SEZ

Quarterly Results 2002 (unaudited)

Quarterly Key Figures 2002 (unaudited)

Consolidated Statements of Income (unaudited)

Consolidated Balance Sheets (unaudited)

Quarterly Key Figures 2002

in CHF million Q1/2002 Q2/2002 Q3/2002 Q4/2002 2002
Net sales 49.2 47.4 51.2 51.1 198.9
Operating income before impairment of assets 4.4 (1.4) 7.1 4.0 14.1
Operating income (EBIT) after impairment of assets 4.4 (1.4) 7.1 (23.1) (13.0)
Net profit (loss) 3.0 (5.1) 5.6 (17.0) (13.5)
Order intake 33.5 75.3 54.0 28.6 191.4
Order backlog 31.5 59 62.2 40.9 40.9
Book-to-Bill 0.68 1.59 1.05 0.56 0.96

Consolidated statements of income (unaudited)

in CHF 1000	3/02	6/02	9/02	12/02
Net Sales	49 199	96 615	147 798	198 903
Changes in inventory of work in progress and finished goods	(6 401)	(3 653)	3 638	6 101
Own goods capitalized and other operating income	1 381	1 357	5 830	8 967
Income from operating activities	44 179	94 319	157 266	213 971
Material costs	(12 681)	(33 548)	(58 954)	(78 354)
Gross income	31 498	60 771	98 312	135 617
Personnel expenses	(15 580)	(30 851)	(47 502)	(61 647)
Depreciation and amortization of property, plant, equipment and intangible assets	(2 984)	(6 978)	(10 390)	(14 671)
Other operating expenses	(8 501)	(19 946)	(30 345)	(45 170)
Operating income before impairment of assets	4 433	2 996	10 075	14 129
Impairment of assets	0	0	0	(27 146)
Operating income (EBIT) after impairment of assets	4 433	2 996	10 075	(13 017)
Interest and other financial income	1 190	5 025	6 267	14 924
Interest and other financial expenses	(1 532)	(5 161)	(7 050)	(14 880)
Profit (loss) before income taxes	4 091	2 860	9 292	(12 973)
Income taxes	(1 511)	(5 367)	(6 255)	(978)
Minority interests	433	433	433	433
Consolidated net profit (loss)	3 013	(2 074)	3 470	(13 518)

Consolidated balance sheets (unaudited)

in CHF 1000	3/31/02	6/30/02	9/30/02	12/31/02
Assets
Non-current assets
Property, plant and equipment	84 230	83 319	88 332	80 458
Investments in affiliates	17	10 678	767	768
Other financial investments and receivables	3 549	3 568	3 540	4 076
Intangible assets	7 553	14 926	33 726	26 485
Deferred tax assets *	4 229	4 028	6 607	5 285
Total non-current assets	99 578	116 519	132 972	117 072

Current assets
Inventories, work in progress	39 155	41 245	48 634	42 441
Trade receivables	72 942	77 846	82 643	87 646
Other receivables	16 142	4 373	8 533	8 423
Financial investments	16 352	15 639	15 274	14 528
Cash and cash equivalents	53 109	97 366	67 885	65 034
Prepaid expenses	2 494	4 648	4 464	2 836
Total current assets	200 194	241 117	227 433	220 908
Total assets	299 772	357 636	360 405	337 980

Liabilities and shareholders' equity
Shareholders' equity
Share capital	12 750	13 950	13 950	13 950
Capital reserves	98 209	180 475	180 437	176 566
Translation reserve	(2 631)	(6 491)	(7 230)	(11 568)
Retained earnings	86 826	81 739	87 284	70 295
Treasury shares	(4 322)	(5 707)	(6 631)	(4 098)
Total shareholders' equity	190 832	263 966	267 810	245 145
Minority interest	2 489	0	0	0

Liabilities
Long-term provisions	5 432	5 379	5 827	10 981
Long-term debt	30 382	29 993	29 511	27 268
Deferred tax liabilities **	1 873	1 693	8 038	6 124
Other non-current liabilities	2 932	5 081	5 047	3 146
Total non-current liabilities	40 619	42 146	48 423	47 519
Trade payables	5 792	6 548	9 562	9 067
Current debt	29 247	15 245	278	11 917
Current income taxes	5 905	7 068	10 580	6 761
Other current liabilities	22 022	19 935	21 103	14 069
Deferred income	2 866	2 728	2 649	3 502
Total current liabilities	65 832	51 524	44 172	45 316
Total liabilities	106 451	93 670	92 595	92 835
Total liabilities and shareholders' equity	299 772	357 636	360 405	337 980

* Deferred tax assets have been recorded as non-current assets
** Deferred tax liabilities have been recorded as non-current liabilities

The unaudited interim financial reporting for the nine month ended September 2002 has been prepared in accordance with the accounting policies set out in the Financial Report for the year ended 31 December 2001.