iesy Repository GmbH - Irish Stock Exchange

Other interest and similar income
Other interest and similar income increased by €0.3 million from €0.3 million in the three months ended March 31,
2004 to €0.6 million in the three months ended March 31, 2005 due to a higher cash balance following the issuance of the
Existing Notes in February 2005.
Interest and similar expenses
Interest and similar expenses include interest and fees paid with respect to our previous senior credit facilities which
were repaid in February 2005 following the issuance of the Existing Notes in February 2005. Other interest and similar
expenses increased by 68.1%, from €1.8 million in the three months ended March 31, 2004 to €3.1 million in the three
months ended March 31, 2005. This increase was primarily due to interest accruals recognized following the issuance of
Existing Notes in February 2005.
Extraordinary income
iesy had no extraordinary income in either of the three months ended March 31, 2004 and 2005.
Extraordinary expenses
In the three months ended March 31, 2005, iesy incurred €14.5 million in extraordinary expenses due to advisory and
financing fees related to the Refinancing and the ish Acquisition. In the three months ended March 31, 2004, iesy had no
extraordinary expenses.
Taxes on income
iesy incurred taxes of €0.2 million in the three months ended March 31, 2004 which will be payable in future periods.
In 2005 iesy did not accrue any taxes and thereby recognized a taxable loss during the three months ended March 31, 2005
due to the expenses it incurred in relation to the Refinancing.
Net profit and loss
iesy has a history of losses, although in the three months ended March 31, 2004 it reported a net profit; during the three
months ended March 31, 2005, iesy recognized a taxable loss and therefore accrued no taxes during this period. Net profit
was €0.2 million in the three months ended March 31, 2004 compared to a net loss of €11.6 million in the three months ended
March 31, 2005.
Liquidity and Capital Resources as of and for the three months ended March 31, 2004 and 2005
Cash flow
iesy’s primary sources of liquidity are cash flows from operating activities and bank borrowings.
The table below summarizes iesy’s cash flow for the three months ended March 31, 2004 and 2005:
94
Three months ended
March 31,
2004 2005
(€000s)
Cash flow from operating activities 21,008 18,990
Cash flow from investing activities (413) (2,812)
Cash flow from financing activities (1,875) 121,239
Cash flow from operating activities
iesy’s cash flow provided from operating activities decreased by €2.0 million from a cash inflow of €21.0 million in the
three months ended March 31, 2004 to a cash inflow of €19.0 million in the three months ended March 31, 2005. This
decrease was primarily due to advisory fees incurred in relation to the Refinancing of which the greatest part was accrued in
the three months ended March 31, 2005 and paid subsequently.