The verified figures for fiscal year 2003 reveal that our published planning figures have been exceeded by over 20 percent (planned EBITDA: EUR 2.5 million).

Following two years of negative development of the EBITDA, we finally turned the corner in fiscal year 2003. The EBITDA for the group of EUR 3.01 million exceeded the previous year's value by 57.84 percent. This development was also reflected in the group's EBIT, which stood at TEUR 182 for fiscal year 2003, almost triple the figure for the previous year.

The means of payment available to the Brain Force group as of 31.12.2003 amounted to EUR 4.34 million (previous year: EUR 2.54 million), an increase of 71 percent compared with the previous year. Compared with the prior year, this fiscal year saw a clear rise in the inflow to payment means from operating activities (EUR 2.06 million; previous year: EUR 1.31 million).

During fiscal year 2003, the Brain Force Software group recorded turnover of EUR 60.10 million, thereby exceeding the previous year's value by 1.9 percent. Following a second quarter jump in group turnover of 8.16 percent compared with the first quarter, sales continued to grow steadily in the third and fourth quarters with respective growth rates of 4.59 percent and 4.51 percent.

The Professional Services business area accounted for an 81.38 percent share of group turnover with sales of EUR 48.91 million. The comparable proportion for this business area in the previous year was 95.36 percent of group turnover. The turnover share for the service area Business Solution Services (BSS) amounted to 55.88 percent (sales of EUR 27.33 million). The service area Technology Integration Services (TIS) achieved a 44.12 percent share in the turnover of the Professional Services segment with sales of EUR 21.58 million. The operating result for the Professional Services business area was EUR 1.40 million.

Compared with the previous year, the Communication Networks business area expanded by 66.74 percent, achieving turnover of EUR 4.56 million (equivalent to a 7.58 percent share of group turnover). Although the operating result for this business area was 17.75 percent up on the previous year's figure, this was negatively affected by one-off costs linked to the integration of beusen Solutions GmbH and investments in product lines. The operating result for this business area (TEUR 594) was therefore negative.

With turnover of EUR 6.63 million, the Financial Solutions business area accounted for a share in group turnover of 11.04 percent. At the present time, this business area is characterised by Brain Force Financial Solutions AG (formerly NSE Software AG) and its participating interests. Brain Force Financial Solutions AG has been fully consolidated since May 2003. This business area recorded an operating result of TEUR 626.

Compared with the previous year, group costs (not included in the results for the three business areas) were reduced by 4.29 percent to EUR 1.25 million.

Please find all figures in our annual report, which is located on our hompage (www.brainforce.com) in the division "investor relations".