PDF, 3.2 MB - Pfleiderer AG
PDF, 3.2 MB - Pfleiderer AG PDF, 3.2 MB - Pfleiderer AG
14. Long-term liabilities 15. Other long-term accruals The Company is primarily financed by long-term loans. These loans generally bear interest based on variable EURIBOR or LIBOR interest rates. The average interest rate for these loans in fiscal 2004 was approximately 6 percent. Most of the variable interest payments are hedged by interest swaps. As of the balance sheet date, the Group had fixed-interest loans with a volume of 18,189 thousand euros (2003: 38,235 thousand euros) and an average interest rate of 5.3 percent (2003: 5.1 percent). These loans were valued as of the balance sheet date of December 31, 2004 at 19,812 thousand euros (2003: 39,863 thousand euros). As of December 31, 2004, redemptions of long-term liabilities for the next five fiscal years and thereafter are as follows: They include a borrower’s loan note from Westdeutsche Landesbank of 40 million euros with a five year term. 88 Dec. 31, 2004 Short-term Long-term Long-term portion of portion of more ‘000 euros amounts up to 1 year than 1 year Dec. 31, 2003 Long-term financial liabilities (redemption amounts excluding capital leases) 193,726 760 192,966 304,232 ‘000 euros 2005 760 2006 16,099 2007 38,584 2008 84,023 2009 51,760 Thereafter 2,500 Total 193,726 ‘000 euros Dec. 31, 2004 Dec. 31, 2003 Restructuring 1,816 3,254 Environmental risks 3,230 311 Long-service bonuses 3,837 3,794 Pre-retirement part-time work 5,426 4,368 Miscellaneous 26 27 Total 14,335 11,754
16. Long-term deferred income 17. Discontinued operations The restructuring accruals were set up to recognize probable, quantifiable obligations in the balance sheet. The accruals for environmental risks relate to possible obligations to recultivate land and remedy contamination at two locations. This amount includes 3,000 thousand euros for possible obligations assumed in connection with the acquisition of an MDF plant from “Hornitex Werke Nidda Kunststoff- und Holzwerkstoffplatten GmbH & Co. KG”. Long-term deferred income includes the proceeds from the sale of receivables from a lease agreement that are not due until later years (non-recourse financing). The deferred income is released to income in installments at the due dates of the corresponding lease payments. The outstanding residual amount from the non-recourse financing agreement amounted as of December 31, 2004 to 2,495 thousand euros (2003: 4,278 thousand euros). It is subject to interest at the customary market rates. The agreement expires on May 1, 2007. In fiscal 2004, the Group sold the water systems, Poles & Towers Europe and Poles & Towers USA Business Units, and the company, WINDTEC Anlagenerrichtungs- und Consulting GmbH, in the Wind Business Unit. Furthermore, the onshore activities of Pfleiderer Wind Energy GmbH were brought into Fuhrländer-Pfleiderer GmbH & Co. KG. This is a joint venture company in which Fuhrländer AG holds a majority interest and exercises control. Pfleiderer AG has a put option allowing it to offer its interest to Fuhrländer AG after a period of three years. WINDTEC Anlagenerrichtungs- und Consulting GmbH was sold in March 2004 to the Gerald Hehenberger-Privatstiftung, Klagenfurt, Austria. The water systems Business Unit was sold with economic effect from December 31, 2004 to Pfleiderer Invest Veranlagungs GmbH, Vienna, which is owned by Hans Theodor Pfleiderer, and to Wernher Behrendt. The Poles & Towers USA Business Unit was given up in March 2004 as a result of the sale of Newmark International Inc., and Pfleiderer Leasing USA Inc., to Valmont Industries Inc., (USA) and the sale of factory land belonging to Engineered Fiberglass Products Inc., (USA) to CMT South Carolina LLC, USA. The Poles & Towers Europe Business Unit was given up in December 2004 through the sale of Poles & Towers GmbH & Co. KG, Poles & Towers Verwaltungs-GmbH, Pfleiderer Energietechnik Verwaltungs GmbH, Pfleiderer Technika Infrastrukturalna Polska Sp.zo.o., Pfleiderer Infrastructure S.A.R.L., and Pesa Telekom SAU to LLRR Management GmbH, Munich. 89 FINANCIAL STATEMENTS/NOTES PFLEIDERER GROUP
- 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
- Page 89 and 90: 7. Intangible assets As in the prev
- Page 91: 11. Financial liabilities 12. Other
- 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.
- Page 113 and 114: Geographical Information Sales Reve
- Page 115 and 116: 1. Leases 2. Valuation of inventori
- Page 117 and 118: 8. Discontinued operations Under US
- Page 119 and 120: Accumulated amortization/depreciati
- Page 121 and 122: Pfleiderer track systems B.V. Deven
- Page 123 and 124: 119
- Page 125 and 126: Pfleiderer AG Statement of Income 2
- Page 127 and 128: Accumulated amortization/depreciati
- Page 129 and 130: Hanno C. Fiedler Chairman of the ma
- Page 131 and 132: Economic Glossary Asset deal Descri
- Page 133 and 134: 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
14. Long-term liabilities<br />
15. Other long-term<br />
accruals<br />
The Company is primarily financed by long-term loans. These loans generally bear interest based<br />
on variable EURIBOR or LIBOR interest rates. The average interest rate for these loans in fiscal<br />
2004 was approximately 6 percent. Most of the variable interest payments are hedged by interest<br />
swaps.<br />
As of the balance sheet date, the Group had fixed-interest loans with a volume of 18,189 thousand<br />
euros (2003: 38,235 thousand euros) and an average interest rate of 5.3 percent (2003:<br />
5.1 percent). These loans were valued as of the balance sheet date of December 31, 2004 at<br />
19,812 thousand euros (2003: 39,863 thousand euros).<br />
As of December 31, 2004, redemptions of long-term liabilities for the next five fiscal years and<br />
thereafter are as follows:<br />
They include a borrower’s loan note from Westdeutsche Landesbank of 40 million euros with a<br />
five year term.<br />
88<br />
Dec. 31, 2004<br />
Short-term Long-term<br />
Long-term portion of portion of more<br />
‘000 euros amounts up to 1 year than 1 year Dec. 31, 2003<br />
Long-term financial<br />
liabilities (redemption<br />
amounts excluding<br />
capital leases) 193,726 760 192,966 304,232<br />
‘000 euros<br />
2005 760<br />
2006 16,099<br />
2007 38,584<br />
2008 84,023<br />
2009 51,760<br />
Thereafter 2,500<br />
Total 193,726<br />
‘000 euros Dec. 31, 2004 Dec. 31, 2003<br />
Restructuring 1,816 3,254<br />
Environmental risks 3,230 311<br />
Long-service bonuses 3,837 3,794<br />
Pre-retirement part-time work 5,426 4,368<br />
Miscellaneous 26 27<br />
Total 14,335 11,754
Change language