Technologies · Systems · Solutions - Dürr

Technologies · Systems · Solutions
2004 Annual Report

Key figures for the Dürr Group (IFRS)
Order situation
2004 2003 Change
Consolidated incoming orders in €m 1,841.3 2,356.2 –21.9%
Consolidated orders on hand as of December 31 in €m 1,052.7 1,364.1 –22.8%
Key personnel figures
Employees on annual average 13,079 12,957 0.9%
Employees as of December 31 13,295 12,747 4.3%
of which in continuing operations 7,280 7,642 –4.7%
Key figures of the income statement
Consolidated sales revenues in €m 2,271.9 –6.0%
of which continuing operations in €m 2,044.9 –6.9%
Cost of sales in €m 1,906.2 –6.4%
Gross profit on sales in €m 365.6 –3.7%
Personnel expenses in €m 608.7 –6.2%
Amortization and depreciation in €m 31.0 10.0%
Restructuring expenses and impairment losses in €m 26.1 –48.3%
EBITDA1 in €m 45.9 51.9%
of which continuing operations in €m 46.5 41.1%
EBIT2 in €m 14.9 138.9%
of which continuing operations in €m 19.8 114.6%
EBT3 2,136.4
1,903.3
1,784.2
352.1
570.9
34.1
13.5
69.7
65.6
35.6
42.5
in €m 11.8 –5.7 307.0%
of which continuing operations in €m 18.6 –0.9 2,166.7%
Net income/loss in €m 4.7 –30.3 115.5%
of which continuing operations in €m 11.6 –22.0 152.7%
Earnings per share in € 0.40 –2.14 118.7%
Dividend per share in € – – –
4
Key figures of the balance sheet
Non-current assets in €m 624.2 633.7 –1.5%
Current assets in €m 810.8 1,031.9 –21.4%
Balance sheet total in €m 1,435.0 1,665.6 –13.8%
of which continuing operations in €m 1,288.5 1,509.9 –14.7%
Equity without minority interests in €m 222.4 218.9 1.6%
Equity ratio in % 15.5 13.1
Liabilities
Capital expenditures on property, plant and equipment
in €m 1,210.8 1,441.4 –16.0%
and intangible assets in €m 47.3 30.8 53.6%
of which goodwill in €m 14.1
4.4 220.5%
Financial ratios
Gross margin in % 16.5 16.1
EBITDA margin in % 3.3
2.0
EBIT margin in % 1.7
0.7
EBT margin in % 0.6 –0.3
Financial structure
Bond in €m 186.5
– –
Liabilities to banks in €m 102.9 296.8 –65.3%
Net financial debt average in €m 248.0 221.5 12.0%
Net working capital average in €m 184.9 164.6 12.3%
Statement of cash flows
Cash flow from operating activities in €m –103.5 81.0 –227.8%
Cash flow from investing activities in €m –27.6 –37.7 12.9%
Cash flow from financing activities in €m –23.1 –69.8 66.9%
1 EBITDA: Earnings before interest, taxes, depreciation and amortization
2 EBIT: Earnings before interest and taxes
3 EBT: Earnings before taxes
4 Dividend proposed to the annual shareholders’ meeting
Immaterial variances may occur in this report
due to roundings in the computation of sums
and percentages.

Continuing
operations
Paint Systems
Final Assembly
Systems
Ecoclean
Measuring
Systems
(without DTS)
Discontinued
operations
Services, DTS
2,500
2,000
1,500
1,000
500
0
2004 2003 Change
Total incoming orders1 in €m 1,400.1 –42.2%
Total sales2 809.2
in €m 1,154.5 1,250.2 –7.7%
EBITDA in €m 39.6 41.3 –4.1%
EBT in €m 28.3 29.3 –3.4%
Employees as of December 31 2,690 2,808 –4.2%
Total incoming orders in €m 345.7 405.4 –14.7%
Total sales in €m 374.0 445.0 –16.0%
EBITDA in €m 6.0 11.3 –46.9%
EBT in €m 2.0
7.5 –73.3%
Employees as of December 31 1,546 1,593 –3.0%
Total incoming orders in €m 183.6 176.9 3.8%
Total sales in €m 186.1 208.1 –10.6%
EBITDA in €m –2.0
9.4 –121.3%
EBT in €m –5.1
5.7 –189.5%
Employees as of December 31 909
932 –2.5%
Total incoming orders in €m 320.2 286.2 11.9%
Total sales in €m 307.2 283.7 8.3%
EBITDA in €m 18.6 –4.0 565.0%
EBT in €m 10.9 –14.5 175.2%
Employees as of December 31 2,084 2,255 –7.6%
Total incoming orders in €m 257.0 230.0 11.7%
Total sales in €m 233.4 227.8 2.5%
EBITDA in €m 4.1 –0.6 783.3%
EBT in €m –6.8 –4.8 –41.7%
Employees as of December 31 6,015 5,105 17.8%
The Corporate Center had 51 employees as of December 31, 2004 (2003: 54); its EBITDA amounted to € 3.4 million
(2003: € –11.5 million), and its EBT € –17.5 million (2003: € –28.9 million).
1 Total incoming orders: Incoming orders of a business unit including intragroup orders from other business units.
2 Total sales: Sales of a business unit including intragroup transactions with other business units.
Sales revenues in €m
2,042 2,196
2,082
2000 2001 2002
Consolidated group
Continuing operations
Discontinued operations
2,271.9
2003
2,136.4
2004
140
120
100
80
60
40
20
0
–20
Group EBITDA in €m
115.3 127.8
2000 2001
Figures through 2002 according to US GAAP and from 2003 onward according to IFRS
89.1
2002
45.9
2003
69.7
2004

Dürr Group
Old structure – 2004 Annual Report
Paint Systems
Final Assembly
Systems
Ecoclean
Measuring
Systems
Product line DTS
Services
New structure – since March 1, 2005
Paint and Assembly
Systems division
Measuring and Process
Systems division
Our new Group structure with two divisions (for details, see
p. 51) has been in effect since March 1, 2005. We have based
this annual report on the old group structure. We are thus
complying with International Financial Reporting Standards
(IFRS), according to which the divisional structure in effect
in the year reported on must be presented in the annual
financial statements.
Continuing operations
Discontinued operations

Technologies · Systems · Solutions
The Dürr Group is one of the world’s leading suppliers of production
systems and of modules as well as components for measuring and
process systems. Our focus is on the automotive and aviation industries
as well as the mining and basic materials industries.
We offer innovative, environmentally friendly solutions that contribute
decisively to lower costs, higher quality, and greater flexibility in
manufacturing and processing operations. We thus help make our
customers more competitive.
Motivated, customer-oriented employees, global presence, and a strong
culture of innovation are our main value drivers. On this basis, we
intend to substantially increase our company’s earning power and value.
1

66
59
Cost situation
improved by
“Paint Systems lowered production costs across
all painting technology products by another 6%
on average in 2004.”
Added value for our customers
“Our innovation management aspires to develop solutions that offer
customers added value, whether in the form of greater flexibility,
higher quality, and better environmental compatibility or greater
efficiency in production.”

Contents
4 Letter from the Chairman of the Board of Management
7 Board of Management of Dürr AG
8 Report of the Supervisory Board
12 Dürr on the capital market
Reports from the business units
18 Paint Systems
24 Final Assembly Systems
30 Ecoclean
36 Measuring Systems
42 Discontinued operations
48 2004 at a glance
Consolidated management report
50 Economic environment
51 Organization and strategy
53
59
Business developments
61 Financial position
65 Squeeze-out
Consolidated financial statements
75 Independent auditors’ report
76 Consolidated income statements
77 Consolidated balance sheets
78 Consolidated statements
of equity
79 Consolidated statements
of cash flows
66 Research and development
67 Purchasing management
67 Employees
69 Risk management
71 Events subsequent to the
reporting date
72 Outlook
80 Notes to the consolidated
financial statements
134 Dürr worldwide
136 Glossary

Letter from the Chairman
of the Board of Management
Stephan Rojahn
Ladies and gentlemen,
The Dürr Group achieved earnings before taxes of € 11.8 million in 2004. With this
improvement of about € 18 million compared with the previous year, we managed to
make the turnaround that we sought, but did not meet our substantially higher earnings
target, which would have supported a dividend payout. The critical factor involved
was that we had to absorb unscheduled expenditures that arose from the handling of
particular orders in the Final Assembly Systems and Ecoclean business units.
We nevertheless made further progress in the reorientation of the company. The
earnings enhancement program enabled us to improve our cost position
again. We also advanced the integration of the Group by means of the successful
squeeze-out of minority shareholders at Carl Schenck AG. Finally, the corporate bond
placed in July 2004 and a new syndicated loan have put our financing on a long-term
foundation.
More efficiency with a lean Group structure
To increase our competitiveness and earning power, we have introduced a more
streamlined and strongly customer-oriented corporate structure as of March 1, 2005. It
enables us to accelerate and improve processes within the Group and simultaneously
increase our market muscle. Our activities are now bundled in two divisions: Paint
and Assembly Systems, which represents the systems and plant engineering business
particularly with the automotive industry, and Measuring and Process Systems,
which comprises our activities in mechanical engineering with the Schenck and Dürr
Ecoclean brands.
In a second step, we are parting with business areas that are outside our core portfolio.
We will put the Development Test Systems product line, which supplies high-end testing
technology for vehicle development, into a minority shareholding or sell it. For the
Services business unit, represented by the Premier Group, we have already found

