• 426-0-0
27.03.2003

CENIT improves the year results 2002

Stuttgart, March 27, 2003 – Group sales of CENIT amounted to EUR 94 million (2001:EUR 118.9 mill./–21%). The gross profit for the Group is EUR 52 million (2001: EUR 68 mill./-23%).CENIT reached turnaround with its EBITDA, at a figure of EUR 2.3 million in 2002 (2001: EUR - 2.9 mill./179%). CENIT Germany achieved sales of EUR 75.8 million in 2002 (2001: EUR 87.3 mill./–13%). While EBITDA just broke even in the prior year, the result improved substantially in 2002 to EUR 2.0 million. As a result of amortization of financial assets of EUR 7.3 million, most of which related to the book value of the investment in SPRING, and the amortization of a loan of EUR 1.7 million for CENIT Schweiz, the German company re-corded EBIT of EUR –8.6 million (2001: EUR –3.4 mill./ –152%). Without these special effects, CENIT recorded positive EBIT of EUR 0.5 million in Germany. The net loss for the year is EUR –8.9 million (2001: EUR –18.7 mill./ 52%). CENIT performed an annual impairment test of the goodwill of the French subsidiary and decided to write off the remaining goodwill of EUR 5.3 million using systematic amortization. Group EBIT thus totals EUR –5.4 million (2001: EUR –7.8 mill./ 32%). After taking the financial result of EUR –0.4 million into account, group earnings before taxes (EBT) amounts to EUR –5.7 million (2001: EUR –17.4 mill./67%). Group earnings per share in accordance with IFRS total EUR –1.77 (2001: EUR –3,28) un-diluted. The Cash Flow is 2.15 million EUR (2001:-3.25 mill. EUR). Total assets fell from EUR 45.5 million to EUR 27.5 million. The main reason for this was the decrease in financial assets after the write-down of the remaining goodwill for the subsidiary in France about 5.3 million EUR. The equity ratio dropped from 34 % in 2001 to 30 %. Equity amounted to EUR 8.27 million at the end of 2002 (2001: EUR 15.71 mill.). Bank liabilities were reduced considerably by EUR 6.7 million, from EUR 12.9 million in 2002 to EUR 6.2 million in 2003. Cash and cash equivalents amounted to EUR 2.45 million as of December 31,2002 (2001:EUR 3.57 mill.). Incom-ing orders in the CENIT Group totaled EUR 72.1 million in 2002. Orders on hand for the Group as of December 31, 2002 amounted to EUR 17.3 million. The number of employees as of December 31, 2002 is 558 for the Group (2001:649). CENIT expects for 2003 a positive net result.

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