Press Release
Schaffhausen, March 17, 2004
Georg Fischer AG shareholders approve all Board proposals
Roland Abt succeeds Friedrich Rufer as CFO
At the 108th Annual General Meeting of Georg Fischer AG, Schaffhausen, held on 17 March 2004,
the 1,105 shareholders present, representing 174,397 registered shares, approved by a large
majority all the Board of Directors’ motions, including the proposal that they waive the payment
of a dividend. Dr. Hannes Goetz, a member of the Board of Directors since 1981, stepped down
from the Board, for reasons of age. Flavio Cotti was re-elected for another four-year term of
office.
Despite the difficult market environment, Georg Fischer was able either to maintain or improve its
position in all three core businesses, GF Automotive, GF Piping Systems and GF Machine Tools.
Sales for a comparable portfolio (meaning without Coperion) were virtually unchanged over the
previous year. GF Automotive was even able to buck the trend, posting an 11% increase in sales
revenues. Consolidated earnings before interest and tax (EBIT) totalled CHF 96 million,
approximately CHF 2 million higher than the previous year (not including Coperion). Because of the
strong Swiss franc, however, the result actually fell by CHF 14 million. The growth in EBIT at GF
Automotive (+45%) and GF Piping Systems (+36%) offset the operating loss at GF Machine Tools,
which was mainly attributable to the 13% drop in sales revenues caused by a sluggish economy
and unfavourable exchange rates.
The structural program aimed at bringing about a sustainable improvement in profitability and
reducing net debt is now being implemented. Extraordinary expenses totalling CHF 192 million led
to a negative consolidated result. Georg Fischer expects at least part of the structural program to
start having an effect in the current year, which means that it should end the year 2004 with a
positive result again.
The shareholders approved the Annual Report 2003 along with the financial statements of Georg
Fischer AG and the consolidated statements as per 31 December 2003, and granted discharge to
the corporate bodies. In particular the Annual General Meeting approved the Board of Directors’
proposal that the loss of CHF 7,564,620 made in 2003 be carried over and that in view of this loss,
the payment of a dividend be waived.
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Press Release
Schaffhausen, March 17, 2004
In the course of the staggered re-election of the Board of Directors, former Federal Council
member Flavio Cotti was re-elected for another four-year term. Following the retirement of
Dr. Hannes Goetz, the Board of Directors of Georg Fischer AG is now made up of the following
members: Martin Huber, Chairman; Bruno Hug, Vice Chairman (new); Dr. Kurt E. Stirnemann,
CEO; Prof. Gertrud Höhler, Prof. Roman Boutellier, Flavio Cotti, Ulrich Graf and Gerold Bührer.
Also with effect from 17 March, Dr. Roland Abt succeeded Friedrich Rufer as CFO and a member of
the Board of Directors.
Corporate Profile Georg Fischer - "Adding Quality to People's Lives"
Georg Fischer, Schaffhausen, Switzerland, is an international industrial corporation that has 13,000 employees at 200
locations in 30 countries and generates annual sales of around CHF 3.3 billion. The Corporation makes a direct contribution
to the quality of life. As people become increasingly mobile, they have ever greater demands for comfort and safety in their
vehicles. With its heavy-duty cast parts made of light metal and iron, GF Automotive makes it possible to build lightweight
passenger and commercial vehicles. A reliable supply of clean water is becoming a crucial challenge. GF Piping Systems
facilitates the supply of drinking water worldwide and enables the safe transport of liquids and gases for industrial purposes.
Large-scale production of consumer goods requires great precision and demanding manufacturing technologies.
GF Machine Tools provides machines and system solutions to manufacture the necessary moulds and tools.
You'll find further information under www.georgfischer.com.
Georg Fischer AG, 8201 Schaffhausen/Switzerland
Phone +41 (0)52 631 26 97, Fax +41 (0)52 631 28 63