Annual Report 2002 - Hilti

Annual Report 2002

Hilti in
brief
The Hilti Group is a world leader in developing,
manufacturing and marketing addedvalue,
top-quality products for professional
customers in the construction industry and
in building maintenance. Our product range
covers drilling and demolition, direct fastening,
diamond and anchoring systems,
firestop and foam systems, installation,
positioning and screw fastening systems as
well as cutting and sanding systems.We are
committed to excellence in innovation, total
quality, direct customer relationships and
effective marketing.
Hilti operates in over 120 countries around
the world. Of our more than 14,000 employees,
two-thirds work directly for our customers,
in sales organizations, engineering
and customer service. We have production
plants and research and development centers
in Europe, America and Asia. Our corporate
headquarters, employing around
1,500 people, is located at Schaan in the
Principality of Liechtenstein.
Founded in 1941, the worldwide Hilti Group
evolved from a small family company. Since
2000, all registered shares of Hilti Corporation
are held by the Martin Hilti Family
Trust, the intention of which is to safeguard
our founder Martin Hilti’s life’s work in the
long term. Non-voting participation certificates
of the company have been listed on
the stock exchange since 1986.
Hilti’s corporate policy aims to build stakeholder
value. Only by integrating the interests
of all the company’s partners, at
home and abroad – employees, customers,
suppliers and the financial community – can
we create the foundation of confidence
on which Hilti constructs its long-term
success.
Mission
statement
Our vision
Throughout the world, we strive to be the
leading supplier of high-quality selected
tools and fastening systems for professional
customers in the construction and building
maintenance industries.
We add value
We create success for our customers by
providing superior added-value products
and services.
We aim for the top
Customers: We want to be our customers’
best partner. Their requirements drive our
actions.
Competency: We are committed to excellence
in innovation, total quality, direct
customer relationships and effective marketing.
Concentration: We focus on products and
markets where we can achieve and sustain
leadership positions.
We are a team
We have excellent employees. We expect
high performance and we offer high incentives.
We recruit and develop our people on
an equal opportunity basis. We give them
the chance to grow with us as part of a team
and develop a long-term career with the
Hilti Group.
We share values
We keep our word. We base our culture on
commitment, integrity, responsibility, trust,
tolerance and respect for others. We are always
ready to learn and change. We recognize
and embrace our duties to society and
to our environment.
We build our future
We aim to achieve significant, sustainable
and profitable growth at a greater rate than
the overall market, thus securing our independence
and freedom of action.
2

Contents
Hilti in brief / Mission statement 2
Key financial statistics 4
Editorial 6
A look at 2002 – and beyond 8
Technical revolution with personal involvement 12
Effective marketing supports innovation 16
Breakthrough innovation convinces everyone 20
All for the professional 24
Board of Directors of Hilti Corporation 26
Executive Board 28
Corporate Governance / Corporate Organization 29
Worldwide presence 30
Like origami in steel: the roof structure of the new marine passenger terminal
in Yokohama, Japan.
3

Key financial statistics
Development of sales
(CHF million)
2002 2001 2000 1999 1998 Net income 2002 2001 2000 1999 1998
(CHF million)
Asia / Pacific
North America
Latin America
306
729
69
337
802
95
366
833
95
309
677
80
282
585
91
Europe / Africa
1,889
1,889
1,844
1,748
1,672
2,993 3,123 3,138 2,814 2,630
27 261 369 321 262
Cash flow
(CHF million)
2002 2001 2000 1999 1998
Expenditure for safeguarding
future operations
2002 2001 2000 1999 1998
(CHF million)
Personal development and training
Research and development
34
135
38
135
36
138
31
123
24
96
Capital expenditure
(tangible and intangible
fixed assets)
141
190
168
152
156
313 400 510 461 401
310 363 342 306 276
Development of equity
2002 2001 2000 1999 1998
Employees worldwide
2002 2001 2000 1999 1998
(CHF million)
(average of year)
Asia /Pacific
North America
Latin America
1,690
2,275
680
1,780
2,225
740
1,780
2,070
760
1,665
1,955
770
1,698
1,871
707
Europe/Africa
9,945
9,645
9,170
8,800
8,424
2,286 2,346 2,202 2,470 2,197 14,590 14,390 13,780 13,190 12,700
4

Key financial statistics
Development of sales
(CHF million)
2002 2001 2000 1999 1998 Net income 2002 2001 2000 1999 1998
(CHF million)
Asia / Pacific
North America
Latin America
306
729
69
337
802
95
366
833
95
309
677
80
282
585
91
Europe / Africa
1,889
1,889
1,844
1,748
1,672
2,993 3,123 3,138 2,814 2,630
27 261 369 321 262
Cash flow
(CHF million)
2002 2001 2000 1999 1998
Expenditure for safeguarding
future operations
2002 2001 2000 1999 1998
(CHF million)
Personal development and training
Research and development
34
135
38
135
36
138
31
123
24
96
Capital expenditure
(tangible and intangible
fixed assets)
141
190
168
152
156
313 400 510 461 401
310 363 342 306 276
Development of equity
2002 2001 2000 1999 1998
Employees worldwide
2002 2001 2000 1999 1998
(CHF million)
(average of year)
Asia /Pacific
North America
Latin America
1,690
2,275
680
1,780
2,225
740
1,780
2,070
760
1,665
1,955
770
1,698
1,871
707
Europe/Africa
9,945
9,645
9,170
8,800
8,424
2,286 2,346 2,202 2,470 2,197 14,590 14,390 13,780 13,190 12,700
5

