Willkommen bei Von Roll

Zurich, August 23, 2004

Business during the first six months of the current year reflected a positive trend at Von Roll. The success of Von Roll's fresh start, as indicated in the 2003 annual report published in March, is confirmed by the semi-annual results as at June 30, 2004: orders and sales were both up compared to the corresponding period of the previous year, by 15.3% (to CHF 230.2 million) and 6.8% (to CHF 216.3 million) respectively. Both these rises can, however, be partly attributed to the marked increase in copper prices. As at June 30, 2004, the company had a positive operating income (EBIT) of CHF 8.2 million, leaving the Group with net profits (PAT) of CHF 3.3 million.

Operative restructuring right on track The efforts being made in connection with the operative restructuring measures launched in early 2003 are continuing to show progress. The steps taken to reduce overcapacities, cut both production and administrative costs, and adopt a more market-oriented approach have all gone as planned, with all the Group's areas making significant progress. Various projects are still at the implementation stage, and efforts still need to be made to improve further.

Outlook The further improved balance sheet provides a solid basis for promising projects and investments. Von Roll expects the favourable business trend to continue during the second half of the year, though seasonal fluctuations will mean that income cannot be expected to be as high as it was during the first six months. While major efforts are still required and further progress needed, Von Roll is looking to the future with some confidence and anticipates posting a profit for the 2004 business year, as forecasted.

Von Roll’s operative business focuses on the globally operating Von Roll Isola which is providing solutions for the areas of high voltage insulation and fibre-reinforced plastics.

Key Figures

Von Roll Isola (operative business)	June 03 (in CHF million)	June 04 (in CHF million)
Order intake (gross)	199.7	230.2
Gross sales	202.6	216.3
Gross profit	44.3	49.9
Operating income	(3.8)	8.2
Cash flow from operating activities	5.9	5.2
Von Roll
Number of issued shares	22'257'900	110'725'089
Number of outstanding shares	-	27'859'078
Share price in CHF	1.58	1.25
Market capitalization	35.2	138.4
Operating income	(10.6)	8.2
Special effects refinancing	55.6	-
Profit/(loss) after tax (net)	34.3	3.3
Undiluted earnings per share in CHF	1.543	0.030
Diluted earnings per share (incl. options) in CHF	1.543	0.024
	December 03 (in CHF million)	June 04 (in CHF million)
Equity (incl. minority interests)	101.4	100.8
Self financing ratio	35.0%	34.9%
Profit/(loss) after tax (net)	(53.5)	3.3
Return on equity	(89.0)%	3.3%
Employees	2'043	1'874

A complete version of the semi-annual report can be downloaded on this site.

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