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22.03.2002

CENIT AG Systemhaus - Balance 2001

Positive profitability planned in 2002

In the first half year 2001, CENIT`s focus was set on growth, while the second half year was dominated by reorganization and cost reduction measures. Thus, the parting from the subsidiaries in UK and North America became unevitable. The Group`s turnover scored 118.9 m. € ( 2000: 118.5 m. €). Gross profit increased by 6% to 68.0 m. € (2000: 63.8 m. €). EBITDA added to a minus 2.9 m. € (2000: 5.2 Mio. €). Deductions mounted to 5.0 m. € (2000: 3.8 m. €). EBIT scored minus 7.8 m. € (2000: 1.3 m. €). The parting from UK and North America and the discontinuance of the business field e-commerce resulted in deductions for the restructuring of the Group of 8.7 m. €. This amount includes the depreciation of the company value of both subsidiaries, the processing costs involved and deductions of e-commerce projects. After the deduction of 0.9 m. € for finance costs, EBT added up to a minus 17.4 m. €. The annual deficit resulted in a minus 13.7 m. €, in consideration of the 3.7 m. € revenue from deferred taxes. The Group earnings per share according to IAS amounted to a minus 3.28 € (undiluted according to IAS 33). The total order volume for Germany, France and Switzerland rose by 10% compared to 2000. The Group`s volume of orders mounted to 19.3 m. € as of December 31, 2001.
CENIT AG Systemhaus Germany produced a revenue of 87.3 m. € (2000: 92.3 m. € ). EBITDA showed a balanced result (2000: 5.4 m. €). EBIT scored a minus 3.4 m. € (2000: 3.2 m. €). The annual deficit, including the allowance for the French sudsidiary over 2.0 m. € as well as the 12.7 m. € spent on restructuring measures, mounted up to a minus 18.7 m. € (2000: 1.3 m. €). Restructuring costs include the deduction for financial costs and for outstanding debts from the reverse transaction costs as well as for the deduction of projects resulting from the closing of the e-commerce business unit. For 2002, CENIT expects a slight slowdown in the results and a clear improvement in Group results. We expect a positive EBIT for the business year 2002.

Please contact:

CENIT AG Systemhaus
Prime Standard Listing - ISIN DE0005407100


Fabian Rau
Vice President Investor Relations & Marketing
Industriestraße 52-54, D-70565 Stuttgart
Tel.:  +49 711 7825-3185
Fax:  +49 711 782544-4185
E-Mail: info@cenit.de