Stable revenues and marked upturn in earnings in 2004
Before currency effects, full-year consolidated revenues are still expected to remain stable. However, as a result of a successful drive to increase efficiency, EBIT margin is on course to grow by over 20 percent, with a 40 percent increase in EBIT, to approximately €83 million. The divestment of our stockholding in SAP Systems Integration AG (SAP SI) generated further exceptional income of €24.5 million. EPS will be in the range of €2.75 to €2.85, including €0.88 attributable to the SAP SI stock sale.

Double-digit revenues growth in the mid term
In 2005, we expect a slight increase in IT spending to lead to single-figure growth. In the mid term, however, we look forward to double-figure expansion, with stable margins. Steady sales are forecast in the mainframe segment, with growth projected for XML Integration solutions. By tapping into new markets, we hope to generate added momentum.