Annual Report (PDF) - Feintool

Contents
2 Profile
3 Key Figures
4 A Good Financial Year with Targets Achieved
6 Clear Focus on the Future
8 Fineblanking/Forming Segment
12 Assembly/Automation Segment
16 Plastic/Metal Components Segment
20 Corporate Governance, the Feintool Share
23 Financial Report of the Feintool Group
39 Financial Report of Feintool International Holding
48 Addresses
1

Feintool system-building
Feintool manufacturing
2
Profile
Feintool – a good investment.
Manufacturing components
Fineblanking/forming
production systems
Assembling the units
Assembly/
automation systems
Fineblanked/formed parts Plastic/metal
sub-assemblies
1
2
3
Technologies for producing ready-to-install components and
subassemblies in high unit volumes – probably the best way
of describing the future-driven, global activities of the Feintool Group.
This definition also encapsulates our integrated disciplines, both
as a leading engineering provider and system builder and as a
high-quality producer of parts and components.
The Group’s stated goal is to strengthen its leading position and expand
the range of services that it offers in order to achieved a marketleading
position in all three segments: Fineblanking/Forming 1,
Assembly/Automation 2 and Plastic/Metal Components 3.
Extension of the value chain, as well as a broad base in various growth
sectors ensures that the Feintool Group is not only able to focus its
activities consistently on the needs of its customers but also means its
risks are lower in the event of economic fluctuations.
In developing and manufacturing its systems and assemblies, the
Feintool Group continues to exploit its central European engineering
expertise with a global sales organization. On the other hand, it operates
its own plants for the local manufacture of parts and components in
Switzerland, Germany, the US and Japan. This is designed to meet the
current and future needs of our leading, globally active clients.
1,635 committed employees at the 28 companies in the Feintool
Group, right across three continents, ensure customer satisfaction
through proximity to our clients and quality standards that conform
to QS 9000/VDA 6.1.

Feintool Group 1999/00 1998/99 1997/98 1996/97 1995/96
Net group sales CHF m 427.7 299.8 247.3 221.3 165.0
Change from previous year % +42.7 +21.2 +11.8 +34.1 –4.3
Fineblanking/Forming CHF m 283.7 247.7 218.7 194.9 165.0
Assembly/Automation CHF m 81.1 28.6 28.6 26.4 n.a.
Plastic/Metal Components CHF m 62.9 23.5 n.a. n.a. n.a.
EBITDA CHF m 53.5 35.8 29.2 26.3 16.1
Change from previous year % +49.4 +22.6 +11.0 +63.4 –6.0
As percent of sales % 12.5 12.0 11.8 11.9 9.8
Operating profit CHF m 32.7 21.9 19.9 18.2 9.6
Change from previous year % +49.4 +10.1 +9.1 +90.8 –6.4
As percent of sales % 7.7 7.3 8.0 8.2 5.8
Net profit (incl. minority interests) CHF m 24.7 18.2 14.2 11.1 5.4
Change from previous year % +34.5 +29.8 +27.3 +106.2 +15.8
As percent of sales % 5.8 6.1 5.7 5.0 3.3
Investments CHF m 28.0 22.5 13.1 11.1 5.0
Total assets CHF m 396.3 279.7 208.2 179.1 144.5
Equity capital CHF m 150.7 126.9 103.2 55.6 47.5
Equity ratio % 38.0 45.4 49.6 31.1 32.9
Number of employees 30.9. 1635 1324 922 840 810
Feintool International Holding
Dividend per share CHF 12.– 1 8.50 5.50 5.– 3.–
Total dividends paid CHF m 6.6 1 4.7 3.0 1.6 1.0
Payout ratio % 26.9 25.7 21.4 20.1 21.8
Market capitalization (at 30.9) CHF m 394.6 220.3 148.5 n.a. n.a.
Earnings per share 2 CHF 44.62 33.05 25.71 14.51 8.02
Equity capital per share 2 CHF 273.01 230.35 187.61 101.18 86.31
P/E ratio (as at 30.9) 16.0 12.1 10.5 n.a. n.a.
1 As proposed by the Board of Directors
2 Based on 551.918 shares for the 1998/99 financial year, for 550.729 for 1998/99, and 550.000 shares for the previous years.
550
500
450
400
350
300
250
200
150
100
50
Net sales
CHF m
95/96
96/97
97/98
98/99
99/00
55
50
45
40
35
30
25
20
15
10
5
EBITDA
CHF m
95/96
96/97
97/98
98/99
99/00
Key Figures
55
50
45
40
35
30
25
20
15
10
5
Operating profit
CHF m
95/96
96/97
97/98
98/99
99/00
55
50
45
40
35
30
25
20
15
10
5
Net profit
CHF m
95/96
96/97
97/98
98/99
99/00
Sales by region
� North America 32% (39%)
� Europe 60% (51%)
� Asia and Rest of World
8% (10%)
3

4
Dear Shareholder
A Good Financial Year with Targets Achieved
It gives us great pleasure to be able to report on a good financial
year 1999/2000. In our core business, we continued to boost
an already strong position and indeed managed to exceed the jump
in sales that had been expected in connection with our new,
strategic acquisitions. Operating profit improved proportionately
to sales, and net profit was higher again too.
Fritz F. Boesch
Chairman of the Board of Directors
Dr Beat E. Lüthi
Chief Executive Officer
Integration of IMA Automation GmbH
and mhk Montagekomponenten Vertriebs-
GmbH, and more recently the Afag Group,
provided a critical boost to the Group’s position
in the field of Assembly/Automation.
Dynamism and success were the key
ingredients of financial year 1999/2000
Sales of the Feintool Group increased by
42.7% in comparison with the previous year
to CHF 427.7 million. About 20% of the
CHF 127.9 million increase in sales was
due to organic growth and about 80% to
acquisitions. The operating result rose by
49.4% to CHF 32.7 million and net profit
improved by 34,5% to CHF 24.7 million.
This means that the ambitious forecasts
made at the beginning of the financial year
were exceeded.
Our traditional Fineblanking/Forming segment
achieved its targets. European companies,
both in the technology sector and in
the Feintool press business, as well as
in components manufacturing, reported very
pleasing growth that more than compensated
for lower-than-expected business in the USA
and Japan. In addition, Heinrich Schmid AG,
the independent market operator that
became part of the Feintool Group on
1 October 1999, achieved its targets under
the new regime.
In the Assembly/Automation segment, the
BalTec Group followed up its successes of
the previous year on the back of a new range
of riveting machines and an innovative
process control system. Sales in Switzerland
were strengthened by the acquisition of
Limatec AG of Grenchen. With the integration
of IMA Automation GmbH, a European technology
leader in assembly/automation, the
Feintool Group achieved a significant expansion
of its second pillar of activities with
effect from 1 January 2000. A successful
player in manufacturing components for
leading mobile phone producers, IMA –
based in Amberg, near Nuremberg – reported
a significant increase in volumes thanks to
major orders. There was also a positive contribution
from mhk Montagekomponenten
Vertriebs-Gmbh, which was integrated into
the Feintool Group with effect from 1 January
2000 and is a very successful distributor
of assembly components in central Europe.
The Plastic/Metal Components segment,
which includes Mühlemann AG, sharply
increased its output in the second half of the
year and met its targets for sales of complex
components for the automotive and electrical
engineering industries. To meet growing
demand from overseas markets as well,
Mühlemann began producing plastic and
metal components at the new Feintool plant
in Tennessee. Work also began on a new
plant in Biberst, which will add capacity.
The currency situation, with a strong dollar
and yen but a rather weak euro, did not have
a significant negative effect on the Group’s

Highlights
The following highlights of financial year 1999/2000
for the Feintool Group are particularly worth a mention:
� Production begins at Tennessee plant for Feintool
and Muhlemann
� Swiss distribution firm Limatec AG is integrated into
the BalTec Group
� Extension of traditional partnership agreement with
Schuler/SMG
� Development of a new generation of hydraulic presses
and market launch at the EURO-Blech Fair in Hanover
� Integration of IMA Automation GmbH and mhk
Montagekomponenten Vertriebs-GmbH with the Group
� Acquisition of Heinrich Schmid AG as independent,
second brand of presses
� Successful placing of a convertible issue
profits. Owing to the fact that we have production
plants in the EU, USA and Japan, and
that as a result income and expenses more
or less balance out in the main currencies,
the primary impact was on the translation of
profits of the subsidiary companies.
Expectations were met
With the purchase of top-class firms, the
successful realization of the acquisition
strategy announced at the time of the IPO
was welcomed positively by the financial
markets. The price of the Feintool share rose
continuously, significantly outperforming both
the SPI and SMI (see page 21). There was a
further widening of the shareholder base, and
given the healthy backdrop, a convertible
issue was also placed on attractive terms.
The Board of Directors is to recommend to
the Annual General Meeting of Feintool
International Holding that a dividend of
CHF 12.– be paid for each registered share.
Outlook
On the assumption that developments in the
global economy remain relatively stable, and
given the targeted expansion of our core
skills in the three segments, we are optimistic
about the next financial year, 2000–01.
The acquisition of the Afag Group with effect
from 1 January 2001 will enable a further
extension of our market position in the
Assembly/Automation segment. Given our
broad position in various growth sectors, new
products and a very full order book, we
expect sales to increase to between CHF 490
and 510 million. One of our priorities will be
the integration of all companies into a single
group culture.
Changes to the Board of Directors
Mr. Charles Zumwald announced that, for
reasons of age, he would be stepping down
from the Board of Directors of Feintool
International Holding with effect from the
2001 Annual General Meeting. Mr. Zumwald
had become a Director in 1986. Thanks
to his profound knowledge of the company
and of the financial field, he contributed
substantially to the Group’s success. The
Board would like to thank him for his
valuable work and wishes him all the best for
his future.
The terms of office of Ms. Monika Löffel-
Boesch and Messrs. Georg Krneta and
Alexander von Witzleben will end on the date
of the 2001 Annual General Meeting. These
Directors will stand for re-election for a
further three-year term.
Renewal of our contract with our press partner,
Schuler/SMG: (from right to left) Wolfgang Feil,
Member of the Management Board of Schuler AG,
Dr Horst Dienstbach, Chairman of the Management
Board of Schuler AG, Dr Robert Schuler-Voith,
Chairman of the Supervisory Board of Schuler AG,
Fritz F. Boesch, Chairman of the Board of Directors
of Feintool International Holding, Dr Beat E. Lüthi,
CEO of Feintool Group.
Acknowledgements
On behalf of the Board of Directors and
Group Management, we would like to thank
our customers, business partners and suppliers
for their excellent cooperation, as well
as our employees for their commitment over
the past year. We would like to extend a very
special word of thanks to both our existing
and new shareholders for the confidence
they have placed in the Feintool Group over
the past financial year.
Fritz F. Boesch
Chairman of the Board
of Directors
Dr Beat E. Lüthi
Chief
Executive Officer
5

