PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG 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.
consolidated financial statements notes pfleiderer ag 77 Scope of Consolidation The consolidated financial statements include the individual financial statements for Pfleiderer AG and those affiliated companies in which it has a majority or controlling interest. All the main directly or indirectly controlled affiliates are included in the consolidated financial statements. Apart from Pfleiderer AG, 26 German and 20 foreign affiliates have been fully consolidated in the consolidated financial statements. In the year under review, 3 affiliates have been newly consolidated and 16 affiliates have been deconsolidated. Due to their immateriality with regard to the assets, financial position and earnings of the Group, 8 affiliates (2001: 12) have not been consolidated. Number of companies fully consolidated: 2002 2001 Germany 26 32 Foreign 20 27 Total 46 59 Number of fully consolidated companies shown in the financial statements under continued operations: Affiliated Companies Included in Consolidation for the First Time: New formations – Fideris Spanplatten AG, St. Gallen/Switzerland – Duropal S.A.S., Reims/France, Other – Travertec S.R.L., Brasov/Rumania 2002 2001 Germany 18 18 Foreign 19 16 Total 37 34 Travertec S.R.L., Brasov/Rumania, was formed in the previous year, but not included in the consolidation for reasons of immateriality.
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consolidated financial statements notes pfleiderer ag 77<br />
Scope of Consolidation<br />
The consolidated financial statements include the individual financial statements for <strong>Pfleiderer</strong><br />
<strong>AG</strong> and those affiliated companies in which it has a majority or controlling interest. All the<br />
main directly or indirectly controlled affiliates are included in the consolidated financial statements.<br />
Apart from <strong>Pfleiderer</strong> <strong>AG</strong>, 26 German and 20 foreign affiliates have been fully consolidated<br />
in the consolidated financial statements. In the year under review, 3 affiliates have been<br />
newly consolidated and 16 affiliates have been deconsolidated.<br />
Due to their immateriality with regard to the assets, financial position and earnings of the<br />
Group, 8 affiliates (2001: 12) have not been consolidated.<br />
Number of companies fully consolidated:<br />
2002 2001<br />
Germany 26 32<br />
Foreign 20 27<br />
Total 46 59<br />
Number of fully consolidated companies shown in the financial statements under continued<br />
operations:<br />
Affiliated Companies Included in Consolidation for the First Time:<br />
New formations<br />
– Fideris Spanplatten <strong>AG</strong>, St. Gallen/Switzerland<br />
– Duropal S.A.S., Reims/France,<br />
Other<br />
– Travertec S.R.L., Brasov/Rumania<br />
2002 2001<br />
Germany 18 18<br />
Foreign 19 16<br />
Total 37 34<br />
Travertec S.R.L., Brasov/Rumania, was formed in the previous year, but not included in the<br />
consolidation for reasons of immateriality.
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