Letter from the Chairman of the Board of Management
a buyer, the Voith Group. Ultimately, the synergies that were expected in 1999, at the
time this business area was acquired, have not been realizable. It has emerged that,
as a rule, our customers award contracts for production plants and for manufacturing
support services separately. Also, truly large pay-on-production models, for which
we had equipped ourselves with the Services unit, have not become established in
the automotive industry.
Concentration on strengths
With the new Group structure, we are concentrating fully on our strengths in plant
and mechanical engineering. By combining and selling firms, we are reducing the
number of our individual companies by about one-third. That will promote a cohesive
and clear-cut market presence and enable us to provide even more intensive customer
service. The leaner and more efficient organization will lead to annual savings
of about € 10 million beginning next year.
Expansion of high-margin business areas
Targeted expansion of fast-growing, high-margin business areas in the general
industrial sector, outside automotive engineering, is another strategic element of our
reorientation. The Schenck Group plays an important role in this connection as a
leading globaly supplier of sectors such as the mining and basic materials industries
and mechanical engineering. For example, with process technology solutions for the
mining industry, Schenck is benefiting from the rising demand for raw materials and
energy and is utilizing continuing market opportunities in major economic regions
like China and North America. We will also continue to grow profitably in the aircraft
industry, whether in balancing technology or with assembly and painting systems
such as those we recently supplied for the Airbus A380.
Our target for the current year is to achieve about 20% of Group sales in general industrial
business. Nevertheless, the automotive sector is and will remain our principal
market. The Dürr and Schenck brands have been standing for innovativeness, proximity
to customers, and reliability there for decades. We will also expand our leading
positions in business with this sector in the future, despite high competitive pressure.
We are strategically well equipped for that thanks to the new Group structure, expansion
of our capacities in Eastern Europe and Asia, and strengthening of our business
with automobile component suppliers. We are systematically supplementing our
range of products with simpler and more cost-cutting solutions to improve our competitive
position for bids and tenders where price is the critical factor. We are furthermore
supporting our customers in such urgent endeavors as improving quality, reducing
production costs, and complying with environmental standards. Consumption
of paint and energy, as well as wage costs, can be reduced considerably, for example,
by retrofitting and modernizing existing plants.
Competitiveness improved by
The earnings enhancement program continues to be an important element in
improving our performance. It has enabled us to save a total of about € 105 million in
the years 2003 and 2004. By the end of 2005, the savings will reach about € 170 million.
The cost reductions are of enormous importance for securing our competitiveness
in a tough price environment.
5

6
Avoidance or better control of risks is one of the essential goals that we are pursuing
with . Following the motto of “total risk management,” we are supplementing
our existing processes with further tools, for example, in the technical approval
process for projects and in project controlling. We are thus improving observance of
cost targets associated with order handling.
The measures taken to improve our profitability and competitive power are accompanied
by our consistent pursuit of innovation. We again invested about 6% of our sales
in new products and technologies in 2004, including development expenditures in the
framework of customer projects. Information about the most important innovations
may be found in the reports from the business units and in the management report.
The Board of Management and the Supervisory Board have decided to propose to the
annual shareholders’ meeting that no dividend be paid for 2004. Instead, we intend
to use Dürr AG’s unappropriated profit to strengthen the Group’s equity base.
Outlook
In view of excess capacities and restrained capital spending in the automotive industry,
the market is not going to make it easy for us this year. We are nevertheless striving
to improve our margin by reducing costs further, and in continuing operations we are
planning better figures for earnings before taxes and EBITDA than in 2004. On the
other hand, sale will probably not reach the level achieved in 2004.
On behalf of my colleagues and myself, I wish to thank all our employees for the great
work they did in the past year. We are also grateful to our customers and business
associates for their good cooperation and to our shareholders and investors for their
confidence in us.
Stuttgart, April 2005
Stephan Rojahn
Chairman of the Board of Management

Board of Management of Dürr AG
Stephan Rojahn (56),
Chairman
Paint and Assembly Systems
, Corporate Communications
& Investor Relations, Internal Audit,
Corporate Senior Executives
Martin Hollenhorst (46)
(since April 20, 2005)
Finance/Tax,
Controlling,
Legal/Insurance,
Human Resources
Kay Bönisch (44)
(until April 20, 2005)
Finance/Tax,
Controlling,
Legal/Insurance,
Human Resources
Ralf Dieter (44)
(since January 1, 2005)
Measuring and Process Systems
R&D, Information Technology
Dr. Norbert Klapper (42)
(until September 30, 2005)
Sales & Marketing
Paint and Assembly Systems
Quality Management, Patents,
Sales & Marketing

Report of the Supervisory Board
Dr.-Ing. E. h. Heinz Dürr
In 2004, the Supervisory Board performed the duties assigned to it by law and the
articles of incorporation. It advised the Board of Management, and regularly and diligently
monitored that body’s management of the company. The Supervisory Board
was involved in all decisions of fundamental importance for the Dürr Group. The Board
of Management informed the Supervisory Board in a timely and comprehensive
manner about the economic situation and development of the company, about company
planning, including financial, investment and personnel planning, and about
transactions requiring Supervisory Board consent, substantial business occurrences,
and risk management. The Supervisory Board adopted its resolutions after thorough
review on the basis of detailed written and oral reports.
The Supervisory Board came together at five regular meetings in 2004. No member
of the Supervisory Board attended less than three meetings. Also outside the meetings,
the Chairman of the Supervisory Board maintained close contact with the Board
of Management and obtained timely reports on current developments and important
events, primarily from the Chairman of the Board of Management. He furthermore
discussed the company’s business policy, strategic orientation, and financial situation
with the Chairman of the Board of Management and reported the results of these
discussions to the entire Supervisory Board, either immediately or at its next meeting.
The Supervisory Board formed three committees to prepare resolutions and issues to
be dealt with in the full session. The Personnel Committee met three times in fiscal
2004, while the Mediation Committee did not convene. The Audit Committee met on
April 18, 2005, to discuss the 2004 financial statements.
Harald Rüber joined the Supervisory Board as representative of the executive
employees as of January 1, 2004. He succeeded Peter Krüger, who vacated his seat
for reasons of age effective at the end of December 31, 2003. Dr. Heinz-Gerd Stein,
representative of our shareholders, left the Supervisory Board effective at the end of
the 15th ordinary annual shareholders’ meeting. The annual shareholders’ meeting
elected Dr. Hans Michael Schmidt-Dencker to replace him. The Supervisory Board
thanks Mr. Krüger and Dr. Stein for their constructive cooperation and dedicated
efforts on behalf of the company.

Report of the Supervisory Board
The Board of Management and the Supervisory Board regularly discussed the orders,
sales, and earnings situation as well as the financial position of the Group and the
individual divisions. Among the main topics of the deliberations were debt reduction
and the need to improve profitability. In that connection, the Supervisory Board
regularly obtained comprehensive information on the status of the earnings
enhancement program and discussed important individual measures of the program
with the Board of Management.
After being informed in detail by the Board of Management, the Supervisory Board
consented to the issuance of a corporate bond and negotiation of a new syndicated
loan. Both transactions ensure Dürr’s long-term financing. To enable streamlining of the
Group’s organization, the Supervisory Board approved the initiation of a squeezeout
process at Carl Schenck AG and a cash settlement of € 157 per share for Schenck’s
minority shareholders.
At its meeting on December 17, 2004, the Supervisory Board appointed Ralf Dieter
as a regular member of Dürr AG’s Board of Management effective January 1, 2005.
Under the new rules of procedure for the Board of Management approved by the
Supervisory Board, Mr. Dieter has assumed responsibility for the Measuring and
Process Systems division. The Chairman of the Board of Management, Mr. Stephan
Rojahn, has taken over management of the Paint and Assembly Systems division.
Dr. Reinhold Grau, who joined the Board of Management in 2001, left the company at
his own request at the end of October 2004. The Supervisory Board wishes to thank
Dr. Grau for years of dedicated service that contributed substantially to the Dürr Group’s
evolution.
At the meeting on April 20, 2005, Martin Hollenhorst was named a regular member of
Dürr AG’s Board of Management effective immediately. Mr. Hollenhorst assumes
responsibility for the areas Finance/Tax, Controlling, and Law/Insurance as well as
Human Resources, Organization, and Risk Management. He succeeds Kay Bönisch,
who is leaving Dürr by mutual agreement. The Supervisory Board thanks Mr. Bönisch
for his great personal dedication.
In December 2004, the Board of Management and the Supervisory Board jointly issued
an updated declaration of compliance – pursuant to Sec. 161 of the German Stock
Corporation Law – to the effect that Dürr is largely following the recommendations of
the Government Commission German Corporate Governance Code. Please refer to
pages 15 to 17 for details concerning corporate governance at Dürr AG.
The Board of Management reported regularly and in a timely manner to the Supervisory
Board about existing risks. The Supervisory Board advised the Board of
Management regarding the expansion of risk control and monitoring systems.
The annual financial statements and management report prepared by the Board of
Management as of December 31, 2004, together with the consolidated financial
statements and consolidated management report of Dürr AG, were examined by the
auditors engaged by the Supervisory Board after their appointment by the annual
shareholders’ meeting. The auditor issued an unqualified auditor’s report. The annual
financial statements and consolidated financial statements, the management report
and consolidated management report, the proposal for the use of unappropriated profit
of Dürr AG, and the auditors’ reports concerning the auditing of the annual financial
statements and of the consolidated financial statements were submitted to all mem-
9

