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Beta Systems Software AG

euro adhoc: Beta Systems Software AG
Annual Reports
Beta Systems Announces Return to Profit for Fiscal Year 2002 (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Berlin, March 20, 2003 - With today's announcement of the audited
fiscal 2002 annual results, Beta Systems Software AG (Prime Standard:
BSS) confirmed the preliminary numbers on revenues and earnings
published in January. Beta Systems recorded a substantial pre-tax
profit of Euro 2.3 million compared with a pre-tax loss of Euro 7.2
million in 2001. This significant achievement is the result of the
"Eight Step" program, initiated in May 2001 with the express purpose
of returning the Company to profitability and positioning Beta
Systems to achieve sustainable long-term growth. Furthermore, this
program has now been successfully implemented ahead of the original
two-year schedule.
Financial Highlights Fiscal Year 2002
- Total revenues increased to Euro 45.1 million 
  (2001: Euro 45.0 million)
- Pre-tax income of Euro 2.3 million 
  (2001: pre-tax loss of Euro 7.2 million)
- Operating income of Euro 0.1 million 
  (2001: operating loss of Euro 7.3 million)
- Net income of Euro 0.3 million or 0.08 Euro per share 
  (2001: net loss of Euro 10.5 million or Euro 2.66 per share)
- Positive cash flow of Euro 2.2 million (2001: Euro 4.3 million)
  and cash flow from operations of Euro 6.3 million (2001: Euro 8.7 
  million)
- Improved financial position of Euro 18.2 million 
  (2001: Euro 13.7 million): cash and cash equivalents of Euro 15.7 
  million and short-term financial investments of Euro 2.5 million
- Shareholders' equity of Euro 27.9 million and equity ratio of 
  51.0% (2001: Euro 28.5 million and 56.1%).
End of ad hoc announcement
Issuer's information/explanatory remarks concerning this ad hoc
announcement:
Business Highlights Fiscal 2002
- In comparison with fiscal 2001, revenues from the business unit 
  Document Management rose by 6.8% while revenues from the Data 
  Center Management unit decreased slightly by 1.5%. Revenues from 
  Storage Management decreased by 10.6% year-on-year.
- Despite a difficult trading environment, both the Data Center 
  Management and the Document Management business units developed 
  favorably, and were able to maintain and even surpass the 
  profitability levels achieved in 2001. Fiscal 2002 operating 
  income for the business unit Document Management amounted to Euro 
  1.5 million, while Data Center Management recorded operating 
  income of Euro 4.2 million during the period. The Storage 
  Management business unit recorded an operating loss of Euro 5.2 
  million.
- Since the Storage Management business unit was not on track to 
  meet its earnings target for the year, an appropriate action plan 
  aimed at revitalizing this area of the business was implemented 
  and completed in the course of fiscal 2002. Tantia's sales 
  organization in Boulder (USA) was discontinued and all sales-
  related activities were taken over by the existing sales unit Beta 
  Systems Software of America Inc. in Atlanta (USA). As a result of 
  this rationalization, Beta Systems recorded restructuring 
  expenditures of Euro 0.6 million. 
- In fiscal 2002, the Company launched a number of new products and 
  product enhancements, such as the newly developed VIDiDOC® module 
  Beta 93 UX, a component for cross-enterprise processing and 
  distribution of print output under Unix and Linux. The first 
  customers to participate in the joint development project were the 
  IT specialists RAG INFORMATIK GmbH, BASF IT-Services GmbH, Festo 
  AG & Co., and Andreas Stihl AG & Co.
Management Comments and Financial Outlook on Fiscal Year 2003
In commenting on the fiscal 2002 results, Karl-Joachim Veigel, CEO of
Beta Systems, said: "With today's presentation of the annual results
for the fiscal year 2002, it gives us great pleasure to announce that
our Company has successfully completed its turnaround, and we are now
looking forward to celebrating our 20th anniversary as a financially
sound enterprise. For the first time since 1997 we have recorded a
substantial pre-tax income and we are confident that the
restructuring measures already implemented successfully in accordance
with the "Eight Step" turnaround program will provide a good basis
for increased earnings in 2003 and a solid foundation for a new,
solid, and open Beta Systems. In addition, we expect the incisive
restructuring measures applied to the Storage business to have a
positive impact on our future performance."
Mr. Veigel added: "Under the aptly named heading 'Go Ahead Beta', our
vision is - drawing on Beta Systems' in-depth experience and the
established core competencies - to evolve our Company into a major
infrastructure software vendor in Europe. We intend to achieve this
objective by mobilizing our own resources, while realizing
opportunities for targeted investments aimed at enhancing our
technology, strengthening our product portfolio and our customer
base. Our goals are ambitious, but they are also realistic, and we
will pursue them with the same degree of commitment already
demonstrated as part of our plan to achieve profitability that is
sustainable in the long-term. With the launch of new server solutions
for Unix data centers, the deployment of state-of-the-art Web
technologies for the Internet integration of our products and the
supporting of z/Linux for the pioneering connectivity of IBM
high-performance mainframes with open operating systems the first
milestones have already been reached. One further important step in
this direction was the takeover of the operational business of SYSTOR
Security Solutions GmbH based in Cologne, Germany, at the beginning
of the new fiscal year."
Mr. Veigel concluded: "As a result of the acquisition, a significant
increase in revenues to over 50 million Euro for fiscal 2003 is
expected and a further and sustainable improvement of the pre-tax
income. In view of the current political and economic uncertainties,
we are unable to provide a detailed long-term outlook on revenue
performance. The management of Beta Systems will continue to control
business expenditure closely in line with the level of incoming
orders during the year, in order to further improve the Company's
earnings performance."
Press Conference
Full and audited results for the fiscal year 2002 will be published
under www.betasystems.com and distributed at the annual results press
conference on March 20, 2003 at 11.00 CET in the headquarters of Beta
Systems Software AG, Alt Moabit-90d, 10559 Berlin. A detailed review
and explanation of results will be presented by the management board
during this event.
Conference Call
Alternatively, a conference call will be held by the management at
15.00 CET under the dial-in number: 
+ 49 (0) 69 58 999 0509 (access code: "betasystems"). In addition,
there will be an instant replay service available for 24 hours
following the call. The instant replay telephone number is + 49 (0)
69 58 999 0532 (access code: 514162).
end of announcement        euro adhoc 20.03.2003

Further inquiry note:

Arne Baßler Beta Systems Software AG Tel.: +49 (0)30 726 118 0 Fax: +49 (0)30 726 118 800 E-Mail:
ir@betasystems.com

Branche: Software
ISIN: DE0005224406
WKN: 522440
Index: Nemax All Share, Nemax Software
Börsen: Frankfurter Wertpapierbörse / Neuer Markt
Baden-Württembergische Wertpapierbörse / free trade
Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Hamburger Wertpapierbörse / free trade
Niedersächsische Börse zu Hannover / free trade

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