Desarrollo del método multicriterio para seleccionar el mejor proveedor.

Profit & loss accounts 2007Q1 2006Q1 % change (in EUR ‘000, except percentages)

Net sales 25,756 9,842 162%

Cost of sales 7,801 2,352 232%

Gross margin 17,955 7,490 140%

(as % of net sales) 69.7% 76.1%

Wages and salaries 11,426 3,953 189%

Pension and social security costs 515 614 -16%

Other operating expenses 4,126 1,748 136%

Operating expenses 16,067 6,315 154%

EBITDA 1,888 1,175 61%

(as % of net sales) 7.3% 11.9%

Depreciation and amortisation 569 263 116%

EBIT (excluding the sales result from

Magnus Management Consultants) 1,319 912 45%

Sales result from Magnus Management

Consultants - -

EBIT 1,319 912 45%

(as % of net sales) 5.1% 9.3%

Financial income and expenses -372 -36 933%

Profit before taxation 947 876 8%

Taxation -305 -256 19%

Net profit 642 620 4%

(as % of net sales) 2.5% 6.3%

Net sales increased by EUR 15.9 million, or 162%, to EUR 25.8 million in Q1 2007 from EUR 9.8 million in Q1 2006. On a like-for-like basis, autonomous sales growth amounted to 15%, or an increase of EUR 1.3 million. Watermark contributed EUR 16.3 million to net sales in Q1 2007. Sales were negatively impacted by the divestment of Magnus Management Consultants.

Sales by business line

The following table sets forth the Company’s sales by business line for the periods indicated:

Business line 2007Q1 2006Q1 % change

(in EUR ‘000, except percentages)

Qurius Advanced Solutions 1,022 1,012 1%

Qurius Infrastructure Solutions 1,477 1,623 -9%

Qurius Managed Services 482 - n.a.

Magnus Management Consultants - 1,619 -100%

Total sales 25,756 9,842 162%

Sales of Qurius Advanced Solutions remained virtually unchanged; growth was constrained by the difficulty in recruiting new staff. The sales increase with Qurius Business Solutions is for EUR 14.4 million, or 258%, the result of the Merger. EUR 1.9 million, or 33%, is the result of autonomous growth of Watermark and EUR 0.9 million, or 17%, is the result of autonomous growth at Qurius Business Solutions on a like-for-like basis. The autonomous growth at Watermark and Qurius Business Solutions is especially the result of growth in Software licenses sales.

The sales decrease at Qurius Infrastructure Solutions is caused by the transfer of long-term contracts to the Qurius Managed Services business line; this negative effect is partly compensated by autonomous growth at Infrastructure Solutions on a like-for-like basis. Contract customers of infrastructure services are now served by the Qurius Managed Services business line.

The sales growth at Qurius Managed Services was to a large extent resulting from contracts which were initially serviced by the other business lines. The management of infrastructure, the application management activities from Qurius Business Solutions are clustered under this new business line. Magnus Management Consultants is sold and deconsolidated as of 30 June 2006 and hence is not contributing to sales anymore.

Sales by category

The sales by category for the periods indicated are presented below.

Category 2007Q1 2006Q1 % change

(in EUR ‘000, except percentages)

Software licenses 4,919 782 529% Maintenance 4,381 700 526% Services 15,166 5,448 178% Hardware 1,290 1,293 - Magnus - 1,619 -100% Total sales 25,756 9,842 162%

During the first three months ending 31 March 2007 Qurius experienced an increase of Software licenses sales of EUR 4.1 million, or 529%, compared to the same period in 2006. Watermark contributed EUR 3.2 million, or 413%, of which EUR 0.2 million, or 22%, is the result of autonomous growth of Watermark in Q1 2007. EUR 0.7 million, or 94%, is the result of autonomous growth at Qurius Business Solutions on a like-for-like basis.

The increase of Maintenance sales is to a large extent the result of the contribution of Watermark and for the remainder the result of Software licenses sales realised in the previous year.

The increase in Q1 2007 of Services sales amounted to 178%, or EUR 9.7 million. 162% or EUR 8.8 million of this growth is due to the consolidation of Watermark and 7% or EUR 0.4 million is due to autonomous growth of Watermark. EUR 0.5, or 9%, is due to autonomous growth of Qurius.

