Financial Report 1 st half year 2006/2007 (31 December 2006) Content 2 Group Key Figures 5 Group Balance Sheet 4 Group Income Statement 5 Group Consolidated Statement of Changes in Shareholders Equity 6 Group Consolidated Cash Flow Statement 10 Condensed Notes
Group Key Figures Crealogix Group July-December 2006 July-December 2005 Revenue 30 357 126.47 29 522 640.09 % increase 2.8 25.8 Operating profit before interest, taxes, depreciation and amortisation 2 239 503.47 3 923 664.69 (EBITDA) in % of revenue 7.5 13.3 Operating profit (EBIT) 1 042 954.87 2 096 894.23 in % of revenue 3.5 7.1 Consolidated profit 1 071 261.19 1 848 709.53 in % of revenue 3.5 6.3 in % of shareholders equity 1.6 2.8 Net cash flow from operating activities 8 617 778.92 6 994 994.19 in % of revenue 28.4 23.7 Net cash flow from investing activities 315 233.23 2 378 356.80 Depreciation / Amortisation 1 196 548.60 1 826 770.46 Capacity of persons employed 263.3 245.7 Capacity of freelancers 57.8 50.1 Capacity, incl. freelancers 321.1 295.8 Revenue per person (equivalent to full-time positions) 94 541.04 99 806.09 Personnel expenses per person 64 989.84 69 052.46 Headcount 31 December 294 273 Capacity of persons employed, December 270.3 248.3 31 December 2006 30 June 2006 Total assets 94 378 243.21 102 744 507.26 Total current assets 62 904 599.96 70 503 307.21 Cash and cash equivalents and marketable securities of above 45 626 520.48 45 871 054.86 Non current assets 31 473 643.25 32 241 200.05 Liabilities 26 272 995.36 35 523 384.53 Shareholders equity 68 105 247.85 67 221 122.73 Equity ratio (in %) 72.2 65.4 July-December 2006 July-December 2005 Share prices High 96.50 84.90 Low 81.50 65.25 On 31 December 94.0 71.9 Market capitalization (in million) High 103.3 90.8 Low 87.2 69.8 Market capitalization 31 December (in million) 100.6 76.9 in % of revenue 165.7 130.3 in % of shareholders equity 147.7 121.1 Earnings per share - basic 1.093 1.697 Price-earnings ratio (P/ E) 43.0 21.2 Shareholders equity per share 65.5 62.0 Price-book-value 1.4 1.2 2
Investor Information Crealogix Group Profil The CREALOGIX Holding AG (the Company) and its subsidiaries (the ) one of the leading service providers in e-business and ERP (Enterprise Resource Planning) in Switzerland, Germany and Austria. The e-business and ERP segments constitute the core of business. The CREALOGIX Holding AG shares (CLXN) are listed on the SWX Swiss Exchange. Calendar 02 October 2007 Presentation of results for 2005/2006 financial year 25 October 2007 Annual General Meeting Share data Shareholder structure Bruno Richle 22.75%, Richard Dratva 22.36%, Daniel Hiltebrand 15.42%, Peter Süsstrunk 7.20% und Chase Nominees Ltd. 5.32% Trading platform = SWX Swiss Exchange sec. no = 111 570 and ticker symbol Telekurs = CLXN, Reuters = CLXZn.S und Bloomberg = CLXN SW If you have any questions about Crealogix, please contact the officers responsible for investor relations: Bruno Richle Dr. Jürg Neck Chairman of the Board of Directors CFO and CEO bruno.richle@crealogix.com juerg.neck@crealogix.com T +41 44 302 19 25 T +41 55 253 21 51 F +41 44 302 19 26 F +41 55 253 22 85 www.crealogix.com www.crealogix.com 3
Chairmen s Statement Dear Shareholder The reported sales of CHF 30.4 million for the first six months of the 2006/2007 financial year. Operating profit (EBIT) came in at CHF 1.0 million. Sales and earnings: In the first half of the 2006/2007 period the succeeded in raising sales to CHF 30.4 million from CHF 29.5 million for the year-back period. This corresponds to growth of 2.8 percent. EBIT was CHF 1.0 million (H1 2005/2006: CHF 2.1 million), with an EBIT margin of 3.5 percent (7.1 percent). Operating results were held back by weak margins in the ERP division, in particular. Consolidated profit came to CHF 