d+s europe AG

euro adhoc: d+s online AG
d+s online AG: Unaudited Results for 2003 Confirm Turnaround (E)

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Hamburg, Feb. 13, 2004. Unaudited results for financial 2003 show that d+s online AG (ISIN DE0005336804 / WKN 533680) has achieved the announced turnaround with consolidated earnings showing considerable improvement. EBITDA improved from a negative EUR 9.1 million for 2002 to EUR 0.4 million, which marks the first time d+s online ended year with positive EBITDA since the company’s IPO in 2000, and EBIT was up EUR 10.6 million to a negative EUR 4.6 million. Although up 4.3% to EUR 43.4 million, revenues failed to completely meet expectations, which made this improvement in earnings all the more impressive. As a result, d+s online achieved the improvement of EUR 10 million in operating results forecast in early 2003.

The significant improvement in operating results was achieved through consistent implementation of all of the measures to reorganize d+s online AG that were introduced by the chairman of the Management Board. Important contributory factors in this context included personnel restructuring, increased efficiency and improved production controls, reduction in expenditure and outside services, elimination of unprofitable business and adjustment of the rate of expansion as a function of the economic environment.

Without taking into account the effects of acquisitions, management expects a two-digit increase in revenues for the year 2004, as was the case in the years 2000 through 2002, as well as further improvement of EUR 4 million to EUR 5 million in operating EBIT. As a result, positive per-share earnings before amortization of goodwill are expected for the first time. Taking into account the effect of acquisitions planned for the year, earnings before amortization of goodwill are expected to improve by EUR 0.50 to EUR 0.55 per share over 2003, which will represent EUR 0.10 to EUR 0.15 per share. Earnings are then expected to increase by another EUR 0.10 to EUR 0.20 per share in financial 2005.

d+s online AG is listed in the Prime Standard and with 1,600 employees ranks among Germany’s largest outsourcing providers in the areas of CRM, communication center and telemarketing. The company operates communication centers eight locations in Germany.

end of announcement            euro adhoc 13.02.2004
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Further inquiry note: d+s online AG, Investor Relations, Henning Soltau, Tel.: +49 (0)40/4114-3542

Branche: Media
ISIN:      DE0005336804
WKN:        533680
Index:    CDAX, Classic All Share, Prime All Share, Prime Standard
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Niedersächsische Börse zu Hannover / free trade
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Börse Düsseldorf / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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