Hardware sales remained virtually unchanged in Q1 2007 when compared to Q1 2006. Sales by country

Country 2007 Q1 2006 Q1 % change

Belgium 1,190 604 97% Denmark 361 - n.a. Germany 1,514 - n.a. Italy 909 - n.a. Netherlands 14,087 9,238 52% Norway 2,102 - n.a. Sweden 1,355 - n.a. UK 664 - n.a. Spain 3,574 - n.a. Total sales 25,756 9,842 162%

The growth in the different countries is due to the Merger on 18 December 2006. Gross margin

The gross margin by business line for the periods indicated is presented below.

Business line 2007Q1 2006Q1 % change

(in EUR ‘000, except percentages)

Qurius Advanced Solutions 778 848 -8%

Qurius Business Solutions 16,250 4,580 255%

Qurius Infrastructure Solutions 468 468 -

Qurius Managed Services 459 -

Magnus Management Consultants 1,594 -100%

Total gross margin 17,955 7,490 140%

The gross margin increased with 140% or EUR 10.5 million to EUR 18.0 million. The growth is to a large extent the result of the consolidation of Watermark. The gross margin as a percentage of sales decreased from 76% to 70% in Q1 2007 which is caused by the larger share of Software licenses sales and Maintenance sales that have on average lower gross margins as a percentage of sales than Qurius’ Services activities. In addition, there was also some negative impact from the divestment of Magnus Management Consultants that operates at a relatively high gross margin as a percentage of sales.

The gross margin of Qurius Advanced Solutions was negatively influenced by the higher use of subcontractors as a result of the difficulties in finding qualified personnel.

Operating costs

The operating costs increased with EUR 9.8 million or 154% to EUR 16.1 million. EUR 9.0 million of the increase of the operating costs is the result of the consolidation of Watermark. EBIT

The following table sets forth the Company’s EBIT by business line for the periods indicated.

Business line 2007Q1 2006Q1 % change

(in EUR ‘000, except percentages)

Qurius Advanced Solutions 127 200 -37%

Qurius Business Solutions 1,666 784 113%

Qurius Infrastructure Solutions -85 -53 -60%

Qurius Managed Services 73 - n.a.

Magnus Management Consultants - 175 -100%

Corporate Expenses -462 -194 138%

Total EBIT 1,319 912 45%

EBIT increased with 45% or EUR 0.3 million to EUR 1.3 million. The EBIT as a percentage of sales decreased from 9% in Q1 2006 to 5% in Q1 2007, mainly due to lower profitability of Qurius’ international activities that were consolidated as a result of the Merger.

The EBIT of Watermark in Q1 2007 amounted to EUR 0.8 million. The EBIT of Qurius Infrastructure Solutions is historically negative in the first quarter and was negatively influenced by the transfer of two contracts to the Managed Services business line. The EBIT at Qurius Advanced Solutions was negatively impacted by the shortage in qualified personnel and as a consequence the increased dependence on subcontractors. Corporate expenses increased due to the increase of corporate staff.

Result from financial income and expense

The costs from financial income and expense have increased from virtually zero to EUR 0.4 million in Q1 2007. The main reason is the significant increase of interest bearing debt on the balance sheet as a result of the debt financing of the transaction with Watermark. The financial income and expenses relate to time-weighted interest paid and other financing related cost. Taxes

Taxes amounted to EUR 0.3 million in Q1 2007 compared to EUR 0.3 million in Q1 2006. The tax burden, as a percentage of profit before taxation amounted to 32.2% in Q1 2007, compared to 29.2% in Q1 2006. The increase is mainly due to the consolidation of Watermark that is active in tax jurisdictions with a higher tax rates then the Netherlands.

Net profit

The net profit increased with 4% to EUR 0.6 million in Q1 2007. Earnings per share

Earnings per share based on the fully diluted average number of shares outstanding amounted to EUR 0.01 in Q1 2007, virtually unchanged when compared to Q1 2006.

6.5.2 Comparison of the year ended 31 December 2006 and the year ended 31