6
Michael Hilti, Chairman of the Board of Directors (left)
Pius Baschera, Chief Executive Officer.

This partnership
endures
After a sobering business year in 2001,
there were still indications of an economic
recovery at the beginning of 2002. Fears of
further terrorist attacks, however, along with
accounting scandals and bankruptcies, soon
hindered worldwide investment activity and
hopes for an upswing were quickly nipped
in the bud. These developments also had a
strong negative effect on international capital
markets, resulting in sharp stock market
declines.
We considered this harsh climate a challenge
– even more so given the continued
strength of the Swiss franc. Nevertheless, in
spite of adverse economic surroundings and
a significant decrease in worldwide construction
volume relevant to Hilti, we were
able to increase our sales slightly in local
currencies compared to the previous year.
Unfavorable currency exchange rates, however,
lowered sales when converted into
Swiss francs. Weak stock market performance
led to a disappointing financial result –
with strongly negative effects on the Group’s
net income.
Although we were operating in an even
more difficult environment than in the previous
year, we always knew what we wanted
to achieve: a yet better share of the
market, a yet stronger position for our company.
And indeed we strengthened our international
competitive position during this
year – thanks to slightly higher sales in local
currencies, despite a weakening construction
industry.
Our requirements for the operating result
demanded even greater efforts than before.
We imposed strict cost management on ourselves,
while at the same time pursuing our
strategically important projects: we implemented
IT solutions for the worldwide standard
business processes that will further
increase customer satisfaction and internal
efficiency. We continued to enhance the
services offered through e-commerce and
further realized our market potential with the
steady expansion of our “Shop in Shop” distribution
channel.The introduction of the first
electric rockdrilling system for mining gave
us entry into an entirely new business segment.
With an eye to the long-term success
of our company, we accepted that these
outlays would further reduce our operating
result in the short-term.
Our corporate strategy “Champion 3C” remains
our steadfast guide: we concentrate
on our customers and our competency. As
well as strengthening our market position
and optimizing our business processes, we
attach great importance to our capacity to
innovate, through which we are able to offer
leading products, systems and services to
the construction professional. This product
leadership, as one of our strategic initiatives,
is the subject we address throughout this
Annual Report: we show how we achieve
and extend it – and give an insight, through
three examples, into the demanding and exciting
world of the more than 14,000 Hilti
employees. And naturally, as is proper for
Hilti, we give the final word to the customers
who benefit directly from our leading products,
systems and services – to their own
advantage and to ours.
Our employees meet every challenge with
enthusiasm and conviction. They make Hilti
an innovative and dependable partner for
the construction professional – cementing
a partnership that endures through tough
times.
We are very grateful for this partnership –
grateful to our Hilti teams around the globe
and also our customers, who tell us their
needs so openly that we can immediately
devise new, yet better products, systems and
services. Our employees and our customers
are the ones who carry the Hilti name into
every region of the world, no matter how
distant.
Thanks are also due to our investors for their
trust and to our business partners for their
constructive cooperation.
The world knows what the red Hilti case
stands for: competency, quality, innovation
and efficiency for construction professionals.
It is our passion and our promise to
make their work as simple, easy and efficient
as possible. We personally vouch for
that promise.
Michael Hilti
Chairman of the Board of Directors
Pius Baschera
Chief Executive Officer
7

8
Glass façade of Hilti Corporation headquarters in Schaan,
Principality of Liechtenstein.

A look at 2002 –
and beyond
Results
The construction industry has declined in
parallel with the continued weakness of the
world economy. Worldwide construction volume
relevant to Hilti decreased in the year
2002 by 3%. Hilti has nevertheless been
able to increase sales in local currencies,
which clearly points to a strengthening of
the Group’s market position. The continued
strength of the Swiss franc had a significant
negative influence on sales: exchange rate
effects alone reduced sales from 3,123 million
to 2,993 million Swiss francs.
Hilti responded with strict cost management
on one hand and, on the other, by concentrating
on strategic projects that promise
long-term success. Standardized global
business processes, which increase customer
satisfaction as well as internal efficiency,
are now being implemented country
by country with their associated IT solutions.
The expansion of e-commerce means Hilti
customers in more and more countries have
a further direct link to advice, solutions and
products. And the expansion of the “Shop in
Shop” distribution channel enables Hilti to
serve small and self-employed customers
effectively and efficiently. The innovation of
the first electric rockdrilling system for
mining opens up a whole new business opportunity.
Additional outlays for these strategic initiatives
and the negative currency exchange
rate effect impaired the operating result: it
decreased from 280 million to 223 million
Swiss francs. After an operating return on
sales of 9.0% in the year 2001, the operating
result now represents 7.5% of net sales. The
return on operating capital – 13.9% in the
previous year – amounts to 11.0%.
The relentless downward trend of the financial
markets reduced earnings on securities
and caused – in accordance with Hilti accounting
policies – a value adjustment of the
financial assets. This led to a financial result
of –160 million Swiss francs, compared to 15
million Swiss francs in 2001.
The lower operating result and the strongly
negative financial result reduced the Group’s
net income from 261 million in 2001 to 27
million Swiss francs. Cash flow, from 400
million in the previous year, was 313 million
Swiss francs.
Development of individual markets
The region Europe /Africa improved sales
in local currencies by 3.1%. Conversion to
Swiss francs resulted in zero growth compared
with the previous year. Europe/Africa’s
share of the Hilti Group’s total sales rose
from 60% in the previous year to 63% in
2002. Due to the exceptionally difficult nonresidential
construction environment compared
with the previous year, North America
had to accept a decline in sales of 1.4% in
local currencies and 9.2% in Swiss francs.
North America’s share of the Group’s total
sales was down from 26% (2001) to 25%.
Sales in Latin America dropped by 12.9% in
local currencies and by 26.3% in Swiss
francs. Latin America thus contributed 2%
(previous year: 3%) to the Group’s total
sales. Sales in the Asia / Pacific region decreased
by 2.3% in local currencies and
by 9.4% in Swiss francs. The Asia / Pacific
region’s share of total sales was 10% (previous
year: 11%).
Corporate strategy
For five years, the Hilti Group has guided
itself by the corporate strategy “Champion
3C”. The customer comes first – always –
which is why the first C stands for Customer.
Hilti offers him unique Competency: the
products, systems and services from which
he benefits are distinguished by their trailblazing
innovation and all-encompassing
quality. The third C is Concentration: on the
markets and products through which Hilti
can achieve and extend its leading position.
Product leadership is therefore an essential
goal; this Annual Report shows the processes
by which Hilti achieves it.
Is the corporate strategy “Champion 3C” still
fulfilling its purpose after five years? Fundamental
analysis, such as the company performs
every year, answers this question in
the affirmative. The Hilti Group has further
strengthened its market position and makes
its customers highly delighted as market
research regularly reveals. Nevertheless,
some goals have yet to be achieved; the
strategy “Champion 3C” still offers further
opportunities. In order to take advantage of
them, Hilti organizations in the individual
markets will focus even more precisely on
the customers’ needs.
9

