1. Hymer GB 04-05 Textf. engl.

ANNUAL REPORT 2004/05

HYMER in figures
Financial years
(each from 1 September to 31 August) 2001/02 2002/03 2003/04 2004/05
HYMER Group
Sales revenues € million 590,6 631,1 716,6 750,0
Change % 1.5 6.9 13.6 4.7
HYMER AG
Sales revenues € million 305,6 306,5 344,3 355,1
Change % -7.3 0.3 12.3 3.1
HYMER Group
Personnel costs € million 100,0 103,8 113,2 119,1
Profit for the year before income taxes € million 26,9 30,5 48,3 46,0
Net income for the year € million 19,9 18,0 29,5 27,7
Investments € million 22,5 1)
20,2 26,5 27,4
Employees in Germany Number 1.807 1.815 1.840 1.905
Employees outside Germany Number 826 887 934 973
Unit sales for motorhomes Number 11.408 11.977 13.567 13.836
Foreign share % 63.6 65.9 66.8 68.8
Unit sales for caravans Number 10.606 11.030 9.537 10.758
Foreign share % 65.0 66.5 69.0 69.4
Return on sales before income taxes % 4.6 4.8 6.7 6.1
Return on equity before income taxes % 29.0 28.8 40.7 33.9
Earnings per share according to DVFA/SG € 3.36 4.64 6.97 6.74
Cash flow per share according to DVFA/SG € 7.72 7.87 11.12 10.59
Dividend per share + (bonus) € 1.32 1.32 1.32 1.32
1) Excluding additions as a result of the initial consolidation of Residences Euro-Concept S.A.R.L.
2

Contents
HYMER in figures 2
Contents 3
The HYMER share 4
Supervisory Board and Board of Directors 5
Corporate bodies of the company 5
Supervisory Board report 6 – 7
Report on the 2004/05 financial year 6 – 7
Report of the Board of Directors 8 – 37
Marketing and sales 8 – 11
HYMER – brands and products 12 – 23
Employees 24 – 27
Investments in material assets 28 – 31
Review of the year 32 – 37
Group and AG management report 38 – 45
Performance 38
Risk management 39
Asset and financial structure 40 – 41
Earnings situation 42 – 43
Relationships with associated companies 43
Outlook 44 – 45
Group and AG financial statements 46 – 57
Group balance sheet as at 31 August 2005 46 – 47
HYMER Group statement of changes
in fixed assets 48 – 49
HYMER AG balance sheet as
at 31 August 2005 50 – 51
HYMER AG statement of changes
in fixed assets 52 – 53
Profit and loss account 2004/05
– HYMER Group 54
– HYMER AG 55
Financial assessment 56 – 57
Group and AG notes 58 – 73
General information 58
Accounting and valuation principles,
currency translation 58
Scope of consolidation,
consolidation principles 59
Shareholdings 60
Notes on the balance sheet 61 – 66
Notes on the profit and loss account 67 – 69
Other information 70
Profit appropriation proposal 71
Auditor’s opinion 72
Declaration of conformity 73
3

The HYMER share
The price development of the HYMER share suggests
that despite a low free float, investors have discovered
our share and recognised our company's potential
and prospects. Our share has therefore proved to
be a stable and sound capital and stock investment.
Security identification no. 609 670;
ISIN DE 0006096704
Stock market price 31.08.03 29.4
31.08.04 50.8
31.08.05 85.9
High 01.09.03 – 14.12.04 59.5
01.09.04 – 12.12.05 99.0
Low 01.09.03 – 14.12.04 29.4
01.09.04 – 12.12.05 50.3
200
190
180
170
160
150
140
130
120
110
100
4
Price development of the HYMER share in %
Source: Datastream
� HYMER
� SDAX
� MDAX
� DAX
Sept. Oct. Nov. Dec. Jan. Feb. MarchApril May June July Aug. Sept. Oct. Nov. Dec.
01.09.04 01.12.04 01.03.05 01.06.05 01.09.05 12.12.05

Supervisory Board and Board of Directors
Corporate bodies of the company
The Supervisory Board The Board of Directors
Erwin Hymer
Bad Waldsee
– Chairman
– Managing Partner of
CMC Caravan GmbH & Co. Beteiligungs KG
Bad Waldsee
- (Until Oct. 2004) member of the Administrative
Board of Kreissparkasse Ravensburg
Dr. Gerhard Gross
Gaienhofen
– Deputy Chairman
– Member of the Supervisory Board of
Kögel Fahrzeugwerke AG, Ulm
Uwe Holy
Ermatingen (CH)
– President of the Administrative Board of
Strellson AG, Kreuzlingen
- Member of the Supervisory Board of
Engelhorn KGaA, Mannheim
- Member of the Supervisory Board of
Holy AG, Metzingen
Prof. Johann Tomforde
Sindelfingen
– University Council at
Hochschule für Gestaltung
(University of Design) in Offenbach
– Managing Director
hymer idc GmbH + Co. KG innovations- &
design-center, Pforzheim
Renate Steinhauser
Bad Waldsee
– Employees' representative
- Industrial sales representative
Wilhelm Noppenberger
Bad Waldsee
– Employees' representative
- Chairman of the Works Council
Hans-Jürgen Burkert
Bad Waldsee
– Commercial Director
Dr. Reinhard Knüppel
Dortmund
– Technical Director
– Managing Partner
RISK Consulting GmbH, Dortmund
– Chairman of the Advisory Board
of the Dr.-Ing. Georg Weddige Group, Dinslaken
– Supervisory Board
Innovationstechnologie AG, Munich
– Advisory Board
Vreriksen KG, Dortmund
- Until 31 March 2005 -
5

Supervisory Board report
Report on the 2004/05 financial year
In the 2004/05 financial year, the Supervisory Board
extensively performed the functions required of it by
law and the Articles of Association. At four
Supervisory Board meetings, the responsible Board of
Directors reported in detail on the situation and
development of the joint stock corporation (the AG)
and the Group. In addition, the Board of Directors
gave the Supervisory Board extensive information on
major management issues and decisions by means of
written reports.
Furthermore, in individual discussions, the Board of
Directors regularly informed the Chairman of the
Supervisory Board regarding the market and the individual
companies of the Group. As in previous years,
the main focal points were the development of the
caravanning sector in Europe and realising synergies
within the Group. In this connection, there was also
much concentration on the general political and economic
events and the resulting consequences for the
development of the companies.
6
At conferences at management level in the presence
of the Chairman of the Supervisory Board, other
topics were the development of joint activities outside
the HYMER Group to increase efficiency and
competitiveness within the caravanning sector.
Guiding principles that generally related to production
were of particular importance. Top of the list
here were rationalisation plans, new methods in the
logistics and materials areas as well as the creation of
new planning instruments.
The construction of an assembly shop and the related
location issue as well as the fundamental decision on
a new production location were prevailing topics.
The Supervisory Board dealt extensively and in detail
with the development opportunities that are important
and significant to the HYMER Group. However, it
also dealt with the respective business risks.
The company financial statements and the consolidated
financial statements to 31 August 2005 as well
as the report on the situation of HYMER
Aktiengesellschaft and the Group were audited by the
mandated auditor, ERNST & YOUNG AG
Wirtschaftsprüfungsgesellschaft, Ravensburg, who
awarded an unqualified audit certificate.

At the meeting on 9 December 2005, when the
annual financial statements of the company and the
Group for the 2004/05 financial year were discussed,
the auditor personally presented the results of the
audit and was available to provide further information.
The audit reports were available to the
Supervisory Board, which took note of them with
approval.
Following the final results of its examination, the
Supervisory Board approved the annual financial
statements, the consolidated financial statements,
the management report and the Group management
report of the Board of Directors as well as the proposal
of the Board of Directors for the distribution of
unappropriated profit. The Supervisory Board
accepted the annual financial statements prepared by
the Board of Directors, which are therefore adopted.
The Board of Directors also prepared a report on the
company's relationships with associated companies
and submitted it to the Supervisory Board. The auditor
also granted the following auditor's certificate:
Following our mandatory audit and assessment, we
confirm that
1. the actual information in the report is correct,
2. with regard to the legal transactions listed in the
report, the dependency of the company on the
associated companies was not inappropriately
high.
Following the final results of its examination, the
Supervisory Board did not raise any objections
against the declaration of the Board of Directors on
the relationships of the company with associated
companies.
The company management, staff and employees'
representatives again worked together responsibly
and constructively this year. The Supervisory Board
extends its thanks and appreciation to the Board of
Directors and the staff of the individual companies of
the HYMER Group for their work.
Bad Waldsee, December 2005
Erwin Hymer
(Chairman of the Supervisory Board)
7

Report of the Board of Directors
Marketing and sales
Sector development
The global economic system is undergoing drastic
change. Western nations are confronted by a
strengthening Eastern economy and a booming Asian
market. In addition, given the changing general conditions
many of the existing social systems are in
need of an overhaul. Europe is in the midst of this
process. Some European countries, which initiated
essential economic and social reforms at an early
stage, are betterplaced than others. Whereas the UK,
the Netherlands and, in particular, the Scandinavian
countries have stable systems, Germany is suffering
from reform logjam and the very weak domestic
market.
Against this background, the economic development
of the German caravanning industry was nonetheless
positive in the 2004/05 season. The strong export
markets compensated for the weakness of the
domestic market. In addition, the development of the
German tourism industry was pleasing – this also
includes mobile travel and the corresponding vehicle
industry – in a positive departure from the general
economic situation.
8
Prices of raw materials took a worrying turn, resulting
in a particularly negative impact on caravan and
motorhome manufacturers. The main factor is the oil
price. At a record level of just under USD 70 per barrel
(159 litres), it almost doubled compared with the
previous year. This automatically led to huge price
rises for derivative products such as PUAL foam,
adhesives and paints.
However, other raw materials are also negatively
impacted by the continuous rise in demand from
China and, increasingly, from Eastern Europe. For
instance, prices for propylene, as a basis for plastic
component production, and copper rose by approximately
20%. The enormously high steel price, together
with the increase in chassis costs partly caused
by this, also compounded the economic situation of
manufacturers.
The companies in the caravanning industry countered
these challenging general conditions with internal
measures to increase productivity. Externally, consumers
are constantly being encouraged to buy
through numerous innovative product developments
and attractive marketing measures.
As a whole, all the internal and external measures –
by sales market and product group – show a contrasting
picture. Nevertheless, compared with many
other branches of industry throughout Europe, the
German caravanning industry can ultimately look
back on a satisfactory result in the past financial year.

The caravan product sector
The current statistics of the European Caravan
Federation (ECF) at the time of writing show that
from 1 September 2004 to 31 August 2005, 121,692
new caravans went onto the market throughout
Europe; a slight decrease of 0.6% compared with the
previous year
The European front-runner in terms of caravan
sales – based on unit sales to end customers – was the
UK, with 35,395 caravans (minus 2.6%). The secondstrongest
market (in this case based on registration
figures) was Germany, with 21,367 (minus 0.6%)
newly registered caravans, ahead of the Netherlands
with 19,182 (minus 14.3%) units. In percentage
terms, Italy posted the strongest performance in
Europe, with an increase of 18.6% (3,690 units).
The export season was greatly pleasing for the
German industry. All quarterly figures showed a positive
trend, and the export volume increased by 12.0%
between 1 October 2004 and 30 June 2005 to a total
of 36,654 units.
The 2004/05 season started quietly for the sector. The
quarterly figures were virtually unchanged compared
with the previous year. When the season ended on
31 August 2005, the sector posted a slight decline, at
21,367 units (minus 0.6%).
The German manufacturers were able to take the
various market developments in Europe into account
appropriately in the context of their production planning.
In percentage terms, production figures posted
double-digit growth in fourth quarter of 2004 and
the second quarter of 2005. On the basis of the available
figures, precisely 55,838 caravans were produced
between 1 October 2004 and 30 June 2005, an
increase of 4,132 or 8.0% year-on-year.
10.800
9.600
8.400
7.200
6.000
4.800
3.600
2.400
1.200
9
0
Caravan sales (units)
HYMER Group
11,030
02/03
9,537
03/04
10,758
04/05

Marketing and sales
The motorhome product sector
13.500
12.000
10.500
9.000
7.500
6.000
4.500
3.000
1.500
0
Report of the Board of Directors
Motorhome sales (units)
HYMER Group
11,977
02/03
13,567
03/04
13,836
04/05
With the exception of Austria, Portugal and Spain,
the European motorhome market recorded positive
unit sales figures in all countries. Motorhomes have
steadily become more attractive and appear to have
lost little appeal, even under the challenging general
conditions.
The ECF statistics available at the time of writing
record 78,073 newly registered motorhomes between
1 September 2004 and 31 August 2005 throughout
Europe, an increase of 9.6%.
10
Germany posted the largest unit sales volume with
20,203 units (+ 6.8%), followed by France with 20,077
(+ 13.5%) and Italy with 14,723 units (+ 4.5%). As in
the previous year, the winner in percentage terms in
Europe, albeit with a smaller volume, was Denmark,
with a remarkable increase of 56.5% (1,634 units).
Exports of German motorhomes boomed during the
2004/05 season. Quarterly increases ranged from
20.0% to 46.3%. A total of 13,614 German motorhomes
were exported between 1 October 2004 and
30 June 2005; a remarkable increase of 30.7%.
The domestic market also developed positively. All
monthly and quarterly surveys showed rising figures,
with the result that the season ended on 31 August
2005 with 20,203 newly registered motorhomes
(up 6.8%).
Manufacturers flexibly adapted motorhome production
to market demand. Driven by the export boom,
the increases ranged from 20.6% to 36.6% in the
quarterly surveys. Compared with the previous year, a
total of 28,444 motorhomes were produced between
1 October 2004 and 30 June 2005, an increase of
27.5%.

