S&T Declares Increase In Investment By Leading Insurance Firm
Investing due to S&T`s Solid management and Vienna Stock Exchange Listing
Vienna, Austria (pts044/15.01.2003/21:03) S&T System Integration & Technology Distribution AG (NASDAQ Europe: SNTS, XETRA: SYA, OTC: STSQY), today announced that The Austrian Postversicherung AG increased its shareholding and now owns over five percent. Postversicherung, which had 4.5 percent of the shares so far, is expecting that the system integration specialist's listing at the Vienna Stock Exchange will help raise S&T stock price.
S&T's CEO Karl Tantscher considers the investment of the Postversicherung to be "proof of the high attractiveness of S&T for institutional investors. I expect that the engagement of the Postversicherung is a positive signal for other investors, especially considering our intended listing at the Vienna Stock Exchange in spring 2003."
"We have increased our stake in S&T because the Company has shown a remarkable performance in a highly difficult industry in the past years", said Leopold Heidenreich, chairman of Postversicherung management board. He explained, that the Company has a solid funding and is expecting profits for the economically troublesome year 2002. Furthermore, recent acquisitions had been carried out reasonably and steadily.
"Both the price-earnings ratio (P/E ratio) and the price to sales ratio of S&T are well below the average in the industry", Heidenreich stated. "I believe that S&T will largely benefit from focusing on the emerging economies in Central and Eastern Europe particularly in light of the EU expansion. Postversicherung expects a continuation of S&T`s acquisition strategy, in which selected companies from the CEE countries were integrated in the corporation, getting paid the consideration partially with S&T shares."
Heidenreich concluded, "We can look back on a successful year, as well. Postversicherung, against all market trends, was able to build up reserves and increase its profits in an industry that suffered a lot in 2002. This enabled us to invest in a few promising but riskier titles, apart from holding 90 percent of our portfolio in secure bonds."
About S&T
S&T is one of the leading providers of IT solutions to customers in 16 countries in Central and Eastern Europe and Turkey. S&T offers IT consultancy services, develops and implements tailor-made IT solutions and provides 24-hour service and consultancy. S&T has the specialised knowledge of backup and disaster recovery functions required for highly critical applications. S&T focuses on meeting the needs of large and medium-size enterprises, in particular those in the telecoms, banking, energy, public authorities and health sectors. http://www.snt.at
About Postversicherung AG
The Postversicherung AG, which was founded in 1996, is owned by the Austrian Post AG (60%), BAWAG P.S.K. (20%) and BAWAG P.S.K.-Beteiligungsverwaltung (20%). The company is active in the life and insurance sectors and sells its products in all of Austria's post offices. Simple, standardized products offering a good value for the money have made the Postversicherung the market leader for performance and risk management. http://www.postversicherung.at
For further information please contact:
S&T SYSTEM INTEGRATION & TECHNOLOGY DISTRIBUTION AG
Gunoldstrasse 16
A-1190 Vienna, Austria
Tel: +43 1 367 80 88 0
Fax: +43 1 367 80 88 99
snt@snt.at
Karl Tantscher, Chief Executive Officer
karl.tantscher@snt.at
Martin Bergler, Chief Financial Officer
martin.bergler@snt.at
POSTVERSICHERUNG AG
Lugeck 1
A-1011 Vienna, Austria
Tel: +43 1 536 53-0
Fax: +43 1 536 53-11
Leopold Heidenreich, CEO
heidenreich@postversicherung.com
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| Ansprechpartner: | Matthias Sturm |
| Tel.: | +43-1-4024851-173 |
| E-Mail: | sturm@temmel-seywald.at |
