PDF, 1.2 MB - Pfleiderer AG

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.