Companies included in the consolidation

Apart from Freudenberg & Co., 77 German and 173 foreign companies in which Freudenberg & Co. directly or indirectly holds a majority of the voting rights or the financial and business policy of which Freudenberg & Co. has the right to determine in accordance with articles of association or contracts are fully consolidated in the consolidated financial statements.

In addition, 7 German and 29 foreign companies have been consolidated by the pro-rata method. Their overall effect on the consolidated financial statements is not significant.

In accordance with the stipulations concerning associated companies, 3 German and 10 foreign companies are shown in the consolidated financial statements.

12 German and 11 foreign companies have not been included because they are only of minor importance.

The main shareholdings of the Freudenberg Group are listed on pages 69–71.

In the year under review, 23 companies were included in the consolidated financial statements as fully consolidated affiliates for the first time. 9 companies which had previously been fully consolidated were no longer included as a result of sale, liquidation or merger. The timing of the initial consolidation was determined on the basis of the date when the Freudenberg Group started to exercise financial control.

Apart from an increase in the number of companies as a result of the establishment of new companies and spin-offs, the Freudenberg stake in the Politex group was raised by 8.48 %. As a result, the 7 Politex companies, which had previously been consolidated by the pro-rata method, were fully consolidated with effect from January 1, 2003.

The pro-rata method was applied for the consolidation of 2 companies for the first time in 2003. 2 companies were merged with another company consolidated by the pro-rata method. As already mentioned, the 7 companies of the Politex group were fully consolidated.

With 3 additions and 3 disposals, the number of associated companies remained the same compared with the preceding year.

The changes in consolidated companies did not significantly affect the assets, liabilities, financial position or earnings of the Group.