GmbH, Frakfurt am Mai Idirect Ivestmets: FiRe GmbH Outsourcig ud Exteres Cotrollig im Fiaz- ud Rechugswese, Frakfurt am Mai (FiRe GmbH) Owig to its subordiate importace pursuat to 296 (2) HGB,Amadeus Service GmbH was ot icluded i the cosolidated fiacial statemets accordig to Germa GAAP i fiscal year 1997/98. I coectio with the coversio to Iteratioal Accoutig Stadards, the comparative figures were ot subject to retrospective cosideratio ad adjustmet for reasos of materiality.

32 Cosolidatio Methods Equity Cosolidatio The subsidiaries capital was cosolidated accordig to the purchase method i the cosolidated fiacial statemets. The debit differeces arisig from iitial cosolidatio are stated i full as goodwill pursuat to IAS 22 No. 40 cot. ad amortized over its expected useful life of 10 years. Pursuat to IAS 22 No. 48, the goodwill of Amadeus Services GmbH was subject to extraordiary amortizatio i fiscal year 1998/99. Cosolidatio of Accouts Receivable ad Payable Accouts receivable ad payable betwee cosolidated compaies are elimiated. Cosolidatio of Icome ad Expeses Durig cosolidatio, icome ad expeses betwee cosolidated compaies are also elimiated. The icome ad expeses relate solely to profit trasfer agreemets, iterest icome ad iterest expeses from loa agreemets as well as advertisig ad other admiistrative services. Foreig Currecy Traslatio Oly FiRe Persoeelsdieste B.V.,Amsterdam, has stated assets ad liabilities i a foreig currecy. I the cosolidated fiacial statemets, these items are traslated at the fixed euro exchage rate (modified closig rate method). Losses from foreig currecy traslatio icurred by traslatig the cotributio of its capital stock at the historical rate are stated i the equity item Losses from foreig currecy traslatio (DM 72.30).

33 Explaatios to the Cosolidated Balace Sheet Trade Receivables/Other Assets Trade receivables ad other assets are stated at the lower of omial or et realizable values as of the balace sheet date. Recogizable idividual risks are covered by idividual bad debt allowaces. No lump-sum bad debt allowace was set up as the Compay cosiders the idividual bad debt allowaces to be sufficiet to cover the credit risk. All trade receivables are due withi oe year. Amouts stated i DM March 31, 2000 March 31, 1999 March 31, 1998 Trade receivables 6,786, ,671, ,979, Idividual bad debt allowaces -272, , , Lump-sum bad debt allowaces , ,514, ,313, ,825, Deferred Taxes Amouts stated i DM March 31, 2000 March 31, 1999 March 31, 1998 Deferral of the corporate tax reductios from EK40 786, , Deferred taxes from loss carr yforwards 147, , , , The Compay has set up the tax provisio o the basis of the maagemet board s divided proposal of DM 0.50 per share. Furthermore, the claims for the refud of corporate tax reductios o the basis of the distributio have bee capitalized as deferred tax assets accordig to IAS 12. The tax loss carryforwards of the Dutch subsidiary FiRe Persoeelsdieste B.V. occurred due to start-up losses i the statutory fiscal year, the deferred taxes have bee recorded as deferred tax asset. Despite of losses accured i the curret fiscal year a icrease was waived i accordace with IAS

