13.05.2004

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First-quarter turnover of EURO 28.5 m., EBIT of EURO -1.7m., further cost reduction

St. Georgen, May 13, 2004 - In the first three months of the current financial year, GFT Technologies AG - one of Europe´s leading technology companies for integrated e-business solutions - recorded turnover of EURO 28.5m., compared to EURO 33.9m. in the first quarter of the previous year. As is normal in GFT´s business sector, turnover was affected by its project acquisitions during the difficult second half of 2003. GFT improved its deficit from EURO -4.3m. as of March 31, 2003 to EURO -1.8m. as of March 31, 2004. It achieved earnings before taxes of EURO -1.6m. (March 31, 2003: EURO -5.9m.). Overall in 2004 the GFT Group aims to achieve positive earnings before taxes.

In the first quarter of 2004, GFT´s earnings before interest and taxes (EBIT) amounted to EURO -1.7m., compared to EURO -6.0m. in the same period in the previous year. However, in this respect it should be remembered that EBIT in the same period in the previous year was affected by restructuring expenses of EURO -2.4m.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EURO -0.6m. in the period under review. In the first quarter of 2003 EBITDA amounted to EURO -4.3m.

On March 31, 2004 the GFT Group had available cash of EURO 24.9m. (March 31, 2003: EURO 26.5m.). Its equity capital amounted to EURO 45.1m., corresponding to an equity ratio of 58 %.

On March 31, 2004, the GFT Group had 1,017 permanent employees - 41 less than on December 31, 2003 and 12 less than at the same point in the previous year. 62 % of the company´s workforce (631 employees) was located at its international offices.

"The company´s performance during the first three months of the year has confirmed our assessment for the current financial year," says Ulrich Dietz, Chief Executive Officer of GFT Technologies AG. "In the first quarter, improving outline economic conditions led to increasing client interest which is gradually affecting the company´s orders position. The positive effects of this increasing client interest will make themselves felt in the second half of 2004 in the form of rising turnover."