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.

Further inquiry note:
Ulrike Thoms-von Meding
LPKF Laser & Electronics AG
Tel.: +49(0)5131 7095 382
[email protected]
Tel: +49(0)5131 7095 382
FAX: +49(0)5131 7095 90
Email: [email protected]

end of announcement euro adhoc 25.03.2003
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Emittent: LPKF Laser & Electronics AG
Osteriede 7
DE-30827 Garbsen
Tel: +49(0)5131 7095 382
FAX: +49(0)5131 7095 90
Email: [email protected]
WWW: http://www.lpkf.de
ISIN: DE0006450000
WKN: 645000
Indizes:
Börsen: Neuer Markt Frankfurter Wertpapierbörse; free trade
Baden-Württembergische Wertpapierbörse, Bayerische Börse, Berliner
Wertpapierbörse, Bremer Wertpapierbörse (BWB), Börse Düsseldorf,
Hamburger Wertpapierbörse, Niedersächsische Börse zu Hannover
Branche: Semiconductors & active components
Sprache: Englisch

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