Kudelski Group Consolidated balance sheets at June 30, 2008 and December 31, 2007 (Unaudited)

Assets

In CHF’000 30.06.2008 31.12.2007
Non-current assets
Tangible fixed assets 186 542 177 596
Intangible assets 223 692 204 117
Investments in associates 9 818 10 700
Deferred income taxes 40 876 39 750
Financial assets and other non-current assets 51 830 38 474
Total non-current assets 512 758 470 637
Current assets
Inventories 100 059 93 813
Trade accounts receivable 256 057 260 239
Other current assets 56 507 78 030
Financial assets (short term) 8 386 23 310
Cash and cash equivalents 249 832 278 140
Total current assets 670 841 733 532
Total assets 1 183 599 1 204 169

Equity and liabilities

In CHF’000 30.06.2008 31.12.2007
Capital and reserves
Share capital 523 837 521 594
Reserves -82 666 -1 201
Treasury shares -380 -380
Equity attributable to equity holders of the parent 440 791 520 013
Minority interest 102 700 105 542
Total equity 543 491 625 555
Non-current liabilities
Long-term financial debt 375 370 324 868
Deferred income tax liabilities 5 391 4 470
Employee benefits liabilities 21 176 20 050
Provisions for other liabilities and charges 8 441 9 363
Other long-term liabilities 2 688 1 560
Total non-current liabilities 413 066 360 311
Current liabilities
Short-term financial debt 21 903 11 954
Trade accounts payable 65 874 70 993
Other current liabilities 97 816 95 005
Current income taxes 6 761 10 790
Advances received from clients 25 989 21 645
Derivative financial instruments - 359
Provisions for other liabilities and charges 8 699 7 557
Total current liabilities 227 042 218 303
Total liabilities 640 108 578 614
Total equity and liabilities 1 183 599 1 204 169