1.1. million (H1 2005/2006: CHF 1.8 million). Compared with the prior-year period, the financial result took an additional charge of CHF 0.8 million owing to the regular adjustment of deferred purchase price obligations connected with company acquisitions. Personnel and operating costs: As at 31 December 2006, the employed a workforce of 293. The number of full-time workers was thus 7 percent higher than a year earlier. Other operating expenses came to CHF 4.3. million (H1 2005/2006: CHF 3.9 million). e-business division: The e-business division continued to post pleasing growth. Thanks partly to the recent acquisition of the C-CHANNEL AG, sales expanded by as much as 11.8 percent to CHF 17.8 million. The EBIT margin was an impressive 12 percent. e-business accounts for 58 percent of consolidated sales. New customers in the period included Bank Sarasin, LGT Bank Liechtenstein, WIR Bank, Novartis and Swissport, as well as ASA (the Swiss association of driver and vehicle licensing authorities). The division also entered into an alliance with Open Source provider JBoss. ERP division: Sales at the ERP division fell by 8.8 percent year-on-year to CHF 12.7 million. At the same time, EBIT was negative, at CHF 1.0 million. The ERP division is being impacted by insufficient productivity, foreign investment and high product development costs. This results in weak margins. Measures taken to improve the situation have been stepped up during the current financial year, leading to higher-than-budgeted costs. According to the budget, things should be back on track by mid-2007, laying the foundations for profitable growth in the financial year ahead. Despite the current improvements to software development and project processes, we continued to pursue the same high level of investment in product development and in growing markets within the EU in order to consolidate the excellent position that we have already achieved. The appeal of our products has brought in a series of new customers, including Mammut Sports Group, Freja Transport & Logistics, Raymond Weil S.A., Peyer Bern Lager and Logistik AG, Palexpo, Weckerle GmbH, Berthold Vollers GmbH, PLM Papierwerk Landshut Mittler GmbH & Co. KG, F. J. Aschwanden AG and Comptoir des Cotonniers. 4
Outlook: The will continue to pursue its growth strategy and remain true to its software powerhouse vision. Products in the e-business division will be strengthened still further, especially within our e- banking portfolio. Since we are well positioned in the ERP market we believe that, as soon as corrective action has been taken, we will have a basis for profitable long-term growth. The Board of Directors and Management are confident that an improvement in operating results can be achieved as early as the second half of fiscal 2006/2007. Bruno Richle Chairman of the Board of Directors and CEO 5
Group Balance Sheet Crealogix Group 31 December 2006 in % 30 June 2006 in % ASSETS Current assets Cash and cash equivalents 21 518 660.95 19 955 486.43 Marketable securities 24 107 859.53 25 915 568.43 Trade and other receivables 13 645 952.48 20 950 014.01 Work in progress / Inventories 3 632 127.00 3 682 238.34 Total current assets 62 904 599.96 66.7 70 503 307.21 68.6 Non-current assets Property and equipment 4 196 276.55 4 270 333.40 Intangible assets 26 651 073.65 27 277 304.65 Financial assets 200 000.00 275 840.00 Investments in associates 61 960.05 53 389.00 Deferred tax assets 169 333.00 169 333.00 Prepaid pension assets 195 000.00 195 000.00 Total non-current assets 31 473 643.25 33.3 32 241 200.05 31.4 Total ASSETS 94 378 243.21 100.0 102 744 507.26 100.0 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities Trade and other payables 13 352 817.74 15 722 543.48 Current income tax liabilities 1 218 837.40 