PDF, 3.2 MB - Pfleiderer AG
PDF, 3.2 MB - Pfleiderer AG PDF, 3.2 MB - Pfleiderer AG
In fiscal 2004, the Pfleiderer Group reported sales of around 901 million euros (2003: 848.2 million euros). This represents an increase in sales of 6.2 percent compared to the adjusted figures for the previous year. The continuing internationalization of both Engineered Wood and track systems, as well as the long sought-after improvement in prices for raw particleboard in Germany, are decisive factors here. The foreign percentage in Group sales increased by 4.7 percentage points to 53.8 percent. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 21.1 percent to 87.4 million euros compared to the previous year. The EBITDA margin rose from 8.5 percent in 2003 to 9.7 percent in 2004. This improvement in margin is an important step, but must be still further consolidated. In the Business Center Engineered Wood the EBITDA increased by 36.5 percent to 78.9 million euros. This figure reflects significant increases, both in terms of German business, as well as for our Polish operations. The Business Segment Infrastructure Technology also reported a slight increase in EBITDA. Earnings before interest and taxes (EBIT) as at December 31, 2004 came to 50.2 million euros (2003: 34.9 million euros). The EBIT margin improved from 4.1 percent to 5.6 percent. Earnings before taxes (EBT) for the Pfleiderer Group for continued operations came to 31.6 million euros (2003: 17.9 million euros). Accordingly, the sales margin increased from 2.1 percent in 2003 to 3.5 percent in 2004, bringing the Group closer to its target of 5 percent. The earnings, depreciation and amortization and changes in accruals from the announced disposals of the Poles & Towers and water systems business are reported under discontinued operations. Following the losses from disinvestments in the two previous years, positive earnings of 27.3 million euros (2003: –51.5 million euros) from discontinued operations were recorded again in 2004. Overall, the Pfleiderer Group posted pre-tax earnings of 58.9 million euros in 2004, compared with a loss of 33.6 million euros in 2003. The Pfleiderer share responded accordingly, with EPS improving from –1.07 euros to 0.79 euro in 2004. The ratio of cost of materials to sales adjusted for changes in inventories within the Group rose to 52.8 percent as at year-ending 2004, compared with 51.1 percent at the end of 2003. Among others, this reflects changed sales and costs structures in the Business Center track systems. The proportion of material procured from third parties is higher in the international track systems business than in domestic business. The depreciation to sales ratio fell from 4.4 percent in 2003 to 4.1 percent in 2004. This is due to declining capital expenditure in the period since 2002. The cost-savings package from the previous year further reduced costs. Personnel expenses, in particular, fell by around 2 percent to 20.3 percent (2003: 22.3 percent). This particularly reflects changes made to holding structures following simplification of the Group’s composition. 24
Net Assets and Financial Position 25 MANAGEMENT REPORT COMPANY REPORT Dec. 31, 2004 Dec. 31, 2003 % of balance % of balance million euros sheet total million euros sheet total Cash and cash equivalents 82.7 11.2 67.2 8.6 Inventories 104.6 14.1 101.2 13.0 Other current assets 88.8 12.0 89.0 11.4 Assets of discontinued operations 4.9 0.7 106.4 13.7 Current assets 281.0 38.0 363.8 46.7 Property, plant and equipment 328.3 44.4 299.3 38.4 Intangible assets 93.8 12.7 92.6 11.9 Other fixed assets 36.4 4.9 23.6 3.0 Fixed assets 458.5 62.0 415.5 53.3 Total assets 739.5 100.0 779.3 100.0 Dec. 31, 2004 Dec. 31, 2003 % of balance % of balance million euros sheet total million euros sheet total Liabilities and other short-term liabilities 180.5 24.4 151.3 19.4 Financial liabilities Liabilities of discontinued 13.6 1.8 49.8 6.4 operations 17.1 2.3 72.5 9.3 Short-term liabilities 211.2 28.5 273.6 35.1 Long-term financial liabilities 192.0 26.0 273.2 35.1 Accruals for pensions 60.4 8.2 57.8 7.4 Other long-term liabilities 34.8 4.7 35.5 4.6 Minority interests 90.2 12.2 44.3 5.7 Long-term liabilities 377.4 51.1 410.8 52.7 Shareholders’ equity 150.9 20.4 94.9 12.2 Total liabilities and shareholders’ equity 739.5 100.0 779.3 100.0
- 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 and 10: In closing down the Rheda-Wiedenbr
- Page 11 and 12: Dr Jürgen Koch Member of the Board
- 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 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
Net Assets and Financial Position<br />
25<br />
MAN<strong>AG</strong>EMENT REPORT COMPANY REPORT<br />
Dec. 31, 2004 Dec. 31, 2003<br />
% of balance % of balance<br />
million euros sheet total million euros sheet total<br />
Cash and cash equivalents 82.7 11.2 67.2 8.6<br />
Inventories 104.6 14.1 101.2 13.0<br />
Other current assets 88.8 12.0 89.0 11.4<br />
Assets of discontinued operations 4.9 0.7 106.4 13.7<br />
Current assets 281.0 38.0 363.8 46.7<br />
Property, plant and equipment 328.3 44.4 299.3 38.4<br />
Intangible assets 93.8 12.7 92.6 11.9<br />
Other fixed assets 36.4 4.9 23.6 3.0<br />
Fixed assets 458.5 62.0 415.5 53.3<br />
Total assets 739.5 100.0 779.3 100.0<br />
Dec. 31, 2004 Dec. 31, 2003<br />
% of balance % of balance<br />
million euros sheet total million euros sheet total<br />
Liabilities and other<br />
short-term liabilities 180.5 24.4 151.3 19.4<br />
Financial liabilities<br />
Liabilities of discontinued<br />
13.6 1.8 49.8 6.4<br />
operations 17.1 2.3 72.5 9.3<br />
Short-term liabilities 211.2 28.5 273.6 35.1<br />
Long-term financial liabilities 192.0 26.0 27<strong>3.2</strong> 35.1<br />
Accruals for pensions 60.4 8.2 57.8 7.4<br />
Other long-term liabilities 34.8 4.7 35.5 4.6<br />
Minority interests 90.2 12.2 44.3 5.7<br />
Long-term liabilities 377.4 51.1 410.8 52.7<br />
Shareholders’ equity 150.9 20.4 94.9 12.2<br />
Total liabilities and<br />
shareholders’ equity 739.5 100.0 779.3 100.0
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