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CENIT`s preliminary results for the fiscal year 2002

CENIT`s executive board is optimistic for the business development 2003

Adhoc news according to §15 WpHG

Stuttgart, February 13, 2003 – Especially in Germany, the preliminary results of the CENIT Group fulfil the planned goals for the fiscal year 2002. The company revenue reached 94.3 mill. EUR (2001: 118.9 mill. EUR/- 21 %). The reduction of sales volume resulted because of the company’s restructuring, including the sale of the foreign subsidiaries in North America and UK, which were in 2002 excluded from the consolidation circle. And the focus on consulting and services business led to a reduction of hardware and software sales. The company EBITDA reached a turnaround with 2.4 mill. EUR (2001: -2.9 mill. EUR /+183 %).

CENIT undertook an annual examination of the french subsidiary value. Considering the current market situation, CENIT decided to write-off the remaining goodwill of 5.3 mill. EUR. This write-off was completely accounted for at year end 2002 due to the enterprise acquisition of Spring. This one-time goodwill depreciation will not have any impact on our liquid assets, the company EBIT is minus 5.2 mill. EUR (2001: -7.8 mill. EUR/+33%).

CENIT Germany achieved approx. 80% of the company’s sales and earnings, and reached a positive EBITDA of 2.1 mill. EUR (2001:-0.01 mill. EUR).
Due to the write downs on financial assets of 7.3 mill. EUR, including particularly the company value of Spring and the depreciation of a loan granted to CENIT Switzerland in the amount of 1.7 mill. EUR, Germany’s EBIT is minus 8.5 mill. EUR (2001: -3.4 mill. EUR).
These depreciations have no impact on our cash resources. Without these particular conditions CENIT Germany reached an EBIT before restructuring of 0.5 mill. EUR. In comparison to 2002, bank liabilities could be reduced from 12.6 mill. EUR by 6.5 mill. EUR to finally 6.1 mill. EUR.





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