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60 being focused: being better 29.57% 70.43% ■ Pfleiderer UV ■ Free Float Shareholder Structure Investor relations activities in 2002 involved personal communication with institutional and private investors, as well as the drafting of the Annual Report 2001 and organization of the Annual General Meeting on July 2, 2002. By moving over to registered shares, shareholders can now be directly invited to the AGM by Pfleiderer. Pfleiderer also sends out press releases and quarterly reports to shareholders where required. Alongside the quarterly reports, the Annual Report has become a major medium of communication between the Group and the financial community. In an effort to present the activities and financial position of the Company transparently, the Annual Report 2001 provides more details directed at investors. Pfleiderer gained third place among the SDAX companies for its comprehensive reporting in the German competition for annual reports in 2001 organized by Manager Magazin. The Annual General Meeting is the most important event in the year, above all for private investors. Around 1,500 visitors came to the Jurahallen Center on July 2, 2002, close to Pfleiderer AG’s head offices in Neumarkt. Above all, this was an opportunity to learn directly about the Company’s strategic repositioning, announced in May. The Annual General Meeting also voted in Mr. Koehler, CEO of SGL Carbon AG and Mr. Fiedler, Executive Vice President of the Ball Corporation, previously Schmalbach-Lubeca AG, as new members of the Supervisory Board. Dividend Policy The cornerstone of the Pfleiderer Group’s new strategic direction was the disposal of the Insulation Technology and Doors and Windows Business Centers in fiscal 2002. Although this resulted in income of around 225 million euros, the cumulative book loss produced a reduction in capital reserves. Accordingly, and in compliance with Sec. 150 (4) of the German Stock Corporation Act, no dividend may be paid for fiscal 2002. With regard to fiscal 2003, any dividend to be paid will depend on the earnings achieved and on the state of free cash flow. 2002 2001 Share price as of Dec. 31 2.75 euro 7.28 euro High/low 9.00/2.55 9.00/6.55 Average daily turnover 11,271 shares 12,723 shares Number of shares 42.685 million 42.685 million Capital stock Market capitalization 109,274,000 euro 109,274,000 euro as of Dec. 31 121.65 million euros 310.75 million euros Weighting in SDAX German stock exchance number/securities 2.23% 3.29% identification number 676 474 676 474 Abbreviation PFD4 PFD4 ISIN DE0006764749 DE0006764749 Earnings per share –0.93 euro 0.57 euro
management report investor relations/post-closure report/outlook pfleiderer ag 61 post-closure report/outlook Underlying Economic Conditions At the start of 2003, the global economy showed signs of uncertainty, making it difficult for the leading market research institutions to provide a reliable prognosis. The threat posed by the Iraq conflict, rising oil prices and the lack of perspective on the international capital markets resulted in uncertainties continuing into the new year. The way the US economy progresses will determine developments in 2003. According to the forecasts of the Ifo Institute, the dollar will continue to weaken in 2003. The reasons for this are seen in the continued fear of terrorism, as well as the USA’s rising budget deficit, continued capital market fluctuations and low interest rates – the US Federal Reserve having lowered its base rate to 1.25 percent in November 2002. However, analysts are expecting a slight upward trend in the business cycle in 2003, provided private consumption and house construction return to more normal levels. The USA is expected to expand its exports, taking advantage of the weak dollar. Real GDP is expected to increase by around 2.5 percent in 2003. In Europe, 2003 will start with just a slight increase in demand and production. Increases in taxation and other levies, as well as construction projects that had been brought forward to autumn 2002, will tend to retard growth. Real GDP in Europe is expected to increase by around 1.5 percent. Capital investment in the construction sector is expected to reach its lowest point during 2003. The announcement and partial implementation of higher taxes and social charges by the Federal Government at the end of 2002 has also increased the gloom about the German economy. However, although private consumption is at a low ebb, uncertainty is expected to clear as the year progresses and a slight revival takes place. As the global economy slowly picks up again, German exports will also start to rise in 2003. With regard to the euro-dollar rate, price competition will not worsen as badly as it did in 2002. Particularly countries in central and eastern Europe, currently setting up their economies, expect to exhibit stronger demand for capital goods (Ifo Economic Forecast 2003). On the other hand, the Hamburg World Economic Archives (WHHA) expects real GDP in Germany to increase by only 0.7 percent. Furthermore, this market research institute expects higher unemployment and the danger that the German government will in 2003 again fail to meet the European criteria, with maximum new borrowing exceeding 3 percent of GDP.
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january february march april being
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Group figures Jan. 1 - Jan. 1 - Dec
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usa Poles & Towers Barstow, Califor
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we are working for change to ensure
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y looking for a strategic partner w
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eport of the supervisory board pfle
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Page 25 and 26: Equity ratio in % 22.7 20.8 02 01 m
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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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