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122 being focused: being better Audit Opinion We have audited the consolidated financial statements, comprising the balance sheet, the income statement and the statements of changes in shareholders’ equity and cash flows as well as the notes to the financial statements, prepared by Pfleiderer AG, Neumarkt, for the fiscal year from January 1 to December 31, 2002. The preparation and the content of the consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion whether the consolidated financial statements are in accordance with the US Generally Accepeted Accounting Standards (US GAAP), based on our audit. We have conducted our audit of the consolidated financial statements in accordance with the German audit regulations and the generally accepted German standards for the audit of financial statements promulgated by the IDW [“Institut der Wirtschaftsprüfer in Deutschland”: Institute of Public Auditors in Germany]. Those standards require that we plan and perform the audit such that it can be assessed with reasonable assurance whether the consolidated financial statements are free of material misstatement. Knowledge of the business activities and the economic and legal environment of the Group and evaluations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the internal control system and the evidence supporting the amounts and disclosures in the consolidated financial statements are examined on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements give a true and fair view of the net assets, financial position, results of operations and cash flows of the Group for the fiscal year in accordance with US GAAP.
consolidated financial statements concluding remarks and auditor’s opinion pfleiderer ag 123 Our audit, which also extends to the combined management report prepared by the management board for the fiscal year from January 1 to December 31, 2002, has not led to any reservations. In opinion, on the whole the group management report together with the other disclosures in the consolidated financial statements provides a suitable understanding of the Group’s position and suitably presents the risks of future development. In addition, we confirm that the consolidated financial statements and the group management report for the fiscal year from January 1, 2002 to December 31, 2002 satisfy the conditions required for the Company’s exemption from its obligation to prepare consolidated financial statements and the group management report in accordance with German law. Stuttgart, March 11, 2003 Ernst & Young Deutsche Allgemeine Treuhand AG Wirtschaftsprüfungsgesellschaft Graf von Treuberg Th. Müller Wirtschaftsprüfer Wirtschaftsprüfer (German Public Auditor) (German Public Auditor)
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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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management report post-closure repo
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pfleiderer ag 67 Consolidated Finan
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consolidated financial statements b
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Page 93 and 94: 4. Inventories 5. Property, plant a
Page 95 and 96: 7. Financial assets 8. Other long-l
Page 97 and 98: 11. Other short-term accruals 12. C
Page 99 and 100: 15. Deferred income 16. Discontinue
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Page 105 and 106: 19. Derivative financial instrument
Page 111 and 112: 21. Pensions and similar obligation
Page 113 and 114: V. Notes to Statement of Income 1.
Page 115 and 116: 2. Other financial obligations 3. L
Page 117 and 118: IX. Earnings per Ordinary Share con
Page 119 and 120: 3. Long-term investments and securi
Page 121 and 122: 11. Revenues XIII. Changes in Asset
Page 123 and 124: consolidated financial statements a
Page 125: consolidated financial statements b
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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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