The HAWE-group has started the fiscal year 2003 with an enjoyable acceleration of incoming orders and sales. Incoming orders were raised by 14.4% in the first quarter 2003 to 31 Mio Euro, invoiced sales increased by 11% to 30 Mio Euro. Like in the year 2002 the major positive effects came from our export markets. Again North America, China and Korea and in Europe Italy and Spain showed an explicitly strong performance. In Germany incoming orders stabilised on a low level and are currently showing some slide positive signs. Another positive influence came from the serial start of new products, e.g. in the area of proportional valves and axial piston pumps, which found a good acceptance in the market place.

Through continued cost management profits were increased over-proportional, but starting from an unsatisfying basis in 2002. The number of employees remained more or less unchanged at 1280 people, significant effect on employment can only be expected through the year 2004. Our focus on training young people remain unchanged, we are currently employing 77 trainees in manufacturing and administration.

The ordering-pattern of our customers underwent heavy fluctuations in the past months. Due to the economic uncertainty most investments are decided on short notice. A reliable prognosis for the remaining fiscal year is therefore hardly possible. We expect that the strong growth of the first quarter will slow down. Nevertheless a satisfying growth rate shall be possible for incoming orders and sales until the end of the year. For the HAWE-group this means further gains in market share in a probably stagnating market place.