BT Industries, January-December 2003

MJOLBY, SWEDEN


MJOLBY, Sweden, March 05, 2004 (PRIMEZONE) -- BT Industries -- Global lift truck market rebounding.


                            January - December
 Amounts in SEK m.             2003     2002
 Orders received             12,083   12,556
 Net sales                   11,877   12,329
 Income after net               736      796
 financial items
 Net income                     471      478
 Number of employees          8,026    7,794

Positive market development

Global demand for lift trucks rose by nearly 7% in 2003, with thelargest share attributable to combustion-powered counterbalanced trucks.The most substantial increases were outside mature markets in Europeand North America.

The total market is estimated at 633,000 trucks (594,000). Of thisamount, around 250,000 (242,000) are in the warehouse truck segment,where BT Industries has its core business. This segment grew by 3percent during the year. BT's global market share in warehouse trucks declined slightly during the year and is estimated at slightly over 20 percent.

"One of the reasons is that we have had an unfavorable market mix," saysPer Zaunders, CEO of BT Industries. "The markets where BT Industries hasstrong positions have experienced weaker development than markets whereBT Industries traditionally has a low market share. The most importantexample of this is the U.S., where BT Industries has a relatively highshare. Because of the trend in recent years, this region now representsa smaller share of the global market than before."

Orders, net sales and income The Group's orders received amounted to SEK 12,083 m., a decrease of 4 percent compared with the previous year. Net sales amounted to SEK 11,877 m., also a decrease of 4 percent compared with the previous year. At comparable exchange rates and with comparable organizational structures, both orders received and net sales rose by approximately 3 percent. "The predominant reason for the decrease in orders received and net sales are the translation of the weaker U.S. dollar," continues CEO Per Zaunders. At comparable exchange rates, the order backlog rose by around 7 percent. Of the Group's net sales, 54 percent was in Western Europe, 36 percent in North America and 10 percent in the rest of the world. Income after net financial items decreased by 8 percent to SEK 736 m. The profit margin declined somewhat from 6.5% in the previous year to 6.2%. "Economic conditions going forward in BT Industries' priority segments are looking better. We are well prepared for a likely upswing, and we anticipate maintaining a high rate of product renewal to capitalize on increasingly positive market conditions," concludes Per Zaunders.

Handling Innovation BT Industries is the world's leading supplier of warehouse trucks and related services. We are around 8,000 employees and have a turnover of approximately SEK 12 billion. Production takes place at seven plants in four countries and our sales network covers the entire world. Our customers are mainly large, consumer-oriented companies with very high demands on efficient material handling. BT Industries is owned by Toyota Industries Corporation.


For further information, please contact:
CEO Per Zaunders (+46 142 860 32)
CFO Hakan Dahllof (+46 142 863 38) 
Corporate Information Manager Anders Stalhammar (+46 142 861 21)

The complete Annual Accounts and other press material are available on BT Industries' home page, www.bt-industries.com.

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http://www.waymaker.net/bitonline/2004/03/05/20040304BIT00530/wkr0001.pdf

http://www.waymaker.net/bitonline/2004/03/05/20040304BIT00530/wkr0002.pdf

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