PDF, 1.2 MB - Pfleiderer AG

4 being focused: being better
Our many talks with players on the capital markets have confirmed how important and right
this strategic re-direction is for the Company. Pfleiderer AG has moved from being a “Bavarian building
supplier” to become an internationally operating systems supplier for wood-based panels and surface
finishes, for railway sleeper technology and for a vast range of infrastructure poles and towers. Following
the reorganization of the German stock exchange indexes, Pfleiderer AG is now listed as a “prime
standard” in the new SDAX under “Industrial Products and Services.”
Our year-end operating result came to 33.6 million euros – a figure that must be seen as satisfactory
in view of the difficult competitive environment. It also shows that we can operate at a profit
even when the going gets rough. Through increased export activities, we have managed, at least
partially, to offset lower demand in Germany. And the considerably lower results in the engineered
woods segment have been made up for by positive growth in our infrastructure technology operations.
The negative effects on the balance sheet due to book losses and downward revaluations are the
price we must pay for this change in corporate direction, a move that will ensure that the Company
continues to develop stably over the coming years.
Stability must be our first priority in such difficult times. So while our Company has started the
new fiscal year in much better health, we must not slacken our efforts. The present business situation
and developments on the capital markets demand that we apply ourselves even further. And considerable
political and economic uncertainties still lie ahead.
For that reason we intend to give our fullest attention to
■ expanding the strategic market positions of our business units,
■ increasing the international share of our business operations,
■ boosting total value added by improving margins and reducing costs.
We shall invest – carefully and specifically – in those targets where we identify real market growth
potential. This will be by region – for example, by setting up a new wood processing plant in Russia –
as well as on a sector basis. Here, we intend to expand production capacity for railway sleeper systems
in order to service new orders and projects.
Where necessary, we shall streamline products and ranges in our operative areas. This involves
constantly looking for solutions that have the best chance of long-term success – be it through a
management buy-out, as in the case of Eltec Elemente-Technik für Möbel und Innenausbau GmbH, or