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CENIT improves operating result by 64 per cent and announces good prospects for a turn-around in 2002

Bank liabilities reduced by 36 per cent and total order value increased by 5 per cent.

Stuttgart, May 13, 2002 – The CENIT Group could, as compared to the fourth quarter 2001 performance, improve its results clearly in the first quarter 2002, reduce the bank liabilities by 36% and present itself to the Stock Market as a solid Turn Around Candidate.
The implementation of the business goals, to show a significant increase of profitability and to reach a positive EBIT by the end of 2002, are therefore according to plan. The positive trend reversal in the CENIT group is particularly visible in the result development of CENIT AG Germany. With a sales revenue of 17.7 m. EUR in Germany ( 2001: 22.4 m. EUR) and an EBITDA of plus 0.1 m. EUR (2001: EBITDA 0.1 m. EUR) the operative business has turned around to positive again, after the 4th quarter 2001 had already shown a result of plus 0.7 m. EUR. The EBIT in Germany improved by 47 percent to minus 0.4 m. EUR (2001: EBIT – 0.7 m. EUR). The costs could be reduced once more by 1.7 m. EUR, currently at 9.9 m. EUR (2001: 11.6 m. EUR).
In the 1st quarter, the cash-flow developed positively. The Group gained 2.1 m. EUR from operational activity (for 2001: -1.3 m. EUR). The positive result is the outcome of the balanced EBITDA group result and the optimization of the cash management. The development of the bank liabilities is another positive aspect, having decreased by 36 per cent or 4.8 m. EUR to an end figure of 8.6 m. EUR. This development is influenced by the inflows from operational activity, a careful investment practice and the diminution of the liquid funds

The CENIT Group reached a sales revenue of 23.1 m. EUR (2001: 31.0 m. EUR) . Gross profits amount to 13.1 m. EUR (2001: 17.8 m. EUR). The EBITDA is balanced (2001: - 0.4 m. EUR). The group EBIT lies considerably better than in the previous year (2001: - 1.7 m. EUR) and shows minus 0.6 m. EUR in the first quarter 2002. Thus, the group EBT states minus 0.7 m. EUR. (2001: - 1.9 m. EUR). Equity-to-assets ratio of the Group increased from 35 per cent to 42 per cent in com-parison to December 31, 2001. The earnings per share ( EPS) are minus 0.15 EUR (for 2001: EPS: - 0.48 EUR), undiluted.

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