6
Strong growth
Clear Focus on the Future
potential for Feintool
The systematic implementation of our Group strategy is bearing fruit.
The focused expansion of our core skills in the two strategic business
areas of systems engineering and components manufacturing is firstly
resulting in synergies and increasing the benefits to our customers.
Secondly, the efficient processes resulting from our vertical structure,
organized along segment, business unit and regional lines, give us
a critical degree of efficiency and customer focus.
Extended value
added chain of the
Feintool Group.
Synergies between
the various areas are
actively axploited.
Feintool system building
Feintool manufacturing
Fineblanking/forming
production systems
Selected markets offer potential
for healthy basis
The Feintool Group is pursuing a focused,
successful strategy in sectors with a global
dimension and high growth potential such
as the automotive and telecommunications
industries. However, our clients are also
innovative players in other exacting fields
such as electronics, electrical engineering,
medical and optical engineering and the
leisure equipment industry.
Manufacturing components
Assembling units
Assembly/
automation systems
Fineblanked/formed parts Plastic/metal
sub-assemblies
Besides this broad base in future-driven
sectors, the global dimension also contributes
to a healthy degree of stability. Feintool
has strong positions in both Europe and
the USA. Added to this, it is building up its
position in Asia.
By meeting our customers’ demands in the
areas of engineering, development and
delivery times, as well as reliability and
quality, Feintool has established an excellent
market position. This is underpinned on a
daily basis by ideas and actions that put our
customers first. The process of combining
our different quality systems to form a groupwide,
uniform quality management system
is under way. E-business will also be brought
in as an additional aid to making our
technical communications simpler and more
efficient.
Technologies, core skills and synergies
for two-pronged strategy success
Feintool is both a system builder and a
components manufacturer. All the core skills
derived from mastering these comprehensive
processes help us establish our goals:
optimum solutions, both in technical and
financial terms, for manufacturing parts and
components in large volumes.
At the systems engineering level, Feintool
combines its core skills in engineering,
manufacturing and sales for fineblanking/
stamping/forming, as well as fastening
and riveting and the automated assembly
of components and units made from metal
and plastic.
At the manufacturing level, Feintool concentrates
at its own plants on its core skills
in high-volume manufacture of system
components from various different metals
in combination with plastics to form readyto-install
components and sub-assemblies.
Where additional skills are required,
the Group cooperates with selected, local
partners.

Asia America Europe
The Group Management Team (GMT)
Alfeo Brazzale (53)
BalTec Group
The accumulated know-how in the two business
areas therefore offers mutual benefits.
It contributes to the Feintool Group’s leading
position, and enables customers to benefit
from this.
Modern structures: segment,
business unit and regional teams
with clear responsibilities
The Feintool Group is managed on the basis
of agreed targets through clear structures.
The Group Management Team ensures the
systematic implementation of the Group’s
Group structure with segments, business units and regions, as from September 30, 2000
Feintool International Holding Feintool International Management
Fineblanking/Forming
Feintool Technologie
Lyss CH
Feintool R & D
Lyss CH
Feintool France
Paris F
Feintool UK
Reading GB
Feintool Italia
Torino I
Feintool Equipment
White Plains USA
Feintool Japan
Equipment, Atsugi J
Feintool/Swisstec
Beijing PRC
Karl Summers (43)
Region USA
Olaf Meik (47)
Mühlemann
Group
Feintool System Parts
Lyss CH
Feintool Teile &
Komponenten, Lyss CH
Promera
Ettlingen D
Promera
Jena D
Feintool
Cincinnati USA
Feintool New York
White Plains USA
Feintool Tennessee
Antioch USA
Feintool Japan
System Parts, Atsugi J
Heinz Loosli (45)
Feintool
System Parts
strategy, the exploitation of internal and
external synergies, a customer-led group
culture and a competent market presence.
The business unit organization ensures
the professional and global development of
business activities. Supporting regional
teams ensure local needs are met and
coordinate our regional market presence.
Continuous growth in all areas
Feintool is striving for balanced internal and
external growth in both strategic business
areas.
Schmid
Jona CH
Schmid
Jackson USA
Dr Beat E. Lüthi (38)
Chief Executive
Officer
Assembly/Automation Plastic/Metal
Components
BalTec
Pfäffikon CH
Limatec
Grenchen CH
BalTec
Machtolsheim D
BalTec
Reading UK
BalTec
Canonsburg USA
Paul Häring (43)
Chief Financial
Officer
Dr Siegmar Richard Surico (52) Hans Rudolf
Schlagau (45) Region USA Gubler (58)
Feintool
Research &
Presses and
Systems
Development
Our aims are clearly defined:
� Market leadership in technology and
engineering in all business areas
� Highest possible degree of customer
satisfaction through comprehensive range
of services
� Motivated staff through provision of
information and delegating responsibilities
� Optimum geographical expansion based
on Feintool’s proven, global platform
� Above-average profitability as a result.
IMA Automaten
Amberg D
mhk
Amberg D
Mühlemann
Biberist CH
Muhlemann
Antioch USA
7

8
Fineblanking/Forming Segment
At the cutting edge
The core Fineblanking/Forming segment once again met its targets
in the last financial year. Net sales rose by 14,5% in comparison
with the previous year to CHF 283.7 million. The CHF 35.9 million
growth in sales came from both the Presses & Systems business
as well as the System Parts business. The acquisition of Heinrich
Schmid AG of Jona, with effect from 1 October 1999, also resulted
in external growth and a further expansion of the market position
in the press and systems business.
Dr Siegmar Schlagau
Head of Feintool Presses & Systems
Business Unit
Heinz Loosli
Head of Feintool System Parts
Business Unit
Fineblanking/Forming Segment
Fineblanking/Forming is a successful
substitute for other manufacturing
processes
The good economic situation around the
world led to an increased propensity to invest
in new and additional production capacity.
Mergers and partnerships in the important
customer industries for parts and components
led to further concentration in manufacturing,
which in turn generated higher
volumes. Production volumes of this scale
require reliable, low-cost manufacturing
processes. All these aspects continued to
exert a positive impact on Feintool’s success
as a total technology supplier for fineblanking
and forming in the past financial year.
Presses and Systems Business Unit
(presses/tools/services/R & D)
1999/00 1998/99 1997/98 1996/97 1995/96
Sales CHF m 283.7 247.7 218.7 194.9 165.0
Change from previous year % +14.5 +13.3 +12.2 +18.1 –3.4
EBIT CHF m 22.3* 17.6 15.1 13.1 9.6
Change from previous year % +27.0 +16.7 +14.9 +38.1 –6.4
A percent of sales % 7.9 7.1 6.9 6.7 5.8
Total assets CHF m 242.9 213.3 190.2 162.9 149.5
Change from previous year % +13.9 +12.1 +16.8 +12.7 –1.4
* New structure until 1.10.1999: without Corporate Center.
A positive backdrop brought Feintool the
successes it had targeted in the press business,
particularly in Europe, and increased
sales of systems in high-power areas.
Capacity utilization was also reported to be
very good in the exacting tools manufacturing
area, where innovative concepts produced
reliable, output-boosting solutions that
satisfied our customers’ needs. The services
area, with technology consulting activities
and customer training, met with strong
customer demand. Thanks to the large
volume of systems in the market, there was
increasing demand from customer services
for preventative maintenance and after-sale
provision of new control systems, besides
new installations. Improvements in service
and quality were also achieved through
targeted investment in the replacement of
the equipment pool in tools engineering.
Highlights
� Development of a new generation of hydraulic presses
� Extension of partnership with the key press builder
Schuler/SMG
� Commissioning of new production systems at tools
engineering facility in Lyss
Given the continuing propensity to invest
in the market, Feintool hopes its launch of a
new generation of hydraulic fineblanking
presses with greater output but lower production
costs will create a further incentive
for the replacement of older systems and a
Sales by region
� Europe 51% (43%)
� North America 38% (47%)
� Asia 11% (10%)

ising order intake. The adoption of a vertical
structure for our sales team, and a simultaneous
increase in regional consulting skills,
should improve our efficiency and customer
focus.
System Parts Business Unit
(manufacturing of parts and components)
The parts business, with operates around the
globe, benefited from a very healthy overall
sales trend in the automotive industry.
In Europe in particular, results improved substantially
in relation to the previous year in
terms of both quantity and quality. While
activities in North America were dominated
by the construction of the new plant in
Tennessee, parts and components manufacturing
suffered in Japan in the wake of the
Asia crisis. Investments were undertaken
within the context of a clear strategy aimed
at further improving quality and results
in line with market requirements. Further
automation was carried out and processes
were simplified.
Highlights
� Creation of a sales team specializing in the needs of
precisely defined client groups
� Launch of innovative machine tools solutions
� Commissioning of new plant in Tennessee, USA
Under the umbrella of Feintool International
Holding, the parts and components manufacturing
unit is in a unique position in the
growth market of fineblanking and forming.
Our customers benefit from the fact that they
Presses/
systems
tooling
Applications
R&D
Marketing
Parts/
components
Feintool’s customers benefit from the comprehensive
know-how of a total technology supplier, putting them
one step ahead of their rivals at all times
can procure exacting system components
from the location most convenient to them.
Our response to the global sourcing that
takes place among our key clients is therefore
to one of global supply.
Schmid, second brand of products
in presses
(fineblanking and orbital forming presses)
The twin-brand strategy operated under the
Feintool Group umbrella has proven itself in
the first financial year following the acquisition.
Regardless of the new situation, Schmid
continued the successes of previous years
in the fineblanking press sector as a whole of
2,500–10,000 kN. Through continuing new
developments of the ECO range of presses,
which has had a favorable response in the
market, there was a worldwide increase in
interest.
In orbital forming press construction, largescale
presses in particular showed a revival.
Leading manufacturers of steering systems
for cars are testing new technologies and are
showing increasing interest in the orbital
forming process.
Outlook
Feintool’s excellent position in demanding
growth markets such as the automotive
industry points to continued growth in the
traditional business area. Close cooperation,
even at the development stage of new
systems and vehicles, as well as the continuous
search for new applications, mean that
the number of fineblanking and forming
components per car is rising continuously.
The launch of a new generation of presses,
in combination with innovative tool systems,
is enabling cost cuts to be achieved in the
production of complex multi-functional
components with a higher element of
fineblanking. Owing to delivery times, however,
they will not generate additional growth
until financial year 2001–02.
Conmpanies in the Presses & Systems Business Unit
Feintool Technologie AG Lyss
Feintool Research & Development AG, Lyss
Feintool Equipment Corp., White Plains
Feintool Japan Co. Ltd., Atsugi
Feintool U.K., Reading
Feintool France S.a.r.l., Paris
Feintool Italia S.r.l., Torino
SWISSTEC, Beijing
(Besides Feintool and BalTec, SWISSTEC represents
well-known firms such as Bihler, Bruderer, Dama, Hatebur,
Hämmerle, Kardex, Mikron Agno, Osterwalder and
Weinberger)
Companies in the System Parts Business Unit
Feintool System Parts AG, Lyss
Feintool Teile & Komponenten AG Lyss
Promera Ettlingen Feinschneidtechnik GmbH, Ettlingen
Promera Jena Feinschneid- und
Umformtechnik GmbH, Jena
Feintool Cincinnati, Inc., Cincinnati
Feintool New York, Inc., White Plains
Feintool Tennessee, Inc., Nashville
Feintool Japan Co. Ltd., Atsugi
Schmid companies
Heinrich Schmid Maschinenbau AG, Jona
Schmid Corporation of America, Jackson
The new generation of presses – Feintool HFA plus with
greater power and number of strokes, shorter tooling-up
times and lower energy consumption - helps our
customers to produce components at a lower cost.
9

