Press Release Financial Reports
06.07.2004

GILDEMEISTER issues corporate bond for refinancing

Bielefeld. GILDEMEISTER Aktiengesellschaft is in the process of offering a seven year fixed rate bond with a size of approx. Euro 175 million. The bond rating of B2 / B- by Moody´s and Standard & Poor’s reflects the subordinated structure of the bond. A European roadshow to present the issue to institutional investors has started. The transaction is scheduled to be completed by mid July.

In order to further improve its financial structure, GILDEMEISTER is raising debt in the capital markets following its recent successful capital increase. Together with the bond issue, the company is expecting to extend three years an existing syndicated loan in the amount of Euro 140 million. Both measures will help to strengthen the financial position, increase the financial flexibility and improve the financial structure of the company.

GILDEMEISTER was able to further improve its business during the first six months of 2004 and to increase order-intake by more than 10% compared to the corresponding period in the previous year. During the second quarter order-intake increased to a level significantly above the first quarter (Euro 241.0 million). GILDEMEISTER is expecting to publish current results on Aug, 5, 2004.

GILDEMEISTER Aktiengesellschaft
The Executive Board

Disclaimer, Forward-looking statement

Disclaimer, Forward-looking statement

Statements relating to the future:

This press release contains forward-looking statements, which are based on current estimates of the management of future developments. Such statements are based on the management's current expectations and specific assumptions. They are subject to risks, uncertainties and other factors, which could lead to the actual future circumstances, including the assets, liabilities, financial position and profit or loss of GILDEMEISTER, differing materially from or being more negative than those expressly or implicitly assumed or described in these statements. The business activities of GILDEMEISTER are subject to a series of risks and uncertainties, which may result in forward-looking statements, estimates or forecasts becoming inaccurate. Should one of these factors of uncertainty or other unforeseeable event occur, or should the assumptions on which these statements are based prove incorrect, the actual results may differ materially from the results stated, expected, anticipated, intended, planned, aimed at, estimated or projected in these statements. Forward-looking statements must not be understood as a guarantee or assurance of the future developments or events contained therein.

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