Manufacturing Industry

EXEL OYJ ISSUES INTERIM FINANCIAL REPORT FOR 1 JANUARY TO 30 JUNE 2002.

Advanced Materials & Composites News, August, 2002

July 22, 2002 - Summary - Industry division's net sales increased to EUR 13.0 million, up by 9.9%. - Sport division's net sales down by 9.7% on previous year, to EUR 12.2 million. - Total sales remained unchanged at EUR 25.2 million. - Operating profit was EUR 1.6 million, tighter market situation has deteriorated the profitability of products.

- Activities started to improve sales and reduce costs. Operating environment Market conditions continued to be tight also in the second quarter of the year. Price pressures continued. The slow growth still affects the economy in Central Europe. This is reflected in the level of deliveries ordered from Exel. The revival of the Euro economy is likely to be deferred either until the end of the year or to next year....

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