LPKF Laser & Electronics AG

euro adhoc: LPKF Laser & Electronics AG
Annual Reports
LPKF expects market to remain difficult in 2003 (E)

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The LPKF group again generated a profit in the 2002 financial year despite the poor global economic environment. The forecast recovery in the second half of 2002 failed to appear. On the contrary, the PCB market worldwide was affected by a major slumb.

Nevertheless, the group was able to increase its turnover by 9.8%. This growth is attributable to successful sales in the Laser Systems segment. On the other hand, the Rapid PCB Prototyping segment suffered from the global R&D budget cuts and the weak North American market.

A personnel cost share of 40%, compared to the turnover, reduced the EBIT margin. LPKF therefore decided to make significant adjustments to its personnel and other costs.

The annual financial statements of the AG and the group were approved at the last Supervisory Board meeting.

Group result:
~
          Turnover      EBIT      EBIT margin  Net income  Net margin
          TEUR            TEUR      %                  TEUR            %
2002    25,299         1,442    5.7                634              2.5
2001*  23,034         1,627    7.1                812              3.5
~
* Adjustment reflecting consolidation of Laserquipment AG
The diluted profit per share is EUR 0.06 (EUR 0.08).

Cash and cash equivalents rose very positively by 300% to TEUR 5,365 (TEUR 1,342). The capital ratio remained steady at around 68%.

The Board of Directors and the Supervisory Board decided to carry the profit forward, keep liquidity within the company and make no dividend payment with the aim of strengthening LPKF’s position in an uncertain global electronics market.

Outlook: The global uncertainty caused many companies to postpone investments at the beginning of the year. The current level of orders on hand is EUR 4,631 million, down approx. 11% year-on-year. A loss is expected in the first quarter 2003 because of the sales situation and the imminent restructuring measures. LPKF has always been affected by seasonal fluctuations and the associated market differences in orders received in each quarter. Despite the weak market, the Slovenian subsidiary LPKF d.o.o. won an order of TEUR 638 for PCB printing machines.

Given the ongoing sales negotiations and the planned measures, the Board of Directors is again expecting the company to make a profit for the whole of the 2003 financial year. This is based on the good outlook for the MicroLine Laser in the sensorics sector, the new Service Center for laser applications, new products in the Cutting and Drilling Laser Systems segment, and the breakthrough in the second half for the series production of 3D-MID products.

end of announcement            euro adhoc 25.03.2003
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Further inquiry note: Ulrike Thoms-von Meding LPKF Laser & Electronics AG Tel.: +49(0)5131 7095 382 u.thomsvonmeding@lpkf.de

Branche: Semiconductors & active components
ISIN:      DE0006450000
WKN:        645000
Börsen:  Frankfurter Wertpapierbörse / Neuer Markt
              Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Börse Düsseldorf / free trade
              Hamburger Wertpapierbörse / free trade
              Niedersächsische Börse zu Hannover / free trade



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