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But 2004 was far from perfect and the future still
holds many challenges. For the Weaving Division
2004 was a year to forget as fast as possible, or
better: from which to draw as many lessons as
possible to do better in the future. But in the
same year we laid the foundations for recovery:
we have an agreement for reducing personnel
and have also introduced our Papilio line of
imported hand-made rugs, of mainly Asian origin,
with which we are looking to exploit changing
market conditions to the full.
For the Tufting Division 2004 was also marked by
the vagaries of transportation in the United King-
dom. Here too in 2004 we have, at considerable
cost in cash and hard work, laid the basis for a
stronger future by setting up our own outsourced
transport system which should drive growth
further in the United Kingdom.
H. Van DierdonckManaging Director
2004 – a successful year!
It is not without pride that we present to you the
results for 2004.
In the globally relatively neutral external condi-
tions which marked the greater part of 2004, the
Group’s strong profit potential became clearly
apparent. But for the sudden worsening of condi-
tions in the final quarter (sharp increase in raw
materials prices, slowing market demand, fall of
the British pound), 2004 would have been an
absolute record year for the Group. This was not
ultimately to be, but the results are the best since
the group was listed in 1997.
These good results do not come as a surprise.
They are the outcome of years of constant prod-
uct renewal, marketing effort and striving for
internal performance improvement. These have
strengthened our market position and raised our
profit margin. I would like at once to thank all our
4 / a n n u a l r e p o r t 2 0 0 4
P. VermautChairman
Message of the Chairman and the Managing Director
I N T E R N A T I O N A L N.V.
5 / a n n u a l r e p o r t 2 0 0 4
Balsan / Perla AW / Duo
But the challenge for the future consists of retain-
ing the winning hand in the difficult sector of tex-
tile floor coverings.
The overall European market is still trending
slightly downwards, and competitors are still
many. These conditions do not make it any easier
to absorb and digest changes in external circum-
stances. Such circumstances clearly manifested
themselves in the last quarter of 2004, and the
reverberations will be felt well into 2005. In other
words, 2005 does not look like being an easy year.
Despite this we look to the future with confi-
dence.
The Group still has considerable internal potential
for improvement, and our design team is bursting
with creativity. The Group’s financial position is
also strong, allowing the Group to look to the
future either under its own steam or as a strong
partner in a larger whole.
But above all it is acts, not words, that count. As
the best proof of the sustainable recovery and our
belief in the future we are pleased to announce
that the Group will be once again paying a divi-
dend, for the first time in 6 years.
The AWI Group is a leading pro-ducer(1) of tufted and woven carpet.Associated Weavers International N.V. is the par-
ent company of the Group. It is responsible for
general management and sales coordination.
The Group consists of twodivisions:
– The Tufted Division designs, manufactures and
sells tufted carpet. This is by far the Group’s
largest activity, representing 91.9% of its con-
solidated turnover in 2004 which is in line with
previous years.
– The Weaving Division produces woven carpets,
representing 8.1% of consolidated Group
turnover. In addition to carpets produced in his
own plants, the Weaving Division also began in
2004 to import and market its own collection
of hand-produced carpets under the Papilio
brand name. The Weaving Department also has
a polypropylene yarn extrusion department,
the entire production of which is used inter-
nally, mainly in the Tufting Division.
In 2004 the AWI Group sold 51.6 million m2, gen-
erating a consolidated turnover of EUR 269.5 mil-
lion, making it one of the largest European pro-
ducers in its sector, ranking within the top three
companies in each of its European markets
alongside groups like Balta, Beaulieu Wielsbeke,
Condor, Domo , Ideal and others(1). The Group
employs 1,181 people in 5 production plants
(Ronse and Kuurne in Belgium, Arthon and
Neuvy St. Sépulchre in France and Liberec in the
Czech Republic) and 6 sales offices. Its products
are exported worldwide, but with a strong
emphasis on Western Europe.
46,5 %(43,7 %)
12,8 %(14,0 %)
17,5 %(17,6 %)
6,6 %(6,4 %)
6,9 %(8,3 %)
AW / Contessa
6 / a n n u a l r e p o r t 2 0 0 4
9,7 %(10,0 %)
P rof i le o f the Group
Strategic profile
Geographic
breakdown of
consolidated
turnover in 2004
United Kingdom
France
Germany
East Europe
Rest of Europe
Rest of the World
1 On the basis of studies undertaken by Intercontuft Carpet Management.
(2003)
The Group’s mission statement is:
‘To contribute to our clients’ success by offeringthem floor covering solutionswhich make the places where people live andwork more pleasant and morecomfortable.’
