Allgeier grows with IT Services

Investor Relations

05/31/2005

Allgeier increases sales, earnings and cash flow significantly

	Jan – April	Jan – April	abs. Difference	%- Difference
	2004	2005
	Million €	Million €	Million €
Sales	11,5	16	4,5	+ 39%
EBITDA	1,4	1,6	0,2	+ 14%
EBIT	0,7	1,0	0,3	+ 43%
EBT	0,6	0,8	0,2 /td>	+ 33%
Cash Flow*	0,7	1,0	0,3	+ 43%

* afterminorities

Group sales rose as at end of April to € 16 million (+39 %), the EBITDA rose to € 1.6 million (+14%), the EBT reached including April € 0.8 million, the cash flow after minorities reached including April € 1 million.

The results of the first four months have been influenced by very different developments in the business segments.

In the segment base technology Allgeier holds a 51% participation in the EA group. Sales and revenue of this business unit were significantly below last year, resulting from the spin-off of the telecommunications sector in 2004. As at end of April total sales were almost halved at € 5.3 million (€ 9.8 million), the EBT was positive but € 0.4 million below last year.

In the business unit IT sales and revenue were significantly higher than last year. Sales quadrupled from € 2.6 million to € 10.7 million, the EBT rose to € 1 million. Responsible for the positive developments is a good business development of all IT affiliates and the consolidation of the companies GFU and ICC. The forecasts of the IT affiliates point at further growth.

With a positive start into the 2^nd quarter the management of the Allgeier Group is confident of the Groups further performance. The in Mai insolvent acquired BOG Informationstechnologie & Services GmbH & Co. KG, Münster, was newly positioned as BOG and will strengthen the Group further. For the year 2005 Group sales of more than € 50 million and a positive result are expected.