Hilti wants to further extend its reach to
small and self-employed customers as well
as big and medium-sized accounts. This is
why the “Shop in Shop” model, where expert
Hilti sales personnel offer Hilti products
and services in leading professional-supply
stores, is being extended to other countries
after its successful implementation in the US
and France.
The supply chain, which integrates production,
procurement and logistics, has further
increased its efficiency by improving its
worldwide procurement structure and optimizing
its supply channels.
Employees
Motivated and skilled employees make an
essential contribution to the Hilti Group’s
success. For several years, therefore, Hilti
has been measuring employee satisfaction
throughout the Hilti world. The results of the
latest survey, conducted by an independent
research institute, reveal a pleasing picture:
the employees – whose number in 2002
averaged 14,590 – rate Hilti as an employer
even better than they did in the previous
survey three years ago, which had already
shown excellent results. This conclusion is
especially pleasing because it comes in an
economically unfavorable environment.And,
most importantly, experience shows that
employee satisfaction has a direct effect on
customer satisfaction.
Nevertheless, the survey also reveals areas
for improvement, which supervisors will discuss
with their teams to work out solutions
jointly and implement them. This way, employees
give themselves – and the company
– the opportunity to grow and develop further.
Someone working for Hilti and its customers
always has the chance to grow,
thanks to professional and personal development
seminars and workshops.
Research and development
Since the introduction of the corporate strategy
“Champion 3C”, Hilti has almost doubled
expenditure on research and development:
in 2002, this amounted to 135 million Swiss
francs, as in the previous year. Product improvements
and innovations keep Hilti a step
ahead, in accordance with the strategic initiative
of product leadership. This product
leadership makes customers even more productive
and more satisfied and thus contributes
to Hilti’s long-term profitable growth.
Innovation
The customer comes first – not just in the
corporate strategy but, most of all, in its implementation.
Hilti proved this once again
through the innovations it brought to market
in 2002. Each helps the customer benefit
many times over: easing his own and his
employees’ task, increasing his efficiency
and productivity while at the same time improving
quality and reliability.
The Hilti DX 460 direct-fastening tool facilitates
the job of making serial attachments in
steel, concrete and sandstone. Read on
pages 16 – 19 how Hilti is further increasing
its lead in direct fastening.
The completely new Hilti DG 150 diamond
grinding system works fast, professionally
and, thanks to a unique dust extraction system,
practically without mess. A clean alternative
to sand or water blasting – more
about this on pages 20 – 23.
Jobs that used to call for spirit levels, plumb
lines and builder’s squares can now be done
at the touch of a button on the new Hilti PM 24
multidirectional laser. This robust pocketsized
tool handles alignment, leveling and
measuring with an accuracy and speed conventional
methods could not achieve.
A new architectural landmark for
Singapore: the Esplanade Theatres on
the Bay cultural center.
Renovated and doubled in capacity: the
Central Station in Antwerp, Belgium.
A new tower for Hong Kong:
at 88 stories, the twin structures
of the International Finance
Center will be the third-largest
skyscraper in the world.

The Hilti PR 16 rotating laser brings more
line to the job site: its beam can be extended
horizontally and vertically to an easily visible
line, replacing the chalk-line for marking out
walls, floors or ceilings.
Aim, measure, read: it’s as simple and quick
as that with the Hilti PD 22 and PD 28 laser
distance meters, developed in partnership
with the German company Jenoptik Laser,
Optik, Systeme GmbH, who produces the
core modules for these two tools which Hilti
distributes exclusively worldwide.
For wet or dry coring, hand-held or on its
practical drill stand, the Hilti DD 130 diamond
coring system is as simple to use as a car
with automatic transmission; it masters all
materials from masonry to steel-reinforced
concrete to asphalt.
They weigh only 2.8 kilos but are extremely
strong: the Hilti TE 6 - S and Hilti TE 6 - C rotary
hammers drill into concrete with full
power. The Hilti TE 6 - S includes a fine hammer
setting for sensitive, brittle material like
tile and masonry. The Hilti TE 6 - C can chisel
as well as drill and is therefore excellent for
small follow-up and corrective work.
It’s the hard X-shaped head that counts: the
innovative technology of the Hilti TE -TX and
TE -YX drill bits makes even the hardest
concrete seem soft. These new drill bits
show what they are made of when drilling
through reinforcing bars. At the same time,
they reduce strain on user and machine.
The Hilti SF 4000 - A cordless screwdriver
makes one forget all previous rivals in this
product segment. Its torque is comparable
with that of mains-powered tools while its
battery capacity enables an enormous work
volume.
Installation professionals are astonished: the
new Hilti System MQ makes mounting work
simpler than ever before.The Hilti MPN - QRC
pipe ring and Hilti MQA - Q pipe ring saddle
also belong to the new system. Connecting
parts no longer need to be screwed together,
but are simply pushed. Click – it’s as simple
as that: a revolution in pipe installation.
Expectations
A combination of apprehensions of war,deepening
structural problems in the major economies
and their attendant worldwide reduction
in investment makes a reliable outlook for
the business year 2003 more difficult. If overall
economic conditions and currency exchange
rates remain unchanged compared
to the previous year, Hilti expects a slight rise
in the operating result. Due to uncertainties
in the financial markets, no predictions concerning
the financial result can be made at
this point in time.
A huge challenge: the steel roof
construction of the marine passenger
terminal in Yokohama, Japan.
Exclusive tower and park-view apartments
on the Potsdamer Platz:
the Beisheim Center in Berlin, Germany.
Rushing over the island at 180 miles
per hour: the trackway arises
for Taiwan’s high-speed railway.

“The ideas were already there … but it
took courage to combine them in a technically
flawless, safe and reliable way.”
Development head Martin Richter (left) and project head Karl Neuper talking about the
first explosion-protected, hand-held electric rockdrilling system for mining.
12

Lepula Ramapulane tests the new Hilti TE MD20 electric rockdrilling system
in AngloGold’s Kopanang mine in South Africa. AngloGold commented in
its Annual Report for 2001: “This electric rockdrill . . . has the potential to
revolutionize the worldwide mining industry.”
Hilti DG 150 diamond grinding system
Hilti DX 460 powder-actuated fastening tool
Hilti PD 22 laser range meter

Technical revolution
with personal involvement
He could not even move his arms any more.
Martin Richter stood wedged between
miners as the lift hurtled down the mineshaft,
2,300 meters into the earth. A quick
glance to Karl Neuper: wordless understanding
between colleagues. Humid, hot, sticky
air struck them in the face as they left
the lift cage and walked yet further into the
workings.
To exploit new gold seams, miners in South
Africa dig to depths of up to 4,000 meters,
squeeze themselves through galleries only
70 to 80 centimeters high and work with
heavy pneumatic hammer drills that produce
lots of vibration and noise. Highly explosive
methane gas and extremely arduous
conditions have, up to now, hindered technical
progress in mining.
The provoking question therefore remained:
“Why can’t you install an electric motor in
these hammer drills?”A leading employee of
AngloGold, a world leader in gold production,
asked this question of Wayne Sterley from
Hilti South Africa – long before Martin
Richter and Karl Neuper first crammed
themselves into the lift with the miners.
Wayne Sterley listened well and was himself
provoked: he forwarded the question, sending
ripples that reached to Hilti headquarters
in Liechtenstein.
An international team pursued the question
further – including representatives from
AngloGold, so the customer’s needs could
directly influence the process. Development
head Martin Richter and project head Karl
Neuper, both mechanical engineers, had the
same vision: to create a totally new electric
rockdrilling system – new from the power
plug and the explosion-protected motor to
the drill rod and drill head. Karl Neuper remembers:“The
ideas were already there and
partly realized by Hilti colleagues from research
and development. But it took courage
to combine them in a technically flawless,
safe and reliable way.” Within only a
few months, Martin Richter and his development
team had built a prototype.
It was a tense yet fascinating time – particularly
when AngloGold took a hundred rockdrills
to test in the toughest mining environments.
Martin Richter says: “We all felt personally
involved.”
And together, they made it: the Hilti TE MD 20,
the world’s first explosion-protected, handheld
electric hammer drill for mining, has
now reached serial production. This robust
tool is easily handled yet withstands all that
is asked of it. It includes so many innovations
that it is covered by more than 20 patents.
The Hilti TE MD 20 reduces user vibration
and noise to a previously unattained minimum.
It thus lessens the impact on miners’
health, particularly the danger of hearing damage.Moreover,users
are no longer inhaling
the oil vapor released by pneumatic hammer
drills. Finally, the problem of bringing energy
to the tool is significantly smaller than when
using compressed air. This innovation could
revolutionize the mining industry worldwide.
Hilti TE 6 - S light rotary hammer
Hilti PM 24 multidirectional laser
15

