All for One Steeb AG

ots Ad hoc-Service: AC-Service AG dt./engl.

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    Stuttgart (ots Ad hoc-Service) -

    AC-Service AG, Stuttgart Wertpapier-Kenn-Nr. 511000

    AC-Service Increases DVFA Earnings per Share More Than 30%

    Operating result 26% below prior year. Slightly increased results for usual operating activities.

    AC-Service has released the following results for its 1999 fiscal year:

(IAS, in million DEM)                 1999  1998  99/98    1997

Net Sales                                  100.8  95.1      +6%    80.6

          IT Outsourcing                 28.6  25.0    +14%    22.1
          Human Resource Services  24.4  17.1    +43%    15.1
          Distribution Solutions    39.7  45.5    -13%    35.6
          Other operations                8.1    7.5      +8%      7.8

          Domestic                          52.5  52.1      +1%    42.5
          Foreign                            48.3  43.0    +12%    38.1

EBITDA                                         12.6  13.2      -5%      5.1
Operating result(EBIT)                 5.7    7.7    -26%    13.1
EBT                                                6.1    5.9      +3%  -10.9
Net profit                                    4.3    7.6    -43%    -8.6
Earnings per share by DVFA/SG    0.79  0.60    +32%         -

Cash earnings by DVFA/SG              9.7      8.0  +21%         -
Workforce as of 31 Dec                 425      358  +19%      346

    The slight increase in its operat activities (EBT) compared to the prior year is due primarily to the elimination of interest expenses (1998: DEM 1.8 million) on financial obligations, which were compensated for through cash flows from the IPO at the end of 1998. On the other hand, there was no special tax effect that in 1998 led to tax revenues of some DEM 1.8 million, which was adjusted when determining the results according to DVFA/SG. Annual net income of DEM 4.3 million (prior year: DEM 7.6 million) was reported according to IAS after deducting a 1999 tax expenditure of some DEM 1.8 million. Earnings per share by DVFA/SG for 1999 increased 32% to DEM 0.79 compared to the prior year.

    Further details will be announced during the balance sheet press conference taking place on 29 March 2000.

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