ONWARDS . . .

The market situation is expected to remain cautious in the immediate future, although we are witnessing a certain levelling out of the downward trend and a more balanced influx of orders. Raw material prices have stabilised, although general cost increases are continuing to have a dampening effect on our business. During the present quarter, we will be seeing the effects of implemented price adjustments and the gradual adaptation of our workforce to the lower incoming order levels. Cash flow and margins are the focus of our agenda. Our order situation is good, but the shortage of critical components is a concern, particular in respect of our project-related operations. Work aimed at identifying alternative supply routes is therefore being prioritised, alongside investments in after-sales services. Through one of our more recent acquisitions, we have also extended our offering in respect of software solutions, an area where we can see considerable potential for growth. We are consequently maintaining our aggressive approach and have great faith in the future.

When it comes to acquisitions, we have consciously adopted a more cautious approach for a period of time, but, backed by our extended credit facilities, we have good potential to supplement our operations in future.