The development of HYMER AG
The caravan product sector
”Hymer is growing in a challenging market environment",
said the headline of a well-known German
Sunday newspaper at the beginning of 2005.
Innovative products like the Eriba Nova and the Eriba
Living as well as customer-oriented marketing
brought HYMER remarkable success compared with
the sector as a whole.
72
64
56
48
40
32
24
16
8
0
Revenue share (%) – HYMER Group
76.5
Motorhomes
15.7
Caravans
7.8
Other sales
Accordingly, HYMER AG posted a pleasing increase of
16.4% for the 2004/05 season for the German caravan
market with 1,448 units sold. Exports enjoyed
even greater success. HYMER posted a remarkable
gain of 25.8% here, with 2,646 units. Taken together,
this means total caravan sales of 4,094 units
(+ 22.3%) for HYMER AG.
In the context of this market development, HYMER
increased its caravan production by 17.1% to
4,074 units.
The development of unit sales in Germany caused
sales revenues to rise by 19.8% to € 16.3 million. In
the export area, HYMER generated an increase of
34.4% with revenues of € 28.4 million. Taken together,
this means revenues of € 44.7 million
(+ 28.7%) in the caravan sector in the past year.
On the basis of the total volume of HYMER leisure
vehicles, the unit sales share of caravans in the past
financial year was 38.8% with the corresponding
revenue share being 12.6%.
The motorhome product sector
In the 2004/05 financial year, HYMER AG launched a
model initiative across all products. The company progressed
to become the industry's full-range provider
with three caravan series and 12 motorhome series.
The marketing strategy of the premium and classic
line was also strongly target group-oriented. Even so,
HYMER suffered slight losses on the German market.
Thus HYMER sold 2,504 motorhomes in Germany in
the 2004/05 season. This was down 6.3% on the previous
year. This figure was positively impacted by the
homes of Niesmann+Bischoff, which is part of
HYMER AG. It contributed to total earnings with
307 motorhomes on the German market, an increase
of 34.1%.
Although the export business gained at a high level,
it did not fully compensate for the losses on
the domestic market. Overall, HYMER exported
3,959 motorhomes (+ 3.0%). Niesmann+Bischoff also
made a positive contribution to the statistics here
with a total of 210 motorhomes (+ 14.1%).
HYMER adapted its production in line with the market
situation and produced a total of 6,585 new
homes (minus 1.1%) in the 2004/05 season (including
530 units by Niesmann+Bischoff).
On the basis of these figures, HYMER posted total
revenues of € 289.2 million (- 0.6%) in the motorhome
sector. This equates to a € 1.8 million decline
in revenues.
Overall, unit sales of HYMER AG caravans and motorhomes
rose to 10,557 units, equivalent to an increase
of 7.0% compared with the previous year.
11

HYMER – brands and products
HYMER AG
Report of the Board of Directors
HYMER, based in Bad Waldsee, Upper
Swabia, has been producing caravans
there for nearly 50 years, and motorhomes
for over 30 years. With
unstinting innovation and high quality production,
HYMER is not only one of the most long-standing
leisure vehicle manufacturers in Germany, but also
enjoys a reputation as market leader in Europe.
With its new product developments in the reporting
period, including launches of a motorhome and caravan,
HYMER is set to defend this market position.
13 motorhome series and four caravan series for the
new season represent the largest range of products in
the company's history.
Despite series production, thanks to a variety of
different colours and equipment modules HYMER
customers can put together their own personal vehicle.
Individuality is what counts! For the first time,
there are hardly any totally white motorhomes and
caravans at HYMER. Customers can now choose from
more than 20 colour variants to personalise the
design of their vehicle – different finishes in red, blue,
silver, grey or with combined or single-colour metallic
paintwork. These design options through colour
variation at automobile industry level are seamlessly
continued in the interior of the HYMER vehicles.
12
With "style collections", HYMER now offers highly
exclusive and individual equipment variants for all
premium-line models for the first time ever. The
optional extras of the style collections consist of five
sets of furnishings/fittings defined in material, design
and style combinations, all of which are precisely
coordinated with each other by means of a corresponding
upholstery design, individual fabrics and
curtains and are also complemented stylistically by
coordinated carpeting and a matching finish for
tables, kitchens, baths and washroom tops.
New technical features such as the optimised panoramic
roof ventilators, installation of flatscreens and
improved designs of the body doors are already
almost standard at HYMER. However, innovations
such as availability of static steering-dependent
headlamps and fuel cells for independent power supply
(indeed, the latter are actually standard in some
models) are outstanding, even for the market leader.
The marketing strategy of differentiation between
premium-line and classic-line vehicles is also proving
to be increasingly successful. The latter vehicles allow
new enthusiasts to take up mobile leisure with a
"HYMER", which offers quality and comfort in a standard
package with an extremely attractive price/performance
ratio.

HYMER motorhomes
Hymer Van
This motorhome premiere reflects the (marketingrelated)
sign of the times and the wishes of many
customers. The Hymer Van impresses not only
through its fine (multicoloured) exterior design, but
also through its passenger-car dimensions, its passenger-car
comfort and, ultimately, its passenger-car
price. The ideal leisure vehicle for two offers all the
functional areas of a fully-equipped motorhome on
one level. One new feature is that the Hymer Van is
based on a Ford chassis, thus extending the chassis
range. This is particularly attractive to many strong
export markets and new target groups.
Hymer Exsis
Hymer Exsis has achieved its aim of setting trends for
the caravanning sector. Factors such as individual
colour variation and comfortable passenger car
attributes were the basis not only for the Hymer Van,
but also for many competition vehicles.
Hymercamp-Classic
The six Hymercamp-Classic models, voted Motorhome
of the Year in the category for alcoves up to
€ 50,000, provide young families with a spacious,
affordable alcove model.
Hymercamp GT
The Hymercamp GT range is one of the familyfriendly
premium-line vehicles that offer discerning
customers an even more high-quality alcove home
model. The HYMER Techno-Plus double-floor
concept, the B-Class furniture in the Lugano pear
wood finish as well as the fold-up alcove bed, which
also conveys the spacious feel of an integrated
motorhome, are successful and popular.
Hymertramp-Classic
The market for semi-integrated motorhomes has
grown strongly in recent years. HYMER has responded
to this increased demand. The lowest-price "Classic-
Line" model is the Hymertramp-Classic with a Fiat
chassis. For the first time ever, there is also a semiintegrated
model with a total length of less than six
metres: the Tramp Classic 574. The optional panoramic
roof window, which conveys an exclusive
atmosphere in the cab area with a great view and
high light transmission, is new and individual.
Hymertramp GT
The Hymertramp GT is aimed mainly at "young" senior
citizens who want to travel frequently and preferably
all-year-round in an individual, high-quality motorhome
for two. Individual taste can also be reflected
here by the exterior paintwork and the choice of a
style collection.
13

HYMER – brands and products
HYMER AG
Report of the Board of Directors
HYMER motorhomes
Hymertramp M GT/ Hymertramp R GT
Motorhome enthusiasts looking for
caravanning with a little star quality on Europe's
highways will be delighted with the Hymer T-Class
M 655 GT, a semi-integrated Mercedes version.
Caravanning fans who prefer a chassis by Renault, the
"Createur d’Automobiles", have three HYMER semiintegrated
vehicle floor plans to choose from.
Hymermobil B-Classic / B-Classic M
Hymermobil, the integrated motorhomes from
HYMER, are the German standard or byword for a
motorhome. The B-Classic series is the most attractively
priced introduction to the world of integrated
motorhomes. Simple elegance coupled with progressive
technology characterises this series. For the 2006
model year, in response to customer demand, HYMER
has again included the Hymermobil B-Classic M in its
range, with two models on a Mercedes chassis.
14
Hymermobil B-Class / Hymermobil B-Star-Line
HYMER's most successful series, this is preferred by
highly brand-conscious customers and those with a
taste for a classical, timelessly elegant atmosphere.
Ten models are available. As well as the option of
multicolour exterior design, the B-Class, with its style
collection equipment variants, also offers individual
and exclusive vehicle design of the highest standard
in the interior. The success of the B-Class, with its
many exclusive equipment variants, is of course also
repeated in the five models of the B-Star Line on
Mercedes-Benz chassis.
Hymermobil S-Class
The flagship of the HYMER motorhomes has long
combined outstanding, state-of-the-art engineering
and maximum comfort. The S 830 model, with an
L-shaped seating area and single longitudinal beds
in the rear, has enjoyed great success since its introduction
last year. The S-Class is the epitome of pure
luxury. However, an unusual feature is the use of
innovative fuel-cell technology as standard for the
first time in the motorhome market.

HYMER caravans
Eriba-Feeling
The latest HYMER caravan is the Eriba-Feeling. This
new lifting-roof caravan series was developed on the
back of the amazing success of the Eriba-Nova and on
the basis of the same concept. Two models combine
the road-handling advantages of a lifting-roof caravan
with state-of-the-art living standards, including
suitability for winter use – and all this at an attractive
price. It is not only the interior of this caravan
that radiates a special atmosphere and comfort. The
exterior also impresses through colour variation, rally
stripes and eye-catching styling.
Eriba-Touring
The Eriba-Touring is a cult caravan in the sector, and
has been a successful HYMER model for nearly
50 years. There are more than 70,000 of them on
Europe's roads. Mostly travel-loving couples, and
increasingly younger families, usually with a small
child, appreciate the lasting benefits of this classic
among caravans: compact dimensions, low weight
and first-class road-handling properties.
Eriba-Living
With its particularly attractive price/performance
ratio, the Eriba-Living mainly appeals to young families
and new enthusiasts, and is already an established
part of the Eriba range.
Twelve models provide a wide range of attractive
floor plans with single longitudinal beds, a French
bed or a children's room and bunk beds. A third bunk
bed can also be provided for the latter, particularly
family-friendly version with a rear bunk bed. The
interior is pleasantly spacious in three models, with a
total width of 2.50 m.
Eriba-Nova
The Eriba-Nova is the shooting star among HYMER
caravans. Totally redesigned last year, it triggered a
veritable caravan boom at HYMER. As a result of the
huge demand, capacity was increased by 40%, and
delivery times and production were fully booked for
months. 17 models of this premium class of HYMER
caravans are available. There are children's room versions,
single longitudinal beds, French beds at the
front or rear as well as L-shaped seating areas and
dinettes in various configurations. The Hymer-Nova
680 is a model occupying an absolutely exclusive and
unique position on the market, with a French bed at
the front, wrap-around seating unit in the centre and
a cross-corner bunk bed in the rear. Various national
and international awards demonstrate the tremendous
success of the concept.
15

HYMER – brands and products
Niesmann+Bischoff
Report of the Board of Directors
Niesmann+Bischoff have been producing
exclusive motorhomes for more
than 20 years. The company started up
series production of motorhomes in
Polch in 1994. The Clou, Flair and Arto motorhome
models are now produced on a site covering approximately
10,000 square meters. Niesmann+Bischoff has
been part of HYMER AG since 1996. Each day, over
200 employees ensure that production, service, customer
care and administration run smoothly. Before
any of the vehicles leaves the workshop, it is subjected
to multiple quality checks. This why the name
Niesmann+Bischoff is now synonymous with toplevel
motorhomes, as the new model generation also
impressively demonstrates.
16
Niesmann+Bischoff Arto
The Arto series only underwent a complete relaunch
last year, yet Niesmann+Bischoff still made further
improvements for the new generation. Alongside the
seven existing models, a new floor plan (Arto 74C)
with a total length of 7.36 metres on request provides
plenty of extra space in the living area and in the rear.
A new corner kitchen, an extra couch and a wider rear
bed round off the high-quality equipment.
Niesmann+Bischoff Flair
The Niesmann+Bischoff Flair series is launched with
five models. These first-class tourers are available on
a Fiat Ducato, Mercedes-Benz Sprinter or Iveco chassis
on a model-specific basis, in line with customer
requirements.
There are two new floor plans. The first is the Flair
6700iC with a combined bath, known from the Arto,
which is spacious and comfortable with a circular
shower and generous fittings. This solution delivers a
significant increase in living space despite the compact
external dimensions. With its partitioning and a
1.30 metre-long sofa on the right-hand side of the
vehicle, the Flair 7100iC is also extremely spacious.
The selection of optional extras has been significantly
increased in all Flair models. Central locking
together with an alarm system is a new addition to
the list of extras.

Niesmann+Bischoff ClouLINER
The ClouLINER has been Niesmann+Bischoff's prestige
model for more than 20 years. The exclusive cult
vehicle was completely revised last year in the third
generation. The new exterior design, the totally new
furniture design and the many technical innovations
have become successfully established on the market.
Even so, further improvements have been made.
For instance, the 990SL on the revised Mercedes-Benz
Atego and the 990SG on a MAN chassis offer two
new floor plans. The 990SL now has a double longitudinal
bed and the 990SG has a floor plan with a
passenger car garage as well as the technical highlights
of an electrically height-adjustable rear double
bed and a hydraulically powered garage door. In addition,
the standard awning is fully integrated into the
sidewall.
However, the vehicles of the ClouLINER 6-series,
launched last year, have also been enhanced. A new
model is the ClouLINER 675L with a conventional
transverse double bed. The new model also uses the
capabilities of the EuroCargo chassis from Iveco and
can carry a maximum total weight of 7.49 tonnes
with the "old" Class 3 driving license.
In general, the philosophy of all ClouLINERs is characterised
by two principles. Firstly, the LINER should
represent the technical optimum in terms of motorhome
construction. Secondly, buyers should be able
to configure as many details as possible themselves.
Ultimately, Niesmann+Bischoff ensure that every
ClouLINER that leaves the production site in Polch is
absolutely unique.
17

HYMER – brands and products
Bürstner GmbH
Report of the Board of Directors
The Bürstner brand has been closely
associated with the caravanning sector
for over 45 years. Caravan production
began in Kehl, Baden, back in the mid-
1950s – this was followed by motorhomes in the
1980s and, later, mobile homes.
Through strategic alignment and positioning,
Bürstner benefited particularly from the positive
development on the European motorhome market. Its
own innovative strength also helped it to become one
of the top manufacturers. For instance, a few years
ago, it was Bürstner GmbH that incorporated Renault
in its range as the first major manufacturer to supply
basic vehicles. The success of the Delfin series is undoubted,
and spawned many imitators on the market.
The model range developed in the reporting period
covers nine motorhome series and three caravan
series. In addition, there are seven different mobile
homes that have been adapted to the requirements of
the various markets.
Particularly worthy of mention is the innovative
Travel Lounge, which is available in the motorhome
sector. Its variable seat positions provide extra comfort.
Another outstanding feature is a new generation of
upholstery material, which is only available from
Bürstner: novalife. The first presentations of this
high-performance microfibre with its dirt-deflecting
properties ensured a great deal of attention in the
sector.
18
Bürstner is set to unveil new names for the entire
model range and a whole host of innovative developments
in the context of the 2006 vehicle generation.
Bürstner feels that the current designations with letters
and number combinations are too anonymous for
such highly emotive products as caravans and motorhomes.
The new Marano semi-integrated vehicle series
and the Aviano integrated vehicle series are to be
launched in the entry-level segment.
The alcove-style vehicles currently available as
A-models are now called Levanto. In addition to the
versions on the Fiat Ducato, there is also a new floor
plan on an Iveco chassis as a base here.
Six different semi-integrated motorhomes are to be
launched under the Solano badge. The double-floor
alcove models (formerly A-2) are now called Argos.
Following the extensive updates of the intermediate
and luxury caravan series, the previous designations
have been replaced by the names Belcanto and
Trecento.
In addition to the numerous new floor plans, a
greater number of colour variants have been included
in the 2006 model range. As well as the standard
model, the Flipper caravan range is also available in
blue and yellow, two colourful versions that supplement
the white basic model. With 21 different
versions (including seven totally new ones), the
Belcanto series is the Bürstner range with the most
variants. Bürstner also offers special silver paintwork
for this series, whilst the luxury Trecento models are
additionally available in mocca.

Bürstner motorhomes
Levanto
(Fiat-based alcove models)
The classic in the motorhome sector, with an exterior
characterised by its staggered roof line with the large
alcove above the cab.
Argos
(Double-floor Fiat-based alcove)
The key feature of the Argos models is the stowage
area underneath the living area, called the double
floor. This ensures an impressive loading capacity and
also allows bulky objects such as a surfboard to be
carried. Particularly active motorhome enthusiasts
who are on the road for long spells value the benefits
of this series. The positioning of the water and wastewater
tank in the double floor ensures a low centre of
gravity. The result is good roadholding, combined
with pleasing handling properties.
Argos / Iveco
(Double-floor alcove on an Iveco chassis)
This vehicle category means travel in a jumbo format.
The chassis used means that large payload capacity is
available, and carrying a trailer is no problem thanks
to rear-wheel drive. The living quarters in this series
are spacious and fitted with all conceivable means of
comfort. Like the Fiat-based Argos models, they also
have a double floor and, in addition, a spacious rear
garage.
Marano
(Fiat-based semi-integrated motorhome)
The Marano is the latest addition to the Bürstner
semi-integrated vehicle family. Launched in spring
2005, it impressed from the outset. With the Marano,
the concept of a compact entry-level vehicle for two
persons with familiar Bürstner quality was implemented,
at an attractive price.
Solano
(Fiat-based semi-integrated motorhome)
Solano is the byword for semi-integrated motorhomes
at Bürstner. Particular features are its flat profile
and passenger car-like ride comfort. Its agility
makes it the perfect companion for intercity travel.
Star
(Mercedes-Benz-based semi-integrated motorhome)
With this semi-integrated Mercedes Sprinter-based
motorhome, Bürstner offers the option of choosing a
rear-wheel-drive vehicle, coupled with outstanding
torque. The looks of the living area are adapted to the
known requirements of the vehicle's clientele.
19

HYMER – brands and products
Bürstner GmbH
Report of the Board of Directors
Bürstner motorhomes
Delfin
(Renaut-based semi-integrated
motorhome)
The Delfin represents a new face among semi-integrated
motorhomes. In addition to the new looks of
the Renault chassis, Bürstner offers all-round
3-colour paintwork as standard, thus ensuring plenty
of attention on the roads of Europe. The levels of
comfort, for example when sleeping on pocket-spring
mattresses, are among the best the market has to
offer.
Delfin Performance
(Renaut-based semi-integrated motorhome
with multi-function floor)
This series impresses through its interior features.
Lowering the frame behind the cab has made it possible
to install a functional floor. Bürstner is the first
company to implement this concept with a Renault
basic vehicle. The frost-proof positioning of various
elements of the on-board systems and equipment
brings greater safety and convenience.
20
Aviano
(Fiat-based integrated motorhome)
The Aviano represents entry into the fully-integrated
motorhome class. The outer design is almost entirely
borrowed from the Elegance series, and captivates by
virtue of its flowing lines. The attractive price of
this series is achieved by omitting certain comfort
features, such as the cab door.
Elegance
(Fiat-based integrated motorhome)
The Elegance has been a winner since its launch. On
the outside, it impresses through its elegant design
with an automotive style. Inside, inviting colours,
softly rounded furniture and a high level of comfort
and attention to detail are the defining characteristics.
The luxury models from Bürstner impress
through a wide range of floor plan variants and interior
designs.

