PDF, 1.2 MB - Pfleiderer AG

66 being focused: being better
Future Dividends
Although no dividend payment can be made for 2002, our fundamental dividend policy will
continue in 2003. Accordingly, Pfleiderer AG will base its decision on whether to pay a dividend
on the results obtained for the year and the state of free cash flow.
The general political and economic outlook for the coming year underline how right and necessary
it was for the Pfleiderer Group to take up a new corporate strategy. This now focuses on
the core competences of two Business Centers, Wood-Based Panels and Infrastructure Technology.
The next stage is further internationalization, a major factor for success if the Company
is to achieve earnings-orientated growth in future. For that reason, it is the declared goal of the
Pfleiderer Group to further strengthen its exports and to gain new markets. Our international
presence, particularly in the eastern European countries, will be further expanded, making us
more independent of the German economy.
Following its strategic repositioning, Pfleiderer is now facing the new fiscal year in a
much healthier state. Our new corporate strategy provides us with the financial leeway to
develop the Group over the long term on a positive and stable footing. This foundation, based
on a balanced portfolio of two high-performing business centers, will enable the Company to
achieve further earnings power and a sustained increase in its going concern value.