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13.02.2009

CENIT presents preliminary results for 2008

Sales increase by 8 percent

Stuttgart, 13 February 2009 – The 2008 business year was characterized by a staff increase of 13 percent and sales growth of 8 percent. According to preliminary, as yet unverified figures, CENIT Group achieved total sales of € 83.2 m (2007: € 77.0 m). Hardware sales contracted as projected. CENIT’s hardware segment, which had been in decline for years, has now been comprehensively restructured and outsourced to an experienced hardware distributor to handle CENIT’s existing customer pool in this field. Sales of non-proprietary software grew significantly thanks to a reorganization of our partner Dassault Systèmes’ sales strategy. A commission-driven business model has been replaced by a value-added reseller partnership, supporting increased sales activities. Sales of CENIT’s proprietary software did not reach expected levels. CENIT achieved EBITDA of € 5.9 m (2007: € 9.5 m / -38%) and EBIT of € 4.5 m (2007: € 8.4 m / -46%) and thus slightly exceeded the results forecast for 2008. Earnings per share (EPS) attained 0.37€ (2007: € 0.73 / -49%). On 31 December 2008, the number of employees was 721 Group-wide (2007: 636), representing a distinct increase by 13 percent despite a shortage of specialists on the market. CENIT’s conservative financial policies over the past years are now paying off and are reflected in the Group’s stable financial situation. On the balance-sheet date, CENIT’s shareholder equity amounted to € 25.2 m (2007: € 26.2 m), with a total of bank deposits and short-term securities of € 13.2 m (2007:€ 18.3 m).
Outlook
For the 2009 business year we expect a stable development of sales and results. However, the growing insecurities in the financial and real markets prevent us from making quantifiable projections. We will offer more concrete comments on the current business year during our annual results press briefing, as well as in our quarterly reports. 
Detailed results and figures of the financial year 2008 and the proposal on the appropriation of the balance sheet profit will be announced on occasion of our press conference on financial statements on 30 March 2009.