10
bers of the Supervisory Board in good time before the meeting held to approve the
financial statements, and were discussed in detail with the Board of Management at
that meeting of the Supervisory Board on April 20, 2005. The auditors signing the
audit reports for the annual financial statements and the consolidated financial statements
of Dürr AG also participated in that meeting with regard to the relevant points
on the agenda, and reported concerning their audit. The Supervisory Board took
approving note of the audit result.
The Supervisory Board examined the annual financial statements, the consolidated
financial statements, the management report and the consolidated management
report. This examination by the Supervisory Board revealed no cause for objection.
The Supervisory Board concurs with the assessment of the economic situation and
future development of the Group as presented in the consolidated management report.
The Supervisory Board approves the annual financial statements prepared by the
Board of Management, which are hereby ratified. The Supervisory Board approves
the Board of Management’s proposal for the use of the unappropriated profit of
Dürr AG. The Supervisory Board also approves the consolidated financial statements.
The Supervisory Board has examined the report prepared by the Board of Management
pursuant to Sec. 312 of the German Stock Corporation Law concerning relationships
with associated enterprises for the period from January 1 to December 31, 2004
(dependent company report). The dependent company report was also examined
by the auditors appointed by the annual shareholders’ meeting and has been affixed
with the following unqualified auditor’s report pursuant to Sec. 313 (3) of the German
Stock Corporation Law:
“After examination and assessment in accordance with our professional duties,
we confirm that:
1. the factual information given in the report is correct,
2. the performance rendered by the company in connection with the transactions
mentioned in the report was not unduly high,
3. regarding the measures mentioned in the report, no circumstances argue in favor
of a materially different judgment than that made by the Board of Management.”
The examination of the dependent company report by the Supervisory Board revealed
no cause for objection. The Supervisory Board concurs with the results of the examination
of the dependent company report by the auditors. According to the final results
of the examination by the Supervisory Board, there are no objections to be raised
against the declaration by the Board of Management at the end of the dependent
company report.
The Supervisory Board thanks the Board of Management, all members of staff, and
their representatives for their dedication in the past fiscal year, as well as the shareholders
for the confidence they have placed in the company.
Stuttgart, April 20, 2005
The Chairman
Dr.-Ing. E. h. Heinz Dürr

Report of the Supervisory Board
Members of the Supervisory Board
Dr.-Ing. E. h. Heinz Dürr 1
Entrepreneur, Berlin
Chairman
1, 3
Peter Weingart
Chairman of the Group Works
Council of Dürr AG, Stuttgart
Deputy Chairman
1, 2
Prof. Dr. Norbert Loos
Managing Partner of Loos
Beteiligungs-GmbH, Stuttgart
Deputy Chairman
Lieselotte Dedek-Fried2, 3
Member of the Works Council of
Schenck RoTec GmbH, Darmstadt
2, 3
Benno Eberl
Trade Union Secretary of IG Metall
administrative offices, Stuttgart
Prof. Dipl.-Ing. Jörg Menno Harms
Managing Director of
Menno Harms GmbH, Stuttgart
Until October 31, 2004 Chairman of
the Managing Board of Hewlett-
Packard GmbH and Hewlett-Packard
Holding GmbH, Böblingen
Dr.Tessen von Heydebreck
Member of the Board of Management
of Deutsche Bank AG, Frankfurt am
Main
1 Member of the Mediation Committee and Personnel Committee
2 Member of the Audit Committee
3 Representative of the employees
4 Application has been filed for court appointment of a successor.
Werner Kramp3 Chairman of the Works Council of
Schenck Final Assembly Products
GmbH, Püttlingen
Günter Lorenz1, 3
Principal Authorized Representative
of IG Metall administrative offices,
Darmstadt
3, 4
Harald Rüber
(until February 28, 2005)
President of Dürr Systems GmbH,
Stuttgart
Until February 28, 2005 Head of
Project Development at Dürr Systems
GmbH, Stuttgart
Joachim Schielke2 Member of the Board of Management
of Landesbank Baden-Württemberg,
Stuttgart
Chairman of the Board of Management
of Baden-Württembergische Bank AG,
Stuttgart
Dr. Hans Michael Schmidt-Dencker
(since June 9, 2004)
Spokesman for the Managing Board
of BWK GmbH Unternehmensbeteiligungsgesellschaft,
Stuttgart
Dr. Heinz-Gerd Stein2 (until June 9, 2004)
Business consultant, Duisburg
11

Dürr on the capital market
Financing secured for the long term
Corporate bond successfully placed
Circle of investors and analysts widened by bond issue
After a variable year in 2003, development on the stock markets was comparatively
calm in 2004. The DAX index registered a plus of 7%. The MDAX and SDAX sideline
indexes each gained about 16% last year. Many smaller stocks managed to make up
their reduction in stock valuation compared with large-cap blue chips. Among the
important reference indexes, only the TecDAX finished the year down, with a minus
of 4%. The bond markets developed positively in the course of the year. With continuing
low interest rates and low inflation expectations, yields on 10-year government
bonds declined from about 4.3% to about 3.5% at the end of 2004.
Dürr stock began last year quoting at € 19.39 on the XETRA electronic exchange.
Its price steadily advanced until mid-year and reached its high for the year in June at
€ 21.10. The stock then declined significantly in the subsequent weeks, parallel to
the comparison indexes. At the end of October, it reached the year’s low at € 14.50.
After revising our earnings forecast at the beginning of November, the stock moved
largely sideways with slight fluctuations. Trading of Dürr stock closed the year at
€ 15.11, which meant a price decline of 22% for 2004 as a whole.
Dürr stock is listed in Deutsche Börse’s Prime Standard segment and is traded on
all German stock exchanges. Since March 2003, Dürr has been represented in the
SDAX, the index that comprises the top 50 German small caps as measured by the

Bond
ISIN (Reg S): XS0195957658
ISIN (144a): XS0195957815
ISIN DE0005565204
Reuters symbol DUEG
Bloomberg code DUE GY
120
110
100
90
80
Dürr on the capital market
trading volume and market capitalization of free float. A designated sponsor, who
regularly makes prices in our stock, ensures that it has adequate liquidity at all times
in trading.
2004: Debut on the bond market
13
We put our financing on a new foundation and restructured the liabilities side of our
balance sheet in 2004. The aim was to reduce short-term debt and convert it into longterm
financial liabilities. A corporate bond in the nominal amount of € 200 million
and a syndicated loan in the amount of € 400 million now provide long-term financing
security and greater financial leeway to develop the operating business. The fixedinterest
bond matures in 2011 and has a coupon of 9.75%.
With the two interconnected transactions, we have settled our short-term liabilities
to banks to a very large extent and have diversified our financing structure. At the
same time, we have attracted a new group of investors, primarily in the institutional
segment. The corporate bond is subordinated to the syndicated loan. In that respect,
it explains, among other things, the higher interest rate on the bond compared with
a bank loan.
Our bond started trading at a price of 96.40 at the beginning of July 2004 and rose
until September 20 to 107.10. After the price declined to a level of just over 100 by
mid-October, it advanced again and reached the year’s high at 108.60 on December
16. At year’s end, the price was little changed at 108.20. The bond quoted at 101.91
on March 31, 2005.
Dürr stock price development in the XETRA from January to December 2004
compared with development of the DAX, MDAX, SDAX, and Prime Industrial Index (indexed values)
in %
J F M A M J J A S O N D
Dürr stock in the XETRA DAX MDAX SDAX Prime Industrial Index

14
Key figures for Dürr stock
2004 2003
Earnings per share in € 0.40 –2.14
Cash flow per share in € 2.82 0.06
1
Dividend per share in € – –
Price-earnings ratio 2 37.8 –
Price-cash flow ratio 2 5.4 321.7
High in € 21.10 19.30
Low in € 14.50 13.15
Close in € 15.11 19.30
Market capitalization 2 in €m 216 276
Number of shares in k 14,298 14,298
1 Dividend proposed to the annual shareholders’ meeting
2 Based on the closing price at year’s end
Before placing the bond, Dürr was reviewed by rating agencies Standard & Poor’s
(S&P) and Moody’s. We received a credit rating of “BB–” from S&P and “Ba3” from
Moody’s. The bond was rated “B” and “B2” by the respective agencies. The outlook
for all first ratings was stable.
In mid-March 2005, S&P downgraded Dürr AG’s previous credit rating from “BB–” to
“B+.” The credit rating’s outlook is stable. In explaining its decision, the rating agency
cited the earnings performance in 2004 and the currently difficult environment in the
automotive industry. S&P also compared Dürr with companies in the same rating and
business sector categories. The issue rating of the corporate bond has been lowered
by S&P from “B” to “B–.” The outlook is stable.
The Board of Management and the Supervisory Board have decided to propose to
the annual shareholders’ meeting that no dividend be paid for 2004. Instead, Dürr AG’s
unappropriated profit is to be used to strengthen the Group’s equity base.
Shareholder structure
15.0%
5.6%
7.0%
11.0%
Dürr AG has 29.4% free float.
9.9%
47.0%
4.5%
Heinz Dürr GmbH
Heinz und Heide Dürr-Stiftung GmbH
Süd-Kapitalbeteiligungs-Gesellschaft mbH
BWK GmbH Unternehmensbeteiligungsgesellschaft
Kreissparkasse Biberach
Institutional investors
Private investors
According to the latest data available to the company, March 2005

