Annual Report 2005

32
Course of business and Group’s state of affairs:
Turnover development
During the past financial year, the consolidated
turnover fell by 2.9% from 140.3 million Euros
to 136.2 million Euros. Excluding the foam
board company in the USA and the UK which
was shut down in 2004 and 2005, this corresponds
to a drop of 1.7% which is primarily due
to delivery problems in some areas of trading.
Another reason for the drop were the planned
adjustments made to product ranges at
NESCHEN AG. All in all, we saw an increased
stabilisation of the markets in 2005.
During the last few years, the consolidated
companies have changed considerably owing
to the drop in investments at NESCHEN Vinywin
and NESCHEN Polska. The shutdown of the
direct foam board company in the USA (2005)
and the sale of the foam board company in the
UK (2004) have lead to a reduction in the volume
of sales. The US production company is a
joint venture in which NESCHEN holds a 50%
interest which is not fully consolidated but
shown at equity.
Turnover distribution by region
in €k (from 2004 in accordance with IFRS)
■ USA / Asia ■ EU-countries ■ Germany
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
49.7 % 34.1 %
16.2 %
2003
49.4 % 33.0 %
17.6 %
2004
48.2 % 33.3 %
18.5 %
2005
Turnover development
in €k (from 2004 in accordance with IFRS)
Excluding the companies shut down as described above (amounting to
approximately 16 million Euros per annum) and the effects of exchange
rates, turnover has been virtually constant since 2002.
170,000
150,000
130,000
110,000
90,000
70,000
50,000
0
54,667
1998
70,024
83,948
112,411
1999 2000 2001
160,106
2002
140,941
140,308
136,174
2003 2004 2005