Bürstner caravans
Flipper
The lines of the Flipper saw Bürstner head in a new
direction, which will also be followed by other caravan
models. Combining design and functionality in
one vehicle, thus addressing families and couples
alike, was the aim. This concept has proved successful
on the market.
Belcanto
The Belcanto is the byword for robust intermediate
caravan construction at Bürstner. It represents the
widest range, with over 20 floor plan variants.
Different total widths make it possible to design a
touring caravan tailored for two persons through to a
comfortable holiday home for the whole family.
Trecento
The structure of the interior with its comfort and fittings
makes the Trecento a special travel companion.
The involvement of a skilful interior designer is particularly
clear from the high-quality fittings, which
give off a hint of luxury and whose colour collections
are coordinated with the furniture with a 2-tone
finish. All floor plans of the Trecento series were
designed deliberately for couples travelling alone,
who are more interested in greater comfort for their
caravan. Bürstner meets this requirement through the
standard use of cold foam with 2 grades of hardness
for seat and seat back upholstery.
Mobile homes
Mobile homes are becoming increasingly popular
on the market and with many customers. They are
already an established feature of many campsites.
With their comfortable fittings and a level of
spaciousness close to that of a holiday home, they are
making increasing inroads into caravan rental. With
different floor plans, they are equally suited for
rental to couples and families.
21

HYMER – brands and products
LAIKA CARAVANS S.p.A.
Report of the Board of Directors
The headquarters of LAIKA, the Italian
manufacturer of luxury motorhomes, is
situated in the heart of Chianti, near
Florence. The company was founded in
1964, and is known as the luxury brand from Italy. It
has been part of the HYMER Group since 2000.
The creativity, professionalism and experience of the
nearly 250 LAIKA employees are some of the reasons
why LAIKA successfully sells three different product
lines throughout Europe: the LAIKA Ecovip, the LAIKA
Kreos and the LAIKA-X. These are sophisticated vehicle
series that, taken together, cover around 50% of
the luxury market segment on the Italian motorhome
market. In addition, France and Germany are among
the main export markets of LAIKA, where the
integrated and semi-integrated vehicles enjoy
particular sales success.
Customer satisfaction is one of LAIKA's main objectives.
For this reason, the entire production process is
designed and optimised in order to achieve an outstanding
product. Before the start of the production
phase, careful examinations, leak tests and road-
22
handling test are conducted. In addition, the various
source materials used are rigorously checked in order
to test their resistance to mechanical wear and environmental
influences. Production is not started until
everything meets LAIKA's high quality requirements.
LAIKA continuously invests in research and development
so that can always design new, contemporary
products and thus progress successfully. Part of the
company's philosophy is that it will only use the best
materials. This applies to the body as well as the
availability of fine fabrics and fittings. The well-insulated
body doors represent passenger car comfort. All
tanks are heated and therefore suitable for winter
use. The entire network of pipes and connections has
the same level of quality as the products used in the
property sector, in other words at home.
This commitment to quality workmanship, the originality
of style, the use of the latest technologies, the
precise monitoring of the production process, the
attention to design and ergonomics and the pride in
the work performed are the underlying elements that
characterise the LAIKA brand and guarantee its
exception product quality.

LAIKA-Ecovip
This series meets every possible need. It offers a complete
range with twelve models, consisting of four
alcove, two semi-integrated and six integrated
motorhome models. The success of the LAIKA-Ecovip
alcove vehicles and semi-integrated vehicles is
based on a wide range of fittings as standard that
guarantees top quality. In addition, the attention to
detail, the quality of the materials and the appealing
design are particularly noteworthy. In contrast, the
integrated models are particularly characterised by
the distinct car-like body, the low exterior height and
the elegant shapes.
LAIKA-Kreos
This elegant luxury series is represented by four
alcove models and three semi-integrated models. The
obvious advantage of this exclusive vehicle range is
its outstanding functionality, which is supplemented
by its special design and balanced shapes. Comfort
and attention to detail are the guiding principles in
all parts of the interior. As well as their exclusive
fittings, the Ecovip and Kreos model ranges are
characterised by numerous technical details including
remote central locking of all doors and an electronic
alarm system.
LAIKA-X
The "LAIKA-X" series has been available in the model
range since August 2005. These vehicles are characterised
by a particularly striking exterior and interior
design and are especially aimed at a young audience.
The "X" model range consists of four different alcove
models and a semi-integrated model. The floor plan
variants and fittings were designed primarily with
young families in mind. Accordingly, the "X" model
series represents a reliable, functional product with
an attractive, fresh design. A particularly noteworthy
feature is the excellent price/performance ratio that
these models provide without sacrificing the outstanding
LAIKA quality.
23

Employees
Report of the Board of Directors
In the context of the reform of economic and social
systems, the job factor is becoming increasingly
significant. On the one hand, according to statistics,
there are five million unemployed in Germany. On the
other hand, companies are confronted by the
decision of rationalising their production in order to
remain competitive at international level, or finding a
way of securing and creating jobs in the national
interest: at the same time, whatever they do, they
must also keep the company and its products
competitive on the market.
Whilst many companies and groups in Germany are
cutting jobs or moving them abroad, the HYMER
Group with its subsidiaries is an enterprise that stays
loyal to its roots and acts in the national interest, in
line with the philosophy of company founder Erwin
Hymer.
It is not so easy to find sufficient and flexible staff
with suitable expertise and reliability. This is compounded
by the fact that the political system often
does not allow essential changes to economic and
24
social policy in the context of changed general conditions.
For HYMER AG, securing the future of the Bad
Waldsee location was the dominant issue of the
2004/05 financial year.
Throughout the Group, an average of 2,878 staff were
employed in the past financial year. This again meant
an increase of 104 staff compared with the previous
year.
The development in the individual companies was as
follows: at HYMER AG in Bad Waldsee (including the
sales offices), the headcount was stable compared
with the previous year at 1,038 (previous year 1,037).
The same applies to the industrial premises in Polch
with 190 (previous year 184) employees.
As at the reporting date of 31 August 2005, the
following employee figures were recorded: 1,045
(previous year 1,033) employees at HYMER AG in Bad
Waldsee and 191 (previous year 185) at the industrial
premises in Polch.

An average of 1,650 (previous year 1,553) employees
worked for the subsidiaries. The breakdown was as
follows:
• Bürstner sub-group 1,114 (previous year 1,023)
employees
• Hymer France S.A.S. 237 (previous year 221)
employees
• LAIKA CARAVANS S.p.A. 240 (previous year 237)
employees
• Movera GmbH 59 (previous year 54) employees
The rise in headcount took place mainly in the
Bürstner sub-group and at Hymer France S.A.S.
Personnel costs at the HYMER Group totalled € 119.1
million in the financial year (previous year € 113.2
million). This equates to 15.6% of the total operating
performance. Expenditure per employee at the
HYMER Group therefore amounted to an average of
€ 41,400.
The average length of service of HYMER employees
rose to an average of 10.3 years (previous year 10.1).
The average age was 39.1 years (previous year 39.0).
These figures are correct to 31 August 2005 for
HYMER AG (Bad Waldsee and Polch locations and
sales offices). The high increase in the average age
2700
2400
2100
1800
1500
1200
was curbed by some appointments of younger
employees and the recruitment of some trainees and
apprentices despite the fluctuation level being very
low again. Nonetheless, there were again some notable
anniversaries: in the reporting year, 34 employees
celebrated 10 years of service and 16 celebrated their
25th anniversary with us.
25
900
600
300
0
Number of employees on average
for the year, HYMER Group
2,702
02/03
2,774
03/04
2,878
04/05

Employees
Report of the Board of Directors
In the reporting year, the Group as a whole
employed an average of 88 juveniles and young
adults; 63 of these at HYMER AG including the
industrial premises in Polch (previous year 58) and 25
(previous year 26) in the Bürstner sub-group. 21
trainees and apprentices successfully completed their
training at HYMER AG (including Polch) in the reporting
year; 12 of them were subsequently employed.
At the original HYMER location in Bad Waldsee, the
financial year was dominated by negotiations and
measures to secure the future of the site. The aim was
to offset the competitive disadvantages compared
with other locations and thus create the essential
conditions for construction of a new assembly shop
in Bad Waldsee.
After negotiations with the trade union IG Metall and
the Works Council held over several months broke
down in the first half of the financial year due to the
uncooperative stance of IG Metall, opportunities and
solutions were sought in the second half of the financial
year between the management and the Works
Council, such as construction at the Bad Waldsee
location. However, these are yet to be implemented.
26
Following intensive negotiations, an outline package
was tied up in mid-June, providing for further flexibility
of working hours and increased use of part-time
employees. For legal reasons, the settlement, an
extension of annual working hours, had to be agreed
with every employee on an individual contract basis.
The key points of the new location protection
programme are as follows:
• In the next six financial years (up to 31 August
2011), employees will work an extra 135 hours per
year; this roughly equates to a 38-hour week
compared with the collectively agreed 35-hour
week.
• Flexitime has been extended by increasing the
time corridor to +200 to -100 hours and by removing
the stipulation of an equalisation period. The
main positive effect here is that departments that
previously did not have flexible working hours can
also be included.
• In return, the company was willing to promise
employees that there would be no redundancies
before 31 August 2011 unless there was a substantial
alteration to the establishment pursuant to
Section 111 of the Works Council Constitution Act
(BetrVG).

However, the most important is and remains that
construction of the new assembly shop with a surface
area of approximately 24,000 square metres was
made possible by the approval of more than 98% of
employees with regard to the individual contract
amendments. This extremely high approval level
shows that the employees are very attached to the
company and the location.
However, progress was made on other topics in addition
to the location protection programme. For example,
KAIZEN was implemented in the production
facilities on three further assembly lines in the
reporting period, following the success of the pilot
projects in spring 2004. Basic improvements were also
attained there. Waste was virtually eliminated, and
material provision and procedures were optimised.
KAIZEN has therefore become established in the
production facilities. Other areas will follow:
a "KAIZEN in Administration" project is to be
launched in the new financial year.
There was also an emphasis on measures and activities
to strengthen cohesion (the corporate culture) in
the company, inform employees and promote mutual
understanding. Accordingly, two new activities were
initiated in the reporting year.
For instance, the first edition of a staff newsletter
came out just before Christmas 2004. "HYMER Life" is
now published every quarter. It is four to six pages
long, and reports on the company as well as its
employees. It is run by a small editorial team of internal
employees who took it on alongside their normal
duties.
The "Production Day for White-Collar Employees"
was also very positive. All white-collar employees
spent a day working in the production facilities.
This improves contact and communication between
"white-collar employees" and "blue-collar
employees", and gives white-collar employees an
insight into and possibly greater understanding of
the demands of production.
27

Report of the Board of Directors
Investments in material assets
In the 2004/05 season, the companies of the HYMER
Group produced a total of 25,324 (previous year
23,473) leisure vehicles (caravans and motorhomes,
including Bürstner mobile homes). This 7.9% rise is
attributable to the increased demand throughout
Europe for the products of the individual companies.
This successful development is firstly based on the
innovative product development; secondly, of course,
a modern production process and economicallyoriented
management methods are necessary in order
to be able to offer the products on the market at a
competitive price. Investments in material assets are
an increasingly important factor here. Throughout
the Group, total investments for the reporting period
came to € 27.4 million, up € 0.9 million or 3.4%
compared with the previous year (€ 26.5 million).
28
HYMER AG, Bad Waldsee
The investment volume of HYMER AG amounted to
€ 10.1 million in the past financial year.
The largest single investment was the shelter installation
for vehicles that are ready for delivery. The
entire delivery area covers 42,000 square metres
including a loading point. The sheltered area of
27,500 square metres provides protection against
hail and other weather conditions for a total of
900 motorhomes and caravans. In this connection,
significant reduction of the corresponding insurance
premiums is a major commercial aspect.
The extension of the high-bay storage facility was
another major investment at HYMER. The much wider
and longer storage facility allows storage capacity to
be increased by over 100%, from 6,400 to 14,000 box
pallet spaces. With this extension, HYMER is central–
ising its entire plant logistics, thus significantly
improving handling of the number of individual parts,
which rises every year. Other financial benefits were
gained by cutting ties with external warehouses and
reducing associated handling and logistics costs.
In addition, the management software of the highbay
storage facility was upgraded to the latest
generation and the to-bin and from-bin transfer
capability of the facility was optimised. The increased
storage activity necessitated a new storage level via
which pallets can be transferred to bins on a fully
automatic basis, independently of picking. The
resultant increase in picking capability also eliminates
waiting times in the material receipt process.

A new foaming system was also installed in the
foaming shop area. The new system has an individual
acquisition facility for data and parameters such as
foam quantity, mixing ratio and temperature which
need to be traceable and documented in future. The
new and old systems can be combined, so that if one
system breaks down, the other can take perform
back-up functions immediately and production continues.
A new downstroke moulding press for manufacturing
polyurethane-foamed sandwich elements was integrated
in the same area. This press is mainly used for
sidewall production. Not only is it able to manufacture
longer and wider elements, it can also determine
the wall thickness in a variable manner. Now, sidewalls
can easily be produced up to a height of more
than 2.50 m and a length of 7.20 m. In addition, the
thickness of the walls can now be flexibly varied
between 30 mm and 40 mm. Using this fourth press
not only improves product quality, but also increases
production capacity by 25%.
Another important investment was the purchase of
a piece of land directly adjacent to the existing company
premises. Buying this 12,500 square metre site
was particularly important in order to ensure the
planned construction of a new assembly shop in the
context of the general construction plan.
Hymer France S.A.S., Cernay
€ 1.5 million was invested in the French production
facilities during the financial year. A new CNC milling
machine for furniture production for the Touring
series was installed. Through this measure, Hymer
France is increasing its level of integration in this
area, as the furniture that was previously provided by
external suppliers is now manufactured in-house.
Another advantage is the increase in production
capacity following the extension of the joiner's workshop.
The production line for motorhome production was
also modernised to state-of-the-art levels through
the purchase of new bending machines and a lifting
device.
29

Report of the Board of Directors
Investments in material assets
Niesmann+Bischoff, Polch Bürstner sub-group, Kehl
In the past season, investments in material assets at
Niesmann+Bischoff came to € 0.5 million.
In the production area, this related to a new crane
system for roof assembly in Clou vehicles. In addition,
to enable precise weight calculation of vehicles prior
to delivery, a new balance was installed, which has a
direct connection to an electronic data transmission
system.
A new test track built at the company premises in
Polch provides additional quality assurance for
Niesmann+Bischoff motorhomes.
In addition to minor investment for further optimisation
of vehicles and the logistics chain, investment
was particularly focused on extending the existing IT
equipment. The current hardware and software will
make internal processes even more efficient and
efficient. In this respect, the Kanban system, which
regulates the relationship between internal and
external suppliers, was advanced further. Within the
production areas, the specifications and implementations
of KAIZEN are increasingly crucial to improving
efficiency.
30
In the last few years, large sums have been invested
in machinery and buildings at Bürstner in order to
continue the undoubted success story of the company.
The largest single investment in the company's
history was the customer service centre with a
modern repair workshop, central spare parts store,
office premises for the entire Customer Service
department and an attractive showroom. This centre
officially came into use in September 2004.
In the 2004/05 financial year, Bürstner made investments
amounting to € 8.7 million. The redevelopment
of the Belcanto and Trecento entailed high
levels of investment in tools. The repository in Kehl
was completely refitted with storage technology and
the IT was updated in line with the state of the art.
With the same objectives in mind, the body prefabrication
area was redesigned and corresponding processes
were optimised further. Major investments in
the motorhome production lines in Kehl and Etrelles
(France) have improved productivity further.

