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30.03.2004

CENIT posts 41 cent earnings per share in 2003

Operating result climbs by 146% to EUR 2.5 million

Ad hoc announcement in accordance with Article 15 of the German Securities Trading Act (WpHG)

Stuttgart, March 30, 2003 – In 2003, the CENIT Group generated sales of EUR 70.5 million (2002: EUR 94.0 million/ -25%). The drop in sales is primarily due to the deconsolidation of the French subsidiary and the focus on the consulting business. Gross profit reached a high of EUR 43.2 million (2002: EUR 52.1 million). EBITDA climbed by 57% to EUR 3.5 million (2002: EUR 2.3 million). EBIT also improved exceptionally by 146% to EUR 2.5 million (2002: EUR -5.4 million). As a result of the healthy liquidity situation, interest expenses were reduced substantially resulting in EBT of EUR 2.4 million (2002: EUR –5.8 million / 142%). Consolidated EPS equates to EUR 0.41 (2002:EUR –1.77) undiluted. Cash flow in the Group totals EUR 4.93 million (2002:EUR 2.79 million). The equity ratio rose from 30% in 2002 to 41%. At the end of 2003, the equity amounted to EUR 10.06 million (2002: EUR 8.27 million). Short-term bank liabilities due to our business banks were cut back completely. As of December 31, 2003, cash and cash equivalents totalled EUR 7.2 million (2002: EUR 2.5 million / +192%). As of December 31, 2003, the Group employed 442 staff (2002:558).

In Germany, sales of EUR 68.8 million (2002: EUR 75.8 million / -9%) were generated in the reporting period. The main reason for the drop in sales was the reduced sales in the hardware segment, which fell by 36%. Nevertheless, gross profit rose by 3% from EUR 40.2 million to EUR 41.4 million. EBITDA in Germany came to EUR 3.0 million (2002: EUR 2.0 million / +50%). EBIT in Germany amounted to EUR 2 million (2002: EUR -8.6 million / +123%). With EBT of EUR 2 million, earnings posted a significant improvement of 121% (2002: EUR –8.9 million).

With regard to the further development for 2004, CENIT is expecting sales and earnings to continue to rise. In addition, the future development of the Company will be accompanied by employee expansion brought into line with orders on hand. In Germany alone, there are plans to fill an additional 70 open vacancies in 2004, predominantly in the IT consulting business.

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