In carrying out this mission, our employees areguided and inspired by the following values:
Integrity – Creativity – Customer Focus – Care
– Integrity: we act always in an ethical fashionand with respect for every aspect of theenvironment (social, legal, ecological, etc.) inwhich we operate.
– Creativity: we leave room for creativity. We arealways ready to give an opportunity tocreativity in a thought through and preparedfashion.
– Customer focus: customers are the key to oursuccess. We attempt to exceed our clients’expectations. Everything we do, must ultimately,be done in order to serve our clients.
– Care: the Group cares for its employees andpartners and vice versa. This care is marked bycommitment and trust.
The Group’s strategy of extending its position as aleading European producer of textile floorcoverings is based on the following key points:– Innovative design and product development: in
both the Tufted and Weaving Divisions, theGroup is recognised as a trendsetter in productdevelopment and design. The Group hasspecialist development teams in both divisions.Not being a vertically integrated producer allowsthe Group to take advantage of newdevelopments offered by its suppliers ordeveloped together with them. Innovative designand product development gives Group products
an added value that distinguishes them fromcompeting products.
– Customer focus: with its years of experience, theGroup understands the needs of its various saleschannels in terms of product, service, marketingand commercial approach. The diversity of itssales channels is reflected in the various aspectsof its business, including marketingorganisation, brand policy and cutlengthservice. This approach places AWI in theposition of preferred supplier to a diverse rangeof customers.
– Use of scale size and total product range: withseveral manufacturing units, AWI is one of thefew producers large enough to offer every kindof textile floor covering for the middle andupper market segments. This is particularlyimportant given the increasing concentration onthe buyer side.
In this connection the Group’s concrete objectivesare:– to extend into products offering higher levels of
finishing and service (e.g.: finished rugs andtufted carpets, stair runners, cutlength sales, car-pet tiles);
– to increase overall production flexibility andextend total quality control;
– to inculcate a continuous improvement perspec-tive among our employees, supported by per-formance measurement at various levels;
– to strengthen its position in the contract market(carpeting for offices, hotels, etc.);
– to optimise synergies and strengths between thevarious production units, sales teams and divi-sions.
I N T E R N A T I O N A L N.V.
7 / a n n u a l r e p o r t 2 0 0 4
Strategic profile
Miss ion s tatement , va lues and s t rat eg y
8 / a n n u a l r e p o r t 2 0 0 4
Associated
Weavers
Europe N.V.
Balsan
S.A.
Prado
Tuft
N.V.
Prado
Rugs
N.V.
Associated
Weavers
(Europe)
Ltd. U.K.
Associated
Weavers
France
S.A.R.L.
Associated
Weavers
Deutschland
GmbH.
Associated
Weavers
Scandinavia
A.p.s.
Associated
Weavers
C̀́eská
Republica
sr.o
Associated Weavers International N.V.
Associated Weavers Coordination Center N.V.(2)
Balsan
Polska
SP.z.o.o.
100 %
100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 %
60 %
100 %
40 %
4.7 %
Holding/Coordination
Tufting Division
Weaving Division
2 Under current fiscal legislation, Associated Weavers Coordination Center N.V. is notrecognised as a coordination centre.
Structure of the AWI GROUP
On 30 November 2004 the AWI Group was
structured as follows:
I N T E R N A T I O N A L N.V.