Furniture production in Wissembourg is provided not
only by the caravan and motorhome production lines,
but also by two assembly lines on which motorhomes
are assembled. A separate furniture production area
that manufactures furniture parts in line with the
flow principle has been designed there for this purpose.
To underline the company's commitment to alternative
energy supply, a totally new heating system is
being installed at the Wissembourg plant in a purpose-built
heating building. When the system is
finished, the entire plant will be heated with the
chippings left over from in-house furniture production.
This is an important advantage in these times of
rising energy costs.
One investment in the sales area was the design of a
new exhibition stand.
LAIKA CARAVANS S.p.A., Tavarnelle
Investments at the Italian subsidiary LAIKA totalled
€ 5.3 million in the past financial year.
They were primarily geared towards buying developed
land in the context of the company expansion. There
was only minor production-related investment, as the
LAIKA management has been in negotiations with the
local authorities for some time on the matter of
building a new plant. In Ponte Rotto in St. Casciano,
one of the most up-to-date production facilities in
Europe is to be constructed on a 155,000 square
metre site.
However, there was notable investment in the
management area. For instance, lean management,
KAIZEN for production and new quality standards
were introduced in order to improve the already successful
corporate and product results on an ongoing
basis.
31

Report of the Board of Directors
Review of the year
September 2004 HYMER – the best:
guaranteed. At the 43rd International Caravan Show
in Dusseldorf (28 August to 6 September 2004), the
market leader presented the largest product range in
the company's history. HYMER exhibited its 2005
models in Hall 17. Over 165,000 interested exhibition-goers
marvelled at a total of 12 motorhome
series and 3 caravan series with more than 80
different models.
As part of the F-Cell forum (27 - 29 September 2004),
HYMER AG and Smart Fuel Cell were jointly presented
with the fuel cell innovation prize "f-cell Award
2004" (endowed with € 10,000). The two companies
put almost three years of research work into this
development.
Alongside product quality, customer service is the top
priority at Bürstner. On the basis of this philosophy,
the largest single investment in the company's
history was inaugurated and opened in September
2004: the new customer service centre in Kehl-
Neumühl. The 15,000 square metre site is home to a
modern repair workshop, central spare parts store,
office premises for the entire Customer Service
department and an attractive showroom. In addition,
there are 10 overnight parking spaces for customers,
six of which are fitted with a power connection.
Welcome to the Bürstner mobility service: In
September 2004, the company launched Bürstner
Assistance – a free one-year mobility guarantee for
all new Bürstner motorhomes.
32
The LAIKA subsidiary also had cause for celebration:
At the Mondo Natura exhibition in Rimini, the Italian
company presented its new Kreos motorhome series
(2 alcove models and 3 semi-integrated models) and
experienced a record result with year-on-year sales
growth of 30%.
October 2004 In October, HYMER gave its
website www.hymer.com a facelift and technical
overhaul. As part of a strongly customer-oriented
service package, customers can now not only call up
all information on products and services, but also
set up their own e-mail account, subscribe to the
quarterly newsletter or virtually put together their
personal dream vehicle using the configurator.
At the beginning of the new season, Bürstner started
up a collaboration with the organisation France
Passion. In this context, Bürstner invites people to the
vineyards of France. When customers buy a new or
used Bürstner motorhome, they receive one year's
free membership of "France Passion". France Passion
is an association of over 600 wine growers and property
owners throughout France who invite motorhome
enthusiasts to spend a night at their vineyard,
farm or castle. In this case, of course, it is free of
charge, as Bürstner customers are guests.

Erwin Hymer is Commendatore of the Order of the
Knights of Saint Agatha! Erwin Hymer received one of
the highest honours of the world's smallest state on
18 October 2004. Roberto Raschi and Guiseppe Arzilli,
Capitani Reggenti of the Republic of San Marino,
appointed him Commendatore of the Order of the
Knights of Saint Agatha. This is honour awarded only
to people who have earned it through acts of
particular friendliness towards San Marino.
Yet another outstanding HYMER landmark: On
27 October 2004, at 15.30 precisely, the 100,000th
HYMER motorhome, a Hymercamp Classic 524, left
the production shop in Bad Waldsee. Erwin Hymer
signed the landmark vehicle to enthusiastic applause
from many employees.
November 2004 Gold and silver for HYMER:
For the first time, the readers of the German Sunday
newspaper Bild am Sonntag chose the winner of the
Golden Steering Wheel award in the motorhomes
category. 203,781 readers voted the Hymertramp GT
into first place, and the Exsis into second place. On
10 November 2004, HYMER director Hans-Jürgen
Burkert received the award at publishing giant Axel
Springer's Ullsteinhalle in Berlin, in front of
400 guests from the worlds of business, politics,
media and sport.
6 and 7 November were open days at
Niesmann+Bischoff. Just under 600 motorhomes
were counted around the plant site in Polch. At the
site, hourly guided tours of the production facilities
gave visitors an insight into how modern motorhomes
are made today. In addition, the latest vehicle
generation, the most important (accessory) suppliers
and cooperation partners from the campsite and holiday
destination sectors were presented at the site. The
always well-attended marquee was a key element of
the convivial gathering and added a touch of carnival
atmosphere to the attractive supporting programme.
33

Report of the Board of Directors
Review of the year
December 2004 A surprise just before
Christmas: HYMER AG unveiled its first staff newsletter.
The in-house publication reports on developments
and events at the company four times a year.
With personal portraits and profiles, the staff
newsletter brings colleagues closer to each other and
always provides up-to-date news on technical and
staff-related matters. The editorial employees
initially suggested the name "HYMER intern".
However, the decision was down to the employees
themselves. Eventually, the clear winner was "HYMER
Life" – as lively as the company itself.
Just in time for Christmas, HYMER announced its glad
tidings: production of HYMER caravans was up by an
impressive 69% compared with 2003. The reason for
this surprising boom: the Eriba-Nova and Eriba-Living
became big sellers immediately after their launch. The
happy consequence: the number of employees on the
corresponding production line was increased by just
under 41%, and annual working hours in this area
were up 9.2%.
34
January 2005 The HYMER caravan Eriba-
Living 505 was an attractive advertising medium on
an extraordinary promotional tour. From
31 December 2004 to 30 April 2005, Atomic (skis), in
cooperation with Nokia (mobile phones), held the
Atomic Roadtrip in Germany, France, Switzerland and
Austria. During the tour, more than a million skiing
fans marvelled at the caravan and its exterior design,
which presented the advertising messages of the
main partners Atomic and Nokia with striking
branding.
The spring tourism exhibitions are sentiment and
sales barometers for the coming year in the motorhome
and caravan sector. CMT (15 – 23 January 2005)
in Stuttgart reported recorded attendances: 176,930
people entered the exhibition halls. The exhibition
was also a complete success for HYMER, with the
unveiling of the Signo models. At the time of the
100,000th vehicle milestone in October, HYMER
designed two special Signo models and put 100 units
on sale as an anniversary edition. The icing on the
cake: all of these special Signo vehicles came with a
plaque engraved with Erwin Hymer's signature.
Another premiere at the CMT: Bürstner unveiled the
new Marano 590 in Stuttgart. With a total length of
just 5.99 metres and a king-size bed, the compact
semi-integrated model is an ideal entry-level motorhome.
In addition, at the CMT opening ceremony,
Bürstner received the German Camping Club 2005
Safety Prize for the Ventana 460 TS.
Anniversary at LAIKA: The subsidiary LAIKA celebrated
its 40th anniversary in January. Over 70 prominent
figures from the worlds of politics and business in the
Tuscany region and the Florence province attended
a ceremony to mark the occasion at the Tavarnelle
Val di Pesa.

February 2005 On 24 February 2005, Bob
Black, Chairman of The Caravan Club in the UK,
announced the Caravan Design Awards 2005, with
the second place in the category of “caravans with
fixed double bed” going to the Eriba-Nova 435 LS. A
point especially worthy of note is that Hymer was the
only Continental prize-winner in the entire competition.
In February, HYMER-rent became the first in its field
to launch a particularly customer-oriented innovation:
the HYMER-rent DVD "Rent a HYMER, first steps
with your motorhome". With this free DVD, all users
can get to know their vehicle in the comfort of their
own home – before they come face to face with it –
through interactive menu navigation. Further useful
information on all aspects of mobile leisure helps
users to make the best possible preparations for their
holidays.
March 2005 HYMER is a partner of the
children's charity McDonalds Kinderhilfe: From March
to July, HYMER supported the construction of the
Ronald McDonald Hundertwasser Haus in Essen.
During this period, the McDonalds Kinderhilfe project
management team received an Exsis, which served as
a mobile office and comfortable accommodation
whilst the prestigious project, sponsored by Henry
Maske, was completed. Ronald McDonald houses provide
a home for families of seriously ill children.
Bürstner held its annual spring festival in March. All
Bürstner trading partners took part across Germany.
Yet another huge attendance again confirms the high
level of interest in mobile leisure in general and
Bürstner caravans and motorhomes in particular. This
time round, a Flipper 480 was raffled off in the
Bürstner prize draw.
April 2005 HYMER helps out: In April, HYMER
supported extreme marathon runner and twice
German full-contact kickboxing champion Stefan
Schubart with a Hymermobil B 544 for the German
children's charity "Kinder in Not". Backed up by the
Hymermobil, the extreme sportsman ran 1,000 kilometres
across southern Germany between 11 and
24 April.
HYMER at the races: 58 winners of the Signo prize
draw cheered on the drivers at the San Marino Grand
Prix on 24 April 2005. They had travelled with
29 Exsis from all over Germany to get a taste of the
Formula 1 action.
HYMER celebrates again: The annual HYMER birthday
party was held on 25 April in Bad Waldsee. Erwin
Hymer, Hans-Jürgen Burkert and Michael Tregner
presented awards to 15 employees who celebrated
their 10th anniversary with the company in 2004,
along with ten colleagues who had reached the
25-year landmark.
35

Report of the Board of Directors
Review of the year
May 2005 The official Niesmann+Bischoff
Clou convention was held from 4 to 8 May. Owners
attended with 44 Clou motorhomes in Obereisenheim
am Main (Würzburg region). At the 5-day event, the
management of Niesmann+ Bischoff as well as the
relevant teams from the Engineering and Customer
Service departments were available on site to discuss
ideas and share experiences.
HYMER is a series winner! This was demonstrated by
the results of the "Motorhome of the Year 2005" poll
conducted by promobil, Europe's biggest motorhome
magazine. HYMER took four first places, a fourth
place and a seventh place in six of the eight categories.
23,000 active motorhome enthusiasts voted in
the poll.
promobil readers voted for LAIKA, the Italian manufacturer
of high-quality motorhomes, as the most
popular import brand. The models of this HYMER subsidiary
came 1st four times and 2nd once in the survey.
This year, on the "Lovers Forever" tour of pop bards
Marshall and Alexander, HYMER-rent was present
with a Hymermobil B 644, and was therefore constantly
in the limelight at 70 concerts with total audiences
of around 70,000 in Germany, Austria and
Switzerland.
Premiere at LAIKA: For the first time ever, the HYMER
Group management conference was held at LAIKA's
premises in Tavarnelle. The entire Board of Directors
as well as Supervisory Board Chairman Erwin Hymer
attended the three-day conference.
36
June 2005 HYMER always guarantees top
quality. With this in mind, in June the management
decided to build a covered delivery area. The 27,500
square metre site has space for around 900 vehicles,
and protects them against adverse weather conditions,
especially hail. The investment of € 3.25
million has paid off, as insurance premiums have
since been significantly reduced.

July 2005 Jubilation in Bad Waldsee: The HYMER
location has been saved! On 21 July, the Board of
Directors of HYMER AG announced to employees that
98% of the workforce had backed the location protection
programme. Once this essential condition was
in place, the Supervisory Board approved the construction
of the new assembly shop in Bad Waldsee.
The construction project is set to start by spring 2006
at the latest.
World premiere at HYMER: In July, the sector leader
unveiled the world's first motorhome with a fuel cell.
S-Class Hymermobil models are now fitted with a fuel
cell for independent energy supply as standard.
HYMER conquers the Eastern Europe market. In July,
readers of the Ukrainian motor magazine
"Autocenter" voted the Hymermobil B-Star Line 655
as ”Vehicle of the Year 2005”.
However, not only HYMER's motorhomes and caravans
are in demand throughout Europe; the company
is now also a popular location for traineeships and
placements. During the year, young people from
Belgium, France, Switzerland and Italy came to Upper
Swabia to look around the premises. Every year, an
average of 15 to 20 young men and women start
their training at HYMER AG.
Sport at HYMER: On 9 July, eleven football teams
took part in the 4th HYMER Cup. Competition at
Bürstner in Wissembourg was tough, with the hosts
coming through as winners at the end of the tournament.
Niesmann+Bischoff were runners-up, and LMC
came 3rd. 4th place went to HYMER.
The friends of the "white sport" then got their
money's worth on 23 July. The top players among the
HYMER staff competed against other in mixed doubles
at the tennis club in Bad Waldsee.
"Work hard and play hard". With this principle in
mind, HYMER held the annual summer festival for the
entire workforce on 22 July. And finally, the
Supervisory Board Chairman and founder of HYMER
AG, Erwin Hymer, celebrated himself on 27 July, when
he became 75 years young!
August 2005 Whilst many HYMER employees
enjoyed a well-earned holiday in August, it was business
as usual in the foaming shop. The new downstroke
moulding press for manufacturing polyurethane-foamed
sandwich elements had to be installed
in the foaming shop. HYMER had invested approximately
€ 700,000 in the new press and another
€ 245,000 in a new foaming system. With this overall
system, sidewalls can now be easily produced up to
a height of 2,630 mm and a length of 7,200 mm.
The new covered delivery area for around 900 vehicles
was completed on time at the end of August.
The International Caravan Show in Dusseldorf opened
its doors on 27 August. In addition to HYMER with its
own hall, the exhibition stands of Bürstner,
Niesmann+Bischoff and LAIKA and the new vehicle
generation on show there were among the highlights
at the world's largest trade fair for mobile leisure.
37

Performance
Group and AG management report
In the past financial year, the HYMER Group again
managed to increase revenues, despite the economically
challenging general situation. As in previous
years, the basis for this success was the fact that the
weakness of the domestic market was offset by the
strength of export markets.
At the end of the financial year, the Group posted
total revenues of just under € 750 million. This represents
an increase of € 33.3 million or 4.7% compared
with the previous year. One interesting factor here is
that the profits that stemmed almost entirely from
the motorhome area last year were heavily supported
by the profits of the caravans this year. Although
motorhomes maintained their high level with a slight
increase, caravans generated double-digit percentage
revenue growth. This illustrates that whilst motorhomes
certainly have a dominant position on the
market, profits can still be made with attractive
products in the caravan sector.
Domestic sales accounted for € 259.8 million of the
total revenues from last year. This was down € 5.8
million or 2.2% on the previous year. This decline was
offset by exports, which rose by € 39.1 million or
8.7% to € 490.1 million.
The caravan area had an overall revenue share of
€ 117.7 million. Motorhomes contributed a share of
€ 574.0 million, and other revenues totalled € 58.3
million. Overall, this revenue volume is based on unit
sales of 10,758 (previous year 9,537) caravans and
13,836 (previous year 13,567) motorhomes.
The remarkable unit sales increase of 1,490 vehicles,
consisting of 269 motorhomes and 1,221 caravans,
meant that the HYMER Group in turn generated a
very good result from ordinary operations of € 47.8
million. However, the intended target of reaching the
previous year's result of € 49.9 million was missed by
€ 2.1 million.
Key factors in this development were substantial
downturns in earnings at the Hymer France S.A.S.
production site (down € 1.3 million) and at Bürstner
(down € 1.5 million). At LAIKA, there was a slight
change of minus € 0.7 million. It must be
remembered here that LAIKA is number one in the
Group in absolute terms, with a return on sales of
9.6% (result from ordinary operations).
38
The performance was pleasing at Niesmann+Bischoff,
which produced an earnings increase of € 2.3 million,
thus making a positive contribution to the earnings
of HYMER AG.
Crucial factors in the development of consolidated
earnings were an expansion of stock of semi-finished
and finished goods valued at manufacturing costs, a
0.6 percentage point reduction of the gross income
with a € 4.6 million impact on earnings and a € 1.4
million increase in write-downs. Furthermore, we
stated in our annual report for the 2003/04 financial
year that there is an unmistakeable trend towards
low-cost vehicles. A change of the product mix
towards products with lower margins is related to
this.
After elimination of the dividend payments and the
income-impacting consolidations at the corresponding
companies, the shares of the main companies in
the consolidated net income for the year are as
follows:
€ million %
HYMER AG
External revenue share
Share of consolidated net
354.0 47.2
income for the year
Bürstner sub-group
13.4 48.3
External revenue share
Share of consolidated net
277.9 37.1
income for the year
LAIKA Caravans S.p.A.
10.7 38.5
External revenue share
Share of consolidated net
88.6 11.8
income for the year 4.1 14.8
Compared with the previous year, HYMER AG
increased its external revenue share and its share of
consolidated net income for the year. However, the
reported figures of the two largest subsidiaries
impressively demonstrate the significance of these
companies to the performance of the HYMER Group.