34 Fixed Assets Fixed assets are stated at the cost of purchase less scheduled depreciatio through use. The goodwill resultig from the first cosolidatio of FiRe AG is amortized over its expected useful life of 10 years accordig to IAS 22 No. 42 cot. Pursuat to IAS 22 No. 48, the goodwill of Amadeus Services GmbH was subject to extraordiary amortizatio i the year of the first cosolidatio (1998/99). There were o iterally geerated itagible o-curret assets to be capitalized. There were o reasos for extraordiary depreciatio or write-ups. Scheduled depreciatio for fixed assets is based o the followig methods: Item Method of depreciatio Useful life Goodwill straight-lie 10 years Software straight-lie 3 5 years Other equipmet, office equipmet straight-lie 3 5 years Trade Payables/Tax Liabilities/Other Liabilities Trade payables are stated at settlemet or repaymet value.the total amout is due withi oe year. Tax liabilities are comprised of VAT liabilities (KDM 808) ad the obligatio to pay icome tax, church tax ad solidarity surcharge (KDM 636) for employees. Other liabilities maily iclude liabilities for social security (KDM 1.283). Provisios for Taxes Provisios for taxes cover the amouts that the group compaies owe i taxes for fiscal years 1998/99 ad 1999/2000 less prepaymets. The calculatio of the provisios for corporate tax i fiscal year 1999/2000 takes ito cosideratio the recommedatio for the distributio of the et result for the year by the maagemet board. Amouts stated i DM March 31, 2000 March 31, 1999 March 31, 1998 Trade tax 1,588, ,853, ,546, Corporate tax ad solidarity surcharge 2,683, , , ,272, ,239, ,535,578.84

35 Other Provisios Other provisios are stated at the amout required as of the balace sheet date accordig to prudet busiess judgemet i order to cover future paymet obligatios, recogizable risks ad cotiget liabilities of the Group. I this cotext, the amout that appears most probable upo careful examiatio is stated. Amouts stated i DM March 31, 2000 March 31, 1999 March 31, 1998 Provisio for vacatio 1,210, , , Outstadig bills 794, , Premiums ad maagemet bouses 332, , , Fiacial statemet costs 293, , , Employers liability cotributios 245, , , Legal ad cosultig fees 238, , , Other 512, , , ,629, ,336, ,466, Capital Stock The capital stock of Amadeus AG correspods to the paret compay s capital stock of o 5,100,000 ad is divided ito 5,100,000 o-par shares.the shares are issued to the bearer. Authorized ad Coditioal Capital Followig the icrease i capital stock by o 1,020,000 from authorized capital I i fiscal year 1998/99, the maagemet board is ow empowered, subject to the approval of the supervisory board, to icrease the capital stock o oe or several occasios i the period util Jue 1, 2003 by up to a omial amout of Euro 3,177 by issuig a maximum of 3,177 o-par shares i retur for cash cotributios. I additio, the maagemet board is authorized, subject to the approval of the supervisory board, by resolutios passed at the shareholders meetigs o Jue 19, 1998 ad Jauary 16, 1999 to icrease the Compay s capital stock o oe or several occasios i the period util Jue 2003 by up to Euro 1,016,823 by issuig a maximum of 1,016,823 o-par shares i retur for cash cotributios or cotributios i kid (approved capital II). Furthermore, the shareholders meetig o Jauary 16, 1999 decided to coditioally icrease the capital stock by up to Euro 400,000 by issuig a maximum of 400,000 ordiary shares.this resolutio authorizes the maagemet board to grat subscriptio rights to the employees ad maagemet of the Compay ad its affiliated compaies o oe or several occasios util March 31, O March 5, 1999 the Compay issued 144,000 optios to employees ad 250,000 optios to the maagemet board. The supervisory board approved the issue i its resolutio of March 4, 1999.

36 Retaied Earigs The developmet of the cosolidated retaied earigs is show below: Amouts stated i DM March 31, 2000 March 31, 1999 March 31, 1998 As of April 1 234, ,905, , Cosolidated result 5,146, ,066, ,993, Profit distributio ,688, Trasfer to legal reserves , As of March 31 5,380, , ,905, Developmet of Net Equity Amouts stated i DM Capital Capital Reveue Currecy Retaied stock reserves reserves trasl. adj. earigs Total As of the begiig of fiscal year 9,974,733 20,975,993 50, ,255 31,234,909 Cosolidated result ,146,444 5,146,444 As of the ed of fiscal year 9,974,733 20,975,993 50, ,380,699 36,381,353

