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Financing and consolidated profit

The Freudenberg Group
Report of the Board of Partners
Foreword of the Management Board
Management Report of the Freudenberg Group
Global economic situation
Products and markets
Consolidated sales
The consolidated group
Minority interests and joint ventures
Financing and consolidated profit
Cash flow from investing activities and personnel expenses
Risk management
Prospects for 2004
Review of the Operations of the Business Groups and Divisions
People and Responsibility
Innovation
Consolidated Financial Statements
Major Group Companies and Shareholdings
Lists of figures and abbreviations
Imprint

In fiscal 2003, cash flow from operating activities decreased to 267 million Euro (2002: 355 million Euro), chiefly as a result of reduced consolidated profit and lower cash flow from liabilities and provisions. Investment including acquisitions was again financed in full from operative cash flow. The balance sheet total rose 3 percent to 3,380 million Euro, primarily due to the loans secured by borrower’s note raised before the end of 2003 inter alia to finance both major acquisitions (Burgmann and Chem-Trend group) concluded in early 2004. The share of partners’ equity is 43 (46) percent. Provisions for pensions amounting to 333 (331) million Euro accounted for a further 10 (10) percent of the balance sheet total. Consolidated profit fell by 44 million Euro to 93 (137) million Euro.