PDF, 1.2 MB - Pfleiderer AG

eport of the supervisory board pfleiderer ag 9
In view of the positive effects achived by the successful sale of the Doors and Windows and
Insulation Technology Business Centers, both closely linked to the German construction sector, book
losses were knowingly accepted in the annual financial statements for 2002. The deficit incurred
was offset by drawing on additional paid-in capital of the Pfleiderer AG. Accordingly, and pursuant to
Sec. 150 (4) Aktiengesetz (German Stock Corporation Act), no dividend can be paid for fiscal 2002.
In these times of uncertainty, the markets for our products and the financial markets have created
extremely difficult conditions in which to run a company successfully. The fruits of the new strategic
direction undertaken by the Pfleiderer Group can therefore only be expected to bear fruit for all
stakeholders over the medium term. Nevertheless, we see the changes made as having created the
right starting point for further corporate growth.
On behalf of all members of the Supervisory Board, I would like to thank the Executive Board,
the employees’ representatives and all our employees for their application and personal commitment
over the last twelve months. I would also like to wish those employees of the companies since sold
good luck and every professional success under the umbrella of their new corporate homes.
Neumarkt, March 25, 2003
Ernst-Herbert Pfleiderer
Chairman of the Supervisory Board