PDF, 3.2 MB - Pfleiderer AG
PDF, 3.2 MB - Pfleiderer AG PDF, 3.2 MB - Pfleiderer AG
Investor Relations Activities Individual and open communication with institutional and private investors is a cornerstone of Pfleiderer’s communications policy. In view of the changes in shareholder structure during fiscal 2004, numerous national and international roadshows were held in which the Board of Management explained our corporate strategy. Frequent communication with the capital market takes place, with regular events for analysts and telephone calls in which the Company’s quarterly figures are presented, as well as individual talks with investors and analysts held. The most important contact with our private shareholders is made during the Annual General Meeting. Around 600 shareholders attended the AGM on June 15, 2004, representing around 33.36 percent of capital stock. Resolutions on the Agenda (ratification of the actions of the Board of Management and the Supervisory Board, authorization to acquire treasury stock) were adopted by a majority vote of 99 percent. The General Meeting also appointed KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Berlin/Frankfurt, as the Company’s new external auditor. 58
Post-Closure Report/Outlook Pfleiderer Engineered Wood and Pfleiderer track systems both cautious about domestic business Further improvements in sales and earnings figures expected in 2005 General Economic Conditions Leading German economic research institutes are forecasting that GDP in 2005 will grow between 0.8 percent (Institute for Global Economic Research at the University of Kiel/IfW) and 1.3 percent (Institute for Economic Research Halle/IWH and the Rhineland Westphalia Institute for Economic Research/RWI). According to the HWWA Institute for Economic Research in Hamburg, the economic recovery which started in 2004 will continue in 2005, but there will not be “a major upturn”. Exports will continue to be the economy’s main motor, but potential here will probably much weaker than in 2004. The German furniture industry expects a slight improvement in 2005. According to the Association of German Furniture Manufacturers (VDM), sales should improve slightly, in particular through exports. However, the positive view of the Association of German Furniture Manufacturers is by no means universal. Overall, Pfleiderer expects domestic sales for Pfleiderer Engineered Wood to stabilize. Similarly, the Business Unit East, with its activities in Poland and Russia, is likely to profit from growth in these economies as their markets continue to expand. As far as Pfleiderer Infrastructure Technology is concerned, investment planning by Deutsche Bahn and international infrastructure providers will be decisive in 2005. Reduced government spending on infrastructure in Germany and lower expectations for operating results by Deutsche Bahn mean that capital expenditure is likely to be limited. Information from these sources indicates that spending will be restricted to existing projects. New projects are being postponed until after 2009. On the other hand, spending by international infrastructure providers on the construction and expansion of high-speed rail links is expected to remain constant, due to the long-term planning involved. Procurement How procurement conditions for Pfleiderer Engineered Wood change is very much depends on economic growth and how industry develops in the specific markets involved. In principle, the bundling of procurement activities for all sites in 2005 is also expected to have positive effects on purchase prices. 59 MANAGEMENT REPORT POST-CLOSURE REPORT/OUTLOOK
- 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 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 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
- Page 89 and 90: 7. Intangible assets As in the prev
- Page 91 and 92: 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
- Page 97 and 98: Stock Appreciation Rights 2000 Unde
- Page 99 and 100: 20. Derivative financial instrument
- Page 101 and 102: Derivative financial instruments ar
- Page 103 and 104: The following table reconciles the
- Page 105 and 106: 22. Pensions and similar obligation
- Page 107 and 108: The following table explains the ch
- Page 109 and 110: 1. Contingent liabilities VII. Othe
- Page 111 and 112: 3. Pending litigation and claims 4.
Investor Relations Activities<br />
Individual and open communication with institutional and private investors is a cornerstone of<br />
<strong>Pfleiderer</strong>’s communications policy. In view of the changes in shareholder structure during fiscal<br />
2004, numerous national and international roadshows were held in which the Board of Management<br />
explained our corporate strategy. Frequent communication with the capital market takes<br />
place, with regular events for analysts and telephone calls in which the Company’s quarterly<br />
figures are presented, as well as individual talks with investors and analysts held.<br />
The most important contact with our private shareholders is made during the Annual General<br />
Meeting. Around 600 shareholders attended the <strong>AG</strong>M on June 15, 2004, representing around<br />
33.36 percent of capital stock. Resolutions on the Agenda (ratification of the actions of the<br />
Board of Management and the Supervisory Board, authorization to acquire treasury stock) were<br />
adopted by a majority vote of 99 percent. The General Meeting also appointed KPMG Deutsche<br />
Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Berlin/Frankfurt, as<br />
the Company’s new external auditor.<br />
58
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