CENIT AG

Earnings Release • Feb 13, 2003

News Details

Ad-hoc | 13 February 2003 08:06

CENIT AG Systemhaus english

CENIT’s preliminary results for the fiscal year 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– CENIT’s preliminary results for the fiscal year 2002 CENIT’s executive board is optimistic for the business development 2003 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 par- ticularly 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. Except for these particular conditions the operative business was positive. CENIT`s executive board is convinced that CENIT will continue the good business development in the first quarter of 2003 and will reach a positive result at the end of 2003. For further information please contact: CENIT AG Systemhaus Fabian Rau Investor Relations/Public Relations Industriestraße 52-54, D-70565 Stuttgart Tel.: (+49) 7 11 / 78 25-3185 Fax.: (+49) 7 11 / 78 25-4185 E-Mail: f.rau@cenit.de end of ad-hoc-announcement (c)DGAP 13.02.2003 ——————————————————————————– WKN: 540710; ISIN: DE0005407100; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München und Stuttgart 130806 Feb 03