10
BMW makes motorbikes
that are great to ride –
Feintool makes great brakes
BMW has a tradition of making motorbikes
that are fun to ride both in the city and in the
country, for weekend trips as well as riding
to work. Easy, powerful acceleration is
accessible to the rider. Feintool works in the
background to make braking safe.
Each press stroke performed by the
Feintool HFA 10 000 produces a brake
disc – at the rate of 30 a minute.
Feintool’s highly accurate fineblanking tool
guarantees the quality demanded by the automotive
industry for series production.

Brake discs have to absorb and control
energy without showing signs of wear or
overheating. They must be free of
wind noise and not be susceptible to rain.
Feintool manages to create the right
balance between all these requirements.
Original disc, 275 mm in diameter and
5 mm thick.
BMW motorbikes impress riders with
their modern design and state-of-the-art
technology. This R1150 GS is fitted with
Feintool brake discs.
11

12
Assembly/Automation Segment
New core competency:
added strength
The BalTec Group has exceeded its commercial targets for the year.
With basic growth of 25%, the BalTec radial rivet specialists built on the
success of the year before last. It expanded its core competencies with
the integration of IMA Automation GmbH and mhk Montagekomponenten
Vertriebs-GmbH, as a result of which sales leapt to CHF 81.1 million.
This makes the newly created segment an important component of the
Feintool Group with excellent potential for growth.
Alfeo Brazzale
Managing Director of the BalTec Group
Sigmund Kumeth
IMA/mhk Supervisory Board
Strong «second cornerstone»
is taking shape
The Feintool Group made significant progress
during the last financial year towards its
goal of becoming a leader in the assembly/
automation segments of the engineering and
plant construction industry. The BalTec Group
has always had a leading position in the
world fastenings market thanks to its comprehensive
range of radial riveting machinery.
Now, with the arrival of IMA Automation
GmbH and mhk Montagekomponenten
Vertriebs-GmbH, the segment can count on
Assembly/Automation Segment
being a European market leader in the field
of high-performance automation equipment
and modules. IMA was selected mainly
because of its excellent reputation as a
reliable supplier of equipment in the electronics
and telecommunications industry.
mhk Montagekomponenten Vertriebs-GmbH
is well positioned as a consultant and
supplier of modules and assembly components
for the automation sector.
Assembly Business Unit
1999/00 1998/99 1997/98 1996/97
Sales CHF m 81.1 28.6 28.6 26.4
Change from previous year % +184.2 -0.1 +8.5 n.a.
EBIT CHF m 10.1 2.7 4.8 4.7
Change from previous year % +273.1 -44.0 +2.0 n.a.
as percent of sales % 12.4 9.5 16.9 18.01
Total assets CHF m 70.3 19.8 18.0 16.2
Change from previous year % +255.5 +10.1 +10.6 n.a.
(radial riveting machines and related assembly technology)
The BalTec Group beat its tough sales target.
An excellent performance by riveting systems
was a major factor, along with a move into
other mechanical assembly technologies
such as presses, joints and screws and the
supply of customer-specific system solutions.
The new BalTec subsidiary in Germany more
than doubled its sales. Limatec AG, Grenchen,
which was formerly an agent, became part of
the BalTec Group on 1 April 2000, enabling
the group to sell directly to the Swiss
market and supply Swiss industry with the
best solutions to its assembly technology
problems.
Highlights
� Integration of Limatec AG, Grenchen for direct
distribution in Switzerland
� Presentation of a patented multi-riveting system process
monitoring solution at the Südblech 2000 trade fair
� Presentation of an automatic process CNC rotary attachment
riveting system at the Motek 2000 trade fair
Sales by region
� Europe (excluding UK) 75% (48%)
� North America 24% (50%)
� Asien/rest of the world 1% (2%)

The company plans to retain its technological
lead by innovating and developing its range
of assembly technology products and by
offering more customer-specific system
solutions throughout the world and in major
markets to meet customer needs. It will focus
on developing its activities in Germany and
France. This Business Unit will experience
substantial growth driven by the broad range
of applications for mechanical fastenings in
the automotive, electrical/electronic, telecommunications,
installation engineering and
domestic appliance industries.
Automation Business Unit
(equipment and modules for assembly automation)
IMA Automation can point to strong sales
growth. Companies depend on the best
automated assembly solutions to remain
competitive as product life cycles shorten.
A number of regular customers ordered large
series of complex, solution-specific equipment
last year. Tight deadlines were met
thanks to the use of patented, standardised
clictec ® modules. Repeat orders had a
positive impact on this Business Unit’s profit
margin.
mhk’s market position strengthened
mhk Montagekomponenten Vertriebs-GmbH
can also look back on a successful year.
mhk provides consultancy services for the
automation industry and has acquired a
reputation as a reliable distribution partner
for automation modules and assembly
components.
With industry investing heavily in automated
assembly in all electronics-related areas,
IMA can look forward to strong sales growth.
Highlights
� First delivery of equipment to China
� Development of a high-speed rotor with clictec ®
for high-speed operations
� Successful introduction of clictec ® technology for
mobile phone assembly
Expansion of the manufacturing facility will
increase both capacity and productivity.
Prospects
Both BalTec and IMA should see sales rise in
the coming financial year on the basis of a
healthy order book and customer demand for
investment in automatic production plants.
The takeover of the Afag Group on 1 January
2001 will make Feintool one of the largest
suppliers of automation equipment in the
assembly/automation segment. Afag’s
assembly equipment and system modules
for assembly and automation are an ideal
complement to the IMA/mhk product range.
Significant synergies will be available with
the other Feintool companies on the global
Feintool platform, and this will have an
extremely positive impact on the Feintool
Group’s potential for growth and earning
power. Sales forecasts for the 2000–01
financial year, taking account of the
integration of the Afag Group on 1 January
2001, have been set at around 150 million
Swiss francs.
Companies in the BalTec Group
BalTec Holding Ltd., Pfäffikon
BalTec Maschinenbau Ltd., Pfäffikon
Limatec Automation AG, Grenchen
BalTec (Deutschland) GmbH, Machtolsheim
BalTec Limited, Reading
BalTec Corporation, Canonsburg
Companies in IMA Automation
IMA Automation GmbH, Amberg
mhk Montagekomponenten Vertriebs-GmbH, Amberg
High-volume BalTec RNC 231 CNCcontrolled
radial riveting machine.
Each riveting operation is carried out
in isolation and is monitored and
documented by the process controller.
IMA’s revolving and longitudinal transfer
machines have for years been both the
standard and the trailblazer for rational
mass production of miniaturized, small
and large parts and subassemblies.
13

14
A mobile phone is made up of a large number
of small and miniaturized parts. These
parts are put together in a number of stages
to form components, subassemblies and
systems, and are then assembled to form the
final product. The assembly process is
automatic, reliable and rapid – and therefore
cost-effective. Suppliers and product
manufacturers alike rely on IMA Automation’s
engineering skills and equipment.

IMA’s high-performance assembly plant starts
with patented spiral and linear conveyors
to deliver the individual components to exactly
the right place in the revolving and longitudinal
transfer assembly machines. These work
efficiently thanks to the patented clictec ®
handling units, which can be switched over
with a single «click». Screw-joining, riveting
and edging is performed at high speeds.
The machine is just as fast in pressing,
soldering, welding, printing, testing and measuring
the products, which it then sorts into
batches and transfers to pallets. Process data
documentation is generated automatically.
High-performance mobile
phones at a low price –
thanks to IMA Automation
Modern telecommunication devices are
becoming smaller and handier all the time,
and the product life cycle is shrinking.
Demands are rising as prices drop.
Reliable, cost-effective automated assembly
has a decisive role to play, and this is
where IMA Automation comes in.
Ten times
actual size
Actual size
15

16
Plastic/Metal Components Segment
Market expansion and
upgrading of capacity
The Mühlemann Group reached its sales growth target of CHF 62.9 million.
Further improvements to processes enabled it to meet its
operating profit target as well. Production started in Antioch, Tennessee
and work has begun on extending capacity at the Biberist plant.
Olaf Meik
Managing Director of Mühlemann Group
Sales by region
� Europe 94%
� North America 5%
� Asia/rest of the world 1%
Steady growth from a strong base
Mühlemann succeeded in achieving its
expected sales growth last year thanks to its
solid reputation and its traditional customer
base in expanding sectors. The commitment
of its staff and the high degree of automation
in production enabled it to improve on its
operating result for the first time.
Its core competencies of stamping and
moulding technology, stamping/moulding tool
Plastic/Metal Components Segment
from 1 May 1999 1999/00 1998/99 (5 months)
Sales CHF m 62.9 23.5
Change from previous year % n.a. n.a.
EBIT CHF m 4.7 1.6
Change from previous year % n.a. n.a.
as percent of sales % 7.5 6.9
Total assets CHF m 56.7 46.6
Change from previous year % +21.8 n.a.
manufacture, injection moulding technology
and assembly technology together with
efficient logistics have made Mühlemann the
leading supplier of precision plastic/metal
components. The company is highly regarded
not only by its customers but as an employer
in the Solothurn region.
In the year under review, Mühlemann was
able to meet growing demand and customer
requirements for support in component
development and production facilities in
North America. Investment was thus targeted
at modernising the manufacturing plant in
Biberist, at boosting production capacities in
the Antioch, Tennessee plant and at creating
a new Engineering unit.
Using the Feintool platform
Mühlemann’s skills in the production of
plastic/metal components will be incorporated
and steadily developed within the global
Feintool platform – as in Tennessee –
in line with Feintool’s overall strategy of
expanding its parts and components range
and concentrating on high-volume production
orders with a high element of added value.