Dürr on the capital market
15
With efficiency gains from the ongoing earnings enhancement program and
increased market muscle from the new corporate structure implemented at the beginning
of March 2005, the Board of Management not only intends to improve the rating
as soon as possible, but also to increase earning power, to reduce financial liabilities
and furthermore to pay a dividend again.
Intensive capital market communication
Our entry into the corporate bond market has significantly widened the circle of
investors and analysts with whom we communicate. In 2004, 17 banks and analyst
firms wrote a total of 63 analyses and flash reports about Dürr, 20 analyses more
than in the previous year. Dürr AG thus attracted far more attention in the financial
community.
The central concern of Dürr’s communication policy is to inform all shareholders about
developments in the company in a way that is as transparent, timely, and regular as
possible. The Board of Management has presented the company, its strategy, and the
business trend at investor conferences and road shows in Europe and the United
States. Furthermore, we have also assisted many private investors extensively with
information – by telephone, on the internet (www.durr.com), and with regular reports
and investor fact books.
We have invited members of the financial community to analyst meetings and conference
calls upon the release of new business figures and other important events.
The response to the Dürr Capital Markets Day, which was held for the third consecutive
year, was very positive. The management invited analysts, bank representatives, and
investors to Carl Schenck AG’s Darmstadt facility in October to talk with the Board of
Management and experience Dürr’s measuring technology business on site.
Dürr complies with the German Corporate Governance Code
Dürr sees the German Corporate Governance Code as an important guide for transparent
and responsible corporate management and control. We firmly believe that
the initiative will contribute to better protecting shareholder rights and boosting confidence
in German companies, both in their home market and abroad.
According to Sec. 161 of the German Stock Corporation Law, the board of management
and the supervisory board of a listed stock corporation are obliged to declare
once every year that the recommendations of the Government Commission German
Corporate Governance Code were and are being complied with, or which recommendations
were or are not being applied. Dürr AG fulfills most of the mandatory provisions
of the code, while planning on implementing further provisions. The deviations
from the code are specified below with the corresponding reasons.

16
In accordance with Sec. 161 of the German Stock Corporation Law, the Board of
Management and the Supervisory Board of Dürr AG declare:
“Dürr AG complies with the recommendations of the Government Commission
German Corporate Governance Code with the following exceptions:
Item 3.8, Paragraph 2
If the company takes out a D&O (directors and officers’ liability insurance) policy
for the Management Board and Supervisory Board, a suitable deductible shall
be agreed.
A D&O insurance policy with no deductibles exists for the members of the Board
of Management and the Supervisory Board. This is a group insurance policy for
executives at home and abroad, although a differentiation between members of
the executive body and employees does not appear appropriate. In addition, a
deductible is not usual abroad and would therefore make it difficult to recruit executives
from abroad.
Item 4.2.4
Compensation of the members of the Management Board shall be reported in the
Notes of the Consolidated Financial Statements subdivided according to fixed,
performance-related and long-term incentive components. The figures should be
individualized.
We report the sum of salaries of the members of our Board of Management in the
Notes to our consolidated financial statements. In our view a special, individualized
item broken down into fixed salary and success-related components would not
provide any additional benefit for the shareholders. Moreover, individualized reporting
brings with it the risk of leveling out performance and task-related differences
in compensation.
Item 5.4.1, Sentence 2
Furthermore, ... an age limit to be specified for the members of its Supervisory
Board shall be taken into account
Dürr sees no necessity for defining an age limit for members of its Supervisory
Board.
Item 5.4.5, Paragraph 1, Sentence 3
Also to be considered [for specifying the compensation of the members of the
Supervisory Board] ... shall be … the chair and memberships in committees.
Because of the success-related compensation of the members of our Supervisory
Board there is no separate remuneration for the chair or for membership in
committees.
Item 5.4.5, Paragraph 3
The compensation of the members of the Supervisory Board should be reported
in the Notes of the Consolidated Financial Statements individualized, subdivided
according to components. Also payments made by the enterprise to the members
of the Supervisory Board or advantages extended for services provided individually,
in particular, advisory or agency services shall be listed separately in the
Notes to the Consolidated Financial Statements.

Dürr on the capital market
We report the sum of compensation of the members of our Supervisory Board
in the Notes to our consolidated financial statements. In our view a special,
individualized by components would not provide any additional benefit for the
shareholders.
17
The possibility of obtaining the expertise of individual members of our Supervisory
Board for special topics at any time represents a special advantage for Dürr.
Cooperation is based on the conditions that are usual in the industry, which are
also maintained in comparable transactions with third parties. Hence, we see no
necessity for individualized publication.
Item 7.1.2, Sentence 2
The Consolidated Financial Statements shall be publicly accessible within 90 days
of the end of the financial year…
We cannot yet make the Consolidated Financial Statements for 2004 publicly
accessible within 90 days of the end of the financial year. However, this is planned
for the Consolidated Financial Statements for 2005. The Consolidated Financial
Statements for 2004 will be published within four months of the end of the financial
year.
Item 7.1.4, Sentences 1 and 3
The company shall publish a list of third party companies in which it has a shareholding
that is not of minor importance for the enterprise. … The following shall
be provided: name and headquarters of the company, the amount of the shareholding,
the amount of equity, and the operating result of the past financial year.
We publish a list of the significant third party companies, indicating the company’s
headquarters. We do not make public additional information for reasons relating
to competition.”

Paint Systems
When it comes to automotive painting, the name Dürr stands for quality, top technology,
efficiency, and environmental compatibility worldwide. We can set up turnkey paint shops
for our customers anywhere in the world, whether in Europe, the Americas, or the grow-
ing markets of Asia. Our innovative power, proximity to customers, reliability, and many
years of experience in executing large-scale projects have made us the market and tech-
nology leader. Effective March 1, 2005, the Paint Systems business unit belongs to the new
Paint and Assembly Systems division.

Application of powder paint base
coat: The EcoBell 2 Powder highrotation
atomizer is used to spray the
paint powder on the car body surface.
The EcoBell 2 Powder can operate at
speeds of up to 15,000 rpm ensuring
uniform distribution of the paint on
the surface.
Paint Systems business unit
Good business development in
a tough market environment
EBT margin improved
Success with powder painting systems
Computational Fluid Dynamics simulation developed further
Amounts in €m
2004 2003 Change
Total incoming orders 809.2 1,400.1 –42.2%
Total sales 1,154.5 1,250.2 –7.7%
EBITDA 39.6 41.3 –4.1%
EBT 28.3 29.3 –3.4%
Employees at year’s end 2,690 2,808 –4.2%
21
Fiscal 2004 went well for Paint Systems despite declining capital spending in the automotive
industry. Based on earnings before taxes, our return on sales increased from
2.3% to 2.5%. As expected, incoming orders returned to their normal level, after having
been far above average in 2003 due to a large order.
Brisk demand in Asia
We registered continuing strong demand in the growth markets of Asia. In China,
we were able to consolidate our leading position with an order from the SGM joint
venture for a turnkey paint shop. Business with the expanding Korean automotive
industry also developed well. KIA Motors and its Russian licensee Izmash placed two
orders together as a package. We are erecting a complete paint shop including the
building at KIA’s new plant in ˇZilina, Slovakia, and we are converting Izmash’s paint
shop in Izhevsk, Russia. In addition, we were able to acquire projects in newly emerging
automotive markets like India and Iran. For example, we supplied a body pretreatment
and dip-painting line for Iranian vehicle manufacturer Khodro.
RoDip process well established
Demand in North America was subdued. In Western Europe, our market volume
declined temporarily following a strong trend in the automotive industry toward modernizing
painting capacities for passenger vehicles that lasted through 2002. We won
major contracts in the truck segment, including a package order from DaimlerChrysler
for the construction of a paint shop in Ludwigsfelde and a top-coat application line
in Düsseldorf, both in Germany. We will also be supplying extensive systems for the
DaimlerChrysler plant in Wörth, Germany, including our innovative RoDip dippainting
process, which will be used for priming truck cabs. In another marketing
success for RoDip, Karmann became the first contract manufacturer to choose the

22
Paint Systems
Product lines
Paint Systems Automotive
Complete automotive paint
shops, including buildings,
materials flow and process
systems, and control and
supervisory control systems
Paint Systems Industrial
Complete paint shops for automobile
component suppliers
and other industrial sectors
Application Technology
Systems for automated
application of paint and highviscosity
materials
Environmental Systems
Exhaust-air purification
systems for paint shops and
other areas of industrial
production
process. Karmann’s decision is a tribute to RoDip’s flexibility since contract manufacturing
generally involves production of smaller batches and frequent model changes.
With a total of 27 systems sold to date, RoDip has become very well established
since its market launch in 2001.
Powder painting continues to gain ground
We successfully completed several demanding projects in 2004, further cementing our
position as market and technology leader. We started up several fully automated
robotic painting lines for BMW in Regensburg and Leipzig, both in Germany. We supplied
Ferrari with a complete paint shop in Maranello, Italy, for whose “high technological
quality” the sports car maker has honored us with its President’s Award for top
suppliers. A turnkey paint shop including the building went into operation at General
Motors in Oshawa, Canada.
All these paint shops use solvent-free powder paints, which shows that we took the
right path when we decided some four years ago to develop a complete range of
products for powder painting. In 2004, we continued on this path with several innovations,
particularly in application and spray booth technology.
Computational Fluid Dynamics (CFD) simulation brings product improvements
Oven technology was a key area of our innovation work in 2004. We developed a
process that allows more intensive chemical cross-linking of the surface when working
with UV-cured paints, which increases scratch resistance. We also developed
new areas of application for CFD simulation. For example, using computers we can
now simulate the process with such precision that an increase in heat at any point
on the vehicle body parts in the oven can be predicted and this means we no longer
have to rely on laborious experiments. For cathodic dip-painting, we can now simulate
paint deposition on the computer. The result is improved system design, which
ensures a more even paint build-up on the body surface.
We have also broken new ground in concepts for process flow in the painting process
itself. In development collaboration with one of our customers, we tested a “wet-onwet”
application process, in which the fresh paint is not dried, but merely passes through
an intermediate flash-off area, before the next layer of paint is applied. This cuts energy
consumption and speeds up the entire process.
The future goals of our innovation management include further expanding our powder
painting product range, refining our process and CFD simulations, and developing
concepts for paint recycling and energy-saving operation of spray booths. Our focus
in this connection is on reducing painting costs for our customers.
Application Technology: Market leadership bolstered by new products
We registered continued good business development in Application Technology
despite the difficult situation in the automotive industry. Our leading position is based
on fully automated solutions that give customers higher quality and environmental
compatibility at a lower cost. An important pillar of our market success was once again
the Dürr Ecopaint painting robot, of which we have sold around 500 units. The new
EcoBell 2 generation of high-rotation atomizers for electrostatic paint application also

