RNS Number:2311I
Generics Group AG
04 March 2003
4 March, 2003
THE GENERICS GROUP AG ('GENERICS')
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002
Generics, a leading integrated technology consulting, development and investment
organisation, today announces its preliminary results for the year ended 31
December 2002.
Highlights:
* BVCA valuation of portfolio at year-end of #30.6m (2001: #34.9m).
* Turnover up 2% year on year to #13.0m (2001: #12.8m).
* Consulting order intake up 6% to #15.7m (2001: #14.8m).
* Cost reduction programmes implemented during the year, at a one-off cost
of #0.5m, reducing costs by #2.5m per annum going forward.
* Group loss on ordinary activities before taxation of #20.5m (2001: #12.7m)
with EPS loss of
16.5p (2001: loss of 10.3p) after expensing investment and costs in
intellectual property development, spin-out and associated companies of
#16.8m (2001: #12.9m).
* Group cash balances at year end of #10.6m (2001: #28.0m).
Gordon Edge, Generics' Non-executive Chairman, commented:
"2002 was a year which presented Generics with a number of significant
challenges. Although the results for the year are disappointing, I believe that
the Group has performed creditably in the circumstances.
Generics managed to grow both turnover and orders in difficult consulting
markets while at the same time taking out an annualised #2.5m in two cost
savings programmes, including the implementation of a salary reduction scheme.
Progress within several of our investment portfolio companies has been good:
* quantumBEAM has trial grade hardware fully operational at two campus
locations in the Cambridge area.
* Imerge is now shipping product to five licensees.
* SensopadTM Technologies has successfully signed up two licensees.
* Atraverda has made excellent progress in applying its technology to the
next generation automotive battery, power tool, UPS battery and water
treatment markets.
* Synaptics floated on NASDAQ in the first quarter of 2002.
I am pleased to report that several of our companies have progressed to the
point where they represent attractive acquisition opportunities. At the same
time, we have taken measures to conserve cash and to limit investment to only
the most promising of our portfolio companies.
Progress has been made towards returning consulting activities to breakeven.
However, the consulting business will not be at break even in Q1 2003 as a
result of the continuing weak market. Further measures are therefore being taken
to achieve break even as soon as practicable without significantly undermining
its capabilities.
We look forward to reporting progress in these objectives as the year
progresses."
Enquiries:
The Generics Group AG (44) 1223 875200
Gordon Edge Non-executive Chairman www.genericsgroup.com
Peter Hyde Chief Executive Officer
Martin Frost Finance Director
Ruth Shaw Marketing Communications Manager
THE GENERICS GROUP AG
PRELIMINARY RESULTS STATEMENT
Operations review
The following table analyses the sources of turnover and loss on ordinary
activities before finance income across the Group and is extracted from the
segmental information set out in the notes to this report.
Year ended 31 December 2002 2001
Turnover Loss** Turnover Loss**
#000 #000 #000 #000
Consulting 13,617 (4,227) 16,135 (1,669)
Exploitation and investment 821 (16,774) 870 (12,928)
Elimination* (1,423) - (4,236) -
Total 13,015 (21,001) 12,769 (14,597)
* Consolidation elimination removes the consulting fee income earned from other
parts of the Group
** Loss on ordinary activities before finance charges, taxation and minority
interests
Consulting activities
Generics' consulting activities comprise technology, business and investment
advice.
Global demand for consulting services reduced considerably in 2002. To counter
market forces, further investment was made in sales and marketing including the
opening of a new office in Frankfurt, the launch of a new global initiative, the
Medical Technology and Innovation Group ('MTIG') and tactical recruiting of
senior consultants. These actions contributed to the increase in external
consulting fees to #12.2m (2001: #11.9m) while the amount of internal investment
in IP reduced significantly to #1.4m from #4.2m in order to focus operating and
selling resources on fee-paying work. Order intake increased from #14.8m in 2001
to #15.7m in 2002 including a brief spike in orders in September and October.
The Group implemented two cost reduction programmes which will result in a #2.5m
saving in annual costs going forward, of which #0.5m was realised in 2002, at a
one-off cost of #0.5m.
Other consulting and advisory highlights for the year include:
* Projects undertaken with Haagen Dazs Ltd (UK), Pillsbury Ltd (UK), Bass
(UK), Francotyp-Postalia & Co AG (Germany) and GlaxoSmithKline plc (UK).
