Financial Data of the GFKL Group 1.1. - 31.12.2003 on basis of the IFRS consolidated financial statement

Figures based on the old IAS 39.

	1.1 - 31.12.2003 in TEUR	1.1- 31.12.2002 in TEUR	Change
Earnings per share of common stock in EUR (IAS 33)	1.02	0.89	15%
Revenues	493,017	429,930	15%
- thereof Leasing business	449,900	333,429	35%
- thereof Financial Outsourcing business	43,112	96,437	-55%
- thereof Holding	5	64	-92%

Interest income	42,730	41,909	2%
Other operating income	23,127	18,017	28%
Total operating income	555,874	489,856	14%

Lease expenses	469,054	416,705	13%
Cost of purchased goods	1,778	1,171	52%
Personnel expenses	28,676	23,227	23%
Other operating expenses	35,388	29,162	21%
Other taxes	44	29	52%
Earnings before depreciation	23,934	19,562	22%

Depreciation and amortization	3,779	1,890	100%
Total operating expenses	538,719	472,184	14%

Earnings before taxes	20,155	17,672	14%

Taxes on income	5,705	6,179	-8%
Earnings after taxes	14,450	11,493	26%

Profit carried forward from previous year	20,030	8,537	135%
Accumulated profit	34,480	20,030	72%

Earnings before taxes of the business units
-Leasing business	10,253	9,313	10%
-Financial Outsourcing business	13,010	8,090	61%
-GFKL Financial Services AG (Holding)	-1,751	1,531	n/a
Transition	-1,357	-1,262	8%

New Origination of Leasing business	387,868	284,422	36%
- Number of new contracts	8,140	5,703	43%
- Average contract size	48	50	-4%

Number of employees at the end of the period	483	435	11%
Earnings before taxes per employee	43.9	51.0	-14%

	31.12.2003 in TEUR	31.12.2002 in TEUR	Change
Total assets	411,931	361,470	14%
Shareholders´ equity	91,405	78,756	16%
Equity ratio	22.2%	21.8%	2%
Time weighted after tax return on equity*	17.3%	22.2%	-22%

^{*) projection to the year}

Financial Data of the GFKL Group 1.1. - 31.12.2003 on basis of the IFRS consolidated financial statement

Further Financial Data