Annual Report 2003 - Kardex

INVESTMENTS
FINANCIAL INFORMATION REGARDING KARDEX AG, ZURICH
Country Currency Company Percentage Percentage
capital ownership ownership
Dec. 31, 2003 Dec. 31, 2003
Kardex Organisationssysteme GmbH, Vienna AT EUR 300 000 100 100
Kardex VCA Pty Ltd., Wodonga AU AUD 200 000 100 100
S.A. Kardex N.V., Brussels BE EUR 348 736 100 100
Stow International nv, Wevelgem BE EUR 4 338 137 100 60
Kardex Systems AG, Volketswil CH CHF 1 000 000 100 100
Kardimo AG, Cham CH CHF 500 000 100 100
RETIS Software AG, Jona CH CHF 330 000 1) – 100
Sistemco AG, Cham CH CHF 1 000 000 100 100
System Schultheis AG, Rapperswil CH CHF 500 000 100 100
Kardex Systems Ltd., Limassol CY CYP 245 000 100 100
Megamat Overseas Ltd., Limassol CY CYP 10 000 100 100
KRI Logistics Ltd., Limassol CY CYP 1 500 100 100
Kardex s.r.o., Prague CZ CSK 500 000 100 100
Kardex Deutschland GmbH, Bellheim DE EUR 511 292 100 100
ET Systems S.L., Sant Just Desvern ES EUR 150 000 100 100
Kardex Sistemas S.A., Madrid ES EUR 300 506 100 100
Kardex Finland OY, Muurame FI EUR 134 550 100 100
Kardex SA, Neuilly-Plaisance Cedex FR EUR 1 835 000 100 100
Kardex Holdings Ltd., Epping GB GBP 1 828 000 100 100
Megamat (UK) Ltd., Milton Keynes GB GBP 1 000 100 100
Kardex Systems Ireland Ltd., Dublin IE EUR 1 270 100 100
Kardex Te-Co S.p.A., Opera-Milano IT EUR 309 874 100 100
Kardex Nederland B.V., Woerden NL EUR 90 756 100 100
Kardex System AS, Oslo NO NOK 900 000 100 100
Remstar International Inc., Westbrook US USD 2 050 000 100 100
1) sold with effect from September 30, 2003
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