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144 being focused: being better Dr. Jürgen Koch Member of the Executive Board Finance Member of the Advisory board of Pfleiderer Unternehmensverwaltung GmbH & Co. KG, Neumarkt Member of the following foreign advisory boards: Windtec Anlagenerrichtungs- und Consulting GmbH, Völkermarkt, Austria Pfleiderer Finance B.V., Deventer, The Netherlands Zaklady Plyt Wiórowych S.A, w. Grajewie, Grajwo, Poland Hans H. Overdiek Member of the Executive Board Wood-Based Panels Member of the Advisory board of Pfleiderer Unternehmensverwaltung GmbH & Co. KG, Neumarkt Member of the following foreign advisory boards: Windtec Anlagenerrichtungs- und Consulting GmbH, Völkermarkt, Austria Pfleiderer B.V., Deventer, The Netherlands Pfleiderer Industry Ltd., Gerrards Court/Buckinghamshire, U.K. Dr. Wolfgang Pinegger Member of the Executive Board until May 7, 2002 Infrastructure Technology Insulation Technology Member of the following domestic advisory boards: Advisory board of Dachser GmbH & Co. KG, Munich Windtec Anlagenerrichtungs- und Consulting GmbH, Völkermarkt, Austria (until May 7, 2002) Pfleiderer Finance B.V., Deventer, The Netherlands (until May 7, 2002) Neumarkt, February 24, 2003 Prof. Dr. Ralf H. Bufe Michael Ernst Dr. Jürgen Koch Hans H. Overdiek
Audit Opinion financial statements of the legal entity pfleiderer ag notes/ concluding remarks and auditor’s opinion pfleiderer ag 145 We have audited the annual financial statements, together with the bookkeeping system and the management report of the Company and the Group of Pfleiderer Aktiengesellschaft, Neumarkt, for the fiscal year from January 1 to December 31, 2002. The maintenance of books and records and the preparation of the annual financial statements and the management report in accordance with German commercial law are the responsibility of the Company’s management. Our responsibility is to express an opinion on the annual financial statements, together with the bookkeeping system, and the management report based on our audit. We have conducted our audit of the annual financial statements in accordance with Sec. 317 HGB (“Handelsgesetzbuch”: German Commercial Code) and the German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer in Deutschland (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the annual financial statements in accordance with German principles of proper accounting and in the management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Company 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 carrying values and the disclosures in the books and records, the annual financial statements and the management report are examined primarily 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 annual financial statements and management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, the annual financial statements give a true and fair view of the net assets, financial position and results of operations of the Company in accordance with German principles of proper accounting. On the whole, the management report provides a suitable understanding of the Company’s and Group’s position and suitably presents the risks to future development. 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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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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4. Inventories 5. Property, plant a
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7. Financial assets 8. Other long-l
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Page 99 and 100: 15. Deferred income 16. Discontinue
Page 101 and 102: consolidated financial statements n
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 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
Page 139 and 140: (4) Accruals financial statements o
Page 141 and 142: V. Notes to Statement of Income fin
Page 147: financial statements of the legal e
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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