9 / a n n u a l r e p o r t 2 0 0 4
Consolidated key figures of AWI as at 30 November
Consolidated key figures per share as at 30 november
Net financial debt(6) 10.98 22.25 33.70 58.38 47.69
Working capital(7) 26.08 19.69 22.98 17.15 18.54
CASH FLOW AND CAPITAL EXPENDITURE
Net current cashflow(8) 14.99 9.89 12.66 7.43 6.22
Depreciation 8.38 8.57 8.51 9.41 8.58
Investments 4.24 5.92 4.51 22.93 4.78
Personnel (in units) 1,181 1,204 1,241 1,244 1,161
RATIOS (in %)
Return on shareholders’ equity (9) 13.6 2.9 9.9 (5.0) (5.6)
Liquidity (10) 1.4 1.3 1.3 1.2 1.2
Solvency (11) 40.3 35.4 31.1 24.3 28.1
Payout ratio (12) 9.8% - - - -
2004 2003 2002 2001 2000
EBITDA (3) 5.43 3.87 5.60 3.56 2.86
Operating result 4.70 2.69 4.55 1.93 1.74
EBIT(4) 3.08 1.35 2.88 0.60 (0.16)
Net current result(5) 1.86 0.37 1.17 (0.58) (0.79)
Net result 2.05 0.34 1.32 (1.07) (1.29)
Net current cash flow(8) 4.22 2.78 3.56 2.17 2.06
Gross dividend 0.20 - - - -
Net dividend 0.15 - - - -
Number of shares(13) 3,552,673 3,552,673 3,552,673 3,415,685 3,026,348
(in EUR millions unless otherwise indicated)
(In EUR)
Consolidated key figures
3 Earnings Before Interest, Taxes, Depreciation and Amortization = earnings from ordinary business operations before taxes + interest charges – income from current assets + net depreciationand amortisation + reductions in value on stocks and trade receivables – capital gains on the sale of own shares + reductions in value on own shares
4 Earnings Before Interest and taxes = earnings from ordinary business operations before taxes + interest charges – income from current assets – capital gains on the sale of own shares +reductions in value on own shares
5 Net result + extraordinary charges – extraordinary income – capital gains on sale of own shares + reductions in value on own shares6 Short and long-term financial debts – short-term investments – cash at bank and in hand.7 Current assets – short term creditors – accrued charges and deferred income.8 Net current result + net depreciation and amortisation.9 Net current result ((shareholders’equity at beginning of the year + shareholders’equity at end of the year)/2).
10 Current assets
Short term debts + accrued charges and deferred income
11 ( Shareholders’equity ) x 100Balance sheet total
12 Gross dividend
Consolidated net result13 Excluding 173.652 own shares.
1 0 / a n n u a l r e p o r t 2 0 0 4
2000 2001 2002 2003 2004
270.00
250.00
230.00
210.00
190.00
170.00
150.00
2000 2001 2002 2003 2004
25.00
20.00
15.00
10.00
5.00
0
2000 2001 2002 2003 2004
20.00
16.00
12.00
8.00
4.00
0.00
in EUR millions
Turnover
EBITDA
Operating result
E volut ion of key f igures 2000-2004
in EUR millions
in EUR millions
1 1 / a n n u a l r e p o r t 2 0 0 4
I N T E R N A T I O N A L N.V.
5.00
0.00
-5.00
2000 2001 2002 2003 2004
26 %
28 %
32 %
34 %
36 %
2000 2001 2002 2003 2004
22 %
120.00
100.00
80.00
60.00
40.00
20.00
0
24 %
30 %
2000 2001 2002 2003 2004
20.00
16.00
12.00
8.00
4.00
0.00
40 %
Consolidated
key f igures
Net current
result
in EUR millions
Financial
structure
in EUR millions
Shareholders’ equity (in EUR millions)
Net financial debt (in EUR millions)
Shareholders’ equity/Balance total (in %)
Net current
cash flow
in EUR millions
No major new initiatives were taken in 2004 in
the field of Corporate Governance. The Board of
Directors believed that, until such time as the
announced new guidelines and legislation are
published, the current Corporate Governance reg-
ulations which apply within the Group, if not
exemplary, are largely sufficient in terms of the
Group’s size and capacity. This is expressed in:
– the composition of the Board of Directors, a
majority of whom are independent members;
– Directors’ terms of office. These are limited to 3
years in order to provide an additional guaran-
tee that the composition and operation of the
Board will be assessed in a timely manner;
– the splitting of the functions of Chairman of the
Board (an independent director) and Managing
Director;
– the active involvement of the Audit Committee
within the Board of Directors. According to the
by-laws, this committee consists of 3 non-
executive directors, at least two of whom are
independent. The committee works on the
basis of an ‘Audit Charter’;
– the active involvement of the Remunerations
Committee, made up of the Chairman of the
Board, the Managing Director and one non-
executive director. This Committee oversees the
appointment and remuneration of executive
managers.
