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The sustained increase of agreed working hours at Pfleiderer Engineered Wood sites in Germany is one such important step. This will help offset identified cost disadvantages when facing national and international competition. As it has proved impossible to reach a company-wide consensus with IG Metall, we have decided to set up individual agreements with our employees. As a result, we are guaranteeing jobs up to the end of 2007. However, the only way we can safeguard jobs in Germany over the long term is by increasing market share and sales. In Eastern Europe, we intend to use our outstanding competitive position to achieve further growth coupled with attractive profit margins. The position we achieved by acquiring an early presence on potentially attractive markets must now be held on to in what have become mature markets. This we intend to do by offering new products, stronger sales relations and high quality. And should the right opportunity present itself, we are ready to move into markets outside Europe, too. Positive Growth in the Company’s Value Now that we have successfully reduced corporate indebtedness and increased our equity ratio, our next task is to concentrate our resources and efforts completely on strengthening and expanding our operative market positions in Germany, Europe and worldwide. For that reason, once again in fiscal 2004 we have decided to forego paying a dividend. We believe that you, the shareholders, will agree with this decision. The above average price rise of the Pfleiderer share over the last twelve months means that you have already participated in the Company’s value increase. This direction signals a future full of prospects, a future that offers more growth and greater earnings power. May I therefore thank you for the confidence and trust you have placed in our Company. This spirit of moving forward together is reflected in the successful partnership that exists between shareholders, management and employees. I would also like to express my sincere thanks to all our employees for their dedication and hard work, the employees’ representatives for their understanding and targeted cooperation, as well as all our customers and associates for the good and fair dealings we have had and which have been beneficial to us all. Pfleiderer AG will make every effort to continue along this road of growth and earnings using all the means at our disposal – with care, confidence and determination, with entrepreneurial courage and a sense of responsibility for our values. My colleagues and I, together with all our employees in Germany and abroad, stand by these words. Neumarkt, April 5, 2005 Hans H. Overdiek Spokesman of the Board of Management 6
Dr Jürgen Koch Member of the Board of Management, Finance, Infrastructure Technology Hans H. Overdiek Spokesman of the Board of Management, Engineered Wood Michael Ernst Member of the Board of Management, Personnel, Risk Management, IT
Page 1 and 2: Annual Report 2004 Core Businesses
Page 3 and 4: Group Figures Jan. 1 - Jan. 1 - Cha
Page 5 and 6: Pfleiderer AG is focusing on its tw
Page 7 and 8: 3 35 Pfleiderer Engineered Wood fur
Page 9: In closing down the Rheda-Wiedenbr
Page 13 and 14: Committees Formed by the Supervisor
Page 15 and 16: CORPORATE GOVERNANCE 1. Introductio
Page 17 and 18: 4. Supervisory Board The Board of M
Page 19 and 20: Declaration of Compliance 2004 Unde
Page 21: Stock Option Program 2004 (Continua
Page 24 and 25: PFLEIDERER GROUP AND PFLEIDERER AG
Page 26 and 27: Company Report Corporate portfolio
Page 28 and 29: In fiscal 2004, the Pfleiderer Grou
Page 30 and 31: Net indebtedness of the Pfleiderer
Page 33 and 34: GERMANY GDP in Germany increased by
Page 35 and 36: y expanding foreign and export rati
Page 37 and 38: Production Pfleiderer Engineered Wo
Page 39 and 40: Aside from its leading market prese
Page 41 and 42: Due to its very low construction he
Page 43: Procurement In order to take advant
Page 46 and 47: Research & Development New “Multi
Page 48 and 49: In September 2004, Pfleiderer appro
Page 50 and 51: Personnel As of December 31, 2004,
Page 52 and 53: Pfleiderer Corporate Guidelines for
Page 54 and 55: Economic and Political Risks and In
Page 56 and 57: No liquidity risk exists at present
Page 58 and 59: wodego® is the latest brand in Pfl
Page 60 and 61:
Key Figures 2004 2003 No. of shares
Page 62 and 63:
Investor Relations Activities Indiv
Page 64 and 65:
While the prices paid for paraffin
Page 67 and 68:
TURKEY The Turkish economy reported
Page 69 and 70:
Liabilities and Shareholders’ Equ
Page 71 and 72:
Pfleiderer Consolidated Statement o
Page 73 and 74:
Comprehensive income 69 Other compr
Page 75 and 76:
Infrastructure Technology Consolida
Page 77 and 78:
Scope of Consolidation The consolid
Page 79 and 80:
The activities of the Poles & Tower
Page 81 and 82:
Sales of receivables are treated wi
Page 83 and 84:
Property, Plant and Equipment Prope
Page 85 and 86:
Accruals for Pensions and Similar O
Page 87 and 88:
1. Liquid funds 2. Securities class
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7. Intangible assets As in the prev
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11. Financial liabilities 12. Other
Page 93 and 94:
16. Long-term deferred income 17. D
Page 95 and 96:
18. Stockholders’ equity The foll
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Stock Appreciation Rights 2000 Unde
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20. Derivative financial instrument
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Derivative financial instruments ar
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The following table reconciles the
Page 105 and 106:
22. Pensions and similar obligation
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The following table explains the ch
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1. Contingent liabilities VII. Othe
Page 111 and 112:
3. Pending litigation and claims 4.
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Geographical Information Sales Reve
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1. Leases 2. Valuation of inventori
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8. Discontinued operations Under US
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Accumulated amortization/depreciati
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Pfleiderer track systems B.V. Deven
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119
Page 125 and 126:
Pfleiderer AG Statement of Income 2
Page 127 and 128:
Accumulated amortization/depreciati
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Hanno C. Fiedler Chairman of the ma
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Economic Glossary Asset deal Descri
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P Particleboard 30, 32, 34, 43, 54
Page 135 and 136:
Income ratios Sales revenues 900,97
Page 137 and 138:
Financial Calendar 2005 April 7, 20
Page 139 and 140:
July Pfleiderer track systems wins
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