transtec general meeting : focusing strategy endorsed

Approval of all items on the agenda / 78% of share capital represented

Tuebingen, June 26, 2003
At the annual general meeting in Stuttgart on June 26, 2003, the shareholders of transtec AG adopted the proposals the management board made on all the items of the agenda. The business to be discussed was approval of reports of the management board and supervisory board for the financial year 2002, appointing Dr. Ebner, Dr. Stolz & Partner GmbH as the auditors and group auditors, authorizing the purchase of the company’s shares and amending § 3 and § 18 paras. 2 and 3 of the articles of association for adjustment to new regulations under the German Companies Act. All the resolutions were passed with a large majority.

The management board presented the adopted annual report and management report, the approved consolidated annual report and group management report as well as the report of the supervisory board of 31.12.2002. Accordingly, transtec AG realised consolidated sales of 116.1 million euros in 2002 (previous year: 150.1 million euros), 39.8 % of the sales were realised outside Germany. The net loss for the year improved to -0.6 million euros (previous year: -1.3 million euros). The equity ratio was 51.3 % per 31.12.2002. transtec had 212 employees at the end of the year. In addition to expanding on the figures, Dieter Weisshaar, Chairman of the Management Board, and Manfred Rubin-Schwarz, Chief Financial Officer, explained the strategy of concentrating on higher-margin business segments introduced in 2002 and addressed the strategic transactions concluded in the financial year 2003 so far, in particular the acquisition of Dr. Koch Computertechnologie AG, the cluster specialist. With a view to the further course of the financial year 2003, Dieter Weisshaar stated: "By virtue of the strategic steps taken, transtec AG is in a good position despite the persisting weak demand". The management board also explained the resolution presented before the general meeting of changing across to the General Standard of the German Stock Exchange. In the opinion of the management board, the benefit reaped from the former Prime Standard listing no longer justifies the expenditure it entails. These measures are to safeguard the planned results and are a reaction to the weak European economy. 79 shareholders and guests attended the general meeting at the SI centre in Stuttgart, 78,24% of the share capital were represented.