Corporate | 30 March 2004 17:39

Slight increase in profits for SHS in 2003

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Slight increase in profits for SHS in 2003 Munich, 30 March, 2004. SHS Informationssysteme AG, Munich, increased its EBITDA to EUR0.8 million in the last financial year, following EUR0.7 million in the previous year. Operating cash flow also saw an extremely positive development, increasing from EUR1 million to EUR1.9 million. In spite of the difficult market situation during 2003, the output of SHS AG has only fallen slightly by four percent to EUR29.8 million (compared to EUR31.2 million in 2002). In 2003, SHS clearly reduced costs, from EUR24.2 million to EUR23.4 million for personnel, and from EUR6.5 million to EUR5.2 million for other operational expenses. This reduction was achieved in spite of nonrecurring costs for restructuring and reorganisation amounting to EUR0.8 million. The annual losses decreased from EUR6.6 million to EUR5.7 million. The results for 2003 include one-time write-offs on the goodwill of the Spanish subsidiary SHS Polar amounting to EUR3.3 million. After neutralising this special effect, the annual losses only amount to EUR2.4 million. “The figures show that we have made good progress with our operational business”, says SHS CEO Dirk Roesing. “This is just one of the reasons why we have succeeded in elaborating a solution for halving our liabilities at short notice and clearly reinforcing our equity capital. Now at long last we can forge ahead with a healthy financial structure.” Further information: SHS Informationssysteme AG Wolfgang Brand Tel.: +49/89/74 72 57-20 Fax: +49/89/74 72 57-10 E-mail: wolfgang.brand@shs.de end of message, (c)DGAP 30.03.2004 ——————————————————————————– WKN: 507240; ISIN: DE0005072409; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 301739 Mär 04