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Earnings Release • Aug 21, 2003

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Ad-hoc | 21 August 2003 08:30

BOV AG english

BOV publishes Figures for the Second Quarter and the First Half-Year of 2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– BOV publishes Figures for the Second Quarter and the First Half-Year of 2003 BOV Aktiengesellschaft achieved a marked improvement in financial results in the first half of 2003 at a lower level of sales. Sales and financial results in the second quarter remained constant at first quarter levels. BOV AG remaining at the same level as the previous quarter, achieved a total output of EUR 5m in the second quarter of 2003. For the half-year, total output of EUR 10m was thus achieved. Compared with last year, this signals a decline of 21 percent, to some extent explained by de-consolidation of previous investment holdings. Results for the second quarter of 2003 with an EBITDA in the amount of -EUR 0.27m are slightly above the first quarter and constitute an improvement by 71% in relation to the same period last year. Results for the first half of 2003 closed out with an EBITDA in the amount of -EUR 0.57m, a 75% improvement on the previous year. The improvement in financial results was achieved in articular by reducing personnel costs by 30% and other operating expenses by 34% when compared with last year. Liquid assets were reduced by EUR 1.1m in the first half of the year, particularly due to expenditures to implement the restructuring measures decided in the previous business year to the extent of EUR 0.69m and came at the end of the half-year period to EUR 10m. 1st HY 1st HY 2nd Qtr 1st Qtr 2003 2002 2003 2003 Total output (EUR 000) 9,965 12,607 5,012 4,953 EBITDA (EUR 000) -573 -2,281 -270 -303 Earnings per share (EUR 000) -0.11 -0.72 -0.05 -0.06 Employees (final figures) 221 307 221 219 Equity (EUR 000) 15,710 30,297 15,710 16,150 Liquid assets (EUR 000) 10,039 12,047 10,039 10,419 For all of 2003, BOV, based on its experience in the first half of the year as well as on the upcoming traditionally weak summer months, does not expect to achieve balanced EBITDA-based results. On the other hand, the company is sticking with its forecast of continuing improved financial results in comparison with last year. end of ad-hoc-announcement (c)DGAP 21.08.2003 ——————————————————————————– WKN: 549370; ISIN: DE0005493704; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 210830 Aug 03