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     Key Figures of the Andritz Group 2000-2003       
     Company Profile       
     Letter from the Managing Board       
     Andritz in 2003       
     Strategy       
     Andritz Share       
     Corporate Governance       
     Status Report       
    
     General Economic Conditions  
    
     Business Development  
    
 
       Increase in Sales
 
    
 
       Order Intake reaches record level
 
    
 
       Improvement of Earnings
 
    
 
       Net Worth Position and Capital Structure
 
    
 
       Effects from changes in exchange rates
 
    
     Research and Development  
    
     Outlook  
     Company Risks       
     Business Areas       
     Andritz Automation       
     Quality       
     Employees       
     Environmental Protection       
     Manufacturing       
     Business Process Management       
     Consolidated Financial Statements 2003       
     Report of the Supervisory Board       
     Addresses of the Andritz Group       
     Technical Glossary       




Effects from changes in exchange rates

Overall, the increase of the average Euro/US dollar exchange rate (+19.8% in 2003 compared to 2002) reduced Sales of the Group by approx. 48 MEUR, Order Intake by approx. 45 MEUR, and EBITDA by approx. 1.3 MEUR due to translation.

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