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18. Stockholders’ equity
The following table shows the balance sheet items summarized under the assets and liabilities
of discontinued operations:
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Liquid funds and securities classified as current assets 86 1,540
Receivables and other assets 1,862 23,438
Inventories 41 37,905
Other current assets 278 2,901
Current assets 2,267 65,784
Property, plant and equipment 2,520 34,278
Intangible assets 18 3,317
Financial assets 10 157
Deferred tax assets 125 2,852
Fixed assets 2,673 40,604
Assets of discontinued operations 4,940 106,388
Liabilities 2,958 28,793
Financial liabilities 0 6,680
Accruals 10,871 19,363
Other short-term liabilities 173 2,900
Short-term liabilities 14,002 57,736
Long-term financial liabilities 0 1,206
Accruals for pensions 1,865 6,268
Deferred tax liabilities 427 3,488
Other liabilities 0 609
Other long-term accruals 796 3,161
Long-term liabilities 3,088 14,732
Liabilities of discontinued operations 17,090 72,468
The balance sheet items for both fiscal years relate to the Wind Energy Business Unit, two companies
of the former insulation operations and the Poles & Towers Business Center.
Of the goodwill included in the intangible assets, 3,237 thousand euros relating entirely to the
Business Segment Infrastructure Technology was derecognized in 2004.
The development of stockholders’ equity is presented in the statement of changes in stockholders’
equity, which precedes the notes to the consolidated financial statements.
Subscribed Capital
The capital stock remained unchanged as of the balance sheet date at 109,273,600 euros and
is divided into 42,685,000 shares, each with a nominal value of 2.56 euros. All of the shares have
been issued and are in circulation. Each share carries one vote.
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FINANCIAL STATEMENTS/NOTES PFLEIDERER GROUP