Consolidated Balance Sheet as of December 31, 2003 and 2003

			2003	2002
	Notes		(in TEUR)	(in TEUR)
Assets
Intangible assets			4,921	5,651
Goodwill			122,785	133,687
Property, plant and equipment			127,165	120,679
Shares in associated companies			3,022	3,384
Investments			2,340	11,748
Fixed and financial assets	1.		260,233	275,149
Deferred tax assets	18.		18,876	17,696
Inventories	2.		107,714	113,206
Advance payments made	3.		17,334	3,225
Trade accounts receivable	4.		216,702	188,244
Cost and earnings of projects under
construction in excess of billings	5.		107,738	61,411
Other receivables	6.		60,510	39,993
Prepayments and deferred charges			4,224	3,411
Marketable securities			52,705	19,401
Cash and cash equivalents			120,876	188,129
Current assets			687,803	617,020
Total assets			966,912	909,865
Shareholders' equity and liabilities
Share capital			94,510	94,510
Capital reserves			45,966	45,966
Retained earnings			92,008	82,461
Shareholders' equity			232,484	222,937
Minority interests			6,616	6,238
Bonds			100,000	100,000
Bank loans - non current			4,486	610
Provisions - non current	9.		72,969	64,152
Obligation under finance leases - non current			919	0
Non-current liabilities	11.		178,374	164,762
Liabilities for deferred taxes	18.		50,546	45,803
Bank loans - current			11,104	4,292
Obligations under finance leases - current			484	0
Bills of exchange			1,550	0
Trade accounts payable			104,580	84,129
Billings in excess of cost and earnings
of projects under construction	5.		107,399	113,493
Advance payments received			30,765	30,931
Provisions - current	9.		77,459	80,419
Liabilities for current taxes			16,670	8,298
Other current liabilities	12.		148,881	148,563
Current liabilities			498,892	470,125
Total Shareholders' equity and liabilities			966,912	909,865

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The following notes to the consolidated financial statements form an integral part of this consolidated balance sheet.