SWX Swiss Exchange Issues Reprimand Against Von Roll Holding AG

The SWX Swiss Exchange has issued a reprimand with related publication against Von Roll Holding AG for violation of the Listing Rules. This reprimand relates to the manner of disclosure in the company's 2003 interim report that was not in compliance with its chosen accounting standard IFRS.

Von Roll Holding AG (Von Roll) applies as its accounting standard International Financial Reporting Standards (IFRS - formerly IAS). The company's 2003 interim report should therefore have been prepared in accordance with the relevant IAS 34 standard, "Interim Financial Reporting". However, Von Roll's interim annual report, which was published on 18 August 2003, did not comply in several aspects with the disclosure rules laid down in IAS 34.

Specifically, Von Roll, contrary to the accounting standard, neglected to publish a condensed balance sheet, condensed cash flow statement and condensed statement of changes in shareholders' equity. Furthermore, the company's 2003 interim report failed to include an indication of its earnings per share, a declaration regarding the accounting policies and methods of computation applied, as well as the compliance confirmation required under IAS 34.

With regard to the restructuring measures undertaken in the first half of 2003, Von Roll neglected to describe and quantify the resulting special effects as per IAS 34. In particular, the company did not report the discontinuation of its Infratec division in the manner prescribed by IFRS. Moreover, its 2003 interim report lacked information on the refinancing that took place subsequent to the balance sheet date but prior to the approval and publication of the interim report.

Periodic financial reporting in compliance with applicable accounting standards represents an integral part of the information that contributes to transparent trading as stipulated by the Securities Act and the SWX Listing Rules. One of the regulatory tasks of the SWX is to ensure enforcement of the transparency rules imposed on issuers.

The company's inadequate application of its chosen accounting standard IFRS constitutes a breach of the requirements stipulated in the Listing Rules. For these reasons, the Committee of the Admission Board of the SWX Swiss Exchange has issued a reprimand with related publication against Von Roll.

Information on financial reporting regulations can be accessed at:
www.swx.com/admission/publicity_accounting_en.html

Previous sanctions issued by SWX can be accessed at:
www.swx.com/admission/publicity_sanctions_en.html