37 Explaatios to the Cosolidated Icome Statemets Sales 1999/ / /98 Differece to prior year DM DM DM DM % Temporary employmet 54,876, ,213, ,990, ,662, Job placemet 2,342, , , ,373, Iterim/project maagemet 9,711, ,849, ,624, ,861, Others 122, , , ,052, ,066, ,967, ,985, Sales have maily bee realized i Germay. Cost of Sales 1999/ / /98 Differece compared to prior year DM DM DM DM % Cost of redered services 40,550, ,030, ,477, ,519, Persoel expeses ad expeses for services received from exteral cosultats who are temporarily employed i differet areas of the accoutig ad cotrollig departmets are recogized as cost of redered services. Sellig Expeses 1999/ / /98 Differece to prior year DM DM DM DM % Cost of braches 11,791, ,318, ,398, ,472, Cost of sales is comprised of the persoel expeses for sales employees, the premises ad car expeses as well as the depreciatio of fixed assets. Furthermore, expeses for commuicatio as well as traiig costs for the sales departmet are icluded.

38 Admiistrative Expeses 1999/ / /98 Differece to prior year DM DM DM DM % Admiistrative expeses 5,429, ,666, ,218, ,762, Admiistrative expeses iclude maagemet expeses, persoel expeses for the headquarters employees, proportioate premises ad car expeses, depreciatio of fixed assets as well as amortizatio of goodwill. Curret legal ad cosultig fees, costs of accoutig as well as costs of shareholders meetigs ad the costs of fiacial statemets are recogized i admiistrative expeses. Extraordiary Expeses The extraordiary expeses amoutig to DM 162, are expeses idirectly attributable to the IPO i fiscal year 1998/1999. Icome Taxes As of balace sheet date, the icome taxes split up as follows: 1999/ / /1998 DM DM DM Curret Tax Expeses Corporate tax ad solidarity surcharge 3,266, ,150, ,010, Trade tax 2,147, , , ,414, , ,832, Deferred Taxes Deferral of claims from corporate tax reductios -504, , Tax deferral of loss carr yforwards , , , Total tax expeses 4,909, ,378, ,832, Corporate tax for 2000 was calculated takig ito accout the maagemet board s proposal to distribute a divided of DM 0.50 per share, whereas i prior year the corporate tax was assessed o the basis of the tax rate o retaied earigs of 40%. At the same time, the amouts ecessary for deductible claims to corporate tax reductios i the evet of distributio, which are tied up i the et equity of the Compay i EK40, have bee capitalized.

39 Recocillatio Accordig to IAS C: 1999/ /1999 DM DM Tax expeses at the effective tax rate i Germay 5,394, ,305, Assessmet of the corporate tax burde from: - Corporate tax reductio for divideds -413, Capitalizatio of deferred taxes -504, , Effects from the amortizatio of goodwill 217, , Effects from the o-capitalizatio of tax loss carr yforwards 124, Tax rate differeces abroad 66, , Effects of o-deductible operatig expeses 17, , Others 7, , ,909, ,378, Other Disclosures Cotiget Liabilities There were o cotiget liabilities as of the balace sheet date. Other Fiacial Obligatios March 31, 2000 March 31, 1999 March 31, 1998 KDM KDM KDM 2000/2001 1, /2002 1, /2003 1, /2004 1, /2005 ad thereafter ,618 2, The other logterm fiacial obligatios cosist exclusively of retal ad leasig obligatios of those compaies icluded i the cosolidated fiacial statemets.

