PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG 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
y looking for a strategic partner with a global presence for our offshore technology for wind power converters. In the areas of logistics, production and sales, too, we intend to set up and implement new concepts, thus optimizing order processing and improving cost structures and earnings power. Our strategic goals are clearly defined. In achieving a balance between two high-performing business segments we shall ■ secure coat leadership for commodity products in the engineered woods segment ■ strengthen our quality leadership for products with high value added, ■ expand our technological leadership in the infrastructure technology segment ■ further increase the share of our international activities. I would like to warmly thank all employees for their loyalty and hard work, the employer representatives for their fair and constructive cooperation, and you, the shareholders, for your trust and support. The new strategy we have adopted is taking the Group in the right direction. We have already reached the first goal on the way to more earnings power and value added. As yet, these successes have not been adequately rewarded by the stock exchanges. The uncertainties and weaknesses on the capital markets are hitting small and medium-sized companies particularly hard. But our key financial figures are talking another language. Although we are not getting much support from the markets at present, we intend to continue our course with patience and endurance, with courage and through action. Let us take this road together. We believe in our success. Neumarkt, March 11, 2003 Prof. Dr. Ralf H. Bufe Chief Executive Officer, Pfleiderer AG
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y looking for a strategic partner with a global presence for our offshore technology for wind<br />
power converters.<br />
In the areas of logistics, production and sales, too, we intend to set up and implement new<br />
concepts, thus optimizing order processing and improving cost structures and earnings power.<br />
Our strategic goals are clearly defined. In achieving a balance between two high-performing<br />
business segments we shall<br />
■ secure coat leadership for commodity products in the engineered woods segment<br />
■ strengthen our quality leadership for products with high value added,<br />
■ expand our technological leadership in the infrastructure technology segment<br />
■ further increase the share of our international activities.<br />
I would like to warmly thank all employees for their loyalty and hard work, the employer<br />
representatives for their fair and constructive cooperation, and you, the shareholders, for your trust<br />
and support.<br />
The new strategy we have adopted is taking the Group in the right direction. We have already<br />
reached the first goal on the way to more earnings power and value added. As yet, these successes<br />
have not been adequately rewarded by the stock exchanges. The uncertainties and weaknesses on the<br />
capital markets are hitting small and medium-sized companies particularly hard. But our key financial<br />
figures are talking another language.<br />
Although we are not getting much support from the markets at present, we intend to continue our<br />
course with patience and endurance, with courage and through action. Let us take this road together.<br />
We believe in our success.<br />
Neumarkt, March 11, 2003<br />
Prof. Dr. Ralf H. Bufe<br />
Chief Executive Officer, <strong>Pfleiderer</strong> <strong>AG</strong>
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