* Funds under management with Generics Asset Management Ltd increased by #9m
following the addition of the Cascade Fund and increases in commitments from
ITF.
Exploitation and investment activities
Generics identifies and develops emerging technologies with commercial potential
and manages and funds the exploitation of the associated IP. The Group actively
explores opportunities to collaborate with third parties who have, or have
access to, IP in areas in which Generics can add value.
In the absence of disposals, income received from exploitation and investment
activities, consisting of royalties receivable principally from AstraZeneca Ltd
and Sensus Inc, fell to #0.8m (2001: #0.9m).
The costs of exploitation and investment activities, including a #3.4m charge
related to amounts written off investments, rose to #16.8m from #12.9m in the
prior year. Development spend in spin-out companies increased to #6.4m (2001:
#4.9m) and the Group's share of associates' losses fell from #1.9m in 2001 to
#1.4m in 2002.
The Group filed 223 patents in the year (2001: 268 patents). Projects covered by
this intellectual property included:
* Generics' snowskate product, which is now the subject of a joint venture
with Kramer Elastics GmbH. Generics will have a resulting 70% stake in FD
Technologies GmbH. The snowskate was successfully launched at the ISPO trade
show in Munich in February 2003. It is anticipated that FD Technologies GmbH
will generate #0.5m in revenues over the next twelve months.
* Direct Methanol Fuel Cells, a novel mixed reactant fuel cell.
* Autosheath, a safety syringe for preventing needle-stick injuries.
* Biometric cryptography, the linking of biometric data to cryptographic
applications.
* A family of IPR in the area of spin-electronics targeted at new
microelectronics materials concepts.
* Torque DynamicTM, a radical grip system for sports footwear.
* DNA Base Calling, which improves the efficiency of genomic sequencing by
using Bayesian statistical analysis to extract significantly more DNA
sequence data from chromatographs than is currently possible with industry
standard software.
* Latent Imaging Device, a laminated structure containing an
oxygen-sensitive dye which is used as an anti-counterfeiting feature for
packaged consumer goods.
Investments
The Board tracks the BVCA (as defined in Note 2 in the Financial Information)
and market valuation of its investments on a regular basis. The comparative BVCA
and net book value (NBV) of spin-out and investee companies is shown in the
following table:
NBV* BVCA
#m #m
Investments at 1 January 2002 11.7 34.9
Additions 3.8 3.8
Disposals (0.2) (0.2)
Net write down / decrease in NBV/BVCA (6.4) (7.9)
Investments at 31 December 2002 8.9 30.6
* Being investments at lower of cost or net realisable value, plus share of
associates and spin-outs assets. Assets and liabilities of subsidiary portfolio
companies are consolidated with other Group operating companies.
The Group made total investments of #3.8m in the year, including follow-on
investments in Imerge Ltd (#0.5m), Flying Null Ltd (#0.4m) and Atraverda Ltd
(#0.3m) and investments in 15 additional companies of #2.6m.
BVCA reductions included Flying Null Ltd (#2.1m), Intrasonics Ltd (#1.1m),
Synaptics Inc (#0.6m), Adaptive Profiling Ltd (#0.5m), 3D Molecular Sciences Ltd
(#0.5m), Westica Ltd (#0.3m) and Imerge Ltd (#0.3m). With the exception of the
Group's quoted investment in Synaptics, these reductions reflect reduced
valuations as a result of pricing pressure in the private equity markets during
the year. This will also affect the BVCA valuation of quantumBEAM Ltd following
the closure of its forthcoming financing round, expected in April 2003. It is
anticipated that the Group will make investments of up to #2.8m in 2003,
including a further substantial investment in quantumBEAM Ltd.