Highlights
� Award of QS 9000 and VDA 6.1 certificates
� Start of production in the Feintool plant at Antioch,
Tennessee
� Land purchased and work begun on expanding
the Biberist production facilities
� Setting up of the Engineering unit in Biberist
Outlook
A healthy order book and the start of work on
new products form a solid basis for further
growth in sales and earnings in the 2000–01
financial year. The expansion of the Biberist
site will create the conditions for optimal
materials flow and help the Mühlemann
Group speed up its progress towards becoming
a skills and technology centre.
Production at the US site will be stepped up
and it will eventually have its own marketing
and sales organisation. Processes and
the order structure will be optimised with
a view to improving earning power.
Companies in the Mühlemann group
Mühlemann Holding AG, Biberist
Mühlemann AG, Biberist
Muhlemann US Operations, Inc., Antioch
A high-volume assembly machine
assembles a spring switch for
Bosch Scintilla from a current
conductor, a brush holder, a
retaining plate and a contact
plate. Apart from the carbon
brush, all the parts in this picture
are made by Mühlemann AG.
Breaking the ground for Mühlemann’s
new extension in Biberist: from left
to right Dr Beat E. Lüthi, Fritz F. Boesch,
Heinz Lehmann, the mayor of Biberist,
and Olaf Meik.
Muhlemann US Operations, Inc., has
got off to a good start in manufacturing
plastic/metal components at
the new Feintool plant in Tennessee.
17

18
The prefabricated current conductors
made in our in-house pressroom
are inserted into our own injection mould
and extrusion-coated with plastic in
an injection moulding machine.
The components then undergo thorough
testing before being delivered for use
in the PAS subassembly.

Motorists and their passengers
rely on a high degree of safety –
and airbag manufacturers rely on
high-precision Mühlemann parts
Side-on collision is the second most common
type of car crash after head-on collision.
Side airbags gently cushion drivers and passengers,
protecting them against injury. For the airbag
to have enough time to act, the system has less than
five milliseconds to decide whether the impact is
severe enough to warrant releasing the airbag.
Mühlemann’s multi-functional part has an important
role in this process.
The sensor housing contains current
conductors and bushings that have been
extrusion-coated with thermoplastic
plastic. The unit is an important element
of Bosch’s PAS control system.
Volvo is synonymous with safety in the car
industry. It uses the Bosch system to control
the side airbags.
19

20
Corporate Governance, the Feintool Share
The Feintool share –
a good investment
Step by step, the company has achieved the aims for strategic
growth that it announced at the time of flotation, and has issued regular
statements on the implementation of its targeted growth strategy.
This has increased confidence in the management and raised the
company’s profile, contributing to a positive share price performance.
The company is now well known to a broader public and institutional
investors, thanks in no small part to the wide-ranging reports drawn up
by analysts and banks and to its own activities in the area of investor
relations. The successful placing of a convertible bond was the first
capital market transaction undertaken by Feintool International Holding
since flotation.
Paul Häring
Chief Financial Officer
Share price performance
The share price has performed well. It started
the financial year at CHF 400.–, rising to
CHF 650.– following the takeover of Heinrich
Schmid AG and the integration of IMA Automation
GmbH and mhk Vertriebs-GmbH at
the beginning of 2000. It went up again after
publication of the half-yearly results to reach
a peak of CHF 760.–. It was pulled below
CHF 700.– for a while by a generalized decline
in small caps, but rose above CHF 700.–
following publication of the third-quarter
sales figures and stood at CHF 715.– at the
end of the financial year.
The performance of the share price reflects
the expansion of the core competencies
and the Feintool Group’s rising level of
activity in important growth sectors, as well
as its success in meeting its ambitious
targets for the 1999/2000 financial year.
The shares
There are no ownership restrictions on
Feintool International Holding’s unitary
shares. A majority of the 551,918 registered
shares are publicly owned and widely distributed
across around 2,333 shareholders.
The free float currently stands at 63,2%.
The biggest single shareholder is the firm’s
founder, Board Chairman Fritz F. Boesch,
with 141,821 shares or 25.7% of the total
at the end of the financial year. The management
and staff have 61,197 shares, i.e.
11.1% of the share capital.
Mr. Boesch has stated that he is willing to
sell part of his holding in the course of the
financial year in order to meet demand from
institutional investors for larger positions.
At the same time, Mr. Boesch has agreed to
provide long-term financing to allow senior
group executives to purchase shares with a
view to extending management participation.
Successful issue of the first
convertible bond
Feintool International Holding successfully
placed its first convertible bond in February
at attractive conditions. Existing shareholders
were keen to make use of their priority
subscription rights. The term is five years,
with the issuer having an early right of call
after three years. The CHF 62.5 million raised
by the bond will be used to refinance past
acquisitions and to support the future growth
of the Feintool Group.
Auditors
BDO International AG, Zurich
Organizational structure
See chart on page 7 showing the position
as at 30 September 2000.

Shareholder structure (30.9.00)
Number of shares Number of shareholders
1 to 10 830
11 to 50 1,134
51 to 100 259
101 to 500 143
501 to 1,000 28
1001 to 5,000 27
5001 to 10,000 6
over 10,000 6
Key share data 30.9.00
Shares (nominal value CHF 50.–) 551,918
Nominal share capital CHF m. 27.6
Ebit per share CHF 59.29
Net profit per share CHF 44.62
Equity capital per share CHF 273.01
Dividend per share* CHF 12.–
Payout ratio* % 26.9
*As proposed by the Board of Directors
Stock market trading
Feintool shares are traded on the Swiss
Exchange under Swiss sec. no. 932009.
Telekurs FTON
Reuters FTONn.S
Investor relations
Following its flotation, Feintool established
a highly-motivated and committed investor
relations team at the service of analysts,
investors and journalists.
They can be contacted as follows:
� Telephone hotline +41 32 387 55 99
� Fax +41 32 387 57 81
� E-mail feintool-fim@feintool.ch
� Internet www.feintool.com
Many analysts and investors have visited
the company’s Lyss headquarters to obtain
information. Roadshows have been organized
at home and abroad to introduce the
Feintool Group to new potential investors.
The Board of Directors of Feintool International Holding: from left to right Alexander von Witzleben (elected until 00),
Michael H. Funk (02), Vice-Chairman, Dr Beat E. Lüthi (02), Delegate, Fritz F. Boesch (02), Chairman, Monika Löffel-
Boesch (00), Dr Georg Krneta (00), Charles Zumwald (02), Kurt Mühlemann (02)
The results of our efforts have been favourable.
This is acknowledged, for example, by
the business magazines «Finanz und Wirtschaft»,
which listed Feintool’s homepage
in the top ten, and Bilanz, which put our
annual report among the top fifty for Swiss
quoted companies. These achievements show
us that we are on the right track.
Share price performance
17 August 1998 to 30 September 2000
750
700
650
600
550
500
450
400
350
300
250
If you would like more information, please
contact:
� Dr Beat Lüthi, Chief Executive Officer
� Paul Häring, Chief Financial Officer
� Sandra Dick, Shareholders and Analysts
� Urs Feitknecht, Media
Important dates
� Annual general meeting:
23 January 2001, 5 p.m.
� First-half results: May 2001
200
A S O N D J F M A M J J A S O N D J F M A M J J A S
1998 1999 2000
–– Feintool –– Swiss Performance-Price Index –– Swissindex Machinery-Price Index
Source: datastream
21

Financial Report of the Feintool Group
24 Consolidated Balance Sheet
25 Consolidated Income Statement
26 Consolidated Statement of Cash Flows
27 Notes to the Consolidated Financial Statements
38 Auditor’s Report on Consolidated Financial
Statements

24
Consolidated Balance Sheet
CHF 1,000 Notes Part B 30.9.00 % 30.9.99 %
Assets
Current assets
Cash and cash equivalents 1 13,359 12,233
Accounts and notes receivable, trade 2 100,157 69,309
Other receivables 3 18,899 8,943
Inventories 4 59,984 34,334
Accrued income and prepaid expenses 5,638 8,527
Total current assets 198,037 50.0 133,346 47.7
Long-term assets
Property, plant, equipment 5 161,681 138,925
Intangible assets 6 35,286 6,861
Financial assets 7 1,327 541
Total long-term assets 198,294 50.0 146,327 52,3
Total assets 396,331 100.0 279,673 100.0
Liabilities and Shareholders’ Equity
Liabilities
Accounts and notes payable, trade 37,329 35,634
Short-term liabilities 8 66,189 42,519
Accrued expenses 23,121 13,765
Total current liabilities 126,639 32.0 91,918 32.9
Long-term liabilities 9 93,554 41,516
Provisions 10 24,157 18,122
Total long-term liabilities 117,711 29.7 59,638 21.3
Total liabilities 244,350 61.7 151,556 54.2
Minority interests 1,300 0.3 1,256 0.4
Shareholders’ equity
Share capital 11 27,596 27,536
Capital reserves 11 50,668 50,668
Retained earnings 11 61,184 39,873
Revaluations/reclassifications 11 11,233 8,784
Total shareholders’ equity 150,681 38.0 126,861 45.4
Total liabilities and shareholders’ equity 396,331 100.0 279,673 100.0

Consolidated Income Statement
CHF 1,000 Notes Part B 1999/00 % 1998/99 %
Sales revenue 435,858 306,532
Sales deductions 8,127 6,743
Net sales 18 427,731 100.0 299,789 100.0
Cost of goods sold 19 264,388 186,232
Gross profit 163,343 38.2 113,557 37.9
Employee compensation 65,866 45,969
Operating expenses 20 23,920 14,914
General and administrative expenses 21 23,822 20,165
Depreciation and amortization 22 20,795 13,933
Other expenses 23 3,090 923
Other income 24 –6,874 –4,256
Income from operations 32,724 7.7 21,909 7.3
Financial expenses 25 11,453 8,798
Financial income 26 –10,541 –10,325
Income before taxes 31,812 23,436 7.8
Taxes 27 7,095 5,056
Net income incl. minority interests 24,717 5.8 18,380 6.1
Minority interests 92 178
Net income 24,625 5.8 18,202 6.1
25

