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management report company report pfleiderer ag 23
Value Added Account
Value added represents the difference between total performance of the Company and the
consumed value of products and services drawn from outside. Those involved – employees,
local authorities, lenders, company/shareholders – and their calculated proportional contribution
to the value added process are reported.
2002 2001
million euros in % million euros in %
In
Sales 1,028.4 1,042.0
Other income 20.5 20.3
Total 1,048.9 100.0 1,062.3 100.0
Cost of materials/
changes to inventories – 499.0 – 47.6 – 454.3 – 42.8
Other costs – 197.1 – 18.8 – 209.0 – 19.7
Depreciation/amortization – 60.6 – 5.8 – 63.0 – 5.9
Net value added 292.2 27.9 336.0 31.6
Out
Personnel expenses 243.3 83.3 258.1 76.8
Taxes 13.2 4.5 9.2 2.7
Loans (interest) 15.3 5.2 22.7 6.7
Company/shareholder 20.4 7.0 46.0 13.7
292.2 100.0 336.0 100.0
Total operating performance fell by around one percent compared to fiscal 2001. The increase
in material costs was largely due to changes in inventories. Other costs were reduced by a
remarkable 12 million euros through savings made in the production process and in administration.
The largest part of net value added – 83.3 percent – accrued to Group employees from
wage and salary payments. The tax rate was slightly higher in the year-on-year comparison. The
Company and shareholders accounted for 7 percent, while interest was considerably reduced
from 7 to 5 percent.