“Hilti is the global leader in direct fastening.
The Hilti DX 460 is pure innovation – to which
marketing people worldwide add all their
professional know-how.”
Eling Wong, product manager at Hilti headquarters, Schaan, talking about the new Hilti DX 460 direct-fastening tool.
16

“The Hilti DX 460 direct-fastening tool is practical, easy to use and robust. With
it, I can make fixings such as temporary attachments quickly and precisely.”
Michel Curreau, team leader for the French construction company Quillery
Hilti DD 130 diamond coring system
Hilti PR 16 rotating laser
Hilti SF 4000 -A battery drywall screwdriver

Effective marketing
supports innovation
Things can get hectic, especially before the
introduction of a new tool. Hilti product managers
may sometimes feel besieged from all
sides, but there is one thing they know for
certain: bringing innovation to life is one of
the most fascinating parts of their profession.
The Hilti DX 460 direct-fastening tool has
kept product managers in several countries
busy for months. Despite its new, unusual
design, it is the continuation of the success
story which Martin Hilti, the company’s cofounder,
started more than fifty years ago.
Martin Hilti saw the huge potential of direct
fastening and used it to make his company a
world leader. “This product leadership is
confirmed and even extended by the Hilti
DX 460” – Eling Wong is convinced of this.
For the Hilti DX 460, the development engineers
have further optimized the tool’s functionality,
user comfort and ease of maintenance.
In addition, they have created the Hilti
MX 72 nail magazine. This system allows
building professionals to make more serial
fastenings in the same time – in steel, concrete
or sandstone – using nails from 14 to
72 millimeters long.
When the tool was introduced in the United
States, Eling Wong, as a technical sales person,
was the first point of contact for industrial
and government customers in the Los
Angeles area, before moving to Hilti headquarters
in Liechtenstein. “As product manager,
I cooperate closely with the development
engineers”, she explains. “Jointly, we
make sure that a new tool fulfills all customer
needs.” They test their prototypes in the
tough, real-world environment of the job
site. This way, the product manager gets a
first-hand, direct view from the building professionals,
which can lead to further improvements
in a system, tool or consumable.
Eling Wong also uses the test phase to make
direct contact with the sales force: “I find
out from them what support they expect
from me.”The product management puts together
the training material for a new tool; to
this theory the individual countries add practical
training, so that the sales teams can
thoroughly serve and professionally advise
their customers. The individual country marketing
organizations adapt for their different
sales channels and specific target groups
the marketing tools that the product management
at Hilti headquarters has developed
together with communications specialists.
While the sales people are enthusing their
customers about the new Hilti DX 460 directfastening
tool, Eling Wong is working on
the next product innovation. Things have
already become hectic again – and the enthusiasm
goes on.
Hilti DG 150 diamond grinding system
Hilti TE -TX / TE -YX hammer drill bits
19

“If you are yourself convinced of the
quality of the product – and if you know
it inside and out – you can convince
your customers.”
Jarmo Kivinen, technical salesman for Hilti (Suomi) Oy (right), talking about the new Hilti DG 150 diamond
grinding system. He certainly convinced building project leader Risto Uotinen of Rasto Oy (left).
20

“When Jarmo Kivinen came to visit us on the job site and demonstrated the
diamond grinding system, we forgot all about sand blasting and ground the
concrete with the Hilti DG 150. It was literally a clean sweep.”
Risto Uotinen, building project leader with Rasto Oy, Kuusankoski, Finland
Hilti DX 460 powder-actuated fastening tool
Hilti MQA-Q / MPN - QRC with push connection
Hilti DD 130 diamond coring system

Breakthrough innovation
convinces everyone
He did what he always does in these situations:
Jarmo Kivinen headed into his garage.
Alone with the red case, he opened it and
took out the Hilti DG 150 diamond grinding
system. He had never before held this “world
first” in his hand.
The floor of the garage was worn and uneven,
but immediately after Jarmo Kivinen
switched on the Hilti DG 150 and made the
first grinding movements, his thirteen years’
experience as a technical salesman with
Hilti Finland told him: this is exactly the right
tool for this job. “If you are yourself convinced
of the quality of the product, you can
convince your customers.”
Specially developed for the professional
user, the hand-held Hilti DG 150 grinds coated
and uncoated mineral materials like concrete
and screed in record time. The electronically
controlled motor gives the tool an
unprecedented working life. And compared
to sand and water blasting – neither the
cleanest of methods – the DG 150 is almost
house-trained: the dust-guard is so arranged
that the airflow from outside carries off the
dust with it, which is then drawn out through
openings in the diamond grinding cup by the
Hilti VCD 50 high-efficiency vacuum cleaner.
The user keeps a clear view and can work
more efficiently.
The product manager at Hilti Finland saw
that this breakthrough innovation could further
increase Hilti’s technological edge. He
made sure the sales force was completely
familiar with the tool because, as Jarmo
Kivinen says: “A technical sales person
needs to know a product inside and out.”
To meet this worldwide need for product
knowledge, the product manager at Hilti
headquarters in Liechtenstein turned to e-
learning. He developed, together with training
specialists, two CD-ROMs that explain
the product in detail. One of them supports
training colleagues in the field while the
other provides sales personnel with material
for self-study in advance, so that the training
itself is as efficient and effective as possible.
This means Jarmo was excellently prepared
when he visited the construction company
Rasto Oy, which specializes in industrial and
public buildings. Rasto was putting up a public
library for Kuusankoski, a small town in
the southeast of Finland.Two concrete walls,
totaling about 280 square meters, needed
to be made even for plastering, removing
the remains of some concrete adhesive. The
site supervisor from Rasto, Risto Uotinen,
and Rasto’s engineer Kalle Rentto had
planned on sand blasting, but Jarmo Kivinen
demonstrated the advantages of the Hilti
DG 150 and gave them the tool to try. Kalle
Rentto says simply: “We decided to do the
work with it and bought it.” The fact it performed
excellently for other grinding work on
the project made this purchase yet more
valuable.
Hilti PD 28 laser range meter
Hilti TE 6 - C light rotary hammer
23

Diamond coring on an administration building in Chiba, Japan.
DRILLING AND
DEMOLITION
Hilti hammers, chisels and
combihammers: the right
power package for every
work site.
DIRECT
FASTENING
Hilti powder-actuated fastening
tools set bolts
and nails with high force,
efficiency and safety.
DIAMOND
SYSTEMS
Whether drilling, sawing or
grinding, Hilti diamond tools
bite right through the hardest
materials.
ANCHORING
SYSTEMS
Hilti mechanical and
chemical anchors can
fix every attachment
problem.
24