Risk management
The in-house controlling and monitoring system was
extended further on the basis of the instruments
already installed and through the use of an IT-based
risk management system, and the corresponding
documentation was improved.
The continuation of the detailed monthly reporting
and the internal stipulation, recording and communication
of risk fields were also key elements of risk
management throughout the Group in the reporting
period.
The key ratios on business development, planning
variances and continuous monitoring as well as
immediate communication of risks are fundamental
components of reporting.
The elements of the risk early warning system, in particular
the relevant system components, functions
and responsible persons, are documented in a special
risk manual.
As in previous years, exports were a crucial factor in
the positive performance. In line with this trend, the
export ratio rose by 2.5 percentage points year-onyear
from 62.9% to 65.4%. The successful sales markets
were mainly in Western Europe. As we only
invoice in euros, there is no need to undertake
currency hedging transactions. Our measure of
converting the financing system for display vehicles
in the 2001/02 financial year in Germany has been
extremely successful. This conversion has led to a
substantial reduction in commercial bills and has thus
significantly reduced the default risk of our
receivables.
Nevertheless, we continue to keep the documents
required for registration as an additional backup. In
addition, employees of our company regularly carry
out inventory checks. If unexpected risks come to
light, they are immediately taken into account in the
earnings calculation by means of corresponding value
adjustments.
For example, risks can also occur in-house if production
material is not provided in time. Production
losses or delays are therefore reduced as much as
possible by means of a precisely coordinated
procurement system and sensible planning in the
basic vehicles area. In addition, strategic and crosscompany
measures in the purchasing and logistics
areas also reduce potential risk factors.
Uncertainties as a result of government actions cannot
be predicted. For instance, regulations relating to
environmental protection or in the area of safety
standards can lead to unexpected and considerable
extra costs. Examples include the German End-of-Life
Vehicle Act, which regulates the disposal of end-oflife
vehicles by the respective manufacturers. On the
basis of this Act, we already set up provisions each
year that have a negative impact on income.
However, there are many other regulations that do
not represent any material risks for us at this level.
Because of its strength and innovation capacity, our
company can sufficiently absorb any impact from
such developments.
The necessary financial strategy for ensuring liquidity
is based on medium-term and short-term financial
planning. In this respect, in regular meetings with our
principal banks, we explain the current performance
of the Group and the prospects of the sector in
general.
Another measure in the context of risk management
was the construction of a covered parking space for a
maximum of 900 leisure vehicles ready for delivery. In
the past, above-average incidences of hailstorms
threatened these new vehicles. This resulted in a
decreasing willingness by insurance companies to
cover the damage and the tendency to cover the
remaining insurance requirements with gradually
rising high premiums. Against this background, the
economic investment in the covered area is to pay for
itself within a few years whilst providing extensive
protection for our new vehicles.
39

Group and AG management report
Asset and financial structure
The balance sheet total of the Group increased by
€ 47.3 million or 14.4% year-on-year, and that of
HYMER AG increased by € 22.3 million or 11.4%.
The change to fixed assets is largely attributable to
investments at HYMER AG in Bad Waldsee and at
LAIKA CARAVANS S.p.A.
The slight rise in the business volume resulted in an
increase in inventories and receivables. At € 74.8 million,
the inventory of finished products and goods is
up € 8.6 million on the previous year (€ 66.2
million).
The receivables portfolio is € 16.1 million higher.
Value adjustments on receivables and trade notes
receivable of € 2.4 million (previous year € 2.7
million) have been taken into account for possible
defaults.
Other assets mainly include tax receivables from
foreign tax offices, reimbursement claims against the
German Federal Employment Office arising from
part-time phased early retirement contracts, bonus
receivables from vehicle manufacturers as well as
creditors with debit balances.
Group equity rose by € 21.9 million or 17.5%, which
led to an equity ratio of 39.1% (previous year 38.1%).
The equity covers the fixed assets and is also sufficient
to cover 29.6% (previous year 24.2%) of inventories.
40
The return on equity without taking income taxes
into account has fallen from 40.7% in the previous
year to 33.9% as a result of the increase in the inventory
of finished products and goods as well as receivables.
At € 33.8 million, the provisions balance sheet item is
€ 5.8 million less than in the previous year, which is
solely due to the lower tax provisions, as the tax prepayments
were already adjusted by the respective tax
offices in reporting.
The change in amounts due to banks mainly arises
from short-term borrowing to finance higher inventories
and receivables. The committed credit lines
were not fully utilised.
Trade payables increased by € 3.2 million from € 34.8
million to € 38.0 million.
Other liabilities, down € 3.1 million, predominantly
include amounts due to employees, accrued interest
payable and debtors with credit balances.
45
40
35
30
25
20
15
10
5
0
Equity as a proportion of the
balance sheet total (%) – Group
37.8
02/03
38.1
03/04
39.1
04/05

Group
31.08.2005 31.08.2004 Application Source
of funds of funds
T€ % T€ % T€ T€
Intangible assets 3,141 0.8 1,974 0.7 1,853 686
Tangible assets 92,088 24.5 84,056 25.6 23,706 15,674
Financial assets 6,462 1.7 7,080 2.2 1,853 2,471
Trade account receivables 3,077 0.9 61 0.0 3,016 0
Other assets 538 0.1 2,444 0.7 0 1,906
Medium and long-term assets 105,306 28.0 95,615 29.2 30,428 20,737
Stock 152,605 40.7 131,252 40.0 21,353 0
Trade account receivables 73,121 19.5 60,036 18.3 13,085 0
Receivables from affiliated companies 29 0.0 0 0.0 29 0
Receivables from companies in which
an equity investment is held 305 0.1 362 0.1 0 57
Other assets 33,157 8.8 24,420 7.4 8,737 0
Cash and cash equivalents 7,443 2.0 12,469 3.8 0 5,026
Prepaid expenses 3,221 0.9 3,779 1.2 0 558
Short term assets 269,881 72.0 232,318 70.8 43,204 5,641
Total assets 375,187 100.0 327,933 100.0 73,632 26,378
Pension provisions and other provisions 8,428 2.2 12,563 3.8 4,135 0
Bank loans 47,858 12.8 52,768 16.1 4,910 0
Other liabilities 0 0.0 2 0.0 2 0
Long-term and medium-term
liabilities 56,286 15.0 65,333 19.9 9,047 0
Tax provisions and other provisions 25,368 6.8 27,000 8.2 1,632 0
Amounts due to banks 95,949 25.6 60,281 18.5 0 35,668
Trade debts 38,077 10.1 35,253 10.8 0 2,824
Amounts due to affiliated companies 814 0.2 138 0.0 0 676
Amounts due to companies in which
an equity investment is held 752 0.2 715 0.2 0 37
Other liabilities 11,086 3.0 14,183 4.3 3,097 0
Deferred income 63 0.0 115 0.0 52 0
Short-term liabilities 172,109 45.9 137,685 42.0 4,781 39,205
Shareholders' equity 146,792 39.1 124,915 38.1 5,280 27,157
Total capital 375,187 100.0 327,933 100.0 19,108 66,362
92,740 92,740
41

Group and AG management report
Earnings situation
As a result of international demand, the Group's total
operating performance rose by 5.1% or € 36.9 million.
This is largely attributable to the development at
HYMER and Bürstner. As before, the main export countries
are France, the UK, Italy and the Netherlands.
Following the expansion of stock, instead of being
valued at the sale price, the vehicles are now valued at
the lower manufacturing cost. Accordingly, the
difference is not realised in the reporting period, but in
the current financial year with the sale of the vehicles.
The increase in the inventory of finished and semifinished
vehicles is € 11.8 million (previous year € 8.0
million).
Personnel costs rose by € 5.9 million to € 119.1 million.
Nevertheless, the personnel cost ratio remained
constant compared with the previous year at 15.6%.
This is attributable to increased total operating performance.
With regard to other operating expenses, we again
posted a slight increase of € 1.9 million or 3.8% to
€ 53.2 million. However, in relation to the total
operating performance, the ratio has actually fallen
slightly to 7.0% (previous year 7.1%).
The Group's result from ordinary operations fell by
4.2% or € 2.1 million compared with the previous
year.
HYMER AG's share in the consolidated net income for
the year rose from 41.2% to 48.3 %, or by € 1.2 million.
The earnings of the Bürstner sub-group and
LAIKA were down on the previous year's figures by
€ 0.9 million and € 1.0 million respectively.
EBIT fell year-on-year by 3.5% or € 1.9 million from
€ 54.7 million to € 52.8 million.
42
The financial result of the Group includes participation
income of € 1 million arising from a distribution
from Eriba-Hymer Nederland B.V., which was
deconsolidated on 1 September 2004. In contrast, the
Group's interest expenditure increased by € 0.5
million, resulting in an overall improvement in the
financial result.
Income taxes were down € 0.4 million or 1.9% on the
previous year.
The revenues of HYMER AG increased by 3.1% or
€ 10.8 million. The 3.2% decline in domestic revenues
was again offset by the 8.4% increase in the export
area. After the € 2.9 million inventory increase, therefore,
the total operating performance is now € 358.0
million (previous year € 346.3 million).
As a result of the lower cost of materials ratio and the
consistent operating cost ratio, the operating result is
up € 0.6 million to € 24.1 million.
After the total operating performance-related financial
result of 0.1% (previous year –0.6%), the result
from ordinary operations amounts to € 24.4 million or
6.8 %, up € 3.0 million or 13.6 % on the previous year.
45
40
35
30
25
20
15
10
5
0
Profit for the year before income
taxes (€ million) – Group
30.5
02/03
48.3
03/04
46.0
04/05

Group
2004/05 2003/04 2002/03
T€ % T€ % T€ %
Sales revenues 749,972 98.5 716,626 98.9 631,062 101.1
Inventory changes 11,761 1.5 7,955 1.1 -7,152 -1.1
Other own work capitalised 19 0.0 290 0.0 265 0.0
Total operating performance 761,752 100.0 724,871 100.0 624,175 100.0
Cost of material 531,103 69.7 500,776 69.1 433,943 69.5
Gross income 230,649 30.3 224,095 30.9 190,232 30.5
Other operating income 9,449 1.2 9,479 1.3 10,618 1.7
Personnel costs
Wages and salaries 94,678 12.4 89,866 12.4 82,731 13.3
Social security 24,464 3.2 23,368 3.2 21,048 3.4
Write-downs
Intangible and tangible assets 14,308 1.9 12,951 1.8 12,880 2.1
Other expenditure
Other operating expenses 53,243 7.0 51,308 7.1 45,578 7.3
Other taxes 1,770 0.2 1,606 0.2 1,564 0.2
Operating result 51,635 6.8 54,475 7.5 37,049 5.9
Financial result -5,611 -0.8 -6,180 -0.8 -6,534 -1.0
Earnings before income taxes 46,024 6.0 48,295 6.7 30,515 4.9
Income taxes 18,214 2.4 18,576 2.6 11,990 1.9
Consolidated net income for the year 27,810 3.6 29,719 4.1 18,525 3.0
Minorities -155 0.0 -178 0.0 -480 -0.1
Group's share of net income for the year 27,655 3.6 29,541 4.1 18,045 2.9
Relationships with
associated companies
In accordance with Section 312 (3) of the German
Stock Corporation Act, the Board of Directors
declares that under the circumstances of which it was
aware during the period in which the legal transactions
were carried out, our company received
appropriate counterperformance for each legal transaction.
43

Outlook
Group and AG management report
The forecasts of leading economists for economic
development in 2005/06 in Germany and Europe are
as varied as the development of the individual states
in the EU zone. Whereas some economists talk of an
economic recovery, others warn against the effects of
rising raw material and energy costs. Now that a new
government has been formed in Germany with the
Grand Coalition, opinions on the positive impact of
the planned measures differ greatly. Some experts
believe that these measures are wrong, whilst others
approve of them, but regret that they did not go far
enough to bring about a significant improvement in
the domestic market.
The caravanning sector is again set to rely on exports
in the coming year. For the domestic market, there is
still hope that demand is not only stabilising, but may
also recover somewhat with the impetus of the World
Cup. However, in view of the announced VAT
increase, the prospect of an improvement in private
consumption appears very doubtful.
Against this background, the companies of the
HYMER Group are concentrating on their target
group-oriented product and marketing policy,
with which they have achieved notable success individually
and as a whole, even under the challenging
general conditions.
HYMER AG enters the new season optimistically, with
the largest product range in its history. 13 motorhome
series and 4 caravan series demonstrate the
status of a full-range provider that meets all
customer requirements. In addition to the depth of
product range, the individuality of the vehicles is
another major aspect of the new model generation.
For instance, customers can choose from 20 different
exterior paintwork options, comparable to the choice
offered by car manufacturers. Many individual
customer requirements are also fulfilled in the
interior, with various exclusive equipment variants.
For the future, the AG and the subsidiaries are to
invest even more heavily in the corresponding
lifecycles and trends, in line with the development on
the car market.
44
Consequently, HYMER premium products for the new
season have been aligned towards the market situation
and customer requirements. For instance, the
new Hymer Van provides all the benefits of a fullyequipped
motorhome for two combined with the
handling and comfort properties of a car. In view of
the developments on the export markets, HYMER has
added Ford to its range of chassis. Buoyed by the
extraordinary success of the Eriba Nova, there are also
interesting new developments in the caravan area.
The results of the two-pillar strategy with Premium
line and Classic line vehicles are already impressive,
and are steadily improving. The Classic line is
primarily aimed at enthusiasts who want to buy
HYMER quality with a particularly attractive price/
performance ratio.
However, it must not be forgotten that the segment
of low-priced caravans and motorhomes itself has
continuously grown in recent times. This market is
very strongly defined by import products.
To include this area in a still successful business
policy, HYMER AG and Dethleffs GmbH & Co. KG have
established a joint venture focused on producing
caravans and motorhomes for the entry-level
segment. In line with this objective, CAPRON GmbH
was established on 12 July 2005. The site of the former
agricultural machinery manufacturer Case in
Neustadt (Saxony) was purchased on 17 October
2005. The area covers 20 hectares and includes
a 20,000 square metre production facility that is
ideally suited to leisure vehicle production.
Production start-up is scheduled for the end of 2006.
In addition to an extensive product policy, the main
focal point of a successful future must also be a
professional sales structure. Therefore, as well as the
existing network of competent trading partners of
the HYMER Group with the HYMER, Bürstner, LAIKA,
Niesmann+Bischoff brands and Caravan GmbH & Co.
Beteiligungs KG, EXPOCAMP has been established
with the Dethleffs, LMC and TEC brands. The participating
companies regard EXPOCAMP as a permanent
caravanning exhibition. A maximum of 600 vehicles
can be viewed on an 18,000 square metre exhibition
site. This includes a 3,000 square metre workshop and
service area as well as a 680 square metre accessory
shop, where the extensive range of Movera GmbH
products is available.