40 Maagemet Board Durig fiscal year 1999/2000, Mr. Güter Spah, Babehause, ad Mr. Peter Haas, Rödermark, were members of the maagemet board with sole rights of represetatio. They are etitled to coclude legal trasactios with the Compay as a represetative of a third party ( 181 BGB). Total Reumeratio of the Executive Bodies The reumeratio of the maagemet board i fiscal year amouted to KDM 885. Furthermore, as part of the stock optio scheme Mr. Spah was grated 250,000 optios at a subscriptio price of Euro 1 each. Each member of the supervisory board receives remueratio of Euro 5,000 i additio to the reimbursemet for expeses icurred i the exercise of their official fuctio. The chairma of the supervisory board receives twice this amout, his deputy 1.5 times this amout. Expeses are reimbursed ad VAT due o remueratio is refuded i additio. Relatios with Related Compaies ad Persos I fiscal year, o sigificat paymets to related persos accordig to IAS 24 have bee effected. The Compay cosiders that the coditios for all trasactio with related persos are i lie with market rates ad are thoroughly comparable with those coditios to which the Compay has agreed o a arm s legth basis (method of price compariso accordig to IAS 24 No. 13). Stock Optio Scheme The shareholders meetig o Jauary 16, 1999 decided to coditioally icrease the capital stock by up to Euro 400,000 by issuig a maximum of 400,000 ordiary shares.this resolutio authorizes the maagemet board to grat subscriptio rights to the employees ad maagemet of the Compay ad its affiliated compaies o oe or several occasios util March 31, A third of the subscriptio rights may be exercised for the first time three years after the date o which they were grated, aother third may be exercised i each of the subsequet years.the agreemets expire o Jue 30, The Compay s stock optio agreemet is recogized accordig to IAS 19 (revised 1998) ad solely refers to the disclosure regulatio i accordace with IAS 19 No. 147 cot.

41 Optios Optios Coditioal capital to March 31, ,000 As of the balace sheet date Grated o March 5, ,000 - thereof the members of the maagemet board 250,000 - thereof to employees 144,000 exercised 0 revoked 0 expired 28,500 outstadig o March 31, ,500 No-forfeitable 0 Number of Employees A average of 662 people were employed by the Group durig fiscal year 1999/2000 (prior year 538). I fiscal year persoel expeses amouted to KDM 42,264 (prior year: KDM 32,816) Appropriatio of Retaied Earigs The board of maagemet ad supervisory board propose that the retaied earigs of Amadeus AG für Zeitarbeit ud Arbeitsvermittlug, Frakfurt am Mai, be appropriated as follows: DM Retaied earigs 6,780, Paymet of a divided of DM 0.50/share o the 5,100,000 o-par shares bearig divided rights: 2,550, Carryforward to ew accout 4,230, Frakfurt, April 27, 2000 Güter Spah Chairma of the Board ad Chief Executive Officer Peter Haas Member of the Board a Chief Fiacial Officer

42 Report of Idepedet Auditors Audit Opiio We have audited the cosolidated fiacial statemets icludig the balace sheet, profit ad loss statemet, calculatio of et equity chages, cash-flow ad otes to fiacial statemets as well as the group report of Amadeus Aktiegesellschaft für Zeitarbeit ud Arbeitsvermittlug, Frakfurt/Mai, for the fiscal year from April 1, 1999 to March 31, 2000.The legal represetatives of the Compay are resposible for the accoutig ad preparatio of the cosolidated fiacial statemets ad group. Our resposibility is to express a opiio, based o our audit, whether the cosolidated fiacial statemets are i compliace with the Iteratioal Accoutig stadards. We coducted our audit of the cosolidated fiacial statemets pursuat to Germa audit requiremets ad i compliace with the geerally accepted auditig priciples set dow by the Istitut der Wirtschaftsprüfer (IDW) as well as the Iteratioal Stadards o Auditig (ISA). Those stadards require that we pla ad perform the audit to obtai reasoable assurace that the cosolidated fiacial statemets are free from sigificat misstatemets.the scope of the audit was plaed takig ito accout our uderstadig of busiess operatios, the Compay s ecoomic ad legal eviromet, ad ay potetial errors aticipated. I the course of the audit, the disclosures made i the accoutig, fiacial statemets ad maagemet report have bee verified, maily o the basis of spot checks.the audit also icludes assessig the accoutig priciples used ad sigificat estimates made by the legal represetatives, as well as evaluatig the overall presetatio of the cosolidated fiacial statemets.we believe that our audit provides a reasoable basis for our opiio. Based o our audit, we redered the followig opiio: I our opiio, the cosolidated fiacial statemets are i compliace with the IAS ad preset a true ad fair view of the assets, liabilities, fiacial positio ad results as well as the cash flows of the Compay of the fiscal year. Our audit which also icluded the group report issued by the maagemet board for fiscal year from April 1, 1999 util March 31, 2000 did ot give ay cause for qualificatio. I our opiio the group report accurately presets the situatio of the Compay ad the risks arisig from future developmets. Moreover we cofirm that the cosolidated fiacial statemets ad the group report for fiscal year from April 1, 1999 util March 31, 2000 fulfill the prerequisites for a exemptio of the Compay from the preparatio of cosolidated fiacial statemets ad group report accordig to Germa law.we have examied the ecessary recociliatio of the cosolidated accoutig with the 7th EU-regulatio required for the exemptio from the group accoutig duty based o the iterpretatio of the regulatio by the committee for accoutig regulatios of the Europea Committee. Arthur Aderse Wirtschaftsprüfugsgesellschaft Steuerberatugsgesellschaft mbh Nahs Wirtschaftsprüfer Frey Wirtschaftsprüfer Eschbor/Frakfurt am Mai, April 28, 2000