The following seven investee companies comprise 77% of the BVCA value of the
portfolio:
Investee company Shares held * BVCA Date of latest
% #m valuation event
quantumBEAM Ltd 53 14.6 Oct 2000
Flying Null Ltd 62 2.1 Dec 2002
Synaptics Inc 2 1.7 Dec 2002
Sensopad Technologies Ltd 73 1.6 Sep 2002
Avantium International BV 5 1.6 Feb 2002
Imerge Ltd 23 1.3 Sep 2002
Atraverda Ltd 60 0.8 Sep 2002
Total 23.7
* Post dilution
Progress during the year in the above investee companies is as follows:
quantumBEAM Ltd
Spun-out of Generics in 2000, quantumBEAM is a broadband access company, using
free space optics ('FSO') to develop a novel low cost broadband access
technology. The technology will be deployed ultimately in point-to-multipoint
applications for the telecommunications and media industries. However, the
company is presently developing a suite of point-to-point FSO applications in
order to generate short-term revenues over the course of the next 12-18 months.
quantumBEAM has made excellent progress and has trial grade hardware fully
operational at two campus locations close to its facilities in Ickleton,
Cambridgeshire. These trials are to qualify the engineering status of the
hardware, ahead of customer trials anticipated in the first half of 2003. The
company has also entered into discussions with non-communications related
companies who are keen to use the technology in telematic and data retrieval
applications. The next finance round is anticipated to close in April 2003 at a
deep discount to the BVCA valuation achieved in October 2000.
Flying Null Ltd
Flying Null, which develops magnetic tagging technology for the anti-counterfeit
market, is participating in large-scale trials including cigarettes, food and
drink products, pharmaceuticals, and computer software. These trials are
supported by solid technical advances, the most recent of which is the new
Transfer Tag, which is the world's thinnest smart tagging system - one
twenty-fifth of the thickness of a human hair. The pilot manufacturing plant for
use in the on-going trials has already produced several million tags.
The partnership with David S Smith, a world leader in packaging, continues to
expand, and several other business relationships, ranging from royalty-bearing
licences to joint ventures, are under discussion.
Synaptics Inc
Synaptics is the leading global supplier of advanced interface solutions for
notebook and desktop computers, mobile computing and communications devices,
automotive applications and security solutions. Synaptics floated on NASDAQ in
January 2003. The mid-price of Synaptics' shares at the year-end was $7.74
(equivalent to #2.1m for the Group's total holding) and $7.20 on 3 March, 2003
SensopadTM Technologies Ltd
Spun-out at the end of 2001, SensopadTM has developed a novel non-contact
sensing technology.
Further partnerships are under discussion in fitness equipment, dishwashers and
brake condition sensors. The company is generating revenue through
application-specific development contracts.
Given the technology's large volume potential in automotive and consumer
electronics, SensopadTM is looking to establish a strategic alliance with a
third party over the next two quarters.
SensopadTM is running a number of development programmes in the automotive,
industrial, sensing and sports equipment areas and is in advanced commercial
negotiations with several potential clients and partners.
Avantium International BV
Avantium Technologies, based in Amsterdam, is an advanced R&D company with
hardware, software and systems for rapid screening of chemical processes to
facilitate improvement in existing routes, creation of new routes and
manufacture of previously unavailable chemical and pharmaceutical compounds.
In February 2002, Avantium completed a private placement round of financing
totalling Euro31m, in which Generics did not participate. New investors to the
Company in February were Cazenove Private Equity, EDB Ventures, MVM, Sanders
Morris Harris (SMH) and Eastman Chemical Company.
Imerge Ltd
Imerge is the global leader in the provision of media appliance middleware and
control software to the audio-visual consumer electronics sector. The company
has signed up eleven licensees, five of which are receiving product. Imerge has
developed its media appliance middleware and control software 'XiVA', that is
rapidly becoming the preferred standard for the audio-visual consumer
electronics sector.
A memorandum of understanding with Philips was signed in October 2002 for
collaborative development and marketing of next generation control devices and
associated application software.
In January 2003, Imerge closed a #1.5m funding round, led by Generics, which is
expected to take the company to cash break-even over the course of the next 12
months.
Atraverda Ltd
Atraverda owns rights on the manufacture and use of a conductive, but otherwise
inert, ceramic material (EbonexTM). Of the many commercial applications for the
material, the company is presently strongly focused on opportunities in the
battery and water treatment market.
The unique properties of the EbonexTM material enable the company to address
bipolar batteries, allowing significant advances in weight reduction, power and
energy density for lead-acid batteries. These properties make it ideally suited
for the next generation automotive battery requirements (42V), as well as for
power tools and UPS batteries. Negotiations are continuing with several battery
companies for these applications. The company has taken delivery of a new press,
which is capable of producing EbonexTM slim plates in large volumes, and has
already stepped up the production of prototype batteries.
