ICT expects around 10% NET profit rise for full year 2003

11/19/2003

ICT THIRD-QUARTER RESULTS IN LINE WITH EXPECTATIONS

ICT Automatisering N.V. (ICT) has closed the third quarter of 2003 in line with expectations, despite the continuing reluctance to invest among its clients. Based on the developments in the first nine months of the year, ICT expects full-year net profit to be up around 10% on slightly lower turnover, compared with 2002. This will result in earnings per share of approximately EUR 0.45.

The key markets in which ICT is active remain uncertain. There was no recovery in the market in the third quarter of 2003. The Consumer Systems and Multi-media market (CSMM) requires a further recovery of consumer confidence, while the market in the segment Distributed Systems and Mechatronics (DSM) was characterised by continued caution among clients. In the segment ICT Solutions, ICT continued to evaluate opportunities for alliances.

As announced earlier, Erik Bongers, member of the Board of Management, will resign from his post as from 31 December of this year. The previously announced payment will have a one-off limited negative effect on the 2003 operating result. However, on the level of net profit this will be fully offset by the release of a provision related to the completion of the liquidation of two foreign participations.