PDF, 1.2 MB - Pfleiderer AG

76 being focused: being better
Notes to Financial Statements
I. Business Segments and Operating Principles
II. Exemption under Section 264b German Commercial Code (“HGB”)
III. Summary of Significant Accounting Policies
Following divestment of its Business Centers Insulation Technology and Doors and Windows in
the year under review, Pfleiderer AG (hereinafter “Pfleiderer” or “the Company”) is concentrating
on its core competences Wood-Based Panels and Infrastructure Technology with their main
business units Rail Traffic and Concrete Masts and Towers.
The assets and liabilities remaining after the sale of Insulation Technology and Doors
and Windows Business Centers are shown together with the Wind Power Business Unit in the
balance sheet and income statement under discontinued operations. The activities of two business
units in the Wood-Based Panels Business Center, which no longer belong to the defined
target markets of the Pfleiderer Group, are also shown here. The figures from the previous fiscal
year have been adjusted for discontinued operations in accordance with US GAAP in order
to improve comparability. In this procedure, operations sold and deconsolidated in the year
under review are also shown in the comparable figures of the previous fiscal year under discontinued
operations.
The consolidated financial statements of Pfleiderer AG are included in the consolidated
financial statements of Pfleiderer Unternehmensverwaltung GmbH, Nuremberg. The consolidated
financial statements as of December 31, 2002 of Pfleiderer Unternehmensverwaltung
GmbH, Nuremberg, have been prepared in accordance with United States Generally Accepted
Accounting Principles (US GAAP) for the first time. Under Sec. 292a German Commercial
Code (“HGB”), Pfleiderer Unternehmensverwaltung GmbH, Nuremberg is exempted from drawing
up its financial statements in accordance with the German Commercial Code (“HGB”). The
financial statements have been deposited with the Commercial Register of the District Court
(Amtsgericht) of Nuremberg.
Those companies which have applied the exemption rule are marked accordingly in the list of
consolidated companies.
Basis of Presentation
For the first time, Pfleiderer AG’s consolidated financial statements have been drawn up in
accordance with US GAAP. Under Sec. 292a German Commercial Code (“HGB”), Pfleiderer AG
is therefore exempted from drawing up consolidated financial statements in accordance with
the German Commercial Code (“HGB”). All amounts are stated in the financial statements in
euros.