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CENIT made profit in the 2nd quarter 2003

Bank loans reduced and cash flow increased up to over EUR 6.3 mill.

CENIT’s focus on consulting services centred around Product Lifecycle Management, Outsourcing, and E-Business solutions once again bore fruit in the second quarter. The Company achieved significant earnings growth in the first six months of the current financial year. EBT for Q2/2003 amounted to EUR 0.32 million. This performance was supported in particular by growing demand for consulting services within the automotive and aviation sectors. The Company was able to capture additional market share within these areas. The business volume gained by hardware sales has declined in this fiscal year but the concentration on profit-yielding consultancy services in part compensated for it.

CENIT Deutschland once again performed admirably in the period under review, generating above-par EBITDA of EUR 1.36 million (2002: EUR 0.80 million/70%) despite an 18% decline in revenue to EUR 29.43 million. EBIT increased to EUR 0.82 million (2002: EUR -0.09 million/1011%). EBT amounted to EUR 0.83 million (2002: EUR -0.28 million/396%).

CENIT’s consolidated revenue was EUR 30.30 million (2002: EUR 45.88 million/ -34%). Consolidated gross profit stood at EUR 20.35 million (2002: EUR 26.45 million/-23%). EBITDA for the Group amounted to EUR 0.39 million (2002: EUR 0.56 million/ -30%). The consolidated loss before interest and taxes EBIT was EUR 0.18 million for the first six months (2002: EUR -0.70 million/74%). The consolidated loss before tax EBT stood at EUR 0.21 million (2002: EUR -0.93 million/77%). The loss per share EPS for the Group (basic) was EUR 0.05 (2002: EUR-0.19/74%). Group cash flow from operating activities totalled EUR 6.34 million (2002: EUR 4.23 million/50%). The consolidated balance sheet total declined from EUR 27.52 million to EUR 18.30 million, while the equity ratio improved from 30.1% in 2002 to 44.3%. At the end of the first half, shareholders’ equity stood at EUR 8.1 million (31/12/2002: EUR 8.3 million). Short-term borrowings from banks were reduced dramatically and currently amount to just EUR 0.4 million (31/12/2002: EUR 6.51 million). As at 30 June 2003, cash and cash equivalents amounted to EUR 3.3 million (31/12/2002: EUR 2.5 million).

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