1 494 220.58 Total current liabilities 14 571 655.14 15.4 17 216 764.06 16.8 Non-current liabilities Financial liabilities 347 500.00 1 947 971.25 Suspended obligation of purchase price 9 441 466.02 14 447 991.02 Deferred income tax liabilities 1 912 374.20 1 910 658.20 Total non-current liabilities 11 701 340.22 12.4 18 306 620.47 17.8 Total liabillities 26 272 995.36 27.8 35 523 384.53 34.6 Shareholders equity Share capital 10 700 000.00 10 700 000.00 Share premium 39 694 424.68 39 694 424.68 Treasury shares 1 533 897.99 1 591 729.99 Other reserves 1 940 220.34 1 440 312.61 Retained earnings 17 095 422.06 16 799 839.52 Total equity before minority interest 67 896 169.09 67 042 846.82 Minority interest 209 078.76 178 275.91 Total shareholders equity 68 105 247.85 72.2 67 221 122.73 65.4 Total LIABILITIES AND SHAREHOLDERS EQUITY 94 378 243.21 100.0 102 744 507.26 100.0 The condensed notes on pages 10 to 18 are an integral part of this financial report for the first half of the year. 6
Group Income Statement Crealogix Group July-December July-December 2006 in % 2005 in % Revenue 30 357 126.47 100.0 29 522 640.09 100.0 Goods and services purchased 7 906 193.31 26.0 6 607 130.34 22.4 Personnel expenses 17 111 825.74 56.3 16 966 189.32 57.5 Depreciation 566 145.52 1.9 633 012.78 2.1 Amortisation 630 403.08 2.1 1 193 757.68 4.0 Advertising expenses 656 115.20 2.2 500 188.13 1.7 Rent, maintenance and replacements 776 375.93 2.5 703 088.88 2.4 General and administration expenses 1 667 112.82 5.5 822 378.73 2.8 Operating profit 1 042 954.87 3.5 2 096 894.23 7.1 Financial income 1 588 020.10 5.2 488 401.46 1.7 Financial expense 1 119 468.05 3.7 121 051.00 0.4 Earnings from associated undertaking 8 571.05 0.0 2 914.00 0.0 Profit before tax 1 520 077.97 5.0 2 467 158.69 8.4 Income tax expense 448 816.78 1.5 618 449.16 2.1 Consolidated profit 1 071 261.19 3.5 1 848 709.53 6.3 Attributable to: Share holders CREALOGIX Holding AG 1 133 699.34 3.7 1 738 484.83 5.9 Minority shareholdings 62 438.15 0.2 110 224.70 0.4 Earnings per share attributable to equity holders Earnings per share - basic 1.093 1.697 Earnings per share - diluted 1.061 1.671 The condensed notes on pages 10 to 18 are an integral part of this financial report for the first half of the year. 7
Group Consolidated Statement of Changes in Shareholders Equity Crealogix Group Share capital Share premium Holding Company Treasury shares Other reserves Retained earnings Minority interests Total Shareholders equity Per 1 July 2005 adjusted 10 700 000.00 39 694 424.68 2 536 548.40 536 430.65 12 945 564.44 219 903.66 61 559 775.03 Addition resulting from change to scope of consolidation 41 216.17 103 342.00 62 125.83 Translation differences 14 600.58 14 600.58 Consolidated profit 1 738 484.83 110 224.70 1 848 709.53 Share-based payments 475 668.00 0.00 475 668.00 Change of treasury shares 316 117.35 316 117.35 Per 31 December 2005 10 700 000.00 39 694 424.68 2 852 665.75 1 026 699.23 14 725 265.44 226 786.36 63 520 509.96 Per 1 July 2006 10 700 000.00 39 694 424.68 1 591 729.99 1 440 312.61 16 799 839.52 178 275.91 67 221 122.73 Addition resulting from change to scope of consolidation 93 241.00 93 241.00 0.00 Translation differences 29 778.63 29 778.63 Consolidated profit 1 133 699.34 62 438.15 1 071 261.19 Share-based payments 470 129.10 744 874.80 274 745.70 Change of treasury shares 57 832.00 57 832.00 Per 31 December 2006 10 700 000.00 39 694 424.68 1 533 897.99 1 940 220.34 17 095 423.06 209 078.76 68 105 248.85 Retained Earnings Statutory reserves Free reserves Per 1 July 2006 4 579 354.02 12 220 485.50 Per 31 December 2006 4 647 706.81 14 387 935.59 The condensed notes on pages 10 to 18 are an integral part of this financial report for the first half of the year. 8
