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116 being focused: being better 8. Deferred taxes 9. Accounting for goodwill and impairment 10. Discontinued operations According to HGB, deferred taxes must be calculated on all temporary differences resulting between the Company’s tax balance sheet and its consolidated balance sheet (timing concept), thereby applying the current corporate income tax rate. In this procedure, only deferred tax liabilities must be recognized, while the Company has the option – with certain exceptions – to capitalize deferred tax assets or not. No deferred taxes may be carried to cover quasi-permanent differences which are only reversed after a very long period of time, or following sale or winding up. The same applies to loss carryforwards. According to US GAAP, SFAS 109, deferred taxes are formed for valuation differences between the assets and liabilities on the tax balance sheet and those on the consolidated balance sheet, based on the statutory applicable tax rate at the end of the reporting period and expected tax rate applicable at the time of reversal. Deferred taxes must be carried for all temporary differences between tax values and carrying amounts in the consolidated balance sheet. Using this procedure, quasi-permanent differences are classified as temporary (temporary concept). This aside, deferred taxes must be formed for tax loss carryforwards. Deferred tax assets must also be examined at every balance sheet date for realizability and adjusted through valuation allowances where necessary. Under German commercial law, acquired goodwill must be capitalized and amortized over its average useful life. Where it results from purchase accounting, goodwill must be offset against equity at its full amount in the year of creation. Goodwill must be written down when, for example, the future earnings position of the company is unlikely to produce positive results. Under German commercial rules, the extraordinary amortization is considered justifiable in view of the prudence principle. Under US GAAP, goodwill is also capitalized, but scheduled amortization is no longer permitted. Instead, SFAS 142 states that goodwill must be subjected to an impairment test at least once a year, and its value adjusted where necessary. Sec. 246 (2) HGB states that expenses and income or assets and liabilities may not be offset against each other. This has the effect that discontinued operations cannot be shown separately in the financial statements. Under the US GAAP rules laid down in SFAS 144, on the other hand, the statement of income and the balance sheet must be adjusted for effects of discontinued operations. The adjusted figures must be summarized in a separate position as results in the statement of income and as assets and liabilities on the balance sheet.
11. Revenues XIII. Changes in Assets of the Group consolidated financial statements notes pfleiderer ag 117 In principle, German accounting rules based on the HGB and GOB (“Grundsätze Ordentlicher Buchführung”, principles of proper accounting) demand that revenues only be realized after delivery and acceptance of the full order, i.e., at the earliest when contractual performance has been largely completed and any remaining risks are insignificant (“completed contract method”). This applies even when the completion of orders extends over a long period of time. Under US GAAP, on the other hand, revenues can be realized as completion of the order progresses, provided total revenues and costs, as well as the percentage of completion of the order can be calculated with reasonable reliability (“percentage of completion method”). The manner in which this is accounted is described in SOP 81-1 and in ARB 45. Changes in the long-lived assets of the Group are shown in the analysis of assets enclosed as annex to these notes. Neumarkt, March 2003 Prof. Dr. Ralf H. Bufe Michael Ernst Dr. Jürgen Koch Hans H. Overdiek
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january february march april being
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Group figures Jan. 1 - Jan. 1 - Dec
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usa Poles & Towers Barstow, Califor
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we are working for change to ensure
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y looking for a strategic partner w
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eport of the supervisory board pfle
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eport of the supervisory board pfle
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1. Introduction 2. Shareholders and
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5. Communication and Information co
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management report market report pfl
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management report market report/com
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management report company report pf
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Equity ratio in % 22.7 20.8 02 01 m
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management report company report pf
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Arnsberg Bad Tölz Gütersloh Neuma
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17 % 19 % 35% 29% ■ Industry ■
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16 % 20% 11 % 3% ■ DBS ■ Chipbo
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Barstow, California Bartow, Florida
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Coswig Dinkelsbühl Gernsbach Lange
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management report segment report pf
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management report research and deve
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management report capital expenditu
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management report environmental rep
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management report organization and
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PEPP Potential Recognition manageme
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management report personnel report
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management report risk report pflei
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management report marketing and com
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management report investor relation
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management report post-closure repo
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Page 71 and 72: pfleiderer ag 67 Consolidated Finan
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Page 93 and 94: 4. Inventories 5. Property, plant a
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Page 99 and 100: 15. Deferred income 16. Discontinue
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Page 113 and 114: V. Notes to Statement of Income 1.
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Page 117 and 118: IX. Earnings per Ordinary Share con
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Page 123 and 124: consolidated financial statements a
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Page 131 and 132: Pfleiderer AG Statement of Income 2
Page 133 and 134: financial statements of the legal e
Page 135 and 136: III. Principles of Accounting and V
Page 137 and 138: (2) Current assets (3) Stockholders
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Page 141 and 142: V. Notes to Statement of Income fin
Page 149 and 150: Audit Opinion financial statements
Page 151 and 152: economic glossary ■ capital emplo
Page 153 and 154: ■ p Particleboard 15f, 25ff, 9ff
Page 155 and 156: in brief multi-year summary pfleide
Page 157: financial calendar contacts imprint
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