PDF, 1.2 MB - Pfleiderer AG

management report segment report pfleiderer ag 39
doors and windows
Pfleiderer’s new corporate strategy also meant the disposal of its Doors and Windows Business
Center operations, which were sold off in fiscal 2002. Disposal of the Windows Business Unit
took the form of a management buy-out effective as of June 2002. Operations at the Rietberg-
Mastholte in Westphalia, Germany, previously known as Pfleiderer Fenster GmbH & Co. KG,
were taken over by a management team.
The Doors Business Unit operations were sold to the Danish company Vest-Wood A/S
with effect from October 31, 2002. This company took over Pfleiderer Türen GmbH & Co. KG
with its German plants in Oettingen in Bavaria and Mittweida in Saxony, production in Lenti in
Hungary and the Wirus Servicegesellschaft mbH with its offices in Gütersloh in Westphalia,
Germany.
The Doors and Windows Business Center employed around 1,442 people (as of December
31, 2001) with sales in 2001 of 149.4 million euros, and earnings before interest and taxes
(EBIT) of –11.5 million euros. Pfleiderer produced its brands Moralt ® , Svedex ® and Wirus ®
for the German market at Oettingen, Mittweida and Lenti. In Gütersloh, Pfleiderer produced
Wirus ® brand PVC and aluminum windows and doors.
Sales
Sales in the Doors and Windows Business Center had already been hit by the slump in the
construction market during previous years, affecting all building and construction suppliers.
Low order books due to seasonal fluctuations in the summer months of 2002 were
responsible for some sections of the frame production plant in Mittweida having to work short
time from August to October. In the production plants at Oettingen and Lenti in Hungary, lower
capacity uptake from the market was offset by flexible production shifts.
Noticeable costs were incurred from restructuring during the first months of the year,
as well as the integration of Svedex activities. These negative effects were partly compensated
by cost reductions achieved in materials, manufacturing and logistics.
Sales/Results
The Consolidated Financial Statements in this Report show results for the Doors and Windows
Business Center/Doors Business Unit up to October 31, 2002 under “Discontinued operations”,
as this Business Center was sold with effect from October 31, 2002. Up to the reporting
cutoff date, the Doors and Windows Business Center/Doors Business Unit had total sales
of 115.0 million euros. Earnings before interest, taxes, depreciation and amortization (EBITDA)
came to 1.4 million for the first ten months of 2002, while earnings before interest and taxes
(EBIT) came to -4.1 million euros (excluding the suspension of amortization in accordance
US GAAP).