Group Consolidated Cash Flow Statement Crealogix Group July- December July - December 2006 2005 Cash flow from operating activities Gross cash flow from operating activities 10 262 969.92 7 484 970.70 Interest paid 954 525.14 98 079.66 Tax received 0.00 31 003.77 Tax paid 720 443.49 422 900.62 Translation differences 29 777.63 0.00 Net cash flow from operating activities 8 617 778.92 6 994 994.19 Cash flow from investing activities Purchase of property and equipment 488 040.40 477 676.47 Disposals of property and equipment 2 184.03 2 125.80 Purchase of intangible assets 524 140.30 704 259.58 Granting / repayment of loans 75 840.00 48 000.00 Acquisition of subsidiaries, net of cash acquired 0.00 1 404 642.00 Interest received 623 291.50 258 347.05 Cash flow from investing activities 315 233.23 2 378 356.80 Cash flow from financing activities Repayment of loans / mortgages 1 600 471.25 32 408.02 Payment obligation of purchase price 5 280 313.00 0.00 Purchase / sale of treasury shares net 57 832.00 316 117.35 Cash flow from financing activities 6 822 952.25 348 525.37 Change in cash and cash equivalents 1 479 593.44 4 268 112.02 Cash and cash equivalent at beginning of period 19 955 486.43 19 820 359.16 Currency impacts from cash and cash equivalents 83 581.08 806.03 Cash and cash equivalent at end of period 21 518 660.95 24 087 665.15 The condensed notes on pages 10 to 18 are an integral part of this financial report for the first half of the year. 9
Condensed Notes 1 Summary of significant accounting and valuation policies The unaudited consolidated interim financial statements for the first half 2006/2007 as at 31 December 2006 have been prepared in accordance with IAS 34 Interim Financial Reporting. The present consolidated financial statements have been prepared in Swiss francs (CHF). The same accounting policies have been applied as in the consolidated annual financial statements for 2005/2006. New or amended standards or interpretations have no or no material impact on the half-year report. Crealogix operates in areas which are not subject to marked seasonal fluctuations. As in the past, there were no contingent claims or liabilities during the period under review. 10
Condensed Notes 2 Property and equipment July December 2005 Property & equipment Fixed installations Office equipment Vehicles Real estate Total Opening net carrying 707 665.57 76 795.37 699 604.97 430 304.64 0.00 1 914 370.55 amount Translation differences 353.37 34.02 399.04 0.00 0.00 786.43 on opening holdings Elimination from acquisition 350 000.00 4 910.71 727 000.00 101 699.93 0.00 1 183 610.64 cost of property, plant and equipmentno longer in use Additions 45 121.73 541.85 247 804.69 184 208.20 0.00 477 676.47 Disposals 0.00 0.00 0.00 6 300.07 0.00 6 300.07 Depreciation 66 060.31 6 277.43 466 004.04 94 671.00 0.00 633 012.78 Elimination from accumulated 350 000.00 4 910.71 727 000.00 101 699.93 0.00 1 183 610.64 depreciation of property, plant and equipment no longer in use Translation differences 0.00 0.01 0.00 0.00 0.00 0.01 on acquisitions / disposals Closing net carrying amount 687 080.36 71 093.80 481 804.66 513 541.77 0.00 1 753 520.59 31 December 2005 Acquisition cost 851 325.36 101 352.69 1 430 795.42 884 339.31 0.00 3 267 812.78 Accumulated depreciation 164 245.00 30 258.89 948 990.76 370 797.54 0.00 1 514 292.19 Net carrying amount 687 080.36 71 093.80 481 804.66 513 541.77 0.00 1 753 520.59 Fire insurance value of property and equipment 31 December 2005 8 336 000.00 (of which buildings) (0.00) 11