26
Consolidated Statement of Cash Flows
CHF 1,000 1999/00 1998/99
Cash flows from operating activities
Net income 24,625 18,202
Minority interests 92 178
Net income from associated companies 0 –37
Depreciation on fixed assets 18,087 13,791
Change in provisions 231 –2,258
Increase in deferred tax 1,038 295
Result from disposal of fixed assets 178 –272
Income from trade with treasury shares –3,375 –4,201
Amortization of goodwill 1,647 169
Depreciation on other intangible assets 455 0
Change in capitalized costs for research and development –1,529 74
Increase in net working capital –18,080 –10,693
Cash flows from operating activities 23,369 15,248
Cash flows from investment activities
Investments in fixed assets –27,951 –22,980
Investments in financial assets –786 0
Investments in intangible assets –6,854 –375
Disposal of fixed assets (incl. income) 3,564 2,620
Acquisition of subsidaries, net of cash acquired –38,188 –13,617
Cash flows from investment activities –70,215 –34,352
Operating cash flows -46,846 –19,104
Cash flows from financing activities
Change in short-term liabilities 1,616 7,322
Change in long-term liabilities 51,785 6,479
Dividends paid –4,682 –3,025
Trade with treasury shares 4,743 1,822
Increase in share capital 60 0
Cash flows from financing activities 53,522 12,598
Translation differences –5,550 155
Net change in cash and cash equivalents 1,126 –6,351
Liquidity position
Cash and cash equivalents at October 1 1999 12,233 18,584
Cash and cash equivalents at September 30 2000 13,359 12,233
Net change in cash and cash equivalents 1,126 –6,351

A. Consolidation and Valuation Principles
General
The consolidated financial statements for the 1999/00 financial year are based on the financial
statements of the group companies as of September 30, which were prepared in accordance
with uniform accounting policies. The financial statements of the group companies are
audited by independent auditors to ensure adherence to the uniform accounting policies.
The consolidated financial statements are prepared in accordance with the Swiss accounting
standard ARR (Accounting and Reporting Recommendations). The accounting principles of the
Listing Regulations of the Swiss Exchange have been observed.
Consolidation Principles
Notes to the Consolidated Financial Statements
The consolidated financial statements encompass the financial statements of all group
companies where Feintool International Holding directly or indirectly owns more than 50% of
the voting rights.
The capital consolidation is performed in accordance with the purchase method. Assets and
liabilities as well as income and expenses are fully included in the consolidated statements.
Minority interests in equity and income are disclosed separately. All intercompany accounts
and transactions as well as profit on intercompany activities have been eliminated.
When a newly acquired company is consolidated for the first time, its assets and liabilities are
valued in accordance with the purchase method. Any goodwill remaining after such a valuation
is stated under intangible assets and is depreciated on a straight-line basis over its useful life,
usually over a period of 15 years. Any negative goodwill remaining after the valuation is
stated as a provisional liability and is eliminated, usually over a period of five years, through
the income statement. As an exception from the aforementioned rule, any goodwill resulting
from the integration of minority interests in consolidated subsidiaries will be charged against
equity.
Investments between 20% and 50% are accounted for using the equity method. The change
in share of the equity is shown in the annual financial statements as income/losses from
equity investments and increase/decrease of the interests.
Equity investments in companies where Feintool’s participation is below 20% are capitalized
at the lower of cost or market value. Should the market value decrease below cost, then an
appropriate write-down or provision will be made. The companies included in the consolidation
are shown on page 37.
The consolidated statement of cash flows shows the details of changes in the position cash
and cash equivalents.
27

28
Notes to the Consolidated Financial Statements
Currency translations
The annual financial statements of foreign subsidiaries have been translated into Swiss francs
as follows:
Income statement at average rates 12 months, balance sheet at exchange rates valid at financial
year end.
Any resulting translation differences, including those from equity hedging transactions, are
recognized directly through equity. Currency gains/losses from currency translations of group
companies are recorded in the income statement.
Accounting policies
Current assets/current liabilities
Assets and liabilities with a maturity of 12 months or less are considered current assets/liabilities.
Cash and cash equivalents
This position contains cash and cash accounts as well as marketable securities. Marketable
securities are valued at market value at the balance sheet date. In accordance with the
Anglo-American treatment of treasury stock, shares of the holding company are deducted
from equity. Therefore, treasury stock is not included in cash and cash equivalents.
Accounts and notes receivable
Accounts and notes receivable contain receivables from ordinary business activities. Bad debt
provisions are based on a best estimate of contingent risk of loss.
Inventories, work in progress
Raw materials and purchased goods are valued at average cost or by the first-in, first-out
(FIFO) method. Manufactured goods are valued at production costs, including production
overhead, but in any case at the lower of cost or market. A valuation reserve is recorded for
inventories with a low turnover and overaged inventories are written off completely. Any profit
margins contained in inventories from intercompany activities are eliminated on consolidation.
We refer to the “Revenue recognition” principles for application of the percentage of completion
method (POC).
Tangible assets
Land and building were revalued as of September 30, 1995, based on assessments by external
experts. Resulting adjustments to the book values were made taking into consideration
deferred taxes. The valuation of other tangible assets is based on cost less accumulated
depreciation.
Straight-line depreciation is used over the estimated useful lives of tangible assets. The following
guidelines for useful lives apply:
Land: no depreciation
Buildings: max. 40 years
Plant and equipment: max. 15 years
Automotive: max. 5 years

Intangible assets
Intangible assets and development expenses are only capitalized if they meet the requirements
of ARR guideline no. 9. All other expenses for identifiable, intangible assets are treated
as cost for the period in which they occur. The following depreciation guidelines for useful
lives usually apply:
Goodwill: max. 15 years
Patents, brands: max. 10 years
Financial leases
Financial leases are capitalized. Leasing expenses resulting from financial leases are charged
to financial expenses and to depreciation. Operating leases are not stated in the balance sheet
but disclosed in the Notes.
Short-term liabilities
Liabilities with a maturity of less than one year are considered to be short-term. The current
portion of long-term liabilities is also included.
Provisions
Provisions are made for all known risks and contingent liabilities. They are computed based
on statistical risk calculation methods.
Retirement plan commitments
Retirement plan benefits for most employees are provided by legally autonomous pension
funds or covered through individual insurance policies. In the few cases in which the employer
guarantees the retirement benefits, these obligations are calculated according to the projected
unit credit method and the appropriate provisions are made. To the extent that the retirement
plan obligation is guaranteed under a Swiss defined contribution system, the contributions as
stipulated in the regulations that were paid to the legally autonomous pension funds have
been entered unchanged in the income statement. No incorrect amounts were recorded in the
calculations carried out regularly by any of these pension funds.
Deferred taxes
Provisions for deferred taxes include tax effects stemming from the differences between
financial reporting and valuation of assets/liabilities based on local tax rules and regulations.
Computation of deferred tax provisions is based on the liability method. Future tax liability
reductions due to tax loss carry-forward effects are only included if there is a high likelihood
that these tax liability reductions can be effected within a reasonable period.
Revenue recognition
As a general principle sales revenue is recognized at the time of delivery of goods/services.
Sales revenue does not include value added taxes (VAT), credit notes or discounts.
Contracts with long-term character and a degree of completion of over 70% are posted based
on the percentage of completion method (POC). In this case revenues and costs are computed
based on the degree of completion.
29

30
Notes to the Consolidated Financial Statements
B. Notes to the Consolidated Financial Statements
CHF 1,000 30.9.00 30.9.99
1 Cash and cash equivalents
Cash and cash accounts 13,310 12,187
Marketable securities 49 46
Cash and cash equivalents 13,359 12,233
2 Accounts and notes receivable
Accounts receivable – third parties 101,811 70,463
Bad debt provisions –1,654 –1,154
Accounts and notes receivable 100,157 69,309
3 Other receivables
Bills of exchange, promissory notes 2,613 1,317
Advance payments 6,842 2,503
Other receivables – third parties 9,444 5,123
Other receivables 18,899 8,943
4 Inventories
Raw material 15,166 9,879
Work in progress 25,909 9,762
Finished goods 18,909 14,693
Inventories 59,984 34,334
5 Property, plant and equipment
Details of property, plant and equipment are shown on page 36.
6 Intangible assets
Goodwill 26,481 5,984
Capitalized costs for research and development 2,406 877
Patents and brands* 6,399 0
Intangible assets 35,286 6,861
*Patents and brands relating to a company taken over from third parties. Details of intangible assets are shown
on page 36.
7 Investments and other financial assets
Investments in third parties 415 183
Loans to third parties 912 358
Financial assets 1,327 541
The percentage shares of the interests held by Feintool International Holding
are shown on page 45.