All for the
professional
Hilti offers the construction professional almost
everything he needs for measuring,
positioning, chiseling, drilling, fastening, installation,
cutting, sanding and insulation.
The product range comprises drilling and
demolition, direct fastening, diamond and
anchoring systems, firestop and foam systems,
installation, positioning and screw fastening
systems as well as cutting and
sanding systems.
The tools, with their consumables and accessories,
combine into comprehensive,
coordinated systems that generate real
added value for construction professionals –
helping them work more efficiently and
saving them time and money. New products
and product updates fulfill their needs, increasing
their efficiency and productivity.
With Hilti, the service starts before a sale is
made: engineers begin advising customers
at the planning stage. If there’s a particular
fastening problem, for example, experts from
Hilti can find the solution before the project
gets underway.They also provide application
training, technical documentation and software
as well as dependable, expert advice
for the entire duration of construction.
Comprehensive service is always part of the
Hilti proposition, after as well as before the
tool is bought. Hilti’s after-sales service goes
that extra bit further: not just making repairs
but also guaranteeing customers continuous
high productivity. At Hilti, everything starts
with customers. Like the products themselves,
service packages are tailored to meet
their exact needs and are continually being
improved.
Hilti communicates with its professional
customers directly via its own worldwide
sales network. According to their specific
need, sales representatives are available
either in person, by telephone, or at the
nearest Hilti Center.
Moreover, customers can take advantage of
Hilti e-commerce platforms for technical
support – around the clock and in a multitude
of countries. The continual growth of
Hilti’s online services brings them more and
more benefits.
An expert Hilti sales force is now also deployed
in select professional-supply stores
across the United States, France and other
countries. This “Shop in Shop” concept enhances
contact between Hilti and smaller
professional customers in particular.
Of the more than 14,000 Hilti employees
worldwide, two-thirds are involved in direct
contact with our customers. Between them,
they chalk up almost 100,000 customer contacts
each day.
FIRESTOP AND
FOAM SYSTEMS
Hilti firestop and construction
foams ensure safe
and compliant filling of
openings.
INSTALLATION
SYSTEMS
Customers save time with
Hilti’s complete, integrated
solutions for pipe, cable and
conduit installation.
POSITIONING
SYSTEMS
Measure, level, align:
Hilti solutions combine low
operating cost and high
accuracy.
SCREW
FASTENING
SYSTEMS
Hilti power and battery
screwdrivers allow effortless
and precise work.
CUTTING AND
SANDING
Hilti tools provide clear
handling advantages
for productive cutting and
sanding.
25

26
Board of Directors of Hilti Corporation
Michael Hilti, Schaan,
Principality of Liechtenstein
Michael Hilti (born 1946; elected to serve until
the 2003 Annual General Meeting), son of
the company’s co-founder Professor Martin
Hilti, has been member of the Board of Directors
of Hilti Corporation since 1990 and its
Chairman since 1994. He is, at the same
time, member of the Board of Trustees of the
Martin Hilti Family Trust, which holds all the
registered shares of Hilti Corporation. After
taking his degree in Business Management
at the University of St. Gallen, followed by an
engagement with Chase Manhattan Bank in
London, he took on operational duties at
Hilti headquarters in Schaan. Before being
nominated as Chairman, he was Chief
Executive Officer and Managing Director.
Michael Hilti is also currently Chairman of
the Liechtenstein Chamber of Industry and
Commerce (LIHK), member of the International
Advisory Board of the Credit Suisse Group
and of the Board of Directors of Hilcona AG
in Schaan.
Prof Dr Erwin W. Heri, Räterschen,
Switzerland
Erwin W. Heri (born 1954; elected to serve
until the 2004 Annual General Meeting) has
been member of the Board of Directors of
Hilti Corporation since 2001. He is also member
of the Board of Trustees of the Martin Hilti
Family Trust. He received his doctorate in
economics at the University of Basel, taking
research positions in the United States before
returning to further academic appointments
and post-doctoral qualification. After
a period as Associate Professor at the
University of Basel, he moved into private industry,
holding leading positions at the Swiss
Banking Corporation and at Winterthur Insurance,
before he was appointed Chief Financial
and later Chief Investment Officer of Credit
Suisse Financial Services. In 2002, he left
CS to devote himself to the further advancement
of his academic career. Erwin W. Heri is
Chairman-designate of the Board of Directors
of OZ Holding and OZ Bankers AG and
member of the Board of Directors of, among
others, Ciba Specialty Chemicals Inc. and
member of the Fund Commission of the
Swiss federal pension fund Publica.
Prof Dr Giorgio Behr, Buchberg,
Switzerland
Giorgio Behr (born 1948; elected to serve until
the 2003 Annual General Meeting), Professor
in the Department of Business Management
at the University of St. Gallen, has
been member of the Board of Directors of
Hilti Corporation since 1993. He gained his
doctorate at the law school of the University
of Zurich, was admitted to the Bar and obtained
a diploma as CPA, Certified Public Accountant.
Today, he is an entrepreneur in the
industrial sector. An internationally recognized
accountancy specialist, Giorgio Behr
has represented Switzerland on various
international committees, and was Chairman
of the Swiss Accounting Commission as
well as Chairman of the Experts’ Committee
of the Swiss Stock Exchange SWX. He is now
member of the Supervisory Board of the
European Financial Advisory Group (EFAG) of
the European Union and Chairman of the
Foundation Council of the Swiss GAAP FER.
He is also Chairman of the Board of Directors
of Saurer Ltd., Arbon.