Condensed Notes 2 Property and equipment July December 2006 Property & equipment Fixed installations Office equipment Vehicles Real estate Total Opening net carrying 907 114.68 195 925.60 417 877.56 470 562.56 2 278 853.00 4 270 333.40 amount Translation differences 1 480.86 132.03 1 334.31 838.47 0.00 3 785.67 on opening holdings Elimination from acquisition 0.00 0.00 0.00 0.00 0.00 0.00 cost of property, plant and equipmentno longer in use Additions 22 430.88 22 088.44 158 616.28 284 904.80 0.00 488 040.40 Disposals 0.00 0.00 0.00 0.00 0.00 0.00 Depreciation 69 444.03 27 484.07 328 780.76 108 668.64 31 768.02 566 145.52 Elimination from accumulated 0.00 0.00 0.00 0.00 0.00 0.00 depreciation of property, plant and equipment no longer in use Translation differences 56.34 6.54 254.72 41.92 0.00 262.60 on acquisitions / disposals Closing net carrying amount 861 638.73 190 655.46 249 302.11 647 595.27 2 247 084.98 4 196 276.55 31 December 2006 Acquisition cost 1 309 965.97 551 994.40 2 513 666.62 1 248 264.78 2 541 465.00 8 165 356.77 Accumulated depreciation 448 327.24 361 338.94 2 264 364.51 600 669.51 294 380.02 3 969 080.22 Net carrying amount 861 638.73 190 655.46 249 302.11 647 595.27 2 247 084.98 4 196 276.55 Fire insurance value of property and equipment 31 December 2006 10 624 072.00 (of which buildings) (1 165 000.00) 12
Condensed Notes 3 Intangible assets Goodwill Software licences acquired Capitalised software development costs 1) Total Group Opening net carrying amount 17 113 950.69 115 488.64 3 460 373.00 20 689 812.33 Translation differences on opening 0.00 19.60 0.00 19.60 holdings Elimination from acquisition cost of 0.00 980 000.00 0.00 980 000.00 intangible assets no longer in use Additions 0.00 146 055.32 558 204.27 704 259.59 Disposals 0.00 0.00 0.00 0.00 Amortisation 0.00 184 995.06 1 008 762.62 1 193 757.68 Elimination from accumulated 0.00 980 000.00 0.00 980 000.00 amortisation of intangible assets no longer in use Translation differences on 0.00 0.01 0.00 0.01 acquisitions / disposals Closing net carrying amount 17 113 950.69 76 568.49 3 009 814.65 20 200 333.83 31 December 2005 Acquisition cost 17 113 950.69 550 670.06 5 248 404.27 22 913 025.02 Accumulated amortisation and 0.00 474 101.57 2 238 589.62 2 712 691.19 impairment Net carrying amount 17 113 950.69 76 568.49 3 009 814.65 20 200 333.83 1) Other intangible assets comprise capitalized software development costs and other costs 13
Condensed Notes 3 Intangible assets Goodwill Software licences acquired Capitalised software development costs 1) Total Group Opening net carrying amount 21 935 598.10 33 801.55 5 307 905.00 27 277 304.65 Translation differences on opening 0.00 45.40 0.00 45.40 holdings Elimination from acquisition cost of 520 012.00 0.00 0.00 520 012.00 intangible assets no longer in use Additions 0.00 41 550.13 482 590.17 524 140.30 Disposals 0.00 0.00 0.00 0.00 Amortisation 0.00 8 295.51 622 107.57 630 403.08 Elimination from accumulated 0.00 0.00 0.00 0.00 amortisation of intangible assets no longer in use Translation differences on acquisitions 0.00 1.62 0.00 1.62 / disposals Closing net carrying amount 21 415 586.10 67 099.95 5 168 387.60 26 651 073.65 31 December 2006 Acquisition cost 21 415 586.10 650 095.67 9 142 120.24 31 207 802.01 Accumulated amortisation and 0.00 582 995.72 3 973 732.64 4 556 728.36 impairment Net carrying amount 21 415 586.10 67 099.95 5 168 387.60 26 651 073.65 1) Other intangible assets comprise capitalized software development costs and other costs 14
