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(12) Personnel expenses

The Freudenberg Group

Report of the Board of Partners

Foreword of the Management Board

Management Report of the Freudenberg Group

Review of the Operations of the Business Groups and Divisions

People and Responsibility

Consolidated Financial Statements

Consolidated Balance Sheet as at December 31, 2003

Consolidated Income Statement

Cash Flow Statement

Development of Partners' Equity

Statement of Changes in Fixed Assets

Notes to the Consolidated Financial Statements

Notes to the Income Statement

	(9) Changes in inventories of finished goods and work in progress and other own work capitalized
	(10) Other operating income
	(11) Material expenses
	(12) Personnel expenses
	(13) Other operating expenses
	(14) Financial result
	(15) Income tax
	(16) Minority interests
	(17) Partners' taxes

Notes to the Cash Flow Statement

Independent Auditor's Report

Major Group Companies and Shareholdings

Lists of figures and abbreviations