RoDip dip-painting process:
In the dip tank, each car body is
rotated one full turn around its
own axis. This means excellent
application of primer and ensures
lasting corrosion protection.
Paint Systems business unit
23
met with great response. We were even able to sell this product in Japan, a market
that is very difficult for foreign suppliers to break into. We made other successful market
launches with products for direct electrostatic charging of water-based paints and for
sealing weld seams on vehicle bodies.
Growing market potential among suppliers
The trend toward outsourcing and modularization in vehicle production
has parts and module suppliers doing more and more
painting work. The Paint Systems Industrial product line, which is
positioning itself in the market as a partner for sophisticated
paint technology and turnkey systems, is benefiting from this
trend. To best exploit the growing market volume, we improved
our internal cooperation in 2004 and established centers of competence
for various applications in France, Germany, and the
United States. We also brought more products to market that are
specifically geared toward the needs of suppliers in the automotive
industry.
We completed an important showcase project in Mexico, where
we supplied a complete paint shop for truck beds. In Germany,
we installed a system for painting vehicle roofs for the first time.
Exhaust-air purification: Good business development, also in new markets
The Environmental Systems product line registered good business development. A
key contributor was the expansion of our activities in China. In addition to business
with the automotive industry, we focused increasingly on the pharmaceutical, chemical,
and printing industries, using our expertise to build systems precisely tailored to our
customers’ needs on the basis of standardized modular products.

Final Assembly Systems
The Final Assembly Systems business unit plans and realizes intelligent solutions for
the final stage of vehicle assembly – from individual solutions to complete plants.
Automobile manufacturers can thus assemble variously equipped automobiles quickly,
at low cost, and with high quality on one and the same line. We are the second-largest
supplier in systems business involving complete assembly lines. We also intend to continue
expanding the business in production technology for the aircraft industry. Effective
March 1, 2005, the Final Assembly Systems business unit belongs to the new Paint and
Assembly Systems division.

Dürr designs and supplies perfectly
matched systems for vehicle final
assembly. The range includes flexible
conveyor systems designed to transport
add-on components and bodies
exactly in accordance with sequence
timing requirements.
Final Assembly Systems business unit
Innovative solutions
strengthen market position
Large order received for final assembly plant in Slovakia
New FAStplant factory concept
Production technology supplied for Airbus A380
Amounts in €m
2004 2003 Change
Total incoming orders 345.7 405.4 –14.7%
Total sales 374.0 445.0 –16.0%
EBITDA 6.0 11.3 –46.9%
EBT 2.0 7.5 –73.3%
Employees at year’s end 1,546 1,593 –3.0%
27
As a full-range supplier for the final stage of vehicle assembly, the Final Assembly
Systems business unit, established at the beginning of 2002, has rapidly advanced to
a top position. It is our goal to expand this business further.
To lower its manufacturing costs, the automobile industry needs efficient assembly
lines with flexible possibilities of use. We meet that need with the widest range of products
in the competitive field. We can ourselves supply about 70% of the equipment
needed for a final assembly facility – whether it is a matter of assembly, filling, testing,
or conveyor technologies. Also, as a systems partner, we are able not only to supply
individual equipment, but also to plan and realize complete turnkey assembly lines.
New orders: Demand primarily for conversion and modernization
A very large contract we won at the end of 2004 underscores that we are one of the
top suppliers in systems business. For KIA’s new factory in ˇZilina, Slovakia, we are
planning and realizing a complete final assembly facility worth more than € 40 million.
This contract is a success for Dürr in two respects: It is another showcase project in
final assembly technology and it is extraordinary proof of confidence after KIA had
earlier awarded the Paint Systems business unit the contract for the construction of
a paint shop in ˇZilina.
In general, the automobile industry’s reluctance to invest in the past year led to
noticeably fewer large orders for new final assembly plants throughout the sector.
Instead, our customers awarded more projects for the conversion or modernization
of existing facilities. We received the largest conversion order from Volkswagen
in Mosel, Germany, where we are retooling the final assembly facility to the new
Passat B6. This contract was largely the result of Volkswagen’s satisfaction with the
earlier final assembly retooling we did at the same plant for the Golf A5.
Among the most important operational startups were a complete assembly line in
DaimlerChrysler’s plant in Tuscaloosa, Alabama (USA), conveyor systems and a
marriage station for Land Rover in Solihull near Birmingham, Great Britain, and
a renewed assembly line for the Ford Motor Company in Turkey.

28
Dürr conveyor systems transport
bodies through the various process
stations in the body-in-white, paint
and final assembly shops.
The French auto manufacturer PSA Group placed an order for us to deliver the equipment
for end-of-line vehicle adjustment and testing, including conveyor systems, in
Trnava, Slovakia. Indian vehicle manufacturer Tata had us supply conveyor technology
for the final stage of vehicle assembly, filling technology, and a marriage station for
joining power trains and bodies. Both contracts show that we are in a position to
complete demanding projects reliably and on time even in the emerging markets of
the automotive industry.
FAStplant: More functionality with simpler technology
We are taking an entirely new path with our FAStplant factory concept for the highly
flexible final stage of vehicle assembly. FAStplant uses pre-manufactured conveyor
modules that can be placed freely in any shop, since they do not require ceiling suspension
or foundation pits. The modules come with all of the interfaces needed for
the integration of assembly and testing facilities. Since FAStplant is designed as a
modular system, the main line of a final assembly facility can be set up within just a
few days and can easily be modified or retooled, extended, divided, or shortened to
suit new vehicle models. The marketing of our new factory concept is off to a promising
start, as we have already built a test line for a German automobile manufacturer
with convincing results.
Combination products for final assembly
We primarily use technically standardized modules that can be
combined into customer-specific yet cost-effective package solutions.
A current example of this is the combination of our marriage
stations with the freely guidable FASmatic conveyor system.
This solution allows more flexibility and greater availability when
joining power trains and bodies – convincing advantages, as orders
from Germany, China, and the United States demonstrate.
In terms of filling technology, we are rounding off our range of
products by offering more systems with a low level of automation,
which are especially well suited for production sites in lowcost
countries. We see strong sales potential for these systems,
for example, on the Chinese market.
Conveyor technology: MOVITRANS used throughout
In conveyor technology, we were able to demonstrate our expertise
in completing projects with tight schedules. We converted the
complete conveyor system for the paint shop at Hyundai’s plant
in Chennai, India, in just eight months. At the start of 2005, we finished
the new conveyor system for the paint shop at Volkswagen’s
plant in Bratislava, Slovakia, after just six months’ conversion time.
Both projects presented a significant logistical challenge, since
they had to be done under ongoing production.

Final Assembly Systems
Product lines
Automation and Conveyor
Techniques
Turnkey final assembly plants
Conveyor systems for body-inwhite,
paint shop, and final
assembly stages of automobile
production
Planning of final assembly
plants and test centers
for vehicle and component
development
Final Assembly Products
Fitting and assembly equipment,
filling systems, and
testing technology for final
vehicle inspection
Final Assembly Systems business unit
In product development, we focused on expanding the range of application for
MOVITRANS, our system for contactless power and data transmission. In the coming
months, we will adapt all our floor and overhead conveyors to MOVITRANS to distinguish
ourselves technologically even more from the competition.
29
Production technology for aircraft construction
We further expanded our activities in aircraft construction. For example, we delivered
to the Airbus plant in Stade, Germany, a major part of the assembly line for the tail
fin of the A380. At the Airbus plant in Broughton, Great Britain, we put into operation
a paint shop for wings as well as a complete assembly line for wing components.
Dürr technology is also being used to produce the new A400M, for which Airbus ordered
a complete line for the production of the rudder units and assembly equipment for
the production of the wing skins.
Relocating parts of the value chain
One way in which we are dealing with high cost pressure is to shift parts of the value
chain to our Polish subsidiary Dürrpol. We have already finished setting up the design
and assembly of skid conveyors there. We are preparing to transfer further steps in
the value chain to Poland and are pursuing similar concepts for the North American
and Asian markets.

