All in all we can look back over 2004 as being a successful year. Especially with regard to new orders received, we have performed far better than the industry as a whole with an increase of approx.15 % to € 50.6 million (€ 44.1 million). The successful implementation of our expansion strategy was achieved by offering innovative, competitive products and services coupled with improvements to our sales and service organization. These two factors together contribute to enhanced customer benefits, which were reflected in a larger volume of orders. Sales amounted to € 46.0 million (47,1) and were therefore 2 % below the level of the previous year due to the timing of order completion. Our 4 th year of independence also closed with a positive result. Business trends varied greatly in the individual regions. Strong impetus for expansion once again reached us from Asia , and in particular from China . The markets in Eastern Europe and Russia have continued to develop dynamically. During the past year, business in the USA resumed its growth curve. In Western Europe and especially here in Germany , the general restraint in investment is noticeable . As a general rule, the pharmaceutical industry has been extremely cautious with its investments. The sectors of chemical s, the starch industry and environmental technology have stepped up their investment in plants and equipment for solids-liquid separation. Spending for maintenance and services continued to increase as a result of higher plant capacity utilization. In light of the solid intake of orders during the first quarter of 2005 and the number of projects for which a decision is pending, we are viewing the trend for the year 2005 with cautious optimism. Main areas of concern are prices of raw materials and the further course of the euro exchange rate. We would like to thank our shareholders and customers for their loyalty to the company and express our gratitude to our employees, whose dedication and motivation have helped to make 2004 into a successful year. | 