Atraverda is also presently negotiating with several manufacturers for the
development of domestic water treatment products.
Other investments
The balance of the portfolio is spread across 29 investee companies. This is
supplemented with carried interests in a further 17 companies from other
investment portfolios managed by the Group. The Portfolio Review has been
updated to include developments in the last quarter. This is found on the
investor relations' section of Generics' website (www.genericsgroup.com).
Disposal programme
The Group is seeking the disposal of a number of its portfolio companies and has
initiated a programme to achieve this during the course of 2003.
Balance sheet
At the year-end, consolidated net assets were #25.9m (2001: #44.9m). Net assets
include land and buildings, of #14.4m (2001: #9.5m) including assets in the
course of construction. Loans secured against the site in Harston were #7.9m at
the year-end (2001: #4.1m). Cash balances at the year-end were #10.6m (2001:
#28.0m) of which #1.8m (2001: #4.2m) was held outside of Group control,
principally in spin-out subsidiary companies.
Cash flow
Cash balances reduced by #17.4m in 2002 (2001: reduction of #19.0m). This was
due to continued cash outflow from operating losses of #15.0m (2001: #12.4m),
investments, including the building programme of #5.1m (2001: #5.0m), and
reduced interest receivable of #0.6m (2001: #1.9m). #3.6m loans were drawn down
against the building project during the year (2001: draw down of #4.4m).
Dividends
It is the Board's policy to invest retained earnings to fund the further
development and growth of the advisory business and the IP portfolio.
Accordingly, the company is not declaring a dividend but will review its
dividend policy periodically in the context of its financial condition.
Management Changes
The Company announced, on 15 November 2002, that Dr Duncan Hine had resigned as
Chief Executive Officer and as a Director of the Company. He has been succeeded
as Chief Executive Officer, and it is the Board's intention that he be succeeded
as a Director at the forthcoming Annual General Meeting in accordance with Swiss
company law, by Dr Peter Hyde.
Outlook
Management action continues to be applied to preserve the Group's cash by
increasing sales, reducing operational costs, prioritising investment and
seeking disposals. While the level of order intake was strong in September and
October 2002, the performance between November and January was below the level
required for breakeven consulting revenue. Further measures are being taken to
accelerate the return of consulting activities to break even as soon as
possible.
These actions will both restore the balance in our business and accelerate the
return of the Group to positive cash flow. The mid to long-term view of the IP
exploitation market is still positive and the integrated business model deployed
by Generics will enable the Group to benefit from this as markets improve.
Financial Information
The Generics Group AG
Consolidated profit and loss account
For the year ended 31 December 2002
2002 2001
Notes #000 #000
Turnover
Continuing operations 1 13,015 12,769
Operating expenses (net) 1 (29,454) (25,625)
Operating loss
Continuing operations (16,439) (12,856)
Share of associates' operating losses (1,415) (1,857)
Amortisation of goodwill arising on acquisition
of associates (1,002) -
Profit arising from disposal of fixed
asset investments 223 116
Investment write downs (2,368) -
Loss on ordinary activities before finance
income (charges) (net) taxation and minority interests 1 (21,001) (14,597)
Finance income (charges) (net)
Group 558 1,868
Associates (60) (1)
Loss on ordinary activities before taxation (20,503) (12,730)
Tax on loss on ordinary activities (34) 325
Loss on ordinary activities after taxation (20,537) (12,405)
Minority interests 2,729 1,297
Loss for the financial year being retained
loss for the year (17,808) (11,108)
Loss per share (basic) 3 (16.5p) (10.3p)
Fully diluted loss per share 3 (16.5p) (10.3p)
Consolidated statement of total recognised gains and losses
For the year ended 31 December 2002
2002 2001
#000 #000
Loss for the financial year
Group (16,333) (9,250)
Associates (1,475) (1,858)
(17,808) (11,108)
Net profit (loss) on foreign currency translation 48 (23)
Total recognised losses relating to the year (17,760) (11,131)
Consolidated balance sheet
At 31 December 2002
2002 2001
#000 #000
Fixed assets
Goodwill 414 1,604
Tangible assets 16,278 11,590
Investments
Associates 111 940
Trade investments 3,808 4,527
Loans
218 785
Current assets 20,829 19,446
Debtors
Due within one year 5,128 4,727
Due after one year - 106