Condensed Notes 4 Holdings in associates 31 December 2006 30 June 2006 At beginning of period 53 389.00 19 076.00 Share in result 8 571.05 34 313.00 At end of period 61 960.05 53 389.00 The Group s holdings in major associates are as follows. None of these associates is listed: Name Country of domicile 31 December Circon Czech Republic 2006 30 June 2005 Circon Czech Republic Assets Liabilities Third-party Result Percentage sales 216 993.39 94 626.22 57 973.03 17 142.15 50% 218 972.75 113 849.84 226 805.28 68 626.00 50% 4 Segment information As at 31 December 2006, the Group was organized into two main business segments: (1) e-business (electronic business) (2) ERP (Enterprise Resource Planning) Segment results for the 1 July to 31 December 2006 period are as follows; year-back figures are given as a comparison: July December 2006 e-business ERP Other Elimination Group Segment revenue 17 676 000.43 12 681 126.04 0.00 0.00 30 357 126.47 Inter-segment revenue 93 861.25 513.82 0.00 94 375.07 0.00 Revenue 17 769 861.68 12 681 639.86 0.00 94 375.07 30 357 126.47 Operating profit (EBIT) 2 102 469.42 973 614.14 85 900.41 0.00 1 042 954.87 Financial income 468 552.05 Share of profits of associates 1) 8 571.05 Profit before tax 1 520 077.97 Income tax expense 448 816.78 Consolidated profit 1 071 261.19 (of which minority interests) 62 438.15 1) Refers to ERP segment 15
Condensed Notes July December 2005 e-business ERP Other Elimination Group Segment revenue 15 655 996.68 13 866 643.41 0.00 0.00 29 522 640.09 Inter-segment revenue 311 049.31 30 389.98 0.00 341 439.29 0.00 Revenue 15 967 045.99 13 897 033.39 0.00 341 439.29 29 522 640.09 Operating profit (EBIT) 2 030 221.37 80 666.28 13 993.42 0.00 2 096 894.23 Financial income 367 350.46 Share of profits of associates 1) 2 914.00 Profit before tax 2 467 158.69 Income tax expense 618 449.16 Consolidated profit 1 848 709.53 (of which minority interests) 110 224.70 1) Refers to ERP segment 6 Share capital July December 2005 Number of shares Ordinary Treasury shares Total shares Issued Treasury At beginning of period 1 070 000 43 703 10 700 000.00 2 536 548.40 8 163 451.60 Purchase of treasury shares 47 525 2 608 268.25 2 608 268.25 Sale of treasury shares 34 688 647 618.25 647 618.25 Treasury shares used for share and option plans 8 528 1 644 532.65 1 644 532.65 At end of period 1 070 000 48 012 10 700 000.00 2 852 665.75 7 847 334.25 July December 2006 At beginning of period 1 070 000 32 771 10 700 000.00 1 591 729.99 9 108 270.01 Purchase of treasury shares 55 489 4 124 793.20 4 124 793.20 Sale of treasury shares 31 618 2 690 110.00 2 690 110.00 Treasury shares used for share and option plans 27 061 1 492 515.20 1 492 515.20 At end of period 1 070 000 29 581 10 700 000.00 1 533 897.99 9 166 102.01 16
Condensed Notes 7 Share Options On 30 November 2006 12,663 staff share options were granted at a strike price of CHF 95.40. The options will expire on 2011. The granted options will be blocked for three years. Between 1 July and 31 December 2006, the Personnel expenses item included compensation expenses of CHF 305,258 relating to staff share options granted after 7 November 2002. The corresponding figure for the prior-year period (1 July 2005 to 31 December 2005) came to CHF 475,668. Changes in the number of outstanding share options and in the attendant weighted average strike price are shown in the following summary: July December 2005 Average strike price Number of options per share Outstanding at beginning of period 69.45 179 642 Granted 69.50 54 108 Forfeited 88.28 3 632 Exercised 45.21 8 528 Expired unexercised 0.00 0 Outstanding at end of period 70.07 221 590 Exercisable at end of financial year 95.89 81 379 July December 2006 Outstanding at beginning of period 70.47 208 339 Granted 95.40 12 663 Forfeited 104.40 2 737 Exercised 51.18 20 182 Expired unexercised 0.00 0 Outstanding at end of period 73.55 198 083 Exercisable at end of financial year 85.75 96 882 8 Minorities 2006 2005 At beginning of period 178 275.91 219 903.66 Acquisition of subsidiaries 93 241.00 103 342.00 Share in result 62 438.15 110 224.70 At end of period 209 078.76 226 786.36 Legal restructuring of the CIRCON Group The remaining 38 percent ownership interest in CIRCON Development AG in Glattbrugg/Rümlang was acquired as at 1 July 2006 for CHF 1.00. CIRCON Development AG was merged with CIRCON Circle Consulting AG Glattbrugg/Rümlang on 28 November 2006 with retroactive effect as at 1 July 2006. 17
