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adval tech Holding AG

Adval Tech Group's annual results for 2002 - Trend in 2003: Adval Tech makes strong progress in key markets

Niederwangen (ots)

Despite a very difficult economic environment
in the year under review, the Adval Tech Group posted a 15.2%
increase in operating earnings (EBIT). Net profit was also slightly
higher than the previous year's figure. Furthermore, Adval Tech
reduced net debt by almost one-third. Both divisions considerably
strengthened their market positions. The group's prospects for
further improvement in competitiveness and earning power are good.
Rigorous cost management and productivity improvements had a major
impact on the results achieved by the Adval Tech Group. The sharp
increase in sales of molds used in the manufacture of optical discs
(Injection Molding Division) and volume components for the automotive
and telecommunications industries (Stamping and Forming Division)
also had a very positive influence on results.
Injection Molding Division
Two contrasting trends characterized the results achieved by the
Injection Molding Division: in the extremely volatile market for OD
molds there was a considerable backlog of demand, while other product
groups in moldmaking and volume parts manufacturing suffered from the
weak level of overall economic activity. The division achieved very
good results relative to the industry as a whole: total income
increased by 3.1% to CHF 76.1 million. The EBIT margin was a
creditable 17.7%. The division made a major strategic move with the
acquisition of the German moldmaking firm of Foboha GmbH by Adval
Tech Holding Ltd with effect from the beginning of 2003. Foboha
reinforces the division's market position in moldmaking, reduces its
dependence on the optical disc market and contributes interesting
additional technological capabilities in the multi-component sector.
Stamping and Forming Division
In the context of its strategic reorientation, the Stamping and
Forming Division continued to concentrate on the core activity of
volume parts manufacturing and also distinctly strengthened its
market position. Weak economic activity resulted in sales setbacks in
some markets. However, the sharp increase in sales of components for
the automotive industry prevented an even steeper decline. The
development of the steering system business was especially
encouraging, with sales increasing by 60%. The sharp recovery in the
mobile telephone market in the second half of the year also had a
positive impact. The division's total income was 6.6% lower, but
EBITDA was 25% higher and EBIT doubled. The EBITDA margin of 10.4% is
on track.
The respectable annual results posted by the Adval Tech Group
bear witness to its adaptability. With free cash flow of CHF 23.8
million, Adval Tech was able to reduce net debt by almost one-third
to CHF 39.5 million. The board of directors will propose to the
annual general meeting that an unchanged dividend of CHF 12 per
registered share should be paid.
In 2003 the emphasis for the Adval Tech Group will be on
consolidation, the implementation of strategic objectives and the
successful integration of Foboha. Both divisions have sufficient
capacity, leadership in technological know-how and trend-setting
products.
Key figures                                 20022001
Total income (CHF millions)                 173.0   177.3 
   - Stamping and Forming Division              97.3   104.2 
   - Injection Molding Division                 76.1    73.9
Net turnover (CHF millions)                 174.2   171.5
Operating earnings (EBITDA) (CHF millions)   31.5    28.1 
   - Stamping and Forming Division              10.1     8.1 
   - Injection Molding Division                 20.6    19.5
Operating earnings (EBIT) (CHF millions)     15.9    13.8 
   - Stamping and Forming Division               2.0     0.9 
   - Injection Molding Division                 13.4    12.5
Net profit (CHF millions)                    10.8    10.6
Number of employees on Dec. 31              828     796 
   - Stamping and Forming Division             506     501 
   - Injection Molding Division                317     289
Background information on the Adval Tech Group
The Adval Tech Group is a leading supplier of tools,
subassemblies, systems and volume components in the technology
sectors of stamping and forming (metals) and injection molding
(plastics). It is a supplier and value-adding partner for companies
in all industries where metal or plastics components are manufactured
and used. The Stamping and Forming Division trades under the name of
Styner+Bienz, the Injection Molding Division under the names of AWM
and Foboha. Their largest customers are in the automotive,
information and communications technology, packaging and electronics
industries.
Illustrations can be downloaded from www.advaltech.com.

Contact:

Jean-Claude Philipona
Chief Executive Officer (from 2.30 p.m. on April 30, 2003)
Phone +41/31/980'82'75
Fax +41/31/980'82'60
Internet: http://www.advaltech.com

Adval Tech Holding Ltd
CH-3172 Niederwangen
Phone +41/31/980'84'44
Fax +41/31/980'82'60