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(1) Fixed assets

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

	Companies included in the consolidation
	Consolidation methods
	Accounting and valuation principles
	Currency translation
	(1) Fixed assets
	(2) Inventories
	(3) Receivables and other assets
	(4) Securities and cash at bank and in hand
	(5) Partners' equity and minority interests
	(6) Provisions for pensions
	(7) Other provisions
	(8) Liabilities

Notes to the Income Statement

Notes to the Cash Flow Statement

Independent Auditor's Report

Major Group Companies and Shareholdings

Lists of figures and abbreviations

Tangible assets

Government grants totaling 3.8 million Euro (2002: 3.5 million Euro) for tangible assets are netted against acquisition costs.

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