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78 being focused: being better Effects of Additions to the Consolidated Group on Main Balance Sheet Positions of Continued Operations: ‘000 euros Assets Long-lived assets 62 Inventories 1,116 Trade accounts receivable 2,415 Liabilities Accruals 83 Other liabilities 1,415 As a result of additions to the consolidated group, revenues from continued operations rose by 10.2 million euros. Principles of Consolidation Capital consolidation is accounted for using the purchase accounting method. In this method, the cost of the acquired interest is offset against the share in equity attributable to the parent company at the date of acquisition. Any differences are allocated to assets and liabilities of the affiliate company in proportion to the share in equity held, to a maximum of the proportionate fair market value, (proportional purchase method). Any remaining differences are capitalized as goodwill and reviewed for impairment in accordance with SFAS No. 142. Shares in non-consolidated affiliated companies are valued at acquisition cost. Due to immateriality, shares in associated companies were not stated using the equity method. All intercompany accounts receivable and payable, sales, expenses and income, as well as interim results between consolidated companies are eliminated for consolidation purposes. Minority interests, including minority interests’ share in profit or loss, are determined on the basis of equity as of balance sheet cut-off date and reported in the consolidated balance sheet as adjustment item for minority interests. Acquistions and Disposals/Discontinued Operations The affiliated companies Fideris Spanplatten AG, St. Gallen/Switzerland, and Duropal S.A.S., Reims/France were formed in fiscal 2002. These companies were consolidated for the first time as of the date of their formation. Accordingly, the consolidated income statement takes into account the results of these companies from the date of their formation. The Insulation Technology and Doors and Windows Business Centers were sold in fiscal 2002. The effects of the sale and deconsolidation of these business centers on the consolidated balance sheet and consolidated income statement are explained below under IV 16 “Discontinued operations”.
consolidated financial statements notes pfleiderer ag 79 The positions of the Wind Power Business Unit, as well as two other business units in the Wood-Based Panels Business Center, are shown in the balance sheet under discontinued operations. Estimates Preparation of the financial statements calls for estimates and assumptions to be made by management which affect the reported amounts of assets, liabilities, income and expenses in the financial statements, as well as the disclosure of contingencies and commitments. Actual results could differ from those estimates. Foreign Currency Translation The financial statements of the affiliated companies of Pfleiderer AG have been drawn up in the local functional currencies of their countries. The balance sheet amounts are translated into the currency used in these financial statements (euro) using the period-end exchange rates. This does not apply to equity which is translated at the exchange rate applicable at the date of a transaction. The income and expense accounts were converted at the weighted average exchange rate for the fiscal year under review. Differences resulting from currency translation are shown separately under equity (“other changes in equity without effect on income”) until the consolidated company is sold or otherwise liquidated. The main foreign currencies for the Group are as follows: Average exchange rate at December 31, 2002 2001 1 euro = 1 euro = Great Britain (GBP) 0.6505 0.6088 Poland (PLN) 4.0329 3.5068 Rumania (ROL) 34,084.2000 27,770.0000 Russia (RUB) 33.4800 26.9100 Switzerland (CHF) 1.4527 1.4805 Slovenia (SIT) 228.4860 214.2060 Czech Republic (CZK) 31.5200 31.9900 Hungary (HUF) 236.0650 245.9550 USA (USD) 1.0477 0.8820 Ukraine (UAH) 5.4063 4.7267 Realization of Sales Sales are mainly generated from the supply of products and services. Sales are accounted according to US GAAP and net of reductions such as bonuses, discounts or rebates at the date when realized or realizable and earned. This is generally the case where clear proof of an agreement exists, the delivery or service has been effected, the price firmly agreed or can be clearly ascertained, as well as payment reasonably secured.
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january february march april being
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Group figures Jan. 1 - Jan. 1 - Dec
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usa Poles & Towers Barstow, Califor
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we are working for change to ensure
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y looking for a strategic partner w
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eport of the supervisory board pfle
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eport of the supervisory board pfle
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1. Introduction 2. Shareholders and
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5. Communication and Information co
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management report market report pfl
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management report market report/com
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management report company report pf
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Equity ratio in % 22.7 20.8 02 01 m
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management report company report pf
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Arnsberg Bad Tölz Gütersloh Neuma
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Page 33 and 34: 16 % 20% 11 % 3% ■ DBS ■ Chipbo
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Page 71 and 72: pfleiderer ag 67 Consolidated Finan
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Page 93 and 94: 4. Inventories 5. Property, plant a
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Page 117 and 118: IX. Earnings per Ordinary Share con
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Page 121 and 122: 11. Revenues XIII. Changes in Asset
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financial statements of the legal e
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III. Principles of Accounting and V
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(2) Current assets (3) Stockholders
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(4) Accruals financial statements o
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V. Notes to Statement of Income fin
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Audit Opinion financial statements
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economic glossary ■ capital emplo
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■ p Particleboard 15f, 25ff, 9ff
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in brief multi-year summary pfleide
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financial calendar contacts imprint
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