• 415-0-0
25.03.2008

CENIT in the first quarter with a jump in earnings over 220% and a rise in orders by 30%

The equity ratio improved to 51%

Ad Hoc Announcement in accordance with §15 WpHG

Stuttgart, May 13, 2004 – In the first quarter of 2004, CENIT continued its positive development and posted a Group-wide profit at the start of the year for the first time in its history. CENIT has, therefore, not only confirmed its steady performance in the divisions Product Lifecycle Management Consulting, Outsourcing Services and Document Management Solutions, but also decisively and sustainably expanded on its trend. For the coming months, CENIT expects the trend in earnings and sales to remain favorable. Although hardware sales continue to decline, CENIT has managed to increase consulting business by 28%. An EBIT margin of 4.2% underlines this trend. This margin was at minus 2.9% as recently as last year. Compared with the first 3 months 2003, CENIT saw incoming orders rise by 14% to EUR 27 million in the first quarter 2004. As at 3.31.2004, the volume of orders in hand totaled EUR 24 million, up 30% on the previous figure.

Consolidated sales at CENIT reached EUR 14.45 million (2003: EUR 15.74 million/-8%). By contrast, Group gross profit rose 10% to EUR 10.98 (2003: EUR 9.99 million). A clear signal for the continuation of the positive trend in the consulting business. EBITDA for the Group amounted to EUR 0.78 million (2003: EUR -0.25 million/412%). For the first time since the founding of the Group, first quarter EBIT is EUR 0.60 million in the black (2003: EUR -0.50 million/220%). Group EBT was at EUR 0.61 million (2003: EUR -0.54 million/213%). Group EPS amounted to EUR 0.12 EUR (2003: EUR -0.13/192%) undiluted.

Group cash flow from operating activities totaled EUR 2.17 million. The Group’s total assets fell from EUR 24.29 million to EUR 20.67 million. The equity ratio improved from 41% in 2003 to 51%. At the end of the period under review, equity was at EUR 10.61 million (12.31.2003: EUR 10.06 million). Short-term borrowings from banks include only a goods financing loan of EUR 1.31 million (12.31.2003: EUR 3.25 million). At 3.31.2004, cash and cash equivalents totaled EUR 9.13 million (12.31.2003: EUR 7.15 million). CENIT remained on a successful course in its core market of Germany and posted sales of EUR 14.15 million (2003: EUR 15.21 million/-7%). EBITDA climbed to EUR 0.87 million (2003: EUR 0.75 million/16 %). EBIT again rose by 47% and reached EUR 0.72 million(2003: EUR 0.49 million). EBT stood at EUR 0.73 million (2003: EUR 0.49 million/49%).

The improved orders situation and the consistently positive and solid earnings situation allow CENIT to look forward optimistically to the rest of the year. This improvement is evident in CENIT customers’ increased consulting requirement for product development and manufacture and for business process optimization solutions. CENIT is responding to this increasing volume of orders with a targeted expansion of its workforce.

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