PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG PDF, 1.2 MB - Pfleiderer AG
2 being focused: being better being focused: being better Introduction by the Chief Executive 3 Report of the Supervisory Board 6 Corporate Governance 10 Management Report 14 Market Report 14 Company Report 17 Segment Report 25 Research and Development 40 Capital Expenditure 42 Environmental Report 43 Organization and Personnel 46 Personnel Report 47 Risk Report 52 Marketing and Communication 58 Investor Relations 59 Post-Closure Report/Outlook 61 Consolidated Financial Statements of the Group 68 Financial Statements of the Legal Entity Pfleiderer AG 126 In Brief Glossary 146 Index 148 Multi-Year Summary 150 Financial Calendar and Contacts 153 getting stronger: being better. Six well-known journalists portray the strengthes, new directions and innovations behind the facts and figures highlighted in our magazine, published separately as part of the Annual Report 2002.
we are working for change to ensure the long-term success of our company. Dr. Jürgen Koch introduction by the chief executive pfleiderer ag 3 Member of the Executive Board Finance Hans H. Overdiek Member of the Executive Board Wood-Based Panels Michael Ernst Member of the Executive Board Personnal Prof. Dr. Ralf H. Bufe Chairman of the Executive Board, Infrastructure Technology Fiscal 2002 saw Pfleiderer AG successfully complete the first major step in what is a new strategic direction for the Group. Disposal of our Doors and Windows and Insulation Technology business centers, announced in May, was completed by the end of the year, faster than planned. Both centers were closely linked to the German construction sector. All transactions have now been completed. The result is a decisive improvement in the Company’s risk structure: ■ We have successfully freed ourselves from the German building sector, with its difficult competitive conditions. Trying to achieve this today would be much more difficult, bearing in mind how protracted the economic downturn has proved to be. ■ By focusing activities on our two business segments Engineered Wood and Infrastructure Technology, we have defined ourselves more clearly as an industrial supplier with a transparent structure combining traditional strengths with future-orientated competences. ■ Income from the disposal of these segments has permitted us to nearly halve net corporate indebtedness and to improve our equity ratio to 22.7 percent. At the same time, we have tightened up administrative structures and adjusted personnel costs to the situation.
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- Page 3 and 4: Group figures Jan. 1 - Jan. 1 - Dec
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- Page 25 and 26: Equity ratio in % 22.7 20.8 02 01 m
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2 being focused: being better<br />
being focused: being better<br />
Introduction by the Chief Executive 3<br />
Report of the Supervisory Board 6<br />
Corporate Governance 10<br />
Management Report 14<br />
Market Report 14<br />
Company Report 17<br />
Segment Report 25<br />
Research and Development 40<br />
Capital Expenditure 42<br />
Environmental Report 43<br />
Organization and Personnel 46<br />
Personnel Report 47<br />
Risk Report 52<br />
Marketing and Communication 58<br />
Investor Relations 59<br />
Post-Closure Report/Outlook 61<br />
Consolidated Financial Statements of the Group 68<br />
Financial Statements of the Legal Entity <strong>Pfleiderer</strong> <strong>AG</strong> 126<br />
In Brief<br />
Glossary 146<br />
Index 148<br />
Multi-Year Summary 150<br />
Financial Calendar and Contacts 153<br />
getting stronger: being better. Six well-known journalists portray the strengthes, new directions<br />
and innovations behind the facts and figures highlighted in our magazine, published separately as part of the<br />
Annual Report 2002.