Ecoclean
Dürr Ecoclean stands out for high-tech workpiece cleaning systems. The most important
area of use for these systems is engine and transmission manufacturing in the auto-
motive industry. To ensure quality, it is essential that all components are absolutely clean
prior to assembly, since even tiny amounts of residue can cause damage. Ecoclean is
the world’s market and technological leader and the only provider that operates world-
wide. Since March 1, 2005, Ecoclean operations have been a part of the new Measuring
and Process Systems division.

Cylinder head cleaning: A highpressure
lance, working with an
operating pressure of approximately
400 bar, removes residues of contamination
originating from the manufacturing
process. The lance is mounted
on a robotic arm that makes sure the
high pressure water jet is directed just
where it is needed. Final cleaning
is carried out with multi-nozzle spray
systems.
Ecoclean business unit
Course set for
earnings improvement
Difficult market environment in Germany
Earnings enhancement measures under way
New cleaning systems for diesel fuel injection systems
Amounts in €m
2004 2003 Change
Total incoming orders 183.6 176.9 3.8%
Total sales 186.1 208.1 –10.6%
EBITDA –2.0 9.4 –121.3%
EBT –5.1 5.7 –189.5%
Employees at year’s end 909 932 –2.5%
For the Ecoclean business unit, 2004 was marked by very weak demand in the important
German market, which we were only partly able to offset with an increase in
business in the United States, where capital spending restraint in the automotive
industry was slowly beginning to ease. A gratifying development came out of the
newly tapped Chinese market, where we smoothly completed a showcase project
involving 19 cleaning systems for an automotive joint venture through our local
unit established there in 2003.
33
Earnings enhancement measures introduced without delay
A difficult overall market environment, insufficient capacity utilization in Germany and
Spain, and unscheduled expenditures in the Coolant Filtration product line resulted
in considerable reductions in profit. In response, we immediately launched a series of
short and medium-term measures as part of the JUMP restructuring program. These
measures will increase our profitability and strengthen our market position, especially
since some of our smaller competitors have been unable to withstand the price and
cost pressures and have withdrawn from the market.
We are cutting production costs by simplifying the concepts and designs of our cleaning
systems without compromising on functionality and quality.
To further utilize the potential of the international Ecoclean network, we are installing
a process-oriented organization based on international centers of competence.
The interfaces between sales, purchasing, design, and assembly are being optimized
to accelerate product development and order processing times and to reduce costs
and capital tie-up. Strengthening project management as a key overarching process is
playing a vital role.

34
Ecoclean
Product lines
Cleaning Automotive
Cleaning technology used in
the production of engine and
transmission components
by the automobile industry
Cleaning Industrial
Cleaning technology used in
the production of small parts
and components by automobile
component suppliers
and other industrial enterprises
Coolant Filtration
Coolant recycling systems
Automation
Automation systems
for workpiece transport
and handling
In the medium term, we will pursue a global platform strategy for our products, which
will allow us to use more common parts and reduce costs.
We are also organizing our production activities more cost-effectively. For example,
we have completely stopped production at our Spanish plant in Barcelona and relocated
it to the Czech Republic. The reduction of manufacturing capacities in the United
States that we completed in 2003 has already begun to pay off. When the North
American market picked up, we benefited from our significantly reduced fixed costs.
Innovations for diesel fuel injection systems
The focus of our development work in 2004 was on cleaning systems for diesel fuel
injection systems. Driven by the brisk demand for fuel-efficient diesel engines, the
automotive industry is setting a fast pace for innovation in this area. Parallel to that,
we are developing matching systems that are capable of cleaning even tiny bores –
like those in common-rail injector nozzles – with utmost precision. Our most important
innovation in this area is a cleaning system for a new type of diesel fuel injection
pump, with which we won a leading automotive supplier’s design competition.
As the technological leader, we were also called upon by a fellow automobile components
supplier for the automotive industry. We delivered cleaning equipment for
diesel fuel injection systems that use the so-called piezo technology. Instead of conventional
solenoid valves, the nozzle openings in piezo systems are fitted with crystal
layers that expand, and thus close the opening, when electrical voltage is applied.
Piezo technology makes it possible to use extremely small nozzle openings, a special
challenge for us as a cleaning technology supplier.
Proving our systems expertise
Dürr Ecoclean is the only provider to combine cleaning technology, coolant recycling,
and automation technology under a single roof. This puts us in the position of
being able to process complex systems orders for engine and transmission plants.
For example, we were able in 2004 to provide a US automaker with cleaning and
filtration systems for the production of a new engine model plus the conveyor systems
linking the individual cleaning and production process centers. Another customer
ordered automation and cleaning technology in a single package from Ecoclean for
the first time for its engine and six-speed transmission manufacturing facilities in
the United States and Great Britain. A major factor that won us the contract was our
ability to complete large-scale international projects. This expertise sets us apart
from the competition and secures us a strong position in the acquisition of orders for
“common products” projects, in which automakers order identical production facilities
for different plants to ensure a consistent standard of production quality.

Dürr Ecoclean systems ensure optimum
cleaning results coupled with environmental
compatibility.
Ecoclean business unit
Automation systems: Solid business development
Business development was strong in automation systems in 2004, both in North
America and in France, the product line’s primary European market. In France, we
delivered a comprehensive package of cleaning and automation technology to an
automotive joint venture for the production of a new diesel engine.
Coolant Filtration: Unscheduled charge against earnings
Coolant Filtration also benefited from the revival of the North American market.
Activity in Europe, on the other hand, declined. In addition, unscheduled expenses
associated with particular orders weighed heavily on results.
35
Suppliers market: New vacuum cleaning system unveiled
The Cleaning Industrial product line, which delivers to automotive
suppliers and machinery builders, benefited from the recovering
machinery business. Incoming orders, sales, and earnings all
improved.
Our Ecocell 79W inline cleaning system once again testified to
our innovative power in this area. Workpieces such as pump housings
and valve blocks are automatically placed in vacuum-sealed
cells, pre-cleaned in a submersion bath, further treated with ultrasound,
and finally dried in a vacuum. This process achieves far
higher quality of cleaning than other processes, in which the workpieces
are merely sprayed clean. Another advantage is that the
cleaning cells move in a circular path as opposed to conventional
inline systems in which the individual treatment stages are
arranged one after the other. This gives the Ecocell 79W a much
smaller footprint than conventional machines.

Measuring Systems
Measuring Systems supplies high-precision plants and systems for measuring static and
dynamic forces. We occupy leading positions both in balancing and diagnostics systems
as well as in measuring and process systems. We serve a wide range of customers, which
extends beyond the automotive sector to the basic materials, machinery, and mining
industries. The new Group structure – in force since March 1, 2005 – bundles both Ecoclean
and Measuring Systems in the Measuring and Process Systems division.

Automatic wheel mounting system
of Schenck RoTec. The tire is mounted
on the rim and is inflated in split
seconds. Due to the rapid pressure
drop during the opening of the inflator,
the surrounding air cools down
quickly. Air humidity condenses and
vapor is generated.
Measuring Systems business unit
Earnings situation significantly
improved by
Restructuring works
Successful business in China
Growing demand from the mining industry
Amounts in €m
2004 2003 Change
Total incoming orders 320.2 286.2 11.9%
Total sales 307.2 283.7 8.3%
EBITDA 18.6 –4.0 565.0%
EBT 10.9 –14.5 175.2%
Employees at year’s end 2,084 2,255 –7.6%
39
The extensive restructuring measures of the program took affect in the
Measuring Systems business unit. We improved the result of operations significantly
and achieved earnings before taxes of € 10.9 million.
A major reason for our success was the closing of the loss-making pre-manufacturing
operation in Darmstadt, Germany. The closing allows us to purchase parts and components
far less expensively – an important step on the path toward greater competitiveness.
Successful business in China
We were able to further expand our strong position in Asia. We achieved particularly
strong growth in China, which accounted for 25% of total incoming orders in the
past fiscal year. We hired 128 new employees there and expanded our manufacturing
capacities to be better represented on the growing Chinese market. From China,
we also supply customers in Europe and the Americas in addition to our Asian customers.
Balancing and Diagnostic Systems: Strong services business
The Balancing and Diagnostic Systems product line, the world’s market leader in
these technologies, increased both sales and incoming orders in 2004. The automotive
industry accounted for about 60% of sales, while the rest came from the machinery,
aerospace, power plant, and electrical engineering sectors. In North America, we benefited
from a sharp rise in demand from the aerospace industry. In contrast, capital
spending remained restrained on the European market. Development in Asia continued
to be dynamic.

