PDF, 3.2 MB - Pfleiderer AG

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