Clariant: Sales growth of 4.7%

Clariant generated sales growth of 4.7% in local currencies (-3.3% in CHF) despite difficult economic conditions. All divisions contributed to the result. Since developments in the Life Science units did not come up to expectations, the company made an extraordinary writedown of CHF 890 million. Owing to this measure, Clariant reports a net loss of CHF 648 million for fiscal 2002. If this writedown were factored out,
Clariant would have posted a net profit of CHF 242 million. The net loss and
negative currency effects reduced equity capital to CHF 914 million. No
dividend will be paid.
The Board of Directors approved a package of measures at its meeting that
took place on February 19, 2003. The measures are aimed at strengthening the
equity base and improving operating performance. Legal entities will be
formed in order to enhance strategic flexibility for certain business areas.
Moreover, Clariant will sell off non-core activities.

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