From left: Michael Hilti, Erwin W. Heri, Giorgio Behr, Reto Mengiardi,
Jakob (Jack) Schmuckli, Hubertus Christ.
Dr Reto Mengiardi, Chur,
Switzerland
Reto Mengiardi (born 1939; elected to serve
until the 2003 Annual General Meeting) was
asked to join the Board of Directors of Hilti
Corporation in 1991. In addition, he is member
of the Board of Trustees of the Martin Hilti
Family Trust. Formerly a primary school
teacher, he took his doctorate in law and set
up his own practice as lawyer and notary in
Chur. In 1979 he was elected to the Graubünden
cantonal executive, over which he
presided for three one-year terms. After
twelve years of political life he returned to his
former profession as lawyer and notary.
Reto Mengiardi is a Director of several companies
in the energy, construction, beverage,
and tourism industries. He is, among other
posts, Vice Chairman of the Board of Directors
of Rätia Energie AG, Brusio, and member
of the Board of Directors of Holcim (Schweiz)
AG, Würenlingen.
Jakob (Jack) Schmuckli, Stäfa,
Switzerland
Jack Schmuckli (born 1940; elected to serve
until the 2004 Annual General Meeting) was
appointed a Director of Hilti Corporation at
the beginning of 2001. He began his professional
career at General Telephone & Electronics
International (GTE) in Geneva and
New York. In 1968, he became President of
Nippon Polaroid, Tokyo, where he also oversaw
the Asia / Pacific region. From Japan he
moved to Germany, where he was first
President of Sony Deutschland GmbH and
subsequently, until 1998, of Sony Europe.
Jack Schmuckli was named to the Board of
Directors of Sony Corporation,Tokyo,in 1989.
Today he holds directorships in a number of
mostly Swiss companies with international
activities. He is, among other posts, Chairman
of the Board of Directors of Allreal Holding
AG, Zug, and Wicor Holding AG, Rapperswil,
as well as Vice Chairman of the
Board of Directors of Unaxis Holding AG,
Zurich, and member of the Board of Directors
of SEZ Holding AG, Zurich.
Prof Dr Hubertus Christ, Langenargen,
Germany
In Hubertus Christ (born 1936; elected to
serve until the 2005 Annual General Meeting),
the Hilti Corporation Board of Directors
gained a technical expert in 1999. He received
his doctorate in engineering, with
a post-doctoral qualification in mechanical
engineering. He built up the automotive research
area at Daimler Benz AG, eventually
becoming responsible for the entire research
department before being asked to join the
Executive Board of ZF Friedrichshafen AG.
Today, he is member of the Board of Directors
of ZF Friedrichshafen and of Forschungszentrum
Karlsruhe GmbH as well as
member of the Advisory Committee of Vorwerk
& Co., Wuppertal. Hubertus Christ is
also member of several other Boards of Directors,
and is closely involved in the promotion
of technical development and education
for young people, both in his role as Chairman
of the Association of German Engineers
(VDI) and as member of other associations
for research and technology.
27

From left: Ewald H. Hoelker, Egbert Appel, Pius Baschera,
Bo Risberg.
28
Executive Board
Prof Dr Pius Baschera,
Chief Executive Officer
Pius Baschera (born 1950, Switzerland) has
been Chief Executive of Hilti Corporation
since 1994. He received his degree and doctorate
in mechanical engineering and economic
science at the Swiss Federal Institute of
Technology, Zurich. In 1979 he came to Hilti
as financial controller in the production area,
before moving to Hilti Inc. in Tulsa, Oklahoma,
in order to lead the corporate development
department there. He was subsequently General
Manager of Hilti (Schweiz) AG and Hilti
Deutschland GmbH before becoming Head
of Market Region Europe 1. In 1990 he was
appointed Chief Financial Officer and member
of the Executive Board. Pius Baschera is
a Director of Unaxis Holding AG, Zurich, and
member of the Advisory Boards of Vorwerk &
Co. KG, Wuppertal, and Ardex GmbH, Witten.
He is also an Honorary Professor at the Swiss
Federal Institute of Technology Zurich and
Chairman of the Board of Directors of Venture
Incubator AG in Zug.
Egbert Appel
Egbert Appel (born 1949, Germany) is responsible
for human resources, finance and
information technology. Having studied law
at the universities of Munich, Bonn and Freiburg
and taken his degree, he held positions
as assistant to the Board and personnel
manager in an industrial company. In 1984,
he joined Hilti Deutschland GmbH as Head of
Human Resources. From there, he moved
into sales with responsibility for the Bavaria
region and then went to Japan as General
Manager. After having returned to Germany
as General Manager of Hilti Deutschland
GmbH, he joined the Executive Board in 1994.
Egbert Appel is Vice President of CEMS
(Community of European Management
Schools) and of Unitech International, a network
of Europe’s best technical universities.
Ewald H. Hoelker
Ewald H. Hoelker (born 1945, USA) is responsible
for all Hilti marketing regions
worldwide. He holds an MBA from the University
of North Texas and joined Hilti Inc.,
Tulsa, in 1972 after a position in the food
retail industry. He worked his way from technical
sales representative through several
positions to Chief Executive Officer of Hilti
USA. Since 1994, he has been member of the
Executive Board at the corporate headquarters
of the Hilti Group in Schaan.
Bo Risberg
Bo Risberg (born 1956, Sweden) is responsible
for the business units for each product
group, for the supply chain (comprising
production, procurement and logistics) and
for research and development. Bo Risberg
studied mechanical engineering in Canada
before taking his MBA in Switzerland. After
holding leading positions in major companies
in Canada and Sweden, he came to
Hilti in 1999 as Head of the Drilling and
Demolition business unit. He has been member
of Hilti’s Executive Board since 2001.
Since October 2002, he has been Vice President
of the European Power Tool Association
(EPTA).

Corporate Governance
Election and term of office for the
members of the Board of Directors
The members of the Board of Directors of the
Hilti Group are elected by the Annual General
Meeting for three years. As a rule, directors
serve up to four terms. There is an age limitation
of 70 years.
Allocation of responsibilities and
duties of the Board of Directors
In addition to its legally defined duties, the
Board of Directors specifically takes decisions
on the basic strategic direction of the
Group, its long-range and annual strategic
planning, important business decisions, as
well as the succession planning of the Board
of Directors itself and the succession planning
and the appointment of the Executive
Board.
In the last business year, the Board of Directors
supervised the activities of the Executive
Board and assisted it in a consultative
capacity. In doing so, the Board of Directors
also cooperated actively in strategic projects.
In five multi-day Board meetings and
visits to major operating units of the Group,
as well as on the basis of written and oral reports
of the Executive Board, the Board of
Directors dealt intensively with the economic
situation, day-to-day running of the business
as well as its corporate policy, its risk management
and the basic questions of corporate
planning and development. In addition,
the Board of Directors was kept fully informed
by the statutory auditors on the
results of the audit of the annual accounts.
Internal audit
The internal audit department supports the
Board of Directors in monitoring the Corporate
Management.
Compensation to the Board of
Directors and Corporate Management
Members of the Board of Directors are paid
a fixed annual compensation plus a lump
sum for expenses. A bonus is not paid. Former
members of the Board of Directors do
not receive any remuneration.
The members of Corporate Management
(the Executive Board and the Executive Management
Group – see: www.hilti.com/media)
receive an annual base salary and a bonus
linked to performance. Members of the Executive
Board normally retire at the age of 56.
They receive a severance payment in addition
to their statutory pension fund entitlement.Former
members of the Executive Management
Group do not receive any additional
compensation other than their statutory pension
fund entitlement. Total compensation is
listed in the Financial Report, page 22.
Shareholders’ participation rights
Details of share and participation capital are
given in the Financial Report, page 14. Resolutions
of shareholder meetings are generally
decided by an absolute majority of
represented votes.A majority of at least three
quarters of represented votes is necessary
to change the articles of incorporation, or for
resolutions concerning changes to share and
participation capital, subscription rights, expansion
or restriction of business scope as
well as mergers, transformation or liquidation
of the company.
Auditors
The examination of the Group consolidated
financial statements and the financial statements
of Hilti Corporation is conducted
by PricewaterhouseCoopers Ltd., Basel. The
company was appointed in March 2000 for
the duration of three years. The leading
auditor is responsible for the mandate since
1997. The amount of auditing fees relating to
the year reported amounts to 2.0 million
Swiss francs. Other consulting fees for the
year reported amount to 0.8 million Swiss
francs.
Corporate Organization
Customer
Market Regions / Marketing Organizations
Business Areas / Business Units
Corporate Functions
Executive Board
Board of Directors
29

