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Report of the Board of Directors capacities the previous year, prompting the Board of Directors and management to expand the windows production facility in Villeneuve (Canton Vaud) during the year under review. Growing demand also necessitated an additional production facility for doors in Altstätten (Canton St. Gallen) in 2005. The construction of these new facilities was completed in fall 2005, and the additional capacities are already well utilised. Miele Kitchens: a milestone in the development of AFG A real breakthrough which resonated throughout the group was the acquisition in fall 2005 of Miele’s kitchen manufacturing capacities. This move rounds off the Kitchens and Refrig- eration Division’s range with the addition of a world-renowned premium brand. Of strategic importance for the group is the worldwide distribution network that AFG Arbonia-Forster- Holding AG acquired along with the Miele Kitchens facility in Warendorf (North Rhine-West- phalia), Germany. Not only is it suitable as a sales network for AFG’s kitchen and refrigeration products, but it is a valuable global marketing instrument in the context of the group’s increasingly important efforts to expand internationally. The Board of Directors (from left to right): Dr. Arthur Loepfe, Dr. Edgar Oehler, Dr. Ernst Buob, Andreas Gühring, Dr. Ulrich Flückiger
Changes in finance and reporting 6 7 Apart from the acquisition of Miele Kitchens on 1 September 2005, by our new subsidiary Warendorfer Küchen GmbH, 2005 was the first time that all acquisitions from the previous accounting period were consolidated for the full financial year. At the same time the group moved over to International Financial Reporting Standards (IFRS). This change, which has involved a considerable amount of effort and investment, is designed in part to meet the requirements for listing on the main board of SWX Swiss Exchange. Much more than this, however, it is an acknowledgement of the increasingly international character of AFG Arbonia- Forster-Holding AG. Companies wishing to be attractive to international investors as well as customers must meet IFRS requirements. This was the key consideration behind the Board of Directors’ decision to undertake the complex and costly switch to IFRS financial reporting. Otherwise the changeover to IFRS has not had a significant impact on either the income statement or the balance sheet for 2005. Thanks to IFRS we are now comparable with competitors and related companies internationally.
Page 1 and 2: Annual Report 2005 Value added.
Page 3 and 4: Windows and Doors 19.4 % Steel Tech
Page 5: Content Report Section 3 Financial
Page 8 and 9: Milestones 2005 October — 3 Octob
Page 12 and 13: Report of the Board of Directors Co
Page 14 and 15: Message of the Chairman of the Boar
Page 16 and 17: Message of the Chairman of the Boar
Page 18 and 19: Europe Austria Baltic states Belgiu
Page 21 and 22: F12 program in high-gloss synthetic
Page 23 and 24: Successful debut at the A30-Küchen
Page 25 and 26: 20 21 The consolidated cash flow st
Page 27: Kitchens Kitchens 50 countries incl
Page 30 and 31: Heating Technology and Sanitary Equ
Page 32 and 33: Investment at all facilities Effort
Page 35 and 36: Piatti kitchen, Trend model (top le
Page 37 and 38: Positive market environment 32 33 T
Page 39: in CHF million Kitchens and Refrige
Page 42 and 43: Steel Technology Division Upgrades
Page 44 and 45: Steel Technology Division In additi
Page 47 and 48: Residential and office building on
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Page 51 and 52: in CHF million Windows and Doors: k
Page 53: 48 4 Spedition Gächter AG speciali
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Page 58 and 59: Environment and Safety Windows and
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2. Capital structure Corporate Gove
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3.2 Other activities and interests
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3.5.3 Working procedures of the Boa
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5. Compensation, profit-sharing and
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6 Participatory rights of sharehold
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Financial Report Consolidated Finan
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Consolidated Balance Sheet Assets 6
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Consolidated Statement of Changes i
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The following changes occurred in t
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74 75 8 Cash and cash equivalents
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17 Estimated useful lives 76 77 Ass
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78 79 The Group has certain investm
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Primary reporting format - business
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82 83 Sales are comprised of net re
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32 Property, plant and equipment in
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33 Intangible assets and investment
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88 89 34 Business combinations —
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The current provision is expected t
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92 93 37 Deferred income taxes —
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The amounts recognised in the incom
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Earnings per share Bearer shares 96
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43 Taxes 98 99 The tax on the Group
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46 Related party transactions — M
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102 103 Exceptions to full retrospe
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Explanation to certain positions of
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To the General Meeting of AFG Arbon
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Balance Sheet Assets 112 113 2005 2
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5 Investments Company P = Productio
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To the General Meeting of AFG Arbon
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History Development of AFG Arbonia-
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Asta AG Industriestrasse 12 P.O. Bo
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Important Dates, Contact Important
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Division Heating Technology and San
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