CHF 1,000 30.9.00 30.9.99
8 Other short-term liabilities
Bank overdraft 26,920 17,752
Current portion of long-term debt 6,055 5,958
Accounts payable, other 5,850 4,191
Bills of exchange, promissory notes 1,414 1,258
Advance customer payments, third parties 11,797 4,062
Income tax payable 2,459 437
Employee savings plans 4,900 4,491
Payables to pension funds 6,794 4,370
Other short-term liabilities 66,189 42,519
9 Long-term liabilities
Long-term leasing liabilities 3,627 6,060
Mortgages 17,582 24,178
Long-term bank liabilities 9,454 11,052
Long-term loans third parties 308 226
Other long-term liabilities 62,583 0
Long-term liabilities 93,554 41,516
10 Provisions
Deferred tax liabilities 18,247 15,719
Provisions 5,910 2,403
Provisions 24,157 18,122
11 Shareholders’ equity
Details of shareholders’ equity are shown on page 36.
12 Treasury shares 8,430 shares 17,528 shares
13 Payable to pension funds 1,148 813
14 Guarantees in favour of third parties
Repurchase obligations 7,875 3,065
Other contingent liabilities 1,281 4,309
Discounted promissory notes 8,079 5,043
Guarantees in favour of third parties 17 235 12 417
31

32
Notes to the Consolidated Financial Statements
CHF 1,000 30.9.00 30.9.99
15 Fixed assets pledged to secure long-term debt
Property 53,585 30,276
Machinery and equipment 7,784 8,620
Fixed assets pledged to secure long-term debt 61,369 38,896
16 Lease obligations not included in the balance sheet 34,328 28,983
Maturity structure: in 2001: 6268 in 2004: 4344
in 2002: 5889 in 2005: 3240
in 2003: 5012 after 2005: 9575
This position contains only operating lease obligations from leases which do not qualify
as financial leases and which are therefore not included in the balance sheet.
17 Derivative financial instruments
Contract value sale 28,071 11,332
Contract value purchase –7,130 –804
Replacement value positive 364 0
Replacement value negative –505 -91
Derivative financial instruments 20,800 10,437
18 Net sales
Fineblanking/forming 283,668 247,747
Assembly/automation 81,136 28,553
Plastic/metal components 62,927 23,489
Net sales by products 427,731 299,789
Europe 254,319 152,374
USA/Canada 139,733 116,943
Asia 33,221 28,929
Other regions 458 1,543
Net sales by regions 427,731 299,789
19 Cost of goods sold
Material and production expenses * 195,215 144,926
Allocated salaries and wages 69,173 41,306
Cost of goods sold 264,388 186,232
* Prior year’s numbers have been adjusted for the purpose of comparability.
20 Operating expenses
Repair and maintenance 16,021 9,586
Rental and leasing expenses (operating leases) 7,899 5,328
Operating expenses 23,920 14,914

CHF 1,000 1999/00 1998/99
21 General and administrative expenses
Selling and marketing expenses* 10,305 8,177
Administrative expenses 13,517 11,988
General and administrative expenses 23,822 20,165
* Prior year’s numbers have been adjusted for the purpose of comparability.
22 Depreciation and amortization
Depreciation on property, plant and equipment 18,087 13,315
Amortization of capitalized research and development cost 606 411
Amortization of goodwill 1,647 169
Depreciation on other intangible assets 455 38
Depreciation and amortization 20,795 13,933
23 Other expenses
Loss on disposal of fixed assets 230 176
Provisions 501 67
Other ordinary expenses 2,359 680
Other expenses 3,090 923
24 Other income
Profit on disposal of fixed assets 52 448
Disposal of provisions 1,929 1,412
Release of badwill 122 122
Other ordinary income 4,771 2,274
Other income 6,874 4,256
25 Financial expenses
Interest paid to third parties 5,151 3,004
Other investment expenses 762 906
Currency exchange losses 5,540 4,888
Financial expenses 11,453 8,798
26 Financial income
Interest received from third parties 1,294 1,041
Other investment income 4,073 4,446
Currency exchange gains 5,174 4,838
Financial income 10,541 10,325
33

34
Notes to the Consolidated Financial Statements
CHF 1,000 1999/00 1998/99
27 Taxes
Income taxes 6,881 4,761
Changes in deferred taxes 214 295
Taxes 7,095 5,056
28 Currency exchange rates, balance sheets (end of year)
30.09.00 30.09.99
USD 1.725 1.503
EUR 1.525
DEM 77.972 81.807
JPY 1.596 1.411
GBP 2.545 2.472
FRF 23.249 24.392
ITL 0.079 0.083
29 Currency exchange rates, income statements (average rate)
1999/00 1998/99
USD 1.644 1.458
EUR 1.580
DEM 80.788 81.740
JPY 1.545 1.248
GBP 2.558 2.373
FRF 24.088 24.480
ITL 0.082 0.083
30 Segment information: Fineblanking/forming
1999/00 1998/99
Net sales 283,668 247,747
EBITDA 35,960* 28,977
As % of net sales 12.7 11.7
Operating result (EBIT) 22,339* 17,587
As % of net sales 7.9 7.1
30.09.00 30.09.99
Current assets 136,132* 101,693
Fixed assets 106,815* 111,621
Total assets 242,947* 213,314
*New structure as of October 1, 1999: excl. Corporate Center

31 Segment information: Assembly/automation
1999/00 1998/99
Net sales 81,136 28,553
EBITDA 12,872 3,659
As % of net sales 15.9 12.8
Operating result (EBIT) 10,082 2,702
As % of net sales 12.4 9.5
30.09.00 30.09.99
Current assets 43,993 15,186
Fixed assets 26,277 4,582
Total assets 70,270 19,768
32 Segment information: Plastic/metal components
1999/00 1998/99*
Net sales 62,927 23,489
EBITDA 9,102 3,206
As % of net sales 14.5 13.6
Operating result (EBIT) 4,718 1,620
As % of net sales 7.5 6.9
30.09.00 30.09.99
Current assets 19,429 16 467
Fixed assets 37,135 30,124
Total assets 56,564 46,591
* 5 months
33 Operating result by segment
1999/00 1998/99
Fineblanking/forming 22,339 17,587
Assembly/automation 10,082 2,702
Plastic/metal components 4,718 1,620
Corporate Center –4,415 0
Operating result as per income statement 32,724 21,909
Owing to the growth of the Feintool Group, the inter-segment group functions
were stated under Corporate Center in the 1999/2000 financial year. These functions
were integrated into the Fineblanking/forming segment in the previous year.
34 Events which occurred after the closing date
As of January 1, 2001, Feintool International Holding has acquired Afag AG
für automatische Fertigung in Aarberg/Huttwil. These Afag Group companies will
be fully consolidated as of January 1, 2001 in the 2000/2001 financial year.
35

36
5 Summary of property, plant and equipment
Notes to the Consolidated Financial Statements
Land Building Machinery Equipment Automotive Assets under Total
construction
Purchase or assessment value
As of Oct. 1, 1999 (incl. currency translation diff.) 12,157 63,469 135,962 30,773 3,233 1,459 247,053
Foreign currency differences – opening balance 639 2,341 7,532 416 221 89 11,238
Changes in scope of consolidation 1,554 5,527 3,999 4,441 423 597 16,541
Additions 2,033 2,734 14,955 3,308 701 4,220 27,951
Disposals 0 –222 –3,059 –1,775 –554 –1,399 –7,009
Reclassification and revaluation 1,455 –1,399 2,758 –2,240 –3 –582 –11
Foreign currency translation differences on movements 76 –262 38 –117 –10 21 –254
As of September 30, 2000 17,914 72,188 162,185 34,806 4,011 4,405 295,509
Accumulated depreciation
As of Oct. 1, 1999 –119 –12 343 –72,420 –21,547 –1,699 0 –108,128
Foreign currency translation differences on opening balance –3 –685 –4,029 –249 –119 0 –5,085
Changes in scope of consolidation 0 –126 –2,214 –3,248 0 0 –5,588
Depreciation on group companies 0 186 1,259 1,479 343 0 3,267
Reclassification and revaluation 0 0 –1,712 1,709 3 0 0
Foreign currency translation differences on movements 0 38 –84 –164 3 0 –207
As of September 30, 2000 –137 –15,116 –91,763 –24,751 –2,061 0 –133,828
Net book value
As of October 1, 1999 12,038 51,126 63,542 9,226 1,534 1,459 138,925
As of September 30, 2000 17,777 57,072 70,422 10,055 1,950 4,405 161,681
The list of fixed assets has been restructured. Comparisons with the prior year can therefore be made only at the net value level.
6 Intangible assets Goodwill Capitalized R & D costs Patents and brands Total
As of October 1, 1999 5,984 877 0 6,861
Additions 22,144 2,135 6,854 31,133
Depreciation –1,647 –606 –455 –2,708
As of September 30, 2000 26,481 2,406 6,399 35,286
CHF 1.000 30.9.00 30.9.99
Fire insurance coverage
Buildings 79,968 69,474
Inventories 94,842 62,814
Other fixed assets 271,401 204,635
Total 446,211 336,923
11 Shareholders’ equity Share capital Capital reserves Retaineds Reclassification Total
earning and revaluation shareholders’ equity
Shareholders’ equity on 30.9.1999 27,536 50,668 39,873 8,784 126,861
Dividends paid -4,682 -4,682
Trade with treasury shares 1,368 1,368
Capital increase from conditional share capital 60 60
Net income 24,625 24,625
Foreign currency translation differences 2,449 2,449
Shareholders’ equity on 30.9.2000 27,596 50,668 61,184 11,233 150,681
For operational considerations, goodwill of CHF 17,617,000 associated with the integration of minority interests in fully consolidated subsidiaries in the 1997–98 financial year
was offset against equity. Writing off this goodwill over 5 years would have resulted in charges to the consolidated income statement amounting to CHF 3.5 m per year.

Summary of Group Companies (as at September 30, 2000)
Company Location, country Share capital Ownership Method of
1999/00 1998/99 consolidation
Feintool International Holding Lyss, Switzerland CHF 27,595,900 100% 100% F
Feintool Technologie AG Lyss Lyss, Switzerland CHF 8,000,000 100% 100% F
Feintool International Management AG Lyss, Switzerland CHF 250 ,000 00% 100% F
Feintool Teile & Komponenten AG Lyss Lyss, Switzerland CHF 3,100,000 100% 100% F
Feintool Research & Defelopment AG Lyss, Switzerland CHF 500,000 100% 100% F
Feintool US Operations, Inc. White Plains, NY, USA USD 5,612,500 100% 100% F
– Feintool Cincinnati, Inc. Cincinnati, OH, USA USD 3,000,000 100% 100% F
– Feintool New York, Inc. White Plains, NY, USA USD 500,000 100% 100% F
– Feintool Equipment Corp. White Plains, NY, USA USD 50,000 100% 100% F
– Feintool Tennessee, Inc. Antioch, TN, USA USD 0 100% 100% F
Feintool Japan Co., Ltd. Atsugi, Japan JPY 225,000 ,000 100% 100% F
Feintool Engineering Co., Ltd. Atsugi, Japan JPY 400,000,000 100% 100% F
Feintool U.K., Ltd. Reading, England GBP 10,000 100% 100% F
Feintool France S.à.r.l. Paris, France FRF 100,000 100% 100% F
Feintool Italia s.r.l. Turin, Italy LIT 150,000,000 100% 80% F
Promera Feinschneidtechnik GmbH Ettlingen, Germany DEM 1,500,000 100% 100% F
Promera Jena Feinschneid-und Umformtechnik GmbH Jena, Germany DEM 6,000,000 90% 90% F
BalTec Holding Pfäffikon, Switzerland CHF 1,100,000 100% 100% F
– BalTec Beteiligungen AG Pfäffikon, Switzerland CHF 2,000,000 100% 100% F
– BalTec Maschinenbau AG Pfäffikon, Switzerland CHF 2,000,000 100% 100% F
– Limatec AG Grenchen, Switzerland CHF 100,000 100% 0% F *
– BalTec Corp. Canonsburg, PA, USA USD 200,000 100% 100% F
– BalTec (U.K.) Ltd. Reading, England GBP 100,000 100% 100% F
– BalTec (Deutschland) GmbH Laichingen-Machtolsheim DEM 50,000 100% 100% F
– IMA Automation GmbH Amberg, Germany DEM 1,600,000 100% 0% F **
– mhk Montagekomponenten GmbH Amberg, Germany DEM 150,000 100% 0% F **
Mühlemann Holding AG Biberist, Switzerland CHF 28,367,000 100% 0% F
– Mühlemann AG Biberist, Switzerland CHF 4,050,000 100% 100% F ***
– Muhlemann U.S. Operations, Inc. Antioch, TN, USA USD 500 ,000 100% 0% F
Heinrich Schmid Werkzeug- und Maschinenbau AG Jona, Switzerland CHF 6 000,000 100% 0% F
– Schmid Corporation of America, Inc. Jackson, MI, USA USD 7,000 100% 0% F
* fully consolidated as of 1.4.2000
** fully consolidated as of 1.1.2000
*** fully consolidated as of 1.5.1999
F = Full consolidation
37