The ground-breaking ceremony for the project, sited
by the A3 motorway in Wertheim, took place on 8
September 2005. The construction work at the 62,000
square metre site should be completed by the end of
April 2006. The official opening is scheduled for
September 2006.
In addition to these product and marketing measures,
jobs have also been created and protected at HYMER
in the context of the location protection programme,
thus ensuring that competitive production will
continue.
A secure future is also promised by the development
of the subsidiaries Bürstner GmbH and LAIKA CARA-
VANS S.p.A. Both companies enjoy high levels of
interest and acceptance from the industry and customers
throughout Europe. The increase in sales and
revenue figures in recent years and the current trend
are grounds for thoroughly optimistic forecasts.
For instance, Bürstner, the market leader in semiintegrated
motorhomes, has further extended its
motorhome range in line with many customer
requests. Furthermore, last year – due to the strong
demand for motorhomes – a slightly overshadowed
core area of expertise, namely caravans with attractive
floor plans and innovative equipment, was
revived. The new naming method for the individual
products is also modern. Previously very technical
names have been replaced by emotional, evocative
names like Solano, Belcanto and Trecento. The newlybuilt,
highly modern customer service centre at the
Kehl production location demonstrates a futureoriented
strategy.
The positioning of LAIKA CARAVANS S.p.A. as an
Italian luxury brand is proving highly successful in
view of the current sales figures. The redesigned
model series have been widely accepted by customers,
and will help to successfully increase the export ratio.
The imminent construction of one of the most up-todate
motorhome production facilities in Europe will
enable the successful trend within the Group as a
whole to continue.
Hymer France S.A.S. continues to operate as a pureplay
production facility. The successful cult Eriba
Touring caravan series, the new Eriba Feeling series
and the motorhomes designed specially for the
French market will be produced in Cernay. Activities
will focus on optimising production processes,
increasing productivity and restructuring product
development. With these forthcoming activities in
mind, a new plant manager was appointed on 1 July
2005. In addition, Kaizen and other measures have
been instigated, and will be continued in the current
financial year. The activities are supplemented by an
action plan so that Hymer France S.A.S. can attain the
targeted turnaround.
The accessories wholesaler Movera GmbH is also confronted
by a stagnating domestic market. To stimulate
business, Movera is stepping up shop concepts in
which customers are addressed by combining goods
offers with service concepts, for example.
Furthermore, new IT software has significantly
increased delivery speed and reliability in goods
exchange.
The performance in the 2004/05 financial year
strengthens our belief in adhering to a conservative
corporate plan that also takes into account risks that
may arise on the market.
Taking into account these premises and incorporating
the corporate data available as at 30 November 2005,
which shows a revenue increase of 6.3% at HYMER
AG and of 5.3% for the Group, regardless of challenging
market conditions, we are optimistic of reaching
our unit sales and revenue targets, which are
expected to be slightly up on the previous year. As
things stand, it is hard to estimate to what extent
the VAT increase planned for 2007 will bring forward
purchases. The additional activities set for the current
financial year at HYMER AG regarding CAPRON and
the construction of an assembly shop in Bad Waldsee
with a surface area of around 24,000 square metres
as well as a further step-up in activities in the
context of production development represent a major
challenge. However, they form the basis of a futureoriented
corporate policy geared towards growth and
profitability. These objectives equally apply to the
companies integrated in the HYMER Group.
There were no other events of particular significance
after the end of the financial year.
45

Group balance sheet as at 31 August 2005
Assets
Group and AG financial statements
46
Note 31.08.2005 31.08.2004
no. T€ T€ T€ T€
A. Fixed assets (1)
I. Intangible assets
1. Industrial property rights and similar rights and assets 2,068 1,405
2. Goodwill 173 192
3. Advance payments 900 377
3,141 1,974
II. Tangible assets
1. Land and buildings, including buildings
on third-party land 62,094 51,738
2. Technical equipment and machinery 8,753 8,008
3. Other fixtures, fittings and equipment 19,524 17,908
4. Advance payments and fixed assets under construction 1,717 6,402
92,088 84,056
III. Financial assets
1. Shares in affiliated companies 3,331 561
2. Participations 1,784 46
3. Reinsurance claims from life insurance policies 1,048 1,024
4. Marketable securities 0 5,165
5. Other loans 299 284
6,462 7,080
101,691 93,110
B. Current assets
I. Inventories
1. Raw materials and supplies 67,439 55,332
2. Work in progress 10,332 9,712
3. Finished products and goods 74,822 66,207
4. Advance payments 12 1
152,605 131,252
II. Receivables and other assets (2)
1. Trade receivables 76,198 60,097
2. Receivables from affiliated companies 29 0
3. Receivables from companies in which
an equity investment is held 305 362
4. Other assets 33,695 26,864
110,227 87,323
III. Cash and bank balances 7,443 12,469
270,275 231,044
C. Prepaid expenses (3) 3,221 3,779
375,187 327,933

Liabilities
47
Note 31.08.2005 31.08.2004
no. T€ T€ T€
A. Shareholders' equity (4)
I. Subscribed capital
Ordinary shares 12,000 12,000
II. Capital reserve 12,707 12,707
III. Earnings reserves
Other earnings reserves 89,051 64,938
IV. Goodwill arising on consolidation 4,206 4,506
V. Group's share of net income for the year 27,655 29,541
VI. Minorities 1,173 1,223
146,792 124,915
B. Provisions
1. Provisions for pensions and similar obligations 5,345 5,150
2. Tax provisions 975 6,980
3. Other provisions (5) 27,476 27,433
33,796 39,563
C. Liabilities (6)
1. Amounts due to banks 143,807 113,049
2. Payments received on account 120 452
3. Trade payables 37,957 34,801
4. Amounts due to affiliated companies 814 138
5. Amounts due to companies in which an equity
investment is held 752 715
6. Other liabilities 11,086 14,185
194,536 163,340
D. Deferred income 63 115
375,187 327,933
Contingent liabilities
1. Bills and notes discounted 16,387 17,443
2. Liabilities on guarantees 1,622 1,673
18,009 19,116

Group and AG financial statements
HYMER Group statement of changes
in fixed assets (in T€)
Acquisition/production costs
Change to
01.09.2004 scope of Additions Disposals Reclassiconsolidation
fications
I. Intangible assets
1. Industrial property rights and
similar rights and assets 5,055 -7 1,236 338 94
2. Goodwill 273
3. Advance payments 377 617 -94
5,705 -7 1,853 338 0
II. Tangible assets
1. Land and buildings, including
buildings on third-party land 81,356 10,002 576 3,753
2. Technical equipment and machinery 28,043 -100 3,077 548 271
3. Other fixtures, fittings and equipment 79,799 -701 8,951 2,705 1,272
4. Advance payments and fixed
assets under construction 6,402 1,676 1,065 -5,296
195,600 -801 23,706 4,894 0
III. Financial assets
1. Shares in affiliated companies 561 2,809 12 51
2. Participations 46 1,739 1
3. Reinsurance claims from life
insurance policies 1,024 79 55
4. Marketable securities 5,165 5,165
5. Other loans 284 23 8
7,080 2,809 1,853 5,280 0
208,385 2,001 27,412 10,512 0
48

Write-downs Book values
31.08.2005 Of the Cumulative 01.09.2004 31.08.2005
financial year
6,040 661 3,972 1,405 2,068
273 19 100 192 173
900 377 900
7,213 680 4,072 1,974 3,141
94,535 2,843 32,441 51,738 62,094
30,743 2,574 21,990 8,008 8,753
86,616 8,211 67,092 17,908 19,524
1,717 6,402 1,717
213,611 13,628 121,523 84,056 92,088
3,331 561 3,331
1,784 46 1,784
1,048 1,024 1,048
0 5,165 0
299 284 299
6,462 0 0 7,080 6,462
227,286 14,308 125,595 93,110 101,691
49

HYMER AG balance sheet as at 31 August 2005
Assets
Group and AG financial statements
50
Note 31.08.2005 31.08.2004
no. T€ T€ T€ T€
A. Fixed assets (1)
I. Intangible assets
1. Industrial property rights and similar
rights and assets 1,124 780
2. Advance payments 369 139
1,493 919
II. Tangible assets
1. Land and buildings, including buildings
on third-party land 35,328 32,433
2. Technical equipment and machinery 2,261 2,136
3. Other fixtures, fittings and equipment 10,369 8,520
4. Advance payments and fixed assets under construction 632 1,260
48,590 44,349
III. Financial assets
1. Shares in affiliated companies 38,611 38,598
2. Participations 1,096 28
39,707 38,626
89,790 83,894
B. Current assets
I. Inventories
1. Raw materials and supplies 28,286 21,759
2. Work in progress 6,156 5,261
3. Finished products and goods 31,593 32,069
66,035 59,089
II. Receivables and other assets (2)
1. Trade receivables 43,167 33,351
2. Receivables from affiliated companies 2,647 3,680
3. Receivables from companies in which an
equity investment is held 305 362
4. Other assets 14,364 13,090
60,483 50,483
III. Cash and bank balances 86 334
126,604 109,906
C. Prepaid expenses (3) 1,493 1,801
217,887 195,601

Liabilities
51
Note 31.08.2005 31.08.2004
no. T€ T€ T€
A. Shareholders' equity (4)
I. Subscribed capital
Ordinary shares 12,000 12,000
II. Capital reserve 12,707 12,707
III. Earnings reserves
Other earnings reserves 69,215 58,973
IV. Net profit for the year 8,322 7,201
102,244 90,881
B. Provisions
1. Provisions for pensions and
similar obligations 1,654 1,679
2. Tax provisions 0 3,072
3. Other provisions (5) 11,889 10,734
13,543 15,485
C. Liabilities (6)
1. Amounts due to banks 87,032 77,312
2. Payments received on account 110 389
3. Trade payables 9,134 5,933
4. Amounts due to affiliated companies 1,880 747
5. Other liabilities 3,944 4,854
102,100 89,235
217,887 195,601
Contingent liabilities
Bills and notes discounted 16,137 16,964

Group and AG financial statements
HYMER AG statement of changes
in fixed assets (in T€)
Acquisition/production costs
01.09.2004 Additions Disposals Reclassifications
I. Intangible assets
1. Industrial property rights and
similar rights and assets 2,861 567 43
2. Advance payments 139 273 -43
3,000 840 0 0
II. Tangible assets
1. Land and buildings, including
buildings on third-party land 44,571 3,953 0 289
2. Technical equipment and machinery 7,304 705 64 0
3. Other fixtures, fittings and equipment 42,036 4,480 673 898
4. Advance payments and fixed assets
under construction 1,260 591 32 -1,187
95,171 9,729 769 0
III. Financial assets
1. Shares in affiliated companies 38,598 13
2. Participations 28 1,068
38,626 1,081 0 0
136,797 11,650 769 0
52

Write-downs Book values
31.08.2005 Of the Cumulative 01.09.2004 31.08.2005
financial year
3,471 266 2,347 780 1,124
369 139 369
3,840 266 2,347 919 1,493
48,813 1,347 13,485 32,433 35,328
7,945 577 5,684 2,136 2,261
46,741 3,473 36,372 8,520 10,369
632 1,260 632
104,131 5,397 55,541 44,349 48,590
38,611 38,598 38,611
1,096 28 1,096
39,707 0 0 38,626 39,707
147,678 5,663 57,888 83,894 89,790
53

Profit and loss account 2004/05
Group
Group and AG financial statements
54
Note 2004/05 2003/04
no. T€ T€ T€ T€
1. Sales revenues (1) 749,972 716,626
2. Increase in finished goods and work in progress 11,761 7,955
3. Other own work capitalised 19 290
4. Other operating income (2) 9,449 9,479
771,201 734,350
5. Cost of material
a) Cost of raw materials and supplies and
purchased merchandise 498,942 472,130
b) Cost of purchased services 32,161 28,646
531,103 500,776
6. Personnel costs (3)
a) Wages and salaries 94,678 89,866
b) Social security contributions, pension costs
and benefits 24,464 23,368
119,142 113,234
7. Depreciation of intangible and tangible assets 14,308 12,951
8. Other operating expenses (4) 53,243 51,308
717,796 678,269
9. Income from participations (5) 1,000 0
10. Income from profit and loss transfer agreements 10 10
11. Income from other securities and loans
classified as financial assets (6) 174 209
12. Other interest and similar income (7) 970 901
2,154 1,120
13. Interest and similar expenses (8) 7,765 7,300
-5,611 -6,180
14. Result from ordinary operations 47,794 49,901
15. Income taxes 18,214 18,576
16. Other taxes 1,770 1,606
19,984 20,182
17. Consolidated net income for the year 27,810 29,719
18. Minorities -155 -178
19. Group's share of net income for the year 27,655 29,541

HYMER AG
55
Note 2004/05 2003/04
no. T€ T€ T€ T€
1. Sales revenues (1) 355,068 344,299
2. Increase in finished goods and work in progress 2,922 1,963
3. Other operating income (2) 4,344 5,241
362,334 351,503
4. Cost of material
a) Cost of raw materials and supplies and
purchased merchandise 240,944 236,488
b) Cost of purchased services 12,209 8,953
253,153 245,441
5. Personnel costs (3)
a) Wages and salaries 45,566 44,823
b) Social security contributions,
pension costs and benefits 9,482 9,439
55,048 54,262
6. Depreciation of intangible and tangible assets 5,663 5,157
7. Other operating expenses (4) 24,345 23,082
338,209 327,942
8. Income from participations (5) 4,420 2,210
9. Income from profit and loss transfer agreements 10 10
10. Other interest and similar income (7) 697 645
5,127 2,865
11. Interest and similar expenses (8) 4,900 4,995
227 -2,130
12. Result from ordinary operations 24,352 21,431
13. Income taxes 7,550 6,875
14. Other taxes 159 154
7,709 7,029
15. Net income for the year 16,643 14,402
16. Appropriations to other earnings reserves 8,321 7,201
17. Net profit for the year 8,322 7,201

Financial assessment
Segment reporting
(Previous year's figures in brackets)
Group and AG financial statements
T€ T€ T€ T€ T€ T€ T€
56
Other
consolidations
Group
total
External revenues 313,526 40,750 277,862 88,621 29,213 749,972
(309,914) (35,830) (260,008) (81,947) (28,927) (716,626)
Revenues with other 60 0 45 0 1,604 -1,709 0
segments (64) (0) (4) (0) (1,467) (-1,535) (0)
Total revenues 313,586 40,750 277,907 88,621 30,817 -1,709 749,972
(309,978) (35,830) (260,012) (81,947) (30,394) (-1,535) (716,626)
EBIT * 26,143 1,511 18,837 8,571 982 -3,225 52,819
(27,903) (-1,431) (20,179) (9,216) (948) (-2,121) (54,694)
Write-downs 6,268 524 6,375 1,017 124 0 14,308
(5,613) (531) (5,629) (1,031) (147) (0) (12,951)
Segment assets 215,189 19,501 117,031 55,210 7,659 -39,403 375,187
(199,201) (16,793) (95,317) (52,369) (7,046) (-42,793) (327,933)
Segment debts 115,944 13,209 61,807 36,324 4,831 -3,720 228,395
(106,259) (11,961) (49,055) (35,918) (4,152) (-4,327) (203,018)
Investments 12,628 485 8,736 5,277 286 0 27,412
(20,473) (565) (11,260) (5,813) (83) (-11,662) (26,532)
Cash flow according 21,458 802 18,386 4,857 536 -3,696 42,343
to DVFA/SG (23,555) (-507) (17,012) (6,179) (590) (-2,352) (44,477)
The internal organisational and management structure as well as the internal reporting to the Board of Management and
Supervisory Board form the basis of the segment reporting of the Group. In particular, a distinction is to be made here
between brand areas and the leisure items sector.
The segment assets include all assets used to generate the operating result of the segment, and mainly contain tangible
assets, stock and receivables.
The items posted as segment liabilities are the obligations arising from the operating business. In addition to the amounts
due to banks, these are primarily trade payables, other provisions and pension provisions.
Investments and write-downs relate to the segment assets.
* EBIT: Net income for the year plus income taxes, interest and similar costs less other interest and similar income.

