Schuberg Philis publishes strong balance sheet

Amsterdam, 10 July 2003 - Schuberg Philis, a Dutch provider of mission critical outsourcing services, has published strong financial details relating to its balance sheet and financing. The company, which broke free from MFN in February 2003 after a management buy-out, is completely owned by the management and personnel and is totally debt-free.

PricewaterhouseCoopers has audited and approved Schuberg Philis' opening balance sheet. The company has a balance sheet total of Euro 23.5 million and an equity capital of Euro 19.5 million. This innovative player in the outsourcing market owns a state-of-the-art data center in Schiphol-Rijk.

Pim Berger, Managing Director of Schuberg Philis: "In the outsourcing market it's all about long-term commitments. Companies have to be able to trust that their outsourcing partner is a stable party, with the resources to survive the current turbulent market. Continuity is the keyword here. In order to give our clients a clear insight into our financial position, after the management buy-out we asked PricewaterhouseCoopers to audit our opening balance sheet as of January 1 2003.
This opening balance sheet clearly shows that, with a solvency of 0.83 and a current ratio of 1.3, we are financially healthy, without any debt and with the resources to offer our clients the necessary security. All that in the challenging market situation of 2003. This is a huge plus point in the current economic downturn, when even large organizations cannot offer the continuity they once could. This is particularly true given the fact that these organizations are currently more focused on getting their own house in order than on the satisfaction and new wishes of clients."

At the same time as publishing its balance sheet, Schuberg Philis also announced its new Advisory Board, made up of Pierre Buuron (Essent Retail), Michiel Westermann (Twinning), Wim Beltman (GE Access), Tom Byrnes (MFN, Inc.) and Frank Grift (Quint Wellington Redwood Group).

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Schuberg Philis' balance sheet as of January 1 2003 is available.

For more information:
Whizpr
Martinique Walraven
Tel.: 0317 - 410 483
E-mail: schuberg@whizpr.nl

Schuberg Philis
Pim Berger
Tel. 020-750 65 00
E-mail: pberger@schubergphilis.com