Worldwide presence
Parent company
Hilti Corporation, Schaan, Liechtenstein
Research, development, production,
sales, services, holding
Tel. +423 2342111 Fax +423 2342965
Main, fully controlled, consolidated subsidiaries,
production plants and participations
(as per 31 December 2002)
Argentina
S Hilti Argentina S.R.L., Buenos Aires
Tel. +54 11 47177100 Fax +54 11 47177110
Australia
S Hilti (Aust.) Pty. Ltd., Silverwater, New South Wales
Tel. +61 2 87481000 Fax +61 2 87481190
Austria
S Hilti Austria Gesellschaft m.b.H., Vienna
Tel. +43 800 818100 Fax +43 800 201990
H
P
Hilti Holding GmbH, Vienna
Hilti AG Zweigniederlassung Thüringen,
Thüringen
Belgium
S Hilti Belgium N.V., Asse
Tel. +32 2 4677911 Fax +32 2 4665802
Brazil
S Hilti do Brasil Comercial Ltda., São Paulo
Tel. +55 11 30469200 Fax +55 11 38455175
Bulgaria
S Hilti (Bulgaria) GmbH, Sofia
Tel. +359 2 9740110 Fax +359 2 9740123
Canada
S Hilti (Canada) Corporation, Mississauga, Ontario
Tel. +1 905 8139200 Fax +1 905 8139009
Chile
S Hilti Chile Limitada, Santiago de Chile
Tel. +56 2 6553000 Fax +56 2 3650505
China
P, S Hilti (China) Ltd., Zhanjiang
National Marketing Headquarters, Shanghai
Tel. +86 21 64853158 Fax +86 21 64953395
Colombia
S Hilti Colombia Ltda, Bogotá
Tel. +57 1 3513261 Fax +57 1 3513263
Croatia
S Hilti Croatia d.o.o., Zagreb
Tel. +385 1 3772279 Fax +385 1 3701655
Czech Republic
S Hilti C˘ R spol.sr.o., Prague-Pru honice
Tel. +420 2 61195611 Fax +420 2 72680440
Denmark
S Hilti Danmark A/S, Rødovre-Copenhagen
Tel. +45 44 888000 Fax +45 44 888084
Estonia
S Hilti Eesti OÜ, Tallinn
Tel. +372 6550900 Fax +372 6550901
Finland
S Hilti (Suomi) OY, Vantaa
Tel. +358 9 478700 Fax +358 9 47870123
France
S Hilti France S.A., Magny-les-Hameaux
Tel. +33 1 30125000 Fax +33 1 30125012
Germany
S Hilti Deutschland GmbH, Kaufering
Tel. +49 8191 900 Fax +49 8191 901122
P Hilti GmbH Industriegesellschaft für
Befestigungstechnik, Kaufering
P Hilti Kunststofftechnik GmbH, Nersingen
D Hilti Entwicklungsgesellschaft mbH, Kaufering
Great Britain
S Hilti (Gt. Britain) Ltd., Manchester
Tel. +44 161 8861000 Fax +44 161 8721240
Se Hilti Invest Ltd., St. Helier
Greece
S Hilti Hellas S.A., Athen Likovrisi
Tel. +30 21 02880600 Fax +30 21 02880607
Hong Kong
S Hilti (Hong Kong) Ltd., Kowloon, Hong Kong
Tel. +852 82288118 Fax +852 27643234
Se,H Hilti Asia Ltd., Kowloon, Hong Kong
Hungary
S Hilti (Hungária) Kft., Budapest
Tel. +36 1 4366393 Fax +36 1 4366390
P Hilti Szerszám Kft., Kecskemét
India
S Hilti India Private Ltd., New Delhi
Tel. +91 11 26092566 Fax +91 11 26085787
Indonesia
S P.T. Hilti Nusantara, Jakarta
Tel. +62 21 39836881 Fax +62 21 3920345
Ireland
S Hilti (Fastening Systems) Ltd., Dublin
Tel. +353 1 8303422 Fax +353 1 8303569
Italy
S Hilti Italia S.p.A., Milan
Tel. +39 02 212721 Fax +39 02 25902182
Japan
S Hilti (Japan) Ltd., Yokohama
Tel. +81 45 9436211 Fax +81 45 9436231
Korea
S Hilti (Korea) Ltd., Seoul
Tel. +82 2 20072700 Fax +82 2 20072890
Latvia
S Hilti Services Limited, Riga
Tel. +371 7628823 Fax +371 7628821
Liechtenstein
S Hilti (Schweiz) AG, Zweigniederlassung
Liechtenstein, Schaan
Tel. +41 844848485 Fax +41 844848486
S
IVV-Internationale Vertrieb- und Verbund-
Aktiengesellschaft, Schaan
Lithuania
S Hilti Complete Systems UAB, Vilnius
Tel. +370 68727898 Fax +370 52715341
Malaysia
S Hilti (Malaysia) Sdn. Bhd., Petaling Jaya
Tel. +60 3 56338583 Fax +60 3 56337100
Mexico
S,P Hilti Mexicana, S.A. de C.V., Mexico City
Tel. +52 55 53871600 Fax +52 55 52815967
Netherlands
S Hilti Nederland B.V., Berkel en Rodenrijs
Tel. +31 10 5191100 Fax +31 10 5191198
H Hilti International Finance B.V., Amsterdam
New Zealand
S Hilti (New Zealand) Ltd., Auckland
Tel. +64 9 5719995 Fax +64 9 5719942
Peru
S Hilti Peru S.A., Lima 41
Tel. +51 1 4466969 Fax +51 1 4470305
Philippines
S Hilti (Philippines) Inc., Makati City, Metro Manila
Tel. +63 2 8430066 Fax +63 2 8430061
Poland
S Hilti (Poland) Sp.z o.o., Warsaw
Tel. +48 22 3205500 Fax +48 22 3205501
Portugal
S Hilti (Portugal) – Produtos e Serviços Lda.,
Matosinhos-Senhora da Hora
Tel. +351 229568100 Fax +351 229568190
Puerto Rico
S Hilti Caribe, Inc., San Juan, Hato Rey
Tel. +1 787 2816160 Fax +1 787 2816155
Russian Federation
S Hilti Distribution Ltd., Moscow
Tel. +7 502 2215245 Fax +7 502 2215246
Singapore
S Hilti Far East Private Ltd., Singapore
Tel. +65 67777887 Fax +65 67773057
Slovakia
S Hilti Slovakia spol.sr.o., Bratislava
Tel. +421 2 68284211 Fax +421 2 68284215
Slovenia
S Hilti Slovenija d.o.o., Trzin
Tel. +386 1 5680930 Fax +386 1 5637112
South Africa
S Hilti (South Africa) (Pty) Ltd.,
Johannesburg/Midrand
Tel. +27 11 2373000 Fax +27 11 2373111
Spain
S Hilti Española, S.A., Madrid
Tel. +34 91 3342200 Fax +34 91 3580446
Sweden
S Hilti Svenska AB, Arlöv-Malmö
Tel. +46 40 539300 Fax +46 40 435196
Switzerland
S Hilti (Schweiz) AG, Adliswil
Tel. +41 844848485 Fax +41 844848486
S,P Ammann Lasertechnik AG, Amriswil
Tel. +41 71 4140272 Fax +41 71 4140279
H Hilti-Finanz AG, Chur
Se Hilti Befestigungstechnik AG, Buchs
Taiwan
S Hilti Taiwan Company Ltd., Taipei
Tel. +886 2 25098115 Fax +886 2 25167807
Thailand
S Hilti (Thailand) Ltd., Bangkok
Tel. +66 2 7514123-7 Fax +66 2 7514116
Turkey
S Hilti Inşaat Malzemeleri Ticaret A.Ş., Istanbul
Tel. +90 216 6111755 Fax +90 216 6111663
30