Investments 2,308 2,991
Cash and liquid resources 10,590 28,000
18,026 35,824
Creditors: Amounts falling due within one year (5,767) (6,004)
Net current assets 12,259 29,820
Total assets less current liabilities 33,088 49,266
Creditors: Amounts falling due after more than one year (7,156) (4,107)
Provisions for liabilities and charges (50) (264)
Net assets 25,882 44,895
Capital and reserves
Called-up share capital 4,660 4,657
Share premium account 44,980 44,950
Profit and loss account (24,380) (6,620)
Shareholders' funds - all equity 25,260 42,987
Minority interests - all equity 622 1,908
Total capital employed 25,882 44,895
Consolidated cash flow statement
For the year ended 31 December 2002
2002 2001
Notes #000 #000
Net cash outflow from operating activities 4 (15,002) (12,365)
Returns on investments and servicing of finance 360 1,751
Taxation 64 (148)
Capital expenditure and financial investment (7,611) (9,635)
Acquisitions and disposals (403) (1,935)
Cash outflow before management of
liquid resources and financing (22,592) (22,332)
Management of liquid resources 20,893 13,154
Financing 5,177 3,239
Increase decrease in cash in the year 3,478 (5,939)
Extracts from notes to the financial statements
1. Segmental information
Technology
development Investment/
spin-out Consolidation
Consulting and activities elimination* Total
Year ended 31 December 2002 exploitation #000
#000 #000 #000
#000
Turnover
Fee income 13,617 - 206 (1,423) 12,400
Licence/royalty income - 615 - - 615
13,617 615 206 (1,423) 13,015
Other income
Profit on disposal of fixed asset investments - - 64 - 64
Profit on issue of shares by subsidiaries to - - 159 - 159
minorities
Income from all activities 13,617 615 429 (1,423) 13,238
2,885
Amounts written off investments (net) - - (3,370) - (3,370)
Other operating expenses (net) (17,844) (6,649) (6,384) 1,423 (29,454)
Total operating expenses (net) (17,844) (6,649) (9,754) 1,423 (32,824)
Share of associates' operating losses - - (1,415) - (1,415)
Loss on ordinary activities before finance
charges (net) taxation and minority interests (4,227) (6,034) (10,740) - (21,001)
* Consolidation elimination removes the consulting fee income earned from other
parts of the Group.
Technology
development Investment/
spin-out Consolidation
Consulting and activities elimination* Total
exploitation #000
#000 #000 #000
Year ended 31 December 2001 #000
Turnover
Fee income 16,135 - 135 (4,236) 12,034
Licence/royalty income - 485 250 - 735
16,135 485 385 (4,236) 12,769
Other income
Profit on issue of shares by associates to - - 10 - 10
minorities
Profit on issue of shares by subsidiaries to - - 106 - 106
minorities
Income from all activities 16,135 485 501 (4,236) 12,885
Amounts written off investments (net) - - (143) - (143)
Other operating expenses (net) (17,804) (7,020) (4,894) 4,236 (25,482)
Total operating expenses (net) (17,804) (7,020) (5,037) 4,236 (25,625)
Share of associates' operating losses - - (1,857) - (1,857)
Loss on ordinary activities before finance
charges (net) taxation and minority interests (1,669) (6,535) (6,393) - (14,597)
* Consolidation elimination removes the consulting fee income earned from
other parts of the Group.
2. Accounting policies
Detailed below are the key Group's accounting policies.
Basis of Preparation and Going Concern
The financial statements have been prepared on the going concern basis, which
assumes that the Group will continue in operational existence, and will be able
to meet its liabilities as they fall due, for the foreseeable future. In
concluding that it is appropriate to adopt the going concern basis in preparing
the financial statements the Directors have considered the following matters:
-cash flow forecasts for the period to 30 June 2004 and beyond;
-the need for the consultancy business to return to profitability and
become cash generative;
-the potential to realise cash from the disposal of some of the Group's
investments;
-the ability of the Group to control overheads and implement further
cost reduction measures;
-the availability of external financing for the Group's investments and
the ability of the Group to control its financing of these investments;
and
-existing bank facilities
The validity of using the going concern basis for the preparation of the
financial statements depends on the interaction of a number of the above matters
and on no one individual matter. Whilst the outcome of these matters is
uncertain, the Directors have a reasonable expectation that they will continue
to manage the Group's working capital, through various of the above matters,
such that it will have sufficient free cash for the foreseeable future.