Consolidated cash flow statement pursuant to DRS No. 2
Net profit for the period 27,810 29,719
Depreciation of fixed assets 14,308 12,849
Change in provisions -5,503 7,056
Other non-cash charges and income 334 2,026
Profit/loss on disposal of fixed assets 592 -264
Change in other assets -46,445 -16,175
Change in other liabilities 1,152 5,351
Cash flow from ongoing business activities -7,752 40,562
Cash inflows from fixed asset disposals 1,167 3,000
Cash outflows for fixed asset investments -23,706 -25,349
Cash outflows for intangible asset investments -1,853 -1,052
Cash inflows from financial asset disposals 5,334 34
Cash outflows for financial asset investments -1,853 -166
Cash outflows for acquisitions of consolidated companies 0 -11,663
Cash flow from investment activities -20,911 -35,196
Payments to owners and minority shareholders -5,476 -5,476
Cash inflows from (financial) loans 39,199 15,000
Cash outflows for (financial) loan repayments -8,441 -9,228
Cash flow from financing activities 25,282 296
Changes in cash position -3,381 5,662
Changes in cash position due to consolidation -1,645 0
Cash at the start of the reporting period 12,469 6,807
Cash at the end of the reporting period 7,443 12,469
Cash inflows from interest 828 770
Cash outflows for interest 7,457 7,010
Cash inflows from tax refunds 138 150
Cash outflows for taxes 21,400 21,700
57
2004/05 2003/04
T€ T€

Group and AG notes
Group and AG notes
General information
The 2004/05 annual financial statements and consolidated
financial statements of HYMER Aktiengesellschaft
(hereinafter referred to as HYMER AG)
were prepared in line with the regulations of the
German Commercial Code and the German Stock
Corporation Act. To attain greater clarity of the
balance sheet and the profit and loss account,
Accounting and valuation principles, currency translation
Valuation in the Group was carried out according to
consistent principles. In particular, valuation options
were exercised in the same way as in the individual
financial statements of the parent company.
Intangible assets purchased were capitalised at acquisition
cost and written down on a straight-line basis.
Fixed assets were reported at acquisition or production
cost, less scheduled depreciation.
For intangible assets, the useful life is 3 to 5 years. For
buildings, depreciation was calculated using a useful
life of 10 to 50 years. For technical equipment and
machinery, the useful life is 3 to 10 years. For other
equipment, it is 2 to 15 years.
For moveable assets, insofar as permitted by tax regulations,
the declining-balance depreciation method
with a transition to the straight-line method was
selected.
Financial assets were valued at the lower of cost or
market value.
Inventories were valued at acquisition or production
cost, calculated in line with taxation regulations.
If the event of any inventory risks arising from
the storage period and reduced marketability, appropriate
inventory write-downs were carried out.
For receivables and other assets, identifiable individual
risks were taken into account by means of
deductions. Appropriate consideration was also given
to the general credit risk by means of a general provision.
58
comments and explanations on the individual items
were set out in the notes only, and no empty items
were posted. The annual financial statements of
HYMER AG and the consolidated financial statements
are dealt with together below. Unless otherwise
indicated, the comments apply to both sets of
financial statements.
Deferred income and prepaid expenses comprise
income and expenses prior to the balance sheet date
that represent income or expenditure for a specific
period after this date and, in the Group, the accrual
item for deferred taxes arising from equity consolidation.
The pension obligations of the German companies are
fully reported with the projected value calculated
in line with actuarial principles on the basis of
an assumed interest of 6%. For the international
companies, the provisions are posted in line with the
taxation regulations of the country concerned.
The tax provisions cover the likely tax claims for the
current financial year. The option of capitalisation for
deferred taxes was not taken in the individual financial
statements of HYMER AG.
Other provisions take into account all identifiable
risks and uncertain obligations. Provisions pursuant
to Section 249 (1) sentence 2 no. 1 and sentence 3
of the German Commercial Code were set up for
deferred maintenance measures.
The posted liabilities were reported at the repayment
amounts.
Contingent liabilities correspond to the liabilities
incurred as at the balance sheet date.
The annual financial statements of HYMER AG were
prepared taking into account the partial appropriation
of the profit for the year. In contrast, no
appropriation of net income was included in the
consolidated financial statements.
Receivables and liabilities relating to foreign currencies
were valued at the exchange rate prevailing at
the time of origination. Losses and gains arising from
exchange rate changes were carried as income.

Scope of consolidation, consolidation principles
In addition to HYMER AG, the scope of consolidation
comprises the subsidiaries Hymer France S.A.S.,
Cernay, LAIKA CARAVANS S.p.A., Tavarnelle, the
sub-group Bürstner GmbH, Kehl, Movera GmbH,
Bad Waldsee, and the joint venture CAPRON GmbH,
Bad Waldsee.
As in previous years, Bachem Werk GmbH, Bad
Waldsee, Niesmann+Bischoff GmbH, Bad Waldsee,
Bürstner AG, Reinach, Bürstner B.V., Soest, HYMER-
ERIBA GmbH, Bad Waldsee, and SCI Alsace, Cernay,
were not included in the consolidated financial statements,
as even the combined earnings and assets
of the companies are of minor significance to
establishing a fair presentation of the Group's assets,
financial and earnings position.
The business activities of Hymermobil S.A.R.L., Cernay,
and Eriba-Hymer Nederland B.V., Hardinxveld-
Giessendam, which were included in the consolidated
financial statements until 31 August 2004, have been
of only minor importance since 1 September 2004.
For this reason, both companies were deconsolidated
on this date due to their minor significance to
establishing a fair presentation of the Group's assets,
financial and earnings position in accordance with
Section 296 (2) of the German Commercial Code.
The consolidation process was based on the book
value method as follows:
(1) Hymer France S.A.S.
The negative "goodwill arising on consolidation" of
T€ 899 was carried forward unchanged. A balancing
item "Minorities" was posted for the minority shareholder
in accordance with Section 307 (1) of the
German Commercial Code.
(2) LAIKA CARAVANS S.p.A.
The initial consolidation of the shares in LAIKA CARA-
VANS S.p.A. in accordance with Section 301 (1)
sentence 2 no. 1 of the German Commercial Code led
to positive "goodwill arising on consolidation" of
T€ 22,301, which was offset as such against the other
earnings reserves in accordance with Section 309 (1)
sentence 3 of the German Commercial Code.
(3) Bürstner GmbH sub-group
The initial consolidation led to positive "goodwill
arising on consolidation" of T€ 3,307, which was carried
forward unchanged.
As at the consolidated balance sheet date, Bürstner
GmbH prepared sub-group financial statements in
which Burstner S.A. and Residences Euro-Concept
S.A.R.L. were included in line with the principles of
full consolidation.
The initial consolidation of Residences Euro-Concept
S.A.R.L. in accordance with Section 301 (1) sentence 2
of the German Commercial Code led to positive
"goodwill from the consolidation" of T€ 625, which
was offset as such against the other earnings
reserves.
(4) Movera GmbH
No "goodwill from the consolidation" results from the
initial consolidation. A balancing item "Minorities"
was posted for the minority shareholders in accordance
with Section 307 (1) of the German
Commercial Code.
(5) CAPRON GmbH
CAPRON GmbH, a joint venture of HYMER AG and
Dethleffs GmbH & Co. KG, Isny, was established on
12 July 2005. The company was included in the consolidated
financial statements of HYMER AG on a pro
rata basis in accordance with Section 310 of the
German Commercial Code as at 12 July 2005.
Impact on earnings of the consolidation measures
performed in line with the methods of the previous
year:
T€
Elimination of intercompany
payables and receivables - 11
Elimination of intercompany profit and loss 241
Elimination of intercompany revenue
and expense -3,329
Insofar as was required, a tax deferral (minus T€ 76)
was carried out on equity consolidations impacting
income.
For the associated company Freizeit und Caravaning
Center Wertheim GmbH, Bad Waldsee, the equity
method was not used due to the minor significance
to establishing a fair presentation of the Group's
assets, financial and earnings position.
59

Group and AG notes
Shareholdings
The following German and international companies belong to the Group:
Hymer France S.A.S.,
Cernay, France T€
Shareholders' equity 4,206
Earnings -635
99%
SCI Alsace,
Cernay, France 2) T€
Shareholders' equity -57
Earnings 35
1%
Hymermobil S.A.R.L.,
Cernay, France 2) T€
Shareholders' equity 632
Earnings 66
Eriba-Hymer Nederland B.V.,
Hardinxveld-Giessendam, Niederl. 2) T€
Shareholders' equity 1,425
Earnings 57
HYMER-ERIBA GmbH,
Bad Waldsee 2) T€
Shareholders' equity 41
Earnings 9
Bürstner GmbH,
Kehl T€
Shareholders' equity 46,735
Earnings 9,747
100%
Burstner S.A.,
Wissembourg, France T€
Shareholders' equity 16,998
Earnings 941
100%
HYMER Aktiengesellschaft Bad Waldsee
Residences Euro-Concept S.A.R.L.,
Etrelles, France T€
Shareholders' equity -31
Earnings -109
1) Exchange rate as at the balance sheet date €64.35/CHF 100.
2) The subsidiaries were not included in the consolidated financial
statements, as the companies earnings and assets of the com-
98% 100%
100%
98% 100%
100% 60.83%
100% 50%
100% 44.60%
100%
100%
60
Bachem Werk GmbH,
Bad Waldsee 2) T€
Shareholders' equity 82
Earnings 9
Niesmann+Bischoff GmbH,
Bad Waldsee 2) T€
Shareholders' equity 52
Earnings 0
LAIKA CARAVANS S.p.A.,
Tavarnelle, Italy T€
Shareholders' equity 20,967
Earnings 4,507
Movera GmbH,
Bad Waldsee T€
Shareholders' equity 2,828
Earnings 435
CAPRON GmbH,
Bad Waldsee T€
Shareholders' equity 24
Earnings -1
Freizeit und Caravaning Center
Wertheim GmbH, Bad Waldsee 2) T€
Shareholders' equity 3,626
Earnings -144
Bürstner AG,
Reinach, Switzerl. 2) TCHF T€ 1)
Shareholders' equity 365 235
Earnings 26 17
Bürstner B.V.,
Soest, Netherland 2) T€
Shareholders' equity 33
Earnings 2
panies are of minor significance to establishing a fair presentation
of the Group's assets, financial and earnings position.

Notes on the balance sheet
1. Fixed assets
The development of fixed assets according to Section 268 (2) of the German Commercial Code in the 2004/05
financial year is set out on pages 48 - 49 (Group) and 52 - 53 (AG).
2. Receivables and other assets
Group
Breakdown according to residual term
(Previous year's figures in brackets)
Remaining Remaining Remaining Total
term term term of more amount
up to 1 year 1 to 5 years than 5 years
T€ T€ T€ T€
Trade receivables 73,121 3,077 0 76,198
(60,036) (61) (0) (60,097)
Receivables from affiliated companies 29 0 0 29
(0) (0) (0) (0)
Receivables from companies in which an 305 0 0 305
equity investment is held (362) (0) (0) (362)
Other assets 33,157 463 75 33,695
(24,420) (2,444) (0) (26,864)
AG
Breakdown according to residual term
(Previous year's figures in brackets)
106,612 3,540 75 110,227
(84,818) (2,505) (0) (87,323)
Remaining Remaining Remaining Total
term term term of more amount
up to 1 year 1 to 5 years than 5 years
T€ T€ T€ T€
Trade receivables 40,090 3,077 0 43,167
(33,290) (61) (0) (33,351)
Receivables from affiliated companies 2,647 0 0 2,647
(3,680) (0) (0) (3,680)
Receivables from companies in which an 305 0 0 305
equity investment is held (362) (0) (0) (362)
Other assets 13,962 402 0 14,364
(12,596) (494) (0) (13,090)
57,004 3,479 0 60,483
(49,928) (555) (0) (50,483)
Receivables from affiliated companies include trade receivables of T€ 679 (previous year: T€ 2,151).
61

Group and AG notes
Notes on the balance sheet
3. Deferred income
4. Shareholders' equity / subscribed capital
As at 31 August 2005, the subscribed capital of
HYMER AG amounts to € 12,000,000 and breaks
down into 4,000,000 bearer shares (ordinary shares).
In the period up to 24 January 2006, with the approval
of the Supervisory Board, the Board of Directors is
entitled to increase the share capital of the company
on one or more occasions by issuing new ordinary
shares against cash deposits or against contributions
in kind or against cash contributions and contributions
in kind (combined capital increase against cash
and contributions in kind) by up to a total of
€ 6,000,000, broken down into up to 2,000,000
bearer shares, and, with the approval of the
Earnings reserves
When making allocations to the statutory reserve in
accordance with Section 150 (2) of the German Stock
Corporation Act, the capital reserve posted in accordance
with Section 272 (2) no. 1 of the German
Commercial Code was taken into account.
Under application of Section 58 (2) sentence 1 of the
German Stock Corporation Act, a sum of T€ 8,321
was appropriated to the other earnings reserves when
the annual financial statements were adopted by the
Board of Directors and Supervisory Board.
Konzern AG
31.08.2005 31.08.2004 31.08.2005 31.08.2004
T€ T€ T€ T€
Tax deferral according to Section 306
of the German Commercial Code 146 222 0 0
Discount 290 387 238 318
Other 2,785 3,170 1,255 1,483
3,221 3,779 1,493 1,801
62
Supervisory Board, to exclude the statutory subscription
right of the shareholders here for the fractional
shares resulting from the subscription ratio.
On 1 April 2002, HYMER Aktiengesellschaft was notified
in writing in accordance with Section 41 (2) of
the German Securities Trading Act that Mr. Erwin
Hymer, Bad Waldsee, holds 77.4% of the voting
rights. The company published this information
promptly in accordance with Section 41 (3) in conjunction
with Section 25 of the German Securities
Trading Act. Since 1 June 2005, Mr. Hymer has held
77.3% of the voting rights following the purchase of
2,230 shares.
The other earnings reserves developed as follows at
the AG:
T€
As at 1 September 2004 58,973
Appropriation from the net profit of the
previous year in line with the resolution
of the Annual General Meeting of
9 March 2005 1,921
Appropriation from the net income for
the financial year in accordance with
Section 58 (2) sentence 1 of the
German Stock Corporation Act 8,321
As at 31 August 2005 69,215