Ukraine
S Hilti (Ukraine) Ltd., Kiev
Tel. +380 44 2302606 Fax +380 44 2200712
United Arab Emirates
Se Hilti Regional Office for Near / Middle East
and South Asia, Jebel Ali-Free Zone, Dubai
Tel. +971 4 8835376 Fax +971 84480485
USA
H Hilti of America, Inc., Tulsa, Oklahoma
P, S, H Hilti, Inc., Tulsa, Oklahoma
Tel. +1 918 2526000 Fax +1 918 2540522
S,H
Hilti Latin America Limited, Tulsa, Oklahoma
Tel. +1 918 2526595 Fax +1 918 2526993
Venezuela
S Inversiones Hilti de Venezuela, S.A., Caracas
Tel. +58 212 2034200 Fax +58 212 2345598
Vietnam
Se Hilti AG Representative Office, Ho Chi Minh City
Tel. +84 8 9304091 Fax +84 8 9304090
50% participation
(as per 31 December 2002)
Germany
P Hillos GmbH, Jena
S: Sales
D: Development
P: Production
Se: Services
H: Holding
Sales partners and agencies
Aruba
Azerbaijan
Bahrain
Bangladesh
Barbados
Belize
Bolivia
Bosnia and
Herzegovina
Botswana
Cameroon
Costa Rica
Curaçao
Cyprus
Aruba Fasteners N.V., Oranjestad
ITC Intech Company Ltd., Baku
Gulf Commercial 2002 Est.,
Manama
Aziz & Company Ltd.,
Hilti Division, Dhaka
Gittens & Company Ltd.,
St. Michael
Benny’s Homecenter Ltd.,
Belize City
Genex S.A., Santa Cruz
Galeb Group d.o.o., Bjeljina
Turbo Agencies, Gaborone
SHO Plus, Douala
Superba S.A., San José
Caribbean Fasteners N.V.,
Davelaar
Cyprus Trading Corp. Ltd., Nicosia
Dominican Dalsan, C Por A,
Republic Santo Domingo
Ecuador Sermaco S.A., Quito
Egypt
M.A.P.S.O. for Marine Propulsion &
Supply S.A.E., Cairo
El Salvador Electrama S.A. de C.V.,
San Salvador
Ghana Auto Parts Ldt., Accra
Guatemala Equipos y Fijaciones S.A.,
Guatemala City
Guyana Fastening & Building
Systems Ltd., Georgetown
Honduras Lazarus & Lazarus, S.A.,
San Pedro Sula, Cortes
Iran
Madavi Company, Hilti Division,
Tehran
Ivory Coast Technibat, Abidjan
Jamaica Evans Safety Ltd., Kingston
Jordan Newport Trading Agency, Amman
Kazakhstan EATC Euro-Asian Technologies
Company Ltd., Almaty
Kenya
Professional Tools Ltd., Nairobi
Kuwait Works & Buildings Co., Safat
Lebanon Chehab Brothers S.A.L.,
Hilti Division, Beirut
Macedonia
(FYROM)
Madagascar
Maldives
Famaki-ve doel, Skopje
Société F. Bonnet et Fils,
Antananarivo
Aima Construction Co. Pvt. Ltd.,
Malé
Malta
Mauritius
Morocco
Mozambique
Namibia
Nepal
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Paraguay
Qatar
Romania
Saudi Arabia
Senegal
Sri Lanka
St. Lucia
St. Maarten
Sudan
Syria
Tanzania
Trinidad
Tunisia
Uganda
United
Arab Emirates
Uruguay
Yemen
Yugoslavia
Zambia
Zimbabwe
Panta Marketing & Services
Limited, Msida
Ireland Blyth Limited, Port Louis
Mafix SA, Casablanca
Diatechnica Lda., Maputo
A. Hüster Machinetool
Company (Pty.) Ltd, Windhoek
Inco Private Limited, Kathmandu
Fijaciones de Nicaragua, Managua
GMP – General Metal Products Ltd.,
Amuwo – Odofin/Lagos
Motek AS, Oslo
Bin Salim Enterprises LLC, Muscat
H.S. Ahmedally, Karachi
Superba Panama S.A., Cuidad de
Panama
S.A.C.I.H. Petersen, Asunción
H.B.K. Trading Company, Doha
Omnitech Trading S.A., Bukarest
Saad H. Abukhadra & Co., Jeddah
Sénégal-Bois, Dakar
Hunter & Co. Ltd., Colombo
Construction Tools Ltd., Castries
Fabory St. Marteen N.V., Cole Bay
Bittar Engineering Ltd., Khartoum
Al-Safadi Brothers Co., Damascus
Coastal Steel Industries Ltd.,
Dar es Salaam
Agostini’s Fastening Systems
Ltd., Port-of-Spain
Permetal SA, Tunis le Belvédère
Casements (Africa) Limited,
Kampala
MEP Mazroui Engineering
Products, Hilti Division, Dubai
Seler Parrado S.A., Montevideo
Nasser Establishment, Sana’a
Galeb Group d.o.o., Cerovac (S˘ abac)
BML Electrical Limited, Kitwe
Glynn’s Bolts (Pvt) Ltd., Harare
31

Hilti Corporation
Feldkircherstrasse 100
P.O. Box 333
FL-9494 Schaan
Principality of Liechtenstein
www.hilti.com
For further information,
please contact:
Investor Relations
Albert Dietrich
Tel. +423 234 26 58
Fax +423 234 28 92
dietalb@hilti.com
Corporate Communications
Heinz Müller
Tel. +423 234 27 10
Fax +423 234 29 56
presse@hilti.com
Next information: May 23, 2003
October 10, 2003