40
Balancing technology: Computers are
used to convert the unbalance signals
and to calculate the required correction.
Services such as contract balancing work and training, consulting, and maintenance
have developed into a strong pillar for the product line. Their share of total sales is
already around 25%. Balancing work done on behalf of customers offers particularly
strong potential for growth. We have expanded our network of contract balancing
centers to a total of 14 locations and are now represented in all major markets.
We also registered good business development in the wheels
and tires branch, which supplies systems for automated assembly,
filling, and balancing of complete wheels. In an international
work sharing, we completed a demanding project for a supplier
in Tuscaloosa (Alabama/USA). The standard modules such as the
assembly, filling, and balancing machines came from Germany,
while our US subsidiary supplied the conveyor systems and served
as general contractor, taking care of system integration and onsite
installation.
We launched the CAB 900 measuring system, a new solution for
measuring imbalances, calculating corrections, and controlling
and regulating our balancing machines. CAB 900 is equipped with
powerful software that quickly processes measurement data and
precisely determines imbalances. Because the system is compatible
with standard industry computers, there is little expenditure
involved in installation and maintenance. CAB 900’s measuring
system is equipped with a high-resolution digital signal processor
that can handle even very weak audible signals with precision.
Measuring and Process Systems: Growing market potential in the mining business
The Measuring and Process Systems product line (Schenck Process) is the world’s
only single-source supplier of systems and components for weighing, feeding,
screening, and automation in industrial processes. Our customers are from the mining,
cement, steel, chemical, plastics, and logistics industries. Thanks to its strong
position and a robust increase in capital spending in the international mining industry,
the product line Measuring and Process Systems developed very well in 2004.
In China in particular, high demand for raw materials and energy resulted in strong
growth of demand for processing equipment for the mining industry. The largest
order that we received came from one of the country’s leading coal suppliers. We are
installing a coal washing plant and two systems for loading trains with washed coal
at the Zhaozhuang mine. The plant can free around 10 million metric tons of raw coal
of impurities annually – a major contribution to environmentally compatible power
generation. We began to cultivate the North American market with a company specifically
geared to the mining industry. The prospects for growth are good. The North
American mining industry is investing heavily to replace its existing plants – in many

Measuring Systems
Product lines
Balancing and Diagnostic
Systems (Schenck RoTec)
Balancing and diagnostic
systems for rotating and
oscillating components
Measuring and Process
Systems (Schenck Process)
Systems and components
for weighing, feeding, automation,
and screening
in industrial processes
Discontinued:
Development Test Systems
(Schenck Pegasus)
Engine, power drive train,
vehicle, exhaust, and brake
testing systems as well as
wind tunnel balances for
automobile development
Measuring Systems business unit
41
cases obsolete – with new, more efficient plants. In South America, we were also able
to expand our business in the mining sector after establishing companies in Chile and
Colombia.
We developed a major innovation for our MULTIRAIL Wheelscan weighing system,
which measures the axle and wheel loads of moving trains. A new remote-access
system allows users to obtain the data of observed trains and enter commands online
from any computer. The only software requirement is a standard Web browser. We
plan to use the remote access feature for other systems in the future, e.g., for automating
shipping.
Information about the Development Test Systems product line can be found in the
“Discontinued Operations” section on page 47.

Discontinued operations
Services and Development Test Systems (DTS) We classify the Services business unit
and the Development Test Systems (DTS) product line in this report as discontinued oper-
ations. Subject to usual approvals, particularly from antitrust authorities, we have sold
the Services unit (Premier Group) to Voith AG, Heidenheim, Germany. For DTS, a product
line in the Measuring Systems business unit, we are examining strategic options, e.g.,
a minority shareholding or a complete sale.

Paint distribution center in an automotive
paint shop: Paint circulation
lines, through which paint is pumped
to painting robots, need to be cleaned
regularly. That is done with foam balls
known as pigs, which push paint
residues out of the pipeline.
Discontinued operations
Services,
Development Test Systems
Amounts in €m
Services
The Services business unit, represented by the US-based Premier Group, continued
its growth trend in 2004 with a sales plus of 8.3%. Without the increasing weakness
of the US dollar, which had an above-average effect on Services due to the unit’s
strong US business, the plus would have amounted to 14.5%.
Outsourcing trend continues
45
The continuing outsourcing trend in the automotive industry ensures that the services
sector remains a growth market, despite the industry’s low propensity to invest.
Shifting tasks to external partners like Premier is beneficial as it permits manufacturers
to reduce costs, improve quality, and fully concentrate on core areas of competence,
such as development, sales, and brand management.
Strategy: Expansion of product portfolio
2004 2003 Change
Total incoming orders 257.0 230.0 11.7%
Total sales 233.4 227.8 2.5%
EBITDA 4.1 –0.6 783.3%
EBT –6.8 –4.8 –41.7%
Employees at year’s end 6,015 5,105 17.8%
To consistently take advantage of market opportunities, the Services business unit
is pursuing the strategy of widening its range with perfectly fitting business models
and sophisticated new services. That underscores our profile as a quality provider
with full service competence and distinguishes us from smaller, local suppliers. Also,
expanding our product range makes us more independent of our original core business
of plant cleaning.
We made good progress in restructuring our product range in 2004. That is shown
among other things by the fact that primarily new business areas contributed to sales
growth.
Services produced a very promising start in the segment of equipment maintenance
for engine factories. In our established market in the United States, we obtained a
large order right away after having performed maintenance primarily for paint shops
in the past. We made this entry with the help of Premier Tech, a consulting program
that we use to advise our customers on strategic and operational aspects of equipment
maintenance.

46
Another business with growth potential is fleet management. In that area, we perform
functions such as leasing and spare parts management for the vehicle fleets that
automobile manufacturers and their suppliers use in their plants (e.g., lift trucks and
forklifts). In 2003, we entered into a globally applicable master agreement with a large
automobile component supplier. Its startup phase has now been successfully completed.
As a showcase project, the model has an effect. Several customers are showing
great interest in assigning their fleet management to us for a long time.
“Be the best”: Innovation initiative started
In line with our slogan “be the best,” we established a task force in 2004 not only to
develop new services, but also to lower costs for customers on current jobs by
means of pragmatic solutions. We thus managed, for example, to considerably simplify
and accelerate the spray booth cleaning process. Our wide range of services
is always opening up opportunities to intensify existing customer relationships and
solidify them for the long term by means of additional offerings tailored to the
requirements.
Expansion in North America and Europe
We successfully expanded our operations in North America, Great Britain, and Eastern
Europe last year. In contrast, development of demand was subdued in Asia. In the
United States, which is by far our largest market, we won another extensive new contract
in addition to the order for maintenance of an engine factory. A Japanese manufacturer
has entrusted to us the tasks of industrial cleaning for its painting equipment
and facility management for its new works.
In Western Europe, Great Britain was again our most important market in 2004. We
are the leader there in manufacturing support services. Proceeding from that position,
we are cultivating new business fields and customer relationships. On the Eastern
European market, we were able to intensify our activities above all in Poland and to
add extensive services for two automobile manufacturers to existing business.
We also registered gratifying development in Brazil. Existing contracts for maintenance
and industrial cleaning of equipment were expanded significantly in terms of
revenue and were improved in respect to margins.

Discontinued operations
Development Test Systems
47
The Development Test Systems product line is the world’s second-largest supplier of
test systems for vehicle development. With stiff competition unabated, we registered
very different demand situations regionally in 2004. While capital spending in the
automotive industry in Europe was restrained, the market in North America increased
slightly. Growth in Asia remained strong, especially in China.
Our most important innovation in test stand technology was the SPARC controller
system. SPARC has a very high control frequency and can thus simultaneously control
up to five loading or drive units (e.g. combustion engines or eddy current brakes).
The advantage is that in engine and transmission testing, different shifting processes
and driving situations, e.g. in mountains and curves, can be exactly simulated on
the test stand. In the future, we will offer SPARC for all testing processes in vehicle
development.
We achieved an extraordinary success in the United States by obtaining an order to
supply General Motors (GM) with extensive test systems for the purpose of uniformly
expanding its engine and transmission development activities. The technology is to
be used in GM development centers in six countries. The project is one of the most
important individual orders that we have ever received.
We entered into a cooperative agreement with Shanghai’s Tongji University for the
purpose of further market development in China. As part of this project, we are
supplying extensive testing equipment for vehicle development.

2004 at a glance
July
June
March
Squeeze-out Carl at Schenck AG
A resolution of the shareholders’ meeting
of Carl Schenck AG allows Dürr to increase
its stake in Schenck to 100%.
First powder top-coat line
February
Innovations recognized
Sponsor Dr. Heinz Dürr gives the 2003 Heinz Dürr Innovation
Award to five winning teams from the Dürr Group, pointing
out that “Innovations are Dürr’s future!”
The world’s first powder top-coat line reaches full capacity at BMW’s
Regensburg, Germany, plant, with 36 painting robots electrostatically
applying the environmentally compatible powder paint.
Ferrari award goes to Dürr
Dürr earns a President’s Award from
Ferrari for the new paint shop in Maranello,
Italy. Dr. Heinz Dürr accepts the award.
April
Dürr once again top supplier for GM
Dürr receives the desirable Supplier of the Year Award
from General Motors for the fourth time.
15th ordinary annual shareholders’ meeting
On June 9, some 400 Dürr shareholders convene
in Stuttgart, Germany, to learn about their
company’s figures and prospects for the future.
Corporate bond launched
Dürr’s corporate bond is traded on the
market for the first time on July 2.

September
PUSH symposium
On behalf of scientific dialogue at Dürr, CEO Stephan Rojahn opens a symposium of the Stifterverband
für die Deutsche Wissenschaft (Donor’s Association for the Promotion of Sciences and Humanities in
Germany), featuring high-level participants from the economy, research, and political communities.
November
October
Capital Markets Day in Darmstadt, Germany
Investors, analysts, and bank representatives
discuss business development and new products
with the Board of Management on October 13.
Schenck Technology Park opens
Carl Schenck AG opens a vast technology and industrial park
on its grounds in Darmstadt, Germany. Some 30 companies
have already set up there.
December
Chancellor Schröder attends signing
With Germany’s Federal Chancellor Gerhard Schröder in
attendance, Dürr signs an agreement to supply a turnkey
coal washing plant in Beijing, China.
Ralf Dieter appointed to the
Board of Management
Ralf Dieter, Chairman of Carl Schenck AG’s Board
of Management, is appointed to Dürr AG’s Board
of Management effective January 1, 2005.
Two system orders in Slovakia
KIA places two system orders at once with
Dürr for its new plant in ˇZilina, Slovakia,
where Dürr will build both the paint shop and
the final assembly line.