Condensed Notes 9 Subsidiaries The following subsidiaries exist and are fully consolidated: Company Activity Capital Interest held CREALOGIX AG Bubikon, Switzerland Consultancy and services in information technology and data comminication Proportion of voting rights CHF 100 000 100 % 100 % CREALOGIX Corp. Toronto, Canada CREALOGIX AG Frankfurt, Germany CREALOGIX E-Banking Solutions AG Zurich, Switzerland Consultancy and services in information technology and data comminication Consultancy and services in information technology and data comminication Consultancy and services in information technology and data comminication CAD 100 000 100 % 100 % EUR 100 000 100 % 100 % CHF 100 000 100 % 100 % CIRCON Holding AG Baar, Switzerland Management of investments CHF 1 000 000 100 % 70 % CIRCON Circle Consulting AG Glattbrugg, Switzerland CIRCON Circle Consulting AG Villingen, Germany CIRCON Circle Consulting AG Thalheim, Austria CIRCON Circle Consulting GmbH Dornbirn, Austria Balzano Informatik AG Zurich, Switzerland C-CHANNEL AG Hünenberg, Switzerland Development of/trading in software Development of/trading in software Development of/trading in software Development of/trading in software Services in information technology and trading in hardware and software Services in information technology, development of software, trading in hardware and software CHF 150 000 100 % 70 % EUR 200 000 60 % 42 % EUR 150 000 80 % 56 % EUR 75 000 100 % 70 % CHF 200 000 100 % 80 % CHF 550 000 100 % 100 % 10 Events after the balance sheet date No events occurred after the balance sheet date of 31 December 2006. 18
Addresses and Locations CREALOGIX Holding AG Hohlstrasse 535 CH-8048 Zurich T +41 44 302 19 25 F +41 44 302 19 26 www.crealogix.com CIRCON Holding AG Oberneuhofstrasse 6 CH-6340 Baar T +41 44 874 23 00 F +41 44 874 23 10 CIRCON Circle Consulting Schloss Eicherhof D-42799 Leichlingen T +49 2175 6986 0 F +49 2175 6986 9 CIRCON Circle Consulting Eckertstrasse 7 A-8020 Graz T +43 3165 7424 2 F +43 3165 7424 22 CREALOGIX AG Rosengartenstrasse 6 CH-8608 Bubikon/ZH T +41 55 253 21 21 F +41 55 253 21 20 www.crealogix.com CREALOGIX Oberneuhofstrasse 6 CH-6340 Baar T +41 41 768 01 50 F +41 41 761 48 18 www.crealogix.com CREALOGIX Mühlemattstrasse 53 CH-3007 Berne T +41 31 381 31 57 www.crealogix.com CREALOGIX E-Banking Solutions AG Hohlstrasse 535 CH-8048 Zurich T +41 44 439 57 57 F +41 44 433 15 17 www.e-banking.crealogix.com CIRCON Circle Consulting AG Industriestrasse 54 CH-8152 Glattbrugg/ZH T +41 44 874 23 00 F +41 44 874 23 10 CIRCON Development AG Industriestrasse 54 CH-8152 Glattbrugg/ZH T +41 44 874 23 00 F +41 44 874 23 10 CIRCON Circle Consulting Werkstrasse 37 CH-3250 Lyss T +41 32 387 00 10 F +41 32 387 00 11 CIRCON Circle Consulting Podbielskistrasse 166A D-30177 Hanover T +49 511 228 959 10 F +49 511 228 959 20 CIRCON Circle Consulting AG Pontalierstrasse 9 D-78048 VS-Villingen T +49 7721 2029 0 F +49 7721 2029 20 CIRCON Circle Consulting AG Reinberghof 2 A-4600 Thalheim T +43 7242 2112 200 F +43 7242 2112 2050 Hannover CIRCON Circle Consulting GmbH Färbergasse 13 A-6850 Dornbirn T +43 5572 3942 53 F +43 5572 3942 53 15 CIRCON Circle Consulting s.r.o. Sokolovská 201/270 CZ-190 00 Prague 9 T +420 227 024 120 F +420 227 024 180 www.circon.cz Balzano Informatik AG Clausiusstrasse 70 CH-8006 Zurich T +41 44 268 11 33 F +41 44 268 11 43 www.evento.ch C-CHANNEL AG Bösch 83B CH-6331 Hünenberg T +41 44 784 55 55 F +41 44 784 55 66 www.c-channel.ch Leichlingen Prague CREALOGIX CREALOGIX E-Banking CIRCON Balzano C-CHANNEL Villingen Thalheim Bern Zurich Lyss Baar Hünenberg Dornbirn Graz 19