PDF, 3.2 MB - Pfleiderer AG
PDF, 3.2 MB - Pfleiderer AG PDF, 3.2 MB - Pfleiderer AG
TURKEY The Turkish economy reported a strong upturn in 2004. With growth at nearly 7 percent and inflation at its lowest for the last three decades, Turkey’s economy is consumer-friendly and welcomes outside investment. 680,000 Sleepers for Turkey Modernizing national and international rail networks is one of the biggest investment projects for a common European future. As well as participating in the construction of the Dutch high-speed link HSL-Zuid/NL, Pfleiderer track systems was awarded the biggest single order in its history in 2004. The order comprises 680,000 rail sleepers for the Turkish rail operator TCDD for its “Ankara to Istanbul Railway Rehabilitation Project”. As a result, production capacity at Pfleiderer track systems’ two plants in Hungary and Romania is fully booked up for the next 15 months.
- 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 68 and 69: PFLEIDERER GROUP FINANCIAL STATEMEN
- Page 70 and 71: Pfleiderer Consolidated Statement o
- Page 72 and 73: Pfleiderer Consolidated Statement o
- Page 74 and 75: Segment Reporting for Fiscal Year 2
- Page 76 and 77: Notes to the Consolidated Financial
- Page 78 and 79: Impact of the Additions to the Scop
- Page 80 and 81: Revenue Recognition Sales revenues
- Page 82 and 83: Fair Value of Financial Instruments
- Page 84 and 85: SFAS 13 lists the following criteri
- Page 86 and 87: Comprehensive Income SFAS 130 (Repo
- Page 88 and 89: 5. Inventories 6. Property, plant a
- Page 90 and 91: 8. Financial assets 9. Other fixed
- Page 92 and 93: 14. Long-term liabilities 15. Other
- Page 94 and 95: The assets and liabilities that hav
- Page 96 and 97: 19. Stock appreciation rights and s
- Page 98 and 99: Stock Option Program 2002 (continua
- Page 100 and 101: Interest swaps are held to hedge in
- Page 102 and 103: 21. Deferred taxes The Group’s ex
- Page 104 and 105: Deferred tax assets and liabilities
- Page 106 and 107: The benefits under defined benefit
- Page 108 and 109: 1. Selling expenses 2. Other operat
- Page 110 and 111: 2. Other financial commitments The
- Page 112 and 113: 7. Personnel expenses 8. Relief in
- Page 114 and 115: 1. Board of Management 2. Superviso
TURKEY<br />
The Turkish economy reported a strong upturn in 2004. With growth at nearly 7 percent<br />
and inflation at its lowest for the last three decades, Turkey’s economy is consumer-friendly<br />
and welcomes outside investment.<br />
680,000 Sleepers for Turkey<br />
Modernizing national and international rail networks is one of the biggest investment projects<br />
for a common European future. As well as participating in the construction of the Dutch<br />
high-speed link HSL-Zuid/NL, <strong>Pfleiderer</strong> track systems was awarded the biggest single order<br />
in its history in 2004. The order comprises 680,000 rail sleepers for the Turkish rail operator<br />
TCDD for its “Ankara to Istanbul Railway Rehabilitation Project”. As a result, production<br />
capacity at <strong>Pfleiderer</strong> track systems’ two plants in Hungary and Romania is fully booked up<br />
for the next 15 months.
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