PDF, 1.2 MB - Pfleiderer AG

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130 being focused: being better Pfleiderer Aktiengesellschaft, Neumarkt, Notes to Financial Statements for Fiscal 2002 I. General information II. Currency translation The Annual Financial Statements of Pfleiderer AG have been prepared in accordance with the requirements of the German Commercial Code (HGB) and the German Stock Corporation Act (AktG). The Annual Financial Statements of Pfleiderer AG are shown in thousand euros. The previous year’s figures have been taken from the Annual Financial Statements of Pfleiderer AG as of 31 December 2000. The Income Statement has been drawn up using the cost-summary method. All information that has to be disclosed in the Balance Sheet or Income Statement is included in these corporate notes, including such that can alternatively be stated in the notes. For greater clarity, individual positions in the Balance Sheet and the Income Statement have been summarized and are explained in these notes. Due to Pfleiderer AG’s holding function, the composition of the Annual Financial Statements differs from that laid down in Sec. 275 (2) HGB (“Handelsgesetzbuch”: German Commercial Code). Pfleiderer AG is obliged to prepare consolidated financial statements. The Company applies the exemption rule of Sec. 292a HGB and draws up consolidated financial statements in accordance with the United States Generally Accepted Accounting Principles, known for short as “US GAAP”. The annual consolidated financial statements of Pfleiderer AG are included in the Financial Statements of Pfleiderer Unternehmensverwaltung GmbH, Nuremberg. The Financial Statements have been deposited with the Commercial Register of the District Court (Amtsgericht) Nuremberg. Pfleiderer Unternehmensverwaltung GmbH & Co KG has a majority shareholding in Pfleiderer AG. Foreign currency amounts which have not been hedged are shown at cut-off date according to the lower of cost or market principle for accounts receivable and highest value for accounts payable, as well as taking into account any need to reinstate original values. The official exchange rates of the main currencies used by Pfleiderer AG were as follows: Average rate at cut-off date Dec. 31, 2002 Dec. 31, 2001 1 euro = 1 euro = Great Britain (GBP) 0.6505 0.6088 Poland (PLN) 4.0329 3.5068 Switzerland (CHF) 1.4527 1.4805 Czech Republic (CZK) 31.5200 31.9900 USA (USD) 1.0477 0.8820
III. Principles of Accounting and Valuation financial statements of the legal entity pfleiderer ag notes pfleiderer ag 131 Property, plant and equipment is carried at acquisition or production cost, less scheduled and extraordinary depreciation and investment grants received. No investment grants were received in 2002. Scheduled depreciation for property, plant and equipment is applied mainly using the declining balance method based on the useful life of the asset in question, as defined by German tax law. The useful life of additions to property, plant and equipment is determined according to the depreciation tables issued for purposes of taxation by the German Federal Ministry of Finance as from January 1, 2001. Additions made in the first six months of the fiscal year to movable property, plant and equipment are depreciated by their full yearly amount, while additions recorded in the second half of the fiscal year are depreciated at half their full yearly amount of depreciation. Low-value assets are fully written off in the year of acquisition and are shown as retired. No depreciations pursuant to Sec. 254 HGB were made during the year under review. Financial assets are carried at the lower of cost or market. Accounts receivable and other assets are generally carried at nominal value. In individual cases, recognizable risks are covered by individual valuation adjustments, while the general credit risk is sufficiently covered through a lump-sum adjustment. Accruals for pensions and other obligations are carried at the actuarial value pursuant to Sec. 6a EStG (“Einkommenssteuergesetz”: German Income Tax Act) and are based on an interest rate of 6 percent. The calculations are based on the actuarial tables drawn up by Dr. Klaus Heubeck in 1998. Accruals for taxes and other accruals have been calculated and appropriately set up to cover all recognizable risks to the extent expected. Liabilities are carried at their repayment amounts.
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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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Pfleiderer Consolidated Statements
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consolidated financial statements s
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consolidated financial statements s
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consolidated financial statements n
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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
Page 103 and 104: 18. Stock appreciation rights and s
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 and 126: consolidated financial statements b
Page 127 and 128: consolidated financial statements c
Page 129 and 130: consolidated financial statements g
Page 131 and 132: Pfleiderer AG Statement of Income 2
Page 133: financial statements of the legal e
Page 137 and 138: (2) Current assets (3) Stockholders
Page 139 and 140: (4) Accruals financial statements o
Page 141 and 142: V. Notes to Statement of Income fin
Page 143 and 144: financial statements of the legal e
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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