The Board of Directors has, after the balance
sheet date, acknowledged the Belgian Corporate
Governance Code, which was published on 9
December 2004.
The Board believes that the rules which currently
apply within the Group already conform with the
principles of the Code. In the course of 2005 the
Board will be discussing the introduction of the
various provisions and guidelines set out in the
Code as well as the preparation of the Corporate
Governance charter. In accordance with the Code
a “Corporate Governance” item will be added to
the agenda of the General Meeting.
1 2 / a n n u a l r e p o r t 2 0 0 4
Corporate governance and management
Corporate Gove rnance
Associated Weavers Ronse – Belgium
I N T E R N A T I O N A L N.V.I N T E R N A T I O N A L N.V.
1 3 / a n n u a l r e p o r t 2 0 0 4
Corporategovernance and management
BalsanArthon – France
Prado Kuurne – Belgium
The Board will of course check its Corporate
Governance policy against any binding or guiding
rules once these have finally come into force.
Separate from the operation of its governing bod-
ies, but as an expression of good Corporate Gover-
nance, the Group has decided to begin reporting,
in the 2005 financial year, in accordance with IFRS
rules. Given the Group’s 30 November closing
date, the obligation begins only from the finan-
cial year starting on 1 december 2005. The Board
however believes that following the IFRS rules
already in 2005 will promote transparency, by
making the group figures at 30 November 2005 as
comparable as possible with those of other com-
panies which close their books on 31 December.
Statutory provisions
The Company’s by-laws state, with regard to the
composition of the Board of Directors:
‘The Board of Directors shall consist of at least
three members, who are not required to be share-
holders, appointed by the General Meeting.
Their terms of office may not exceed six years. As
long as the General Meeting has not, for whatever
reason, provided for a replacement, directors whose
terms of office have expired remain in their func-
tion.
Departing directors may be reappointed.
The terms of office of departing directors, who
have not been re-elected, end immediately after the
general meeting which elects their successors. Direc-
tors reaching the age of seventy during their terms
of office are required to tender their resignation at
the next following general meeting.
The general meeting may suspend or dismiss a
director at any time.’
1 4 / a n n u a l r e p o r t 2 0 0 4
Composi t ion of the
Board o f D i rec tors
Above from left to right: Julien Smets, Raf Decaluwé, Dries Bossuyt, Michel Denys and Bruno Lambert.Under from left to right: Pierre Vermaut, Henri Van Dierdonck, Adeline Simont and Gilles Guillaume.
I N T E R N A T I O N A L N.V.
Composition
Honorary Chairman
– Mr Leo Thielemans (14),
Mierenberg 80 – 1500 Halle
Chairman
– Mr Pierre Vermaut, Route de Lessines 35 –
7911 Frasnes-Lez-Anvaing, companies’ director.
Managing Director
– Mr Henri Van Dierdonck,
A. Herbertstraat 11 – 8500 Kortrijk.
Directors
– Mrs Adeline Simont, Ancien Dieweg 36 – 1180
Brussels, Managing Director, Degroof Corporate
Finance.
– Mr Dries Bossuyt, Beeklaan 54 – 8500 Kortrijk.
– Mr Raf Decaluwé, Ruitersweg 28, 8520 Kuurne,
companies’ director.
– Mr Michel Denys, Bruyère 69 – 7890 Ellezelles,
companies’ director.
– Mr Gilles Guillaume, Chemin des Rivières 14 –
36330 Arthon, France.
– Mr Bruno Lambert, Trevor Place 8 – SW7 1LA
London, U.K., director of Société Générale Euro-
pean Private Equity Capital, London.
– Mr Julien Smets, Hoogvorstweg 15 – 3080 Ter-
vuren, companies’ director.
Messrs Henri Van Dierdonck, Dries Bossuyt and
Gilles Guillaume represent the day-to-day
management.
Mrs Adeline Simont and Messrs Bruno Lambert,
Pierre Vermaut, Julien Smets and Raf Decaluwé
are non-executive independent directors.
Mr Michel Denys is a non-executive and
non- independent director. Until June 2003
he was a member of the Tufting and Weaving
Divisions Management Committees.
Messrs Pierre Vermaut, Henri Van Dierdonck and
Bruno Lambert are members of the Remunera-
tions Committee.
Messrs Pierre Vermaut, Raf Decaluwé and Michel
Denys form the Audit Committee.
