Ad hoc Announcements

Announcements according to §15 WpHG


BOV AG with successful placement of capital increase for cash

By resolution of the Executive Board and approval of the Supervisory Board BOV AG successfully placed a capital increase for cash with an investor through the issuance of 800,000 shares under exclusion of subscription rights. The company will generate EUR 800,000 in free cash in the proceeds of the capital increase which has been subscribed by an amount of EUR 1.00 per share.



BOV AG publishes its figures for the 2003 fiscal year

Improved earnings and notification of loss in accordance with Art. 92 Para. 1 of German Stock Corporation Law (AktG) through prudent accounting measures

BOV AG has moved a lot closer towards operational profitability. In this way, the operational EBITDA earnings improved by 48% from - EUR 6,594 thousand to - EUR 3,412 thousand in 2003 despite a fall in total output of 16% to EUR 19,548 thousand.



BOV AG hives off its IT Qualification business segment/Changes in the management

BOV AG is hiving off its IT Qualification and Training business segment to form a legally independent company, BOV Training AG. This move will enable BOV to create a more distinct market profile for its advanced training and qualification business, which accounts for around 15% of total sales in the BOV Group.



BOV AG moves from Prime Standard to General Standard

BOV AG has submitted an application to the listing board of the Frankfurt Stock Exchange to rescind the admission of its shares to the Prime Standard sub-sector of the unlisted securities market with additional consequential requirements to enable the transfer to the General Standard segment of the stock exchange.



BOV publishes figures for 3rd quarter and first nine months of 2003

In the first nine months of 2003 BOV AG managed to further improve its earnings as compared with same period last year despite the low level of revenues. Because of the summer holiday period sales revenues and earnings for the third quarter lagged behind the figures for the second quarter.



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