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CIBA RESTATES 1992 RESULTS WITH NEW ACCOUNTING STANDARDS

 ARDSLEY, N.Y., June 15 /PRNewswire/ -- Ciba changed its accounting system on Jan. 1, 1993, in order to comply with the International Accounting Standards (IAS) issued by the International Accounting Standards Committee, London, as well as with directives of the European Community (EC Standards), the new Swiss corporate law and the respective new Swiss professional standards (FER).
 "This is an important further step in our strategy to broaden and internationalize our shareholder base. Transparency and comparability of our financial performance will be enhanced and financial disclosure will be expanded," said Dr. Rolf A. Meyer, the chief financial officer of Ciba.
 The new accounting system resulted in major changes which affected all parts of the financial statement and, as a consequence, financial data published under the previous accounting system is not comparable with Ciba's new financial information.
 Ciba has now prepared a restatement of the 1992 accounts which were still reported under the old current-value accounting principles. This restatement should allow investors and analysts to build a bridge between the old and the new accounting systems.
 The restatement should provide an adequate idea about large and significant changes. It is not the result of detailed bookkeeping and, therefore, it represents an estimation of comparable numbers involving adequate professional judgment by the accountants involved.
 Profit and Loss Statement
 Ciba reported that the 1992 profit after tax prior to extraordinary items would have amounted to approximately SFr 1,800 million if the IAS concept had already been applied in that year. This represents an increase of 18 percent over the previously announced 1992 profit of SFr 1,520 million. After the deduction of extraordinary items (an after-tax charge of SFr 200 million for the restructuring of the Textile Dyes and the U.S. Pharmaceuticals divisions, after offsetting the profit from the sale of an Additives business), the restated corporate profit would have amounted to approximately SFr 1,600 million.
 Balance Sheet
 On the asset side, the most important changes are: an increase in Inventories by SFr 1,800 million because inventories now reflect the full production cost concept; Fixed Assets decreased by approximately SFr 2,700 million because of the application of the acquisition cost concept instead of the previously applied current values. Cash and Marketable Securities increased by approximately SFr 700 million as a result of the change in scope of consolidation. Total Assets decreased by approximately SFr 800 million to SFr 29,900 million.
 Long-Term Liabilities are now reflecting deferred taxation and post- retirement benefits and thus increased by approximately SFr 1,200 million to SFr 6,000 million. Shareholders' Equity decreased from SFr 18,100 million to approximately SFr 15,700 million.
 All other positions did not show substantial changes.
 Schweizerische Treuhandgesellschaft/Coopers & Lybrand AG, who have been appointed as group auditors, accompanied and assisted Ciba in this process. They have performed a review of the restatement and have issued an unqualified review report thereon.
 The full text of the restatement and of the auditor's review report is available from Ciba by calling 914-479-4050.
 Ciba has its U.S. headquarters in Ardsley. It is a leading developer and manufacturer of healthcare, agricultural and industrial products. It is a wholly owned subsidiary of Ciba-Geigy Limited of Basel, Switzerland.
 -0- 6/15/93
 /CONTACT: Lisa Robinson of Ciba-Geigy Corporation, 914-479-4050/


CO: Ciba-Geigy Corporation ST: New York IN: CHM SU:

WB-TS -- NY054 -- 2152 06/15/93 13:07 EDT
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Date:Jun 15, 1993
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