The terms of office of all directors run until after
the Annual General Meeting of 2006.
In 2004 the executive directors together received
a total remuneration of EUR 1.16 million and the
non-executive directors a total remuneration of
EUR 0.27 million.
The remuneration of the executive directors con-
sisted of EUR 0.87 million in fixed amounts and
EUR 0.29 million in variable amounts. For the
non-executive directors there is only a fixed
amount.
Board members hold directly or indirectly
961,504 shares of the Company.
A total of 127,500 warrants have been allotted to
the present members of the Board of Directors.
1 5 / a n n u a l r e p o r t 2 0 0 4
Corporategovernance and management
14 Protocol mandate of indefinite duration.
Directors’ powers are determined in line with the
Belgian Code of Company Law and with the Com-
pany’s by-laws.
The Board defines Group strategy and supervises
the day-to-day management of the Company and
its subsidiaries.
The consolidated reporting package is sent
monthly to each Board member.
Regular ad hoc contact also exists between the
executive and independent directors.
The Board met 9 times during 2004.
As in every year, the Board monitored monthly
earnings figures, endorsed the half-yearly and
annual earnings announcements and approved
the annual accounts and the budget. In its deci-
sion on the appropriation of the results, the
Board paid particular attention to the financial
balance and the financial needs of the Group.
The Board also paid close attention during 2004
to:
– examining group strategy. This included setting
up a provisional strategy committee;
– monitoring progress in productivity and effi-
ciency;
– monitoring progress in the development of Cor-
porate Governance rules;
– analysing the competitive position of the vari-
ous Group divisions and discussing conditions
in the relevant business sectors.
– monitoring the measures taken to maintain
and extend the transport system in the United
Kingdom;
– discussing and ratifying the proposals put for-
ward by the Audit Committee, and in particular
those concerning the introduction of IFRS
reporting rules.
The by-laws require Board Decisions to be taken
by a majority of votes. In fact, all decisions are
customarily taken on a consensus basis.
The Remunerations Committee set up within the
Board of Directors met twice to assess and, where
necessary, adjust the remuneration of executive
managers. In this they were guided by the general
development of executive salaries and obviously
by the specific achievements of each executive
manager.
The Audit Committee met 3 times. The first meet-
ing examined the results of the year-end audit
and the annual figures. The second meeting
looked at the half-yearly figures and the approach
to be taken to the 2004 audit. The third meeting
served to discuss the impact and timing of the
introduction of the IFRS reporting rules.
S tatutory audi tor
The consolidated annual accounts of the AWI
Group and of the Group’s Belgian subsidiaries are
audited by Deloitte & Partners Bedrijfsrevisoren, a
civil company represented by Mr Gino Desmet.
1 6 / a n n u a l r e p o r t 2 0 0 4
Funct ioning of theBoard o f D i rec tors
Two Management Committeesoperate within the Group:one for the Tufting Division andone for the Weaving Division.
These Committees are in charge of day-to-day
management under the direction of Managing
Director Henri Van Dierdonck and General Man-
ager Dries Bossuyt. These committees meet on a
regular basis.
The Management Committees make sure that the
strategic guidelines defined by the Board of Direc-
tors are applied in day-to-day management. The
presence of Executive Directors in these Manage-
ment Committees ensures an optimal flow of
information.
More specifically the Management Committees
work out strategies for developing new product
ranges, set sales targets, prepare budgets and cap-
ital expenditure and financing plans, analyse the
monthly results from each division and ensure
optimal cooperation between the main functional
areas.
Management Committee members received in
2004 a total remuneration of EUR 2.82 million.
Management Committee members own directly
or indirectly 727,770 shares and 182,000 warrants
of the Company.
I N T E R N A T I O N A L N.V.
1 7 / a n n u a l r e p o r t 2 0 0 4
The present Management Committees are not executive com-
mittees within the meaning of article 524bis of the Company
Code.
A. Tufting Division
Henri Van Dierdonck Chairman of the Committee
Serge Bellflamme Product Development Manager
Dries Bossuyt General Manager Group
Steve Elliott Sales Manager U.K.
Gilles Guillaume General Manager Balsan
Jean-Marie Linskens Sales Manager non U.K.