43 Brach offices Amadeus AG Brach offices FiRe AG Frakfurt Stresemaallee 30 Tel.069/ Fax 069/ Düsseldorf Berlier Allee 38 Tel. 0211/ Fax 0211/ Hamburg Neuer Wall 86 Tel.040/ Fax 040/ Berli Wallstraße Tel 030/ Fax 030/ Köl Agrippastraße 45 Tel 0221/ Fax 0221/ Müche Prizregetestraße 16 Tel 089/ Fax 089/ Stuttgart Lage Straße 54 Tel 0711/ Fax 0711/ Ver Esse Am Alfredusbad 2 Tel 0201/ Fax 0201/ Vertrieb.Esse@AmadeusAG.de Maheim Goethestraße 18 Tel 0621/ Fax 0621/ Vertrieb.Maheim@AmadeusAG.de Haover Lavesstraße 79 Tel 0511/ Fax 0511/ Vertrieb.Haover@AmadeusAG.de Nürberg Bakgasse 3 Tel 0911/ Fax 0911/ Vertrieb.Nuerberg@AmadeusAG.de Frakfurt Stresemaallee 30 Tel 069/ Fax 069/ Vertrieb.Frakfurt@FiRe.de Düsseldorf Heirich-Heie-Allee 22 Tel 0211/ Fax 0211/ Vertrieb.Duesseldorf@FiRe.de Hamburg Große Bleiche 8 Tel 040/ Fax 040/ Vertrieb.Hamburg@FiRe.de Berli Wallstraße Tel 030/ Fax 030/ Vertrieb.Berli@FiRe.de Köl Agrippastraße 45 Tel 0221/ Fax 0221/ Ver trieb.koel@fire.de Müche Prizregetestraße 16 Tel 089/ Fax 089/ Vertrieb.Mueche@FiRe.de Stuttgart Lage Straße 54 Tel 0711/ Fax 0711/ Ver trieb.stuttgart@fire.de Esse Am Alfredusbad 2 Tel 0201/ Fax 0201/ Vertrieb.Esse@FiRe.de Maheim Goethestraße 18 Tel 0621/ Fax 0621/ Vertrieb.Maheim@FiRe.de Haover Lavesstraße 79 Tel 0511/ Fax 0511/ Vertrieb.Haover@FiRe.de Nürberg Bakgasse 3 Tel 0911/ Fax 0911/ Vertrieb.Nuerberg@FiRe.de FiRe Persoeelsdieste B.V EP Amsterdam Keizersgracht 606 Tel 0031/204/ Fax 0031/204/ Ifo@FiRebv.l

44 Stresemaallee Frakfurt phoe +49(0)69/ Fax 069/ Resposibility Amadeus AG Illustratios Ute Helmbold Prit Gebhard, Heusestamm