Goodwill arising on consolidation
Hymer France S.A.S., Cernay 899 899
Hymermobil S.A.R.L., Cernay 0 145
Eriba-Hymer Nederland B.V., Hardinxveld-Giessendam 0 155
Bürstner GmbH, Kehl 3,307 3,307
4,206 4,506
63
Group
31.08.2005 31.08.2004
T€ T€
The negative goodwill on the initial consolidations of the subsidiaries arising in the previous years changed in
the 2004/05 financial year due to the deconsolidation of Hymermobil S.A.R.L., Cernay, and Eriba-Hymer
Nederland B.V., Hardinxveld-Giessendam.
Group equity schedule
according to DRS No. 7
31.08.2003 Change 31.08.2004 Change 31.08.2005
T€ T€ T€ T€ T€
Subscribed capital of the parent company 12,000 12,000 12,000
Capital reserve 12,707 12,707 12,707
Group equity generated* 78,804
Dividend distributions for 03/04 -5,280
Consolidated net income 03/04 29,541
Group equity generated* 103,065
Dividend distributions for 04/05 -5,280
Consolidated net income 04/05 27,655
Group equity generated* 125,440
Accumulated other consolidated earnings 3,963 -8,043 -4,080 -448 -4,528
Shareholders' equity of the parent company
according to the consolidated balance sheet 107,474 16,218 123,692 21,927 145,619
Equity of minority shareholders 4,695
Addition following the subsequent consoli-
dation of Residences Euro Concept S.A.R.L. 292
Disposal following the subsequent consoli-
dation of LAIKA CARAVANS S.p.A. -3,746
Dividend distributions for 03/04 -196
Minorities:
Profit shares 03/04 178
Equity of minority shareholders 1,223
Dividend distributions for 04/05 -196
Minorities:
- Profit shares 04/05 155
- Deconsolidation of Hymermobil S.A.R.L. -9
Equity of minority shareholders 1,173
Group equity 112,169 12,746 124,915 21,877 146,792
* Of which:
For distribution to shareholders 78,804 103,065 125,440
Dividend suspension according to law and
the articles of association 0 0 0
78,804 103,065 125,440

Group and AG notes
Notes on the balance sheet
5. Other provisions
Group AG
31.08.2005 31.08.2004 31.08.2005 31.08.2004
T€ T€ T€ T€
Obligations to employees 15,004 14,976 7,186 6,321
Provisions for other expenditure 11,339 11,362 4,550 4,260
Contingent liabilities 26,343 26,338 11,736 10,581
Deferred expenditure for maintenance 1,133 1,095 153 153
27,476 27,433 11,889 10,734
The provisions for other expenditure particularly relate to warranty obligations, legal costs, acquisition costs,
Board of Director bonuses, repurchase obligations for end-of-life vehicles, other social security obligations,
outstanding invoices and discounted notes.
6. Liabilities
Group
Breakdown according to residual term
(Previous year's figures in brackets)
Remaining Remaining Remaining Total
term term term of more amount
up to 1 year 1 to 5 years than 5 years
T€ T€ T€ T€
Amounts due to banks 95,949 44,794 3,064 143,807
(60,281) (46,638) (6,130) (113,049)
Payments received on account 120 0 0 120
(452) (0) (0) (452)
Trade payables 37,957 0 0 37,957
(34,801) (0) (0) (34,801)
Amounts due to affiliated companies 814 0 0 814
(138) (0) (0) (138)
Amounts due to companies in which an 752 0 0 752
equity investment is held (715) (0) (0) (715)
Other liabilities 11,086 0 0 11,086
(14,183) (2) (0) (14,185)
146,678 44,794 3,064 194,536
(110,570) (46,640) (6,130) (163,340)
64

Liabilities – AG
Breakdown according to residual term
(Previous year's figures in brackets)
Remaining Remaining Remaining Total
term term term of more amount
up to 1 year 1 to 5 years than 5 years
T€ T€ T€ T€
Amounts due to banks 49,639 37,215 178 87,032
(32,389) (40,159) (4,764) (77,312)
Payments received on account 110 0 0 110
(389) (0) (0) (389)
Trade payables 9,134 0 0 9,134
(5,933) (0) (0) (5,933)
Amounts due to affiliated companies 1,880 0 0 1,880
(747) (0) (0) (747)
Other liabilities 3,944 0 0 3,944
(4,854) (0) (0) (4,854)
64,707 37,215 178 102,100
(44,312) (40,159) (4,764) (89,235)
Amounts due to affiliated companies include trade payables of T€ 1,509 (previous year: T€ 419).
Liabilities
(Breakdown according to type
and level of collateral)
Secured by real estate liens:
Amounts due to banks 20,707 22,515 8,675 11,208
Breakdown of other liabilities
Group AG
31.08.2005 31.08.2004 31.08.2005 31.08.2004
T€ T€ T€ T€
For taxes 1,252 5,368 0 1,118
For social security 3,322 3,096 1,310 1,214
The customary retention of title exists for trade payables for raw materials and supplies and merchandise.
65

Group and AG notes
Notes on the balance sheet
List of other financial obligations according to Section 285 No. 3
of the German Commercial Code
Obligations arising from rental, leasing
leasing and leasehold agreements
Group AG
31.08.2005 31.08.2005
T€ T€
Due 2005/06 1,650 1,095
Due 2006/07 - 2009/10 1,503 611
Due after 2009/10 (annually) 239 122
66
3,392 1,828
Of which to affiliated companies 13 13
Obligations arising from initiated
investment projects due 2005/06 779 0
HYMER AG uses derivative financial instruments only to hedge interest rate risks. Interest rate swaps and
currency swaps as well as caps and floors are used for this purpose. As at the balance sheet date, the volume of
interest rate hedging transactions totalled € 27.4 million.
The fair value of the relevant financial instruments is minus € 0.7 million. The valuation was based on
generally recognised valuation models (Black-Scholes, Heath-Jarrow-Morton). No transactions of a speculative
nature were carried out. A premium for an interest rate hedging transaction of T€ 54 is posted under prepaid
expenses.

Notes on the profit and loss account
1. Sales revenues
Breakdown according to area of activity
Motorhomes 573,979 559,149 289,179 290,997
Caravans 117,732 101,985 44,658 34,697
Other revenues 58,261 55,492 21,231 18,605
Breakdown according to market area
2. Other operating income
Group AG
2004/05 2003/04 2004/05 2003/04
T€ T€ T€ T€
749,972 716,626 355,068 344,299
Germany 259,829 265,624 151,264 156,330
International 490,143 451,002 203,804 187,969
749,972 716,626 355,068 344,299
Of which other EU countries 454,791 420,621 190,963 177,812
Other operating income mainly includes income from the reversal of provisions, income from claims, rental
income, income from secondary transactions and from the cross-charging expenses as well as income outside
the period of T€ 3,857.
67

Group and AG notes
Notes on the profit and loss account
3. Personnel costs
Group AG
2004/05 2003/04 2004/05 2003/04
T€ T€ T€ T€
Personnel costs 119,142 113,234 55,048 54,262
Of which for pensions 645 909 146 122
The average headcount for the year was as follows:
Group AG
2004/05 2003/04 2004/05 2003/04
Industrial employees 2,169 2,107 879 888
Administrative / technical employees 709 667 349 333
4. Other operating expenses
68
2,878 2,774 1,228 1,221
Other operating expenses mainly include operating costs, administrative and selling costs, write-downs and
value adjustments on current assets and expenses outside the period of T€ 94.

5. Income from participations
Group AG
2004/05 2003/04 2004/05 2003/04
T€ T€ T€ T€
Total 1,000 0 4,420 2,210
Of which from affiliated companies 1,000 0 4,420 2,210
6. Income from other securities and
loans classified as financial assets
7. Other interest and similar income
Group AG
2004/05 2003/04 2004/05 2003/04
T€ T€ T€ T€
Total 970 901 697 645
Of which from affiliated companies 0 0 156 95
8. Interest and similar expenses
Group AG
2004/05 2003/04 2004/05 2003/04
T€ T€ T€ T€
Total 174 209 0 0
Of which from affiliated companies 0 0 0 0
Group AG
2004/05 2003/04 2004/05 2003/04
T€ T€ T€ T€
Total 7,765 7,300 4,900 4,995
Of which from affiliated companies 16 5 16 15
69

Group and AG notes
Other information
1. Shareholdings of the Board of Directors and Supervisory Board
Board of Directors (total) 0 0
Supervisory Board (total) 3,092,500 1) 3,094,730 1)
Of which held by the Chairman of
the Supervisory Board, Mr. Erwin Hymer 3,092,500 1) 3,094,730 1)
2. Remuneration of the members of the Supervisory Board
70
31.08.2005 31.08.2004
Shares Shares
2004/05 2003/04
T€ T€
The fixed component in accordance with the articles of association is:
Chairman of the Supervisory Board 23.0 23.0
Deputy Chairman 17.3 17.3
Other members 11.5 11.5
There is no variable remuneration at present.
3. Bonuses of the Supervisory Board and Board of Directors
2004/05 2003/04
T€ T€
Supervisory Board bonuses 86 86
Board of Director bonuses 915 757 2)
Of which variable 470 370 2)
Pension provisions for former members of the executive body 1,267 1,286
4. Declaration of conformity according to Section 161
of the German Stock Corporation Act
We have published the declaration by the Board of Directors and Supervisory Board regarding the Corporate
Governance Code, including explanations regarding deviations therefrom, on the company's website
www.hymer.com.
1) Including shares of relatives as defined by Section 15 of the German Fiscal Code to whom voting rights are assigned.
2) Some of the Board of Director bonuses relate to a period of 8 months only.

Profit appropriation proposal
We have prepared the annual financial statements
and the consolidated financial statements to
31 August 2005 as well as the management report
and Group management report for 2004/05 in line
with the statutory regulations.
Profit appropriation
The annual financial statements to 31 August 2005
show a net profit for the year of € 8,321,467.03.
With the agreement of the Supervisory Board, the
Board of Directors proposes to the Annual General
Meeting to use the net profit for the year as follows:
Distribution of a dividend of € 1.32 per share on
4,000,000 shares with a dividend entitlement 5,280,000.00
Appropriations to the other earnings reserves 3,041,467.03
Net profit for the year 8,321,467.03
Bad Waldsee, 18 November 2005
HYMER Aktiengesellschaft
The Board of Directors
Hans-Jürgen Burkert Dr. Reinhard Knüppel
71
€

Group and AG notes
TRANSLATION OF AUDITOR'S OPINION
We examined the annual financial statements, the
notes to which were combined with the notes to the
consolidated financial statements, of HYMER
Aktiengesellschaft, Bad Waldsee, as well as the consolidated
financial statements and the management
report on the position of the Company and the Group
for the financial year from 1 September 2004 to
31 August 2005. Preparing these documents in accordance
with the provisions of German commercial law
is the responsibility of the Company's legal representatives.
Our responsibility is to express an opinion on
the annual financial statements, the accounts, the
consolidated financial statements and the management
report on the position of the Company and the
Group on the basis of our audit.
We conducted our audit of the annual financial
statements and consolidated financial statements in
accordance with § 317 HGB (German Commercial
Code) and the German generally accepted standards
for the audit of financial statements promulgated by
the Institut der Wirtschaftsprüfer (IDW). These standards
require that we plan and perform the audit
such that material misstatements affecting the
presentation of the assets, financial and earnings
position of the Company and the Group in the
annual and consolidated financial statements in
accordance with German accounting principles and in
the management report on the position of the
Company and the Group are detected with reasonable
assurance. Knowledge of the business activities
and the economic and legal environment of the
Company and the Group and evaluations of possible
misstatements are taken into account in determining
the audit procedures. The effectiveness of the internal
control system and the evidence supporting the
72
disclosures in the annual and consolidated financial
statements, in the accounts and in the management
report on the position of the Company and the Group
are examined primarily on a test basis within the
framework of the audit. The audit includes examining
the annual financial statements of the companies
included in the consolidated financial statements, the
determination of the scope of consolidation, the
principles of accounting and consolidation applied, as
well as assessing significant estimates made by legal
representatives of the Company and the Group. It also
involves examining the overall presentation of the
annual and consolidated financial statements and the
management report on the position of the Company
and the Group. We believe that our audit provides a
reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, the annual and consolidated financial
statements give a fair presentation of the assets,
financial and earnings position of the Company and
the Group in accordance with German accounting
principles. The management report on the position of
the Company and the Group provides a fair understanding
of the position of the Company and the
Group and suitably presents the risks inherent in
future developments.
Ravensburg, 06 December 2005
Ernst & Young AG
Wirtschaftsprüfungsgesellschaft
Dr. Müller Bürkle
Auditor Auditor

Declaration of conformity
Declaration by the Board of Directors and Supervisory
Board of HYMER AG on the recommendations of the
"Government Commission on the German Corporate
Governance Code" pursuant to Section 161 of the Stock
Corporation Act.
Date of the declaration of conformity: October 2005 Code
version dated 2 June 2005
The Board of Directors and Supervisory Board declare that
the recommendations of the Government Commission on
the German Corporate Governance Code issued by the
German Federal Ministry of Justice were adhered to in the
2004/2005 financial year with the following exceptions:
On 3.8 sentence 3:
Before the Code came into force, the company already had
confirmation of cover for a D&O insurance policy that did
not provide for a deductible. The decision to take out this
policy was approved at the Annual General Meeting on
23 January 2002.
On 4.2.1 sentence 1:
There is no appointment of a Chairman or Spokesman of
the Board of Directors. HYMER AG is represented by two
directors. The co-ordination of both directors has proved
very reliable at HYMER AG.
On 4.2.3 sentence 4, 8, 9, 10:
There are no plans to introduce stock option models or
similar models as variable compensation components for
directors. As before, a long-term incentive effect for the
Board of Directors is expected to derive from variable compensation
components that can be measured on the basis
of the company's performance. Compensation of the individual
Board of Directors therefore continues to consist of
fixed and performance-related components only.
On 4.2.4:
Due to the coordination of the directors, there is no individualised
or specified statement reporting of compensation.
On 5.2 sentence 2 / 5.3.1 sentence 1 / 5.3.2 sentence 1:
The 6-member Supervisory Board has so far refrained from
forming committees. A uniform flow of information on all
company-related and decision-related affairs to all
Supervisory Board members is easily possible in this way.
This also applies to issues of accounting, risk management
and commissioning of the auditor for the company.
Committees are only to be formed if there is an appropriate
need for them.
On 5.4.1 sentence 2:
No age limit is specified for members of the Supervisory
Board. As before, the Annual General Meeting shall be free
to decide on the appointment of the members of the
Supervisory Board in accordance with the provisions of law
without being committed to an age limit.
On 5.4.2:
The Supervisory Board includes members who exercise
directorships or similar positions for important competitors.
The Chairman of the Supervisory Board is the founder and
main shareholder of HYMER AG. He is also a partner of
other competing companies. The possible synergy effects
arising from this are very much to the advantage of our
company and therefore to the advantage of our shareholders.
On 5.4.7 sentence 4:
The compensation of the members of the Supervisory Board
was most recently revised by the resolution of the Annual
General Meeting on 24 January 2001. There is to be no
further change or introduction of performance-related
compensation components for the time being.
5.4.7. sentence 6 and 7 / 6.6.
The required details are printed in the annual report under
"Group and AG notes".
On 7.1.1 sentence 3:
As a result of our shareholder structure and the currently
restricted presence on German stock exchanges, the financial
statements have so far been prepared according to
national law only. As a result of changed provisions of law,
the financial statements will be prepared in line with the
regulations of the IFRS from the 2005/2006 financial year.
On 7.1.2 sentence 3:
The company will publish the annual financial statements
within the legally prescribed period. In our opinion, the
procedure in which, every December, the consolidated
financial statements audited by the auditor are approved by
the Supervisory Board at its meeting in the presence of the
auditor and presented and published at the accounts press
conference at the beginning of the subsequent year has
proved reliable.
7.1.5.
The notes mentioned were not printed.
73

HYMER AG
Postfach 1140
88330 Bad Waldsee
Fon +49(0)7524-999-0
Fax +49(0)7524-999-480
www.hymer.com