PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG PDF, 1.2 MB - Pfleiderer AG
16 being focused: being better Germany Although the European market grew during fiscal 2001, particleboard capacity in Germany declined by 7 percent to 9.4 million m3 in 2002 compared to 2000. This reflects the continued weakness of the domestic construction and furniture industries. Three production plants, comprising a total capacity of 0.9 million m3 , closed in 2001, while a further five plants continued operating although insolvent. Overcapacity of around 900,000 m3 continues to hamper the market. As a result, the European Panel Federation is forecasting a continuing downward trend for 2002, and does not expect the market to pick up before 2003. Poland In 2001, the Polish market grew sustainably by around 6 percent to 2.8 million m3 . While domestic demand remained generally constant at 2.6 million m3 , exports continued to rise, particularly to other eastern European markets. In view of the weak state of the German market, neighboring European markets have grown in importance for Pfleiderer Wood-Based Panels. Today, the Polish market is experiencing continued growth and stable prices, with increasing export activities taking place with its neighbors. The neighboring western European markets offer further growth through increasing export opportunities. Pfleiderer intends to expand its existing presence on these markets through its local production sites or by greater export volumes, giving the Company greater independence from the German economy. Infrastructure Technology The main factors affecting market growth for products manufactured by the Infrastructure Technology Business Center are capital expenditure activity by industry, as well as public sector spending on measures relating to track systems, power generation, town planning and telecommunication. The August floods in the eastern parts of Germany caused damage amounting to several million euros to the track network of Deutsche Bahn, Germany’s railway operator. Several other projects were postponed to ensure the financing needed to reconstruct sections of track destroyed. As a result, the market for concrete sleepers increased slightly in the autumn of 2002. Apart from that, Deutsche Bahn’s capital expenditure plans to expand the German rail network are going ahead as scheduled. Privatization in the power generation and supply sector, particularly in the USA, presents a growth market for Pfleiderer Masts. In 2001, Pfleiderer’s US-based subsidiary, Newmark Inc., experienced greater demand for spun concrete power transmission masts. This trend continued unchanged in 2002. The German Renewable Energies Act (EEG), promulgated in 2001, provides a legal basis for promoting alternative energies. It guarantees minimum payments for production of regenerative energy. As such, the Act is of considerable importance for Pfleiderer Wind Energy and for Pfleiderer Wood-Based Panel’s co-generation plants.
management report market report/company report pfleiderer ag 17 company report Greater Focus – The Strategic Answer to the Challenges of the Markets The Pfleiderer Group’s decision in fiscal 2002 to adopt a new corporate strategy represents a major milestone in the Company’s development. The new corporate strategy focuses on operations by the Business Centers Wood-Based Panels and Infrastructure Technology. The Doors and Windows and Insulation Technology Business Centers, both of which are closely associated with the German construction sector, were consequently divested. We are confident that our new corporate strategy will sustainably increase the earnings power of the Pfleiderer Group and the net worth of the company as a whole. The successful sale in 2002 of the above-mentioned business centers linked to the construction sector marks the conclusion of the first phase of this new strategic direction. In particular, the following objectives have been achieved: ■ Severance from the German construction sector, with its difficult market conditions, ■ Reduction of corporate debt and improved equity ratio, ■ New corporate potential for growth. Income gained from the disposals provided the Pfleiderer Group with funds to reduce corporate debt 307.2 million euros. Presentation of “Discontinued operations” Operating results for the Business Centers Doors and Windows, Insulation Technologies, Wind Power, Tipla and Eltec, as well as profits and losses from the sale of discontinued operations, are shown in the Consolidated Income Statement under “Results of discontinued operations”. The Consolidated Income Statement for the previous year has been adjusted to enable a yearon-year comparison in accordance with US GAAP. Operating results for the Windows Business Unit are accounted for up to June 30, 2002, the cutoff date at which this business unit was sold. The cutoff dates for the Doors Business Unit and our Insulation Technology operations were October 31 and November 30, 2002 respectively. Accordingly, the assets and liabilities of discontinued operations are summarized in the Balance Sheet as of December 31, 2001 as “assets of discontinued operations” or as “liabilities of discontinued operations”.
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management report market report/company report pfleiderer ag 17<br />
company report<br />
Greater Focus – The Strategic Answer to the Challenges of the Markets<br />
The <strong>Pfleiderer</strong> Group’s decision in fiscal 2002 to adopt a new corporate strategy represents a<br />
major milestone in the Company’s development. The new corporate strategy focuses on operations<br />
by the Business Centers Wood-Based Panels and Infrastructure Technology. The Doors<br />
and Windows and Insulation Technology Business Centers, both of which are closely associated<br />
with the German construction sector, were consequently divested. We are confident that our<br />
new corporate strategy will sustainably increase the earnings power of the <strong>Pfleiderer</strong> Group<br />
and the net worth of the company as a whole.<br />
The successful sale in 2002 of the above-mentioned business centers linked to the<br />
construction sector marks the conclusion of the first phase of this new strategic direction. In<br />
particular, the following objectives have been achieved:<br />
■ Severance from the German construction sector, with its difficult market conditions,<br />
■ Reduction of corporate debt and improved equity ratio,<br />
■ New corporate potential for growth.<br />
Income gained from the disposals provided the <strong>Pfleiderer</strong> Group with funds to reduce<br />
corporate debt 307.2 million euros.<br />
Presentation of “Discontinued operations”<br />
Operating results for the Business Centers Doors and Windows, Insulation Technologies, Wind<br />
Power, Tipla and Eltec, as well as profits and losses from the sale of discontinued operations,<br />
are shown in the Consolidated Income Statement under “Results of discontinued operations”.<br />
The Consolidated Income Statement for the previous year has been adjusted to enable a yearon-year<br />
comparison in accordance with US GAAP.<br />
Operating results for the Windows Business Unit are accounted for up to June 30, 2002,<br />
the cutoff date at which this business unit was sold. The cutoff dates for the Doors Business<br />
Unit and our Insulation Technology operations were October 31 and November 30, 2002<br />
respectively.<br />
Accordingly, the assets and liabilities of discontinued operations are summarized in<br />
the Balance Sheet as of December 31, 2001 as “assets of discontinued operations” or as<br />
“liabilities of discontinued operations”.
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