38
Auditor’s Report on Consolidated Financial Statements
As auditors of the group, we have audited the consolidated financial statements (balance
sheet, income statement, statement of cash flows and notes, pages 24 to 37) of the Feintool
Group for the year ended September 30, 2000.
These consolidated financial statements are the responsibility of the Board of Directors.
Our responsibility is to express an opinion on these consolidated financial statements based
on our audit. We confirm that we meet the legal requirements concerning professional
qualification and independence.
Our audit was conducted in accordance with auditing standards promulgated by the
profession, which require that an audit be planned and performed to obtain reasonable
assurance about whether the consolidated financial statements are free from material
misstatement. We have examined on a test basis evidence supporting the amounts and
disclosures in the consolidated financial statements. We have also assessed the accounting
principles used, significant estimates made and the overall consolidated financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the financial
position, the results of operations and the cash flows in accordance with the Accounting and
Reporting Recommendations (ARR), and comply with the law and the accounting provisions
as contained in the Listing Regulations of the Swiss Exchange.
We recommend that the consolidated financial statements submitted to you be approved.
Zurich, 16 November 2000
BDO International AG
R. Häfeli U. Seiler
Certified Accountant
Auditor in charge
Certified Accountant

Financial Report of Feintool International Holding
40 Balance Sheet
41 Income Statement
42 Notes to the Financial Statements
46 Report and Proposal of the Board
47 Auditors’ Report on Financial Statements

40
Balance Sheet of Feintool International Holding
CHF 1.000 30.9.00 % 30.9.99 %
Assets
Current assets
Cash and cash equivalents 6,084 1,741
Marketable securities 3,961 5,329
Intercompany accounts receivable 11,060 12,564
Other current assets 3,221 2,378
Prepaid expenses 279 0
Total current assets 24,605 12.0 22,012 16.0
Long-term assets
Equity investments in subsidiaries 122,014 98,286
Intercompany loans 52,905 17,287
Other long-term receivables 150 150
Intangible assets 6,002 0
Total long-term assets 181,071 88.0 115,723 84.0
Total assets 205,676 100.0 137,735 100.0
Liabilities and Shareholders’ Equity
Liabilities
Intercompany accounts payable 3,803 3,729
Other short-term liabilities 388 2,034
Accrued expenses 3,646 1,357
Short-term liabilities 7,837 3.8 7,120 5.2
Long-term liabilities 62,583 10,000
Long-term liabilities 62,583 30.4 10,000 7.3
Total liabilities 70,420 34.2 17,120 12.4
Shareholders’ equity
Share capital 27,596 27,536
Legal reserves 65,831 67,199
Unallocated reserves 18,005 10,820
Retained earnings 23,824 15,060
Shareholders’ equity 135,256 65.8 120,615 87.6
Total Liabilities and Shareholders’ Equity 205,676 100.0 137,735 100.0

Income Statement of Feintool International Holding
CHF 1,000 1999/00 % 1998/99 %
Revenue
Financial income 16,322 53.0 13,991 63.0
Other income 14,338 47.0 8,263 37.0
Total revenue 30,660 100.0 22,254 100.0
Expenses
General and administrative expenses 652 2.0 534 2.0
Financial expenses 3,576 12.0 2,567 12.0
Other expenses 6,987 23.0 6,945 31.0
Total expenses 11,215 37.0 10,046 45.0
Net income 19,445 63.0 12,208 55.0
41

42
Notes to the Financial Statements
1 Valuation principles
The financial statements of Feintool International Holding are prepared in accordance
with Swiss company law. For the consolidation of the holding company, the financial
statement of Feintool International Holding is restated according to the Swiss
accounting standard ARR (Accounting and Reporting Recommendations).
2 Composition of equity
Position/changes Number of shares Par value CHF Total par value CHF
as of September 30, 1999
Registered shares 550,729 50 27,536,450
Total share capital 550,729 27,536,450
Capital increase from conditional share capital
1189 registered shares
with par value of CHF 50.– 1,189 50 59,450
as of September 30, 2000 551,918 50 27,595,900
3 Authorized share capital CHF
as of September 30, 1999 2,000,000
Use of authorized share capital 0
Expiry of validity period of 2 years on 15.8.2000 –2,000,000
Authorized capital as of September 30, 2000 0
4 Conditional share capital CHF
Conditional share capital I: employee stock option plan
as of September 30, 1999 1,463,550
Creation 0
Use –59,450
Conditional share capital as of September 30, 2000 1,404,100
Conditional share capital II: option conversion rights
as of September 30, 1999 0
Creation on January 25, 2000 5,000,000
Use 0
Conditional share capital II as of September 30, 2000 5,000,000
82,346 registered shares representing CHF 4,117,300.– of conditional share capital are reserved for the
2000–2005 convertible bond (see Note 8 below).

5 Acquisition, holding and sale of treasury stock
Treasury stock Number of shares
Treasury stock as of September 30, 1999 17,528
Additions from October 1, 1999 to September 30, 2000 27,716
Disposals from October 1, 1999 to September 30, 2000 36,814
Treasury stock as of September 30, 2000 8,430
On September 30, 2000 the book value of treasury stock amounted to
CHF 3,404,652.–, representing an average value of CHF 403.87 per share. As the
stock was traded on September 30, 2000 at a price of CHF 715.– above this
average, there was no need for an adjustment of the book value. The reserve for
treasury stock included in legal reserves amounted to CHF 3,404,652.–.
Holdings of own convertible bonds Number of bonds
Holdings of own convertible bonds as of September 30, 1999 0
Additions of convertible bonds from October 1, 1999 to September 30, 2000 262
Disposals of convertible bonds from October 1, 1999 to September 30, 2000 44
Holdings of own convertible bonds on September 30, 2000 218
The balance sheet value of own convertible bonds as of September 2000 amounted
to CHF 556,732.–, representing an average value per bond of CHF 2,553,82.
6 Guarantees in favor of third parties
as of September 30 2000 1999
CHF CHF
Joint liability with subsidiaries
in connection with Swiss value added tax p.m. p.m.
In connection with the granting of lines of credit, Feintool International Holding has
signed liability agreements amounting to a total of CHF 30 m and credit orders
amounting to a total of CHF 8 m as well as a debt undertaking of DEM 10 m. Furthermore
there is a credit guarantee for JPY 1,100 m (CHF 17,557 m ). (Prior year:
liability agreements amounting to a total of CHF 30 m, credit orders totalling
CHF 8 m, a debt undertaking of DEM 10 m and a credit guarantee for JPY 550 m).
Use of these credit lines 7,296,984 2,687,000
Financing guarantees in favor of subsidiaries 4,770 000 4,200,000
7 Book value of equity investments
as of September 30 2000 1999
CHF CHF
Majority interests 122,013,771 98,286,232
Minority interests 250 250
Total 122,014,021 98,286,482
43

44
Notes to the Financial Statements
8. Convertible bond
as of September 30 2000 1999
CHF CHF
1 7/8% convertible bond 2000–2005 62,582,500 0
62,582,500 0
The convertible bond was paid up on February 28, 2000 with maturity on February 28,
2005 at the latest. The issuer is entitled to call in the bond at any time after
3 years, but not before February 28, 2003. The conversion price was set at
CHF 760.– for each registered share with a par value of CHF 50.–. No conversions
had taken place as of September 30, 2000.
9 Major shareholders
Shareholders with a participation in capital or votes of more than 5% known
to the company:
Number of shares Participation Participation
(capital) (votes)
Fritz Boesch/Boesch & Co. 141,821 25.7% 25.7%
Management and employees 61,197 11.1% 11.1%
10 Income Statement
Financial income includes dividends from equity investments, interest income,
currency exchange gains and realized gains from the sale of treasury shares.
Investment income of the subsidiaries is entered concurrently. This is possible as
the balance sheet closing date of the subsidiaries is the same as that of the holding
company and because the General Meeting of Shareholders of the subsidiary
decides on profit distribution before the General Meeting of Shareholders of the
holding company.
Other income consists of income from management fees and royalty income from
subsidiaries.
Financial expenses encompass interest expenses and currency exchange losses.
Other expenses include taxes, depreciation on intangible assets, and contributions
of the holding company to Feintool Research & Development Ltd. and Feintool
International Management AG.

