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24 being focused: being better Net Assets and Earnings of Pfleiderer AG The holding company, Pfleiderer AG, is solely responsible for the strategy and management of the Group. This means that the earnings position of Pfleiderer AG is closely connected to the success of the Pfleiderer Group. For Pfleiderer AG, fiscal 2002 was characterized by the new strategy adopted by the Pfleiderer Group, and thus by the effects of divesting indirect and direct holdings. In particular, it should be pointed out that losses realized in the Financial Statements of Pfleiderer AG had been carried in the Consolidated Financial Statements in previous years. Adding to this are one-off losses by affiliate companies, incurred through impairment adjustments, either because certain inventories proved difficult to sell, or because certain investments were recorded at net realizable value. Total realized losses, including consultancy expenses and follow-up charges from the disposals, come to 178,317 thousand euros, as reported under extraordinary results. Investment results in 2002 were affected by expenses incurred through the absorption of losses carried by affiliated companies, while investment income from the previous year related to a period of more than 12 months, due to the conversion of the fiscal year to run parallel with the calendar year. After adjusting for profits brought forward from the previous year, the net loss for the year totaling 197,763 thousand euros was reduced to a provisional accumulated deficit of 191,084 thousand euros. In order to avoid this accumulated deficit, the Executive Board proposed to the Supervisory Board that parts of the capital reserve and other reserves be used to compensate the loss. The Supervisory Board has accepted this proposal. Accordingly, Pfleiderer AG reached break even as of December 31, 2002. Sale of the Company’s Insulation Technology and Doors and Windows operations has resulted in Pfleiderer AG significantly reducing the level of capital tied up. This is clearly illustrated by the decline of the balance sheet total by 112,750 thousand euros to 427,330 thousand euros. More specifically, financial assets were reduced by 77,277 thousand euros to 298,518 thousand euros and accounts receivable from affiliated companies by 55,856 thousand euros to 37,765 thousand euros. Non-recurring effects from value adjustments and sales have reduced the equity of Pfleiderer AG, but it still remains at around 40 percent of the balance sheet total. On the other hand, capital uptake from outside sources rose by 93,218 thousand euros. At the same time, liabilities to banks fell by 43,576 thousand euros to 20,839 thousand euros, while interestcarrying liabilities to affiliated companies rose by 136,794 thousand euros to 208,158 thousand euros. Interest-carrying liabilities to affiliated companies particularly relate to the Dutch financing company Pfleiderer Finance BV, Deventer/Netherlands. The Dutch financing company refinances itself via the capital markets. Dividend In view of the positive effects to be achieved by divesting the Insulation Technology and Doors and Windows Business Centers, the Company consciously accepted book losses shown in the Consolidated Financial Statements for 2002. These negative non-recurring effects are greater
Arnsberg Bad Tölz Gütersloh Neumarkt Leutkirch Rheda-Wiedenbrück Spexard Grajewo Wieruszow management report company report/segment report pfleiderer ag 25 in the Financial Statements of the holding company, Pfleiderer AG. As a result, the Company has decided to make use of its capital reserve to compensate for these effects. According to Sec. 150 (4) of the German Stock Corporations Act (AktG), no payment of dividends can be made for the fiscal year 2002. Dealings with Affiliated Companies In its report on dealings with consolidated (affiliated) companies, Pfleiderer AG made the following statement for fiscal 2002: “Taking into account all circumstances known to us when transactions were reported, appropriate consideration was received in all cases. No measures were taken or not taken at the instruction or in the interests of Pfleiderer Unternehmensverwaltung GmbH & Co. KG or companies affiliated to Pfleiderer Unternehmensverwaltung GmbH & Co. KG.” segment report wood-based panels Pfleiderer produces raw particleboard and surface finished products at 9 locations in Germany and Poland and employs 3,452 people. Around 52.5 percent of its sales of 697.5 million euros are generated outside Germany. Pfleiderer Wood-Based Panels is one of the most profitable suppliers in Europe, with leading market positions in eastern Europe and Germany and a ROCE of 7.9 percent. Production Sites Wood-Based Panels � � � � � � � � �
Page 1 and 2: january february march april being
Page 3 and 4: Group figures Jan. 1 - Jan. 1 - Dec
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Page 15 and 16: 1. Introduction 2. Shareholders and
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Page 25 and 26: Equity ratio in % 22.7 20.8 02 01 m
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Page 71 and 72: pfleiderer ag 67 Consolidated Finan
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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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11. Other short-term accruals 12. C
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15. Deferred income 16. Discontinue
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18. Stock appreciation rights and s
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19. Derivative financial instrument
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21. Pensions and similar obligation
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V. Notes to Statement of Income 1.
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2. Other financial obligations 3. L
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IX. Earnings per Ordinary Share con
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3. Long-term investments and securi
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11. Revenues XIII. Changes in Asset
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consolidated financial statements a
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consolidated financial statements b
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consolidated financial statements c
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consolidated financial statements g
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Pfleiderer AG Statement of Income 2
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financial statements of the legal e
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III. Principles of Accounting and V
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(2) Current assets (3) Stockholders
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(4) Accruals financial statements o
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V. Notes to Statement of Income fin
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Audit Opinion financial statements
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economic glossary ■ capital emplo
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■ p Particleboard 15f, 25ff, 9ff
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in brief multi-year summary pfleide
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financial calendar contacts imprint
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