Highlights 2003 · Net profit up by 14% to EUR 53.7 million · Net earnings per ordinary share rose by 5% to EUR 2.26 · Cash flow from operations up 20% to EUR 144.1 million · Growth in turnover by 11% to EUR 784.6 million · Significant reduction in interest-bearing debts · Capital base advances to 32.7% of total assets · Further enlargement in European network for Material Technology · Position in European Flow Control market expanded