Guy Vanderhaegen Financial Manager Group
Guido Vanrysselberghe Production Manager
B. Weaving Division
Henri Van Dierdonck Chairman of the Committee
Dries Bossuyt General Manager Group and
General Manager Weaving Division
Carlos Courtens Sales Manager
Kelly Durieu Design and Development Manager
Rik Pappijn Weave Department Manager
Guy Vanderhaegen Financial Manager Group
Jan Vandevijvere Product Development Manager
Paul Vangheluwe Production Manager
Management committees (AT 30 .11 .2004 )
Corporategovernance and management
ACTIVITIES REPORTAssociated Weavers International NV (AWI) closes
its 2004 financial year with a net profit of EUR
7.28 million. The net current profit amounts to
EUR 6.61 million (compared with EUR 1.32 mil-
lion in 2003). The group therefore achieved its
best figures since 1997, the year of the stock mar-
ket flotation.
The strong growth in profit compared with last
year is primarily due to the difference in result
during the first half year. In the second half, a rise
in profit from ordinary activities of 25.80% com-
pared with the same period last year was offset by
an increase in corporate income taxes.
The following features characterise 2004:
– A rise in volumes and turnover of 5.6% and
5.9% respectively.
– A relatively stable, neutral business climate dur-
ing the first three quarters. However, this was
1 8 / a n n u a l r e p o r t 2 0 0 4
unsettled during the last quarter by sharply
increasing raw materials prices, weaker demand
and the falling exchange rate of the British
pound.
– A good performance by the Tufting division, but
a disappointing showing by the Weaving divi-
sion.
– A further reinforcement of the group’s financial
position through an additional reduction in the
debt position. This has led to a noticeable drop
in the financing costs.
– A EUR 1.08 million write-back on own shares
following the rise in the share price from EUR
3.70 on 30 November 2003 to EUR 9.89 on 30
November 2004.
- 4
2
4
8
10
- 6
1-2002 2-2002 1-2003 2-2003 1-2004 2-2004
- 2
0
145
140
135
130
125
120
115
110
0
6
12
Management report of the
Board of Directors to the Annual General Meeting of 5 April 2004
Evolution per half-year (in EUR millions)
turnover
net current cash flow
operating result
net current result
Key figures on an annual basis (in EUR millions)
AWI Group 2004 2003 2002
Turnover 269.23 254.32 270.26
Net current cash flow 14.99 9.89 12.66
Operating result 16.68 9.54 16.15
EBITDA 19.30 13.75 19.91
Net current result 6.61 1.32 4.15
Net result 7.28 1.22 4.70
Turnover and volumes rose by 5.9% and 5.6%
respectively, bringing them back to 2002 levels.
Turnover was not influenced by currency rate fluc-
tuations, as the average rate for the British pound
remained almost unaltered compared with 2003.
Operating profit rose sharply from EUR 9.54 mil-
lion in 2003 to EUR 16.7 million in 2004. This
increase can be ascribed primarily to the rise in
the gross margin. The other major cost compo-
nents developed in line with the increased
turnover and volumes, with the exception of the
sharply increased energy costs and higher trans-
port costs. The increase in operating profit com-
pared with last year was principally recorded dur-
ing the first half of the year.
I N T E R N A T I O N A L N.V.
1 9 / a n n u a l r e p o r t 2 0 0 4
EBIT and EBITDA also rose substantially from EUR
4.77 million and 13.75 million respectively in
2003 to EUR 10.95 million and 19.30 million in
2004.
Financial charges fell due to lower interest rates
and a lower average funding requirement (gross
figure, including factoring). The financial result
was also positively influenced by a EUR 1.08 mil-
lion (2003: EUR – 0.17 million) write-back on own
shares reflecting the rise in the share price.
Corporate income taxes rose sharply from
EUR -0.24 million in 2003 to EUR 1.29 million in
2004, principally due to changes in deferred taxa-
tion as positive results in the past three years
have sharply reduced recoverable carried-forward
losses.
Net current profit rose from EUR 1.32 million in
2003 to EUR 6.60 million in 2004, which is the
highest level in the past seven years. Net profit
increased six-fold compared with 2003, from EUR
1.22 million to EUR 7.28 million.
The group’s net financial position was further
improved by the repayment of long and short
term debt. The net financial debt position was
EUR 12.70 million on 30 November 2004 com-
pared with EUR 22.90 million one year previously.
Management repor t of the Board of Directors to the Annual General Meeting