11 Significant equity investments
Company Location, country Ownership as of Ownership as of
per Sept. 30.00 per Sept. 30.99
Feintool Technologie AG Lyss Lyss, Switzerland 100% 100%
Feintool International Management AG Lyss, Switzerland 100% 100%
Feintool System Parts AG Lyss, Switzerland 100% 0%
Feintool Teile & Komponenten AG Lyss Lyss, Switzerland 100% 100%
Feintool Research & Development AG Lyss, Switzerland 100% 100%
Feintool US Operations, Inc. White Plains, NY, USA 100% 100%
– Feintool Cincinnati, Inc. Cincinnati, OH, USA 100% 100%
– Feintool New York, Inc. White Plains, NY, USA 100% 100%
– Feintool Tennessee Inc. Antioch, TN, USA 100% 100%
– Feintool Equipment Corp. White Plains, NY, USA 100% 100%
Feintool Japan Co., Ltd. Atsugi, Japan 100% 100%
Feintool Engineering Co., Ltd. Atsugi, Japan 100% 100%
Feintool U.K., Ltd. Reading, England 100% 100%
Feintool France S.à.r.l. Paris, France 100% 100%
Feintool Italia s.r.l. Turin, Italy 100% 80%
Promera Feinschneidtechnik GmbH Ettlingen, Germany 100% 100%
Promera Jena Feinschneid- und Umformtechnik GmbH Jena, Germany 90% 90%
BalTec Holding AG Pfäffikon, Switzerland 100% 100%
– BalTec Beteiligungen AG Pfäffikon, Switzerland 100% 0%
– BalTec Maschinenbau AG Pfäffikon, Switzerland 100% 100%
– Limatec AG Grenchen, Switzerland 100% 0%
– BalTec Corp. Canonsburg, PA, USA 100% 100%
– BalTec (U.K.) Ltd. Reading, England 100% 100%
– BalTec (Deutschland) GmbH Laichingen-Machtolsheim, Germany 100% 100%
– IMA Automation GmbH Amberg, Germany 100% 0%
– mhk Montagekomonenten GmbH Amberg, Germany 100% 0%
Mühlemann Holding AG Biberist, Switzerland 100% 0%
– Mühlemann AG Biberist, Switzerland 100% 100%
– Muhlemann U.S. Operations, Inc. Antioch, TN, USA 100% 0%
Heinrich Schmid Maschinen- und Werkzeugbau AG Jona, Switzerland 100% 0%
– Schmid Corporation of America, Inc. Jackson, MI, USA 100% 0%
45

46
Report and Proposal of the Board
Report
In the reporting period, Feintool International Holding took up both direct and indirect
participations in new companies. As of October 1, 1999 it acquired 100% of the shares in
Heinrich Schmid Maschinen- und Werkzeugbau AG in Jona, Switzerland. This was followed
by the establishment of Mühlemann Holding AG in Biberist, into which Feintool International
Holding incorporated its stakes in Mühlemann AG in Biberist and Mühlemann U.S. Operations,
Inc. in Antioch, Tennessee. On January 1, 2000, all of the shares in IMA Automation GmbH
and in mhk Montagekomponenten Vertriebs-GmbH in Amberg, Germany, were transferred to
BalTec Holding AG, a subsidiary of Feintool International Holding. In line with previous practice,
Feintool International Holding took over the patents and brand rights for the business of
IMA Automation GmbH and mhk Montagekomponenten Vertriebs-GmbH. It will license the
rights it has acquired to its subsidiaries. Finally, Limatec AG in Grenchen was integrated
into Baltec Holding AG as of April 1, 2000.
These transactions had an impact on the balance sheet of Feintool International Holding.
The book value of the investments rose from CHF 98.3 m to CHF 122.0 m. Long-term loans
granted to subsidiaries went up from CHF 17.3 m to CHF 52.9 m. A convertible bond worth
CHF 62.6 m was issued in February 2000 to finance the acquisition projects.
In the second financial year after being quoted on the stock exchange, Feintool International
Holding upped its earnings by 37.8% to CHF 30.7 m. This increase is due to higher income
from dividends and licenses as well as currency gains on the sale of treasury stock.
In addition, Feintool International Holding used its cash in the form of loans to subsidiaries,
which resulted in substantial interest income.
Proposal
The Board of Directors submits the following proposal for application of profit to the General
Meeting of Shareholders:
Retained earnings – opening balance 4,379,136
+ net income 1999 19,444,794
Total profit available to the General Meeting of Shareholders 23,823,930
– Distribution of a gross dividend of CHF 12.– per registered share 6,623,016
– Transfer to reserves 10,000,000
Retained earnings – closing balance 7,200,914
CHF

Report
As statutory auditors, we have audited the accounting records and the financial statements
(Balance Sheet, Income Statement and notes, pages 40 to 46) of Feintool International
Holding, for the year ended September 30, 2000.
These financial statements are the responsibility of the board of directors. Our responsibility
is to express an opinion on these financial statements based on our audit. We confirm that we
meet the legal requirements concerning professional qualification and independence.
Our audit was conducted in accordance with auditing standards promulgated by the profession,
which require that an audit be planned and performed to obtain reasonable assurance
about whether the financial statements are free from material misstatement. We have
examined on a test basis evidence supporting the amounts and disclosures in the financial
statements. We have also assessed the accounting principles used, significant estimates
made and the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the accounting records and the financial statements and the proposed appropriation
of available earnings comply with the law and the company’s articles of incorporation.
We recommend that the financial statements submitted to you be approved.
Zurich, November 16, 2000
BDO International AG
R. Häfeli U. Seiler
Certified Accountant
Auditor in charge
Certified Accountant
Auditors’ Report on financial Statements
47

48
Adresses
Switzerland Feintool International Holding Industriering 8 Tel +41/32/387 51 11 feintool-fim@feintool.ch
CH-3250 Lyss Fax +41/32/387 57 81 www.feintool.com
Feintool International Management AG Industriering 8 Tel +41/32/387 51 11 feintool-fim@feintool.ch
CH-3250 Lyss Fax +41/32/387 57 81 www.feintool.com
Feintool Research & Development AG Industriering 8 Tel +41/32/387 51 11 feintool-frd@feintool.ch
CH-3250 Lyss Fax +41/32/387 57 60 www.feintool.com
Feintool Technologie AG Lyss Industriering 3 Tel +41/32/387 51 11 feintool-ftl@feintool.ch
CH-3250 Lyss Fax +41/32/387 57 78 www.feintool.com
Feintool System Parts AG Industriering 8 Tel +41/32/387 51 11 feintool-fsp@feintool.ch
CH-3250 Lyss Fax +41/32/387 57 82 www.feintool.com
Feintool Teile & Komponenten AG Lyss Industriering 53 Tel +41/32/387 51 11 feintool-fsp@feintool.ch
CH-3250 Lyss Fax +41/32/387 57 79 www.feintool.com
Heinrich Schmid AG Grünfeldstrasse 25 Tel +41/55/225 21 11 schmid_mb@bluewin.ch
CH-8645 Jona Fax +41/55/225 24 04 www.schmidpress.com
BalTec Maschinenbau AG Obermattstrasse 65 Tel +41/1/953 13 33 baltec@bluewin.ch
CH-8330 Pfäffikon ZH Fax +41/1/953 13 44 www.baltec.ch
Limatec AG Schlachthausstrasse 15 Tel +41/32/654 29 00 office@limatec.ch
CH-2540 Grenchen Fax +41/32/654 29 01 www.limatec.ch
Mühlemann AG Burgunderstrasse 13 Tel +41/32/671 18 18 mail@muehlemann.ch
CH-4562 Biberist Fax +41/32/671 18 28 www.muehlemann.ch
Europe Feintool France S.à.r.l. 37, rue des Mathurins Tel +33/1/44 94 81 32 feintool-ftl@feintool.ch
F-750008 Paris Fax +33/1/42 68 13 08 www.feintool.com
Feintool UK, Limited Baltec House, Danehill, Lower Early Tel +44/1189/31 32 95 feintool-ftl@feintool.ch
Reading RG6 4UT Fax +44/1189/31 33 70 www.feintool.com
Feintool Italia S.r.l. Corso Galileo Ferraris 26 Tel +39/011/539 809 feintool@tin.it
IT-10121 Torino Fax +39/011/539 678 www.feintool.com
Promera Ettlingen Feinschneidtechnik GmbH Englerstrasse 18 Tel +49/7243/320 20 info@promera.de
D-76275 Ettlingen Fax +49/7243/320 234 www.promera.de
Promera Feinschneid- und Umformtechnik GmbH Löbstetter Strasse 85 Tel +49/3641/4689-0 info@promera-jena.de
D-07745 Jena Fax +49/3641/4689-89 www.promera-jena.de
Baltec (Deutschland) GmbH Merklingstrasse 9 Tel +49/7333/21 06 95 baltec@bluewin.ch
D-89150 Machtolsheim Fax +49/7333/21 06 96 www.baltec.ch
Baltec UK, Limited Baltec House, Danehill, Lower Early Tel +44/1189/31 11 91 baltec@bluewin.ch
Reading, RG6 4UT Fax +44/1189/31 11 03 www.baltec.co.uk
IMA Automation GmbH Wernher-von-Braun-Str. 5 Tel +49/9621/608-0 ima@ima-automation.de
D-92224 Amberg Fax +49/9621/608-290 www.ima-automation.de
mhk Montagekomponenten Vertriebs-GmbH Josef-Schmid-Strasse 11 Tel +49/9621/220 23 mhk@mhk-gmbh.de
D-92224 Amberg Fax +49/9621/235 41 www.mhk-gmbh.de
America Feintool Equipment Corp. 6833 Creek Road Tel +1/513/791 00 66 fec@one.net
Cincinnati, OH 45242 Fax +1/513/791 15 89 www.feintool-usa.com
Feintool Cincinnati, Inc. 11280 Cornell Park Drive Tel +1/513/247 40 61 feintool@one.net
Cincinnati, OH 45242 Fax +1/513/247 00 60 www.feintool-usa.com
Feintool New York, Inc. One Holland Avenue Tel +1/914/761 25 00 feintoolny@mindspring.co
White Plains, NY 10603 Fax +1/914/948 23 59 www.feintool-usa.com
Feintool Tennessee, Inc. 2930 Old Franklin Road Tel +1/615/641 77 70 feintool@one.net
Antioch, TN 37013 Fax +1/615/641 79 95 www.feintool-usa.com
Schmid Corporation of America 1600 Executive Drive Tel +1/517/783 12 40 schmid@voyager.net
Jackson, MI 49204 Fax +1/517/787 66 09 www.schmidpress.com
BalTec Corp. 130 Technology Drive Tel +1/724/873 57 57 baltecorporation@worldnet
Canonsburg, PA 15317 Fax +1/724/873 58 58 www.baltecorporation.com
Muhlemann US Operations, Inc. 2930 Old Franklin Road Tel +1/615/501 94 90 muhlemannus@tds.net
Antioch, TN 37013 Fax +1/615/501 94 91 www.muhlemann.com
Asia Feintool Japan Co., Ltd. 260-53, Aza Yanagi-Machi Hase Tel +81/46/247 74 51 feintool@feintool.co.jp
Atsugi City, Kanagawa Pref. 243 Fax +81/46/247 20 08 www.feintool.com
Feintool Beijing Office, Swisstec Hua Qiao Gong Yu 2-43 Tel +86/10/6841 84 47 swisstec@public.bta.net.cn
Hua Yuan Cun, Xi Jiao Fax +86/10/6841 28 69 www.feintool.com
Beijing 100044