Highlights
2004
· Despite the lower USD, turnover of 2004 amounts to 220,6 mio euro, a 10%
increase compared to last year. In constant USD, turnover would be 226,8 mio
euro, which is 13% higher than last year. Operating profit (EBIT) for 2004
reaches 10,1 mio euro, which is a 10% improvement over last year. Excluding
the effect of the lower dollar (2 mio euro) and the increasing steel prices
which we were unable to reflect in our pricing in 2004 (1,4 mio euro), EBIT
would be 13,5 mio euro, 47% higher compared to last year.
· The net profit amounts to 3,0 mio euro (Earnings Per Share of 0,52 euro)
versus a net profit of 1,1 mio euro last year.
· The net financial debt has been decreased with 8,1 mio euro from 31,9 mio euro in 2003 to 23,8 mio euro in 2004.
· The 2nd half year accounts for a turnover of 111,3 mio euro and EBIT of 2,6 mio euro

Operations:
§ Due to the lower dollar, total turnover of the Commercial Laundry
Division is down from 72,5 mio euro last year to 71,5 mio euro
this year. Operating profit decreased from 5 mio euro last year to
4,6 mio euro this year, due to the lower dollar and the higher
steel prices.
§ Heavy-Duty Laundry Division recorded increased activity after
strong order intake. Turnover rose from 128 mio euro last year to
149,1 mio euro this year. Operating result amounts to 5,5 mio
euro compared to 4,2 mio in 2003. Significant increases in
volumes in the Heavy-Duty Laundry Division have led to
operational inefficiencies. The lower dollar and the higher steel
prices had also a negative impact on the operating result of the
Heavy-Duty.

EBIT
o Consolidated EBIT improved 9,8% from 9,2 mio euro to 10,1 mio euro, thanks to higher activity in the Heavy-Duty Laundry Division, also in the US and continued cost monitoring of overheads.
o Overall EBIT was negatively influenced by the weak USD-rate and the higher steel prices (total effect of 3,4 mio euro)
o Commercial Laundry Division realized an EBIT of 4,6 mio euro
o Heavy-Duty Laundry Division realized an EBIT of 5,5 mio euro
o EBIT of 2nd half year amounts to 2,6 mio euro compared to 4,9 mio euro last year and 7,5 mio euro in the first half year.

Outlook
The status of our order book at the start of 2005 is better than at the start of 2004 but the impact of the dollar and our ability to pass on steel price increases remain important factors that could have an impact on our profitability.