The certainty of future trading will depend on successful delivery against these
matters. In the event that the above matters are not satisfactorily implemented,
then the Group may no longer be a going concern and adjustments to the financial
information would then be necessary to reduce the carrying value of assets to
their recoverable amounts, to reclassify long term liabilities as current
liabilities and to provide for any further liabilities that might arise.
Research and development
Research expenditure is written off as incurred. Development expenditure is also
written off, except where the Directors are satisfied as to the technical,
commercial and financial viability of individual projects. In such cases, the
identifiable expenditure is deferred and amortised over the period during which
Generics is expected to benefit.
Accounting for spin-out companies
The creation of spin-out companies is a core part of the Generics' business.
Typically the Group seeks to retain a significant equity stake in these
companies. Upon a spin-out company obtaining external equity finance, the
Generics' shareholding will be diluted and, as a result, may transform the
spin-out company from a subsidiary to an associated undertaking or even to a
trade investment.
From a Group perspective, the issue of shares in subsidiary or associate
spin-out companies to minorities (resulting in dilution of the Group's
shareholding) results in a deemed disposal and hence a related profit or loss.
Any losses are charged to the consolidated profit and loss account, while
profits are charged to the consolidated statement of total recognised gains and
losses unless they are considered to be realised.
BVCA valuation
BVCA valuations are based on the guidelines provided by the British Venture
Capital Association for the valuation of venture capital portfolios. The
guideline's fundamental principle is to show a fair valuation of an investment
to an investor. Applying these guidelines, all development stage investments
have been valued at cost, less any provision considered necessary, except where
a significant transaction involving an independent third party at arms-length
has valued an investment at a materially different value, in which case that
valuation has been applied.
3. Loss per share
The calculations of loss per share are based on the following losses and numbers
of shares.
Basic Diluted
2002 2001 2002 2001
#000 #000 #000 #000
Loss for the financial year (17,808) (11,108) (17,808) (11,108)
Dilution as a result of associates' share - - 101 (19)
options
(17,808) (11,108) (17,707) (11,127)
2002 2001
Number Number
Weighted average number of shares:
For basic earnings per share 107,745,525 107,690,400
Exercise of share options - 6,583,800
For diluted earnings per share 107,745,525 114,274,200
While options over shares in the Company are in existence, they have no dilutive
effect in loss making years, and hence diluted loss per share is the same as
basic loss per share in these years.
4. Reconciliation of operating loss to operating cash flows
2002 2001
#000 #000
Operating loss (16,439) (12,856)
Depreciation charges 1,205 877
Amortisation of goodwill 427 439
Amortisation of associates goodwill 214 -
Amounts written off current asset investments (net) 472 143
Profit and loss account charge for share
options granted at less than fair value - 42
(Increase) decrease in debtors (542) 438
Decrease in creditors (339) (1,448)
Net cash outflow from operating activities (15,002) (12,365)
5. Reconciliation of net cash flow to movement in net funds
2002 2001
#000 #000
Cash at bank and in hand 9,564 (6,081)
Cash deposits (liquid resources) 1,026 (21,919)
10,590 (28,000)
Debt due within one year (753) (69)
Debt due after one year (7,156) (4,107)
(7,909) (4,176)
Net funds at end of year 2,681 23,824
Increase (decrease) in cash in the year 3,478 (5,939)
Cash inflow from increase in debt (20,893) (3,007)
Cash inflow from decrease in liquid resources (3,733) (13,154)
Change in net funds (debt) resulting from cash flows (21,148) (22,100)
Translation differences 5 20
Movement in net debt in year (21,143) (22,080)
Net funds at beginning of year 23,824 45,904
Net funds at end of year 2,681 23,824
6. The financial information set out above does not constitute full statutory
financial statements within the meaning of Section 240 of the Companies Act
1985. The auditors' report for the year ended 31 December 2002 was
unqualified and did not contain a statement under S237 (2) or S237 (3) of
the Companies Act.
The financial information for the year ended 31 December 2001 has been
abridged from the 2001 statutory financial statements of The Generics Group
AG, on which the auditors' report was unqualified.
7. The Annual General Meeting of the company will be held in Zurich on 30 April
2003.
END.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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