Consolidated
management report
GDP development
Amounts in %
2004 2003
World 3.9 3.7
Germany 1.7 –0.1
EU 2.4 0.9
United States 4.4 3.1
Eastern Asia 5.4 3.8
China 9.0 9.1
Japan 4.2 2.7
Source: German Institute for
Economic Research (DIW)
Economic environment
Global economy: Waning momentum in the second half of 2004
The worldwide gross domestic product (GDP) increased by 3.9% in 2004. However,
growth slowed gradually from the spring onward due in large part to diminishing
fiscal policy stimuli and rising energy and raw material prices. In the United States,
export momentum also declined, while imports rose sharply. The result was a further
increase in the current account deficit. In China, growth slowed only slightly, although
the government switched to a more restrictive economic policy and made access
to consumer credit more difficult. The euro area experienced a continued economic
upswing that was based primarily on exports. Germany was unable to keep pace
with growth in the EU despite increased exports. Continuing uncertainty among consumers
and high unemployment caused private consumption to stagnate at a low
level.
Automotive industry: Increasing unit sales in a difficult environment
In 2004, the automotive industry sold 5.3% more passenger cars and light trucks
worldwide than in the previous year. However, the market environment remained
difficult, marked by intense competitive pressure, large rebates, and excess capacities.
High steel prices also had a negative impact on margins.
The intensity of competition has forced manufacturers and parts suppliers to increase
productivity at their plants. In 2004, the following trends could be observed:
In Western Europe and North America, the automotive industry’s investements in
the passenger car segment primarily went towards modernizing existing plants
than in building new plants. We primarily received conversion orders in which we

Sales of passenger cars and light
trucks in million units
2004 %*
World 59.2 5.3
United States 17.3 1.9
Germany 3.3 0.9
Western Europe 16.8 3.0
Eastern Europe 1.9 16.6
China 5.1 15.5
Japan 5.9 0.4
* Changes from 2003
Source: German Association of the
Automotive Industry (VDA)
New Group structure
since March 1, 2005
Dürr AG
Paint and Assembly
Systems
Measuring and Process
Systems
Consolidated management report
51
technically upgraded and flexibilized existing passenger car production plants.
In the commercial vehicle segment, on the other hand, the good state of the market
resulted in gratifying development in our new plant business.
The building of additional automobile manufacturing plants in Eastern Europe
and Asia provided good business opportunities. For example, Korean automobile
manufacturer KIA Motors commissioned us to build both the paint shop and the
final assembly facility at its newly developed site in ˇZilina, Slovakia. In China, where
we are building a turnkey paint shop for SGM, among other things, international
automobile manufacturers and suppliers continued to set up new plants at a rapid
pace. This market offers the greatest potential for growth worldwide for the automotive
industry. However, at 15.5%, growth in new vehicle registrations was more
moderate than it had been the previous year (34.7%). This was due to the fact
that the government imposed administrative restrictions that made car-buying
more difficult.
Organization and strategy
New Group organizational structure boosts efficiency and market muscle
The ongoing changes within our markets have prompted us to reorient and streamline
our company’s organizational structure as of March 1, 2005. Our objective is to
increase efficiency and become even more responsive to our customers’ demands
and requirements. We have merged our Paint Systems and Final Assembly Systems
business units, which both operate primarily in plant engineering, into the new Paint
and Assembly Systems (PAS) division. The mechanical engineering business units,
Measuring Systems and Ecoclean, have been united in the new Measuring and Process
Systems (MPS) division.
We are selling the Services business unit, which was formed from the Premier Group.
Its sale to the Voith Group is already under way. We are selling Services because the
synergies between the systems business and the service business have not been as
strong as we had expected when we purchased the unit in 1999. This has to do with
the contracting practices of our customers, who do not award package contracts for
plant engineering and manufacturing support services. The Development Test Systems
product line (DTS), an operation of the Schenck Group, is also no longer part of our
core portfolio. We are currently assessing various strategic options for DTS, ranging
from a minority holding to an all-out sale, in order to cultivate better growth and
earnings potential for this line of business.
The mergers of companies have created larger legal entities. The new structure
decreases the number of subsidiaries by about one-third. We are thus reducing both
complexity and costs.
With the new Group structure, we are focusing on our strengths and bundling related
activities in respective areas under one roof. This brings with it significant advantages.
The elimination of the boundaries between business units and companies reduces
the complexity of our organizational structure. We can pool expertise, establish consistent
lines of responsibility, reduce interfaces, and streamline processes. Reducing
duplicate structures lowers costs – both in terms of administrative overhead and in

52
operations. We are achieving synergies through increased cooperation in administration,
development, purchasing, and assembly, and by applying standardized methods
and processes. We anticipate that the new Group structure will result in annual savings
of around € 10 million beginning in 2006.
The new organization will also increase our market muscle. Following the motto of
“one face to the customer,” we will in future serve the major automobile manufacturers
around the globe and across business units with a new key account structure. This
will allow us to coordinate our sales activities better, which in turn will strengthen our
position for winning contracts, generate greater transparency throughout the Group
about planned customer projects, and improve opportunities for cross-selling.
Comprehensive solutions expertise for the automotive industry and other sectors
Dürr is one of the world’s leading suppliers of production systems for the automotive
industry. In the past year, around 83% of the Group’s sales were achieved in this
sector. We have targeted and are utilizing opportunities for growth in other industries,
including mining and aircraft engineering.
Our range of products and services for the automotive industry covers important
stages of automobile production. As a systems supplier, we plan and build complete
paint shops and final assembly facilities. We also deliver cleaning and filtration
systems for the manufacture of engine and transmission components and balancing
systems for vehicle components.
The automotive industry is characterized by intense international competition. Automobile
manufacturers and parts suppliers not only have to face high cost pressures
but must also meet rising demands for quality and environmental compatibility. At
the same time, the pressure to innovate is also rising. In order to appeal to new
groups of buyers, the industry must continually put more model variations on the
market faster. This explains the demand for Dürr’s latest production technologies
despite slow motor vehicle sales in general. Our systems boost productivity and flexibility
in automobile manufacturing. They provide for higher levels of automation, better
quality, and outstanding environmental compatibility. Our range of products and
services covers everything from planning automotive plants and production processes
to supplying individual products and complete systems to modernization. We also
supply spare parts and customer service.
Competition and price pressure in business with the automotive industry are intensifying.
But with the following measures, we are well equipped to meet this challenge:
Greater proximity to customers and efficiency: The new Group structure will give
our organization more muscle.
Sustained cost reductions: We are improving our cost position and
competitiveness with the earnings enhancement program.
Reducing order handling risks: We have launched a comprehensive risk prevention
program entitled “Total Risk Management.” The key features are the centralization
of responsibilities, targeted risk assessment prior to project approval, and complete
project controlling.

Consolidated management report
Improving competitiveness: In addition to premium, high-end products, we also
offer “baseline” solutions that provide basic equipment as part of our designto-cost
approach. This allows us to be competitive when it comes to winning contracts
in which price is the critical factor.
Growth in emerging markets: We are continuing to expand our capacities in Asia
and Eastern Europe.
53
Market potential in the automotive suppliers market: We are intensifying our business
with the automotive industry’s parts suppliers. This segment holds strong
potential since large suppliers are taking over more and more work from automobile
manufacturers and therefore need the corresponding production technology.
Targeted growth outside the automotive industry
We will continue to expand fast-growing, high-margin lines of business outside the
automotive industry through organic growth. Such areas include, for example, environmental
systems, process technology for the mining and basic materials industries
as well as painting and assembly systems for aircraft construction. In this way, we
are reducing our dependence on the business cycles of the automotive industry.
For 2005, we plan to generate 20% of Group sales through operations in the general
industry sector.
Business developments
For 2004, we have prepared our consolidated financial statements in accordance
with International Financial Reporting Standards (IFRS) for the first time. We are also
reporting the comparative amounts from 2003 in accordance with IFRS. In some
cases, these figures differ from those published in the 2003 Annual Report, as the
2003 financial statements were prepared in accordance with United States Generally
Accepted Accounting Principles (US-GAAP). The differences resulting from the conversion
from US-GAAP to IFRS are not significant. The notes to the consolidated financial
statements beginning on page 81 contain the corresponding reconciliations.
The Services business unit and the Development Test Systems product line (DTS)
of Measuring Systems are reported as discontinued operations in the 2004 financial
statements. Continuing operations embrace the Paint Systems, Final Assembly
Systems, Ecoclean, and Measuring Systems business units (excluding DTS) as well
as the Corporate Center. The presentation of the Group comprises continuing and
discontinued operations. The terms “previous year” or “previous year’s figure” always
refer to 2003.
As expected, incoming orders fall short of previous year
The current market situation is shaped by capital spending restraint and project postponements
in the automotive industry. With market volume declining, consolidated
incoming orders in continuing operations amounted to € 1,584.6 million in 2004, down
from € 2,127.0 million in the previous year. However, the values for 2003 and 2004
are comparable only to a limited degree, since the 2003 figure was well above the

54
normal level due to a large order from General Motors that will impact sales over
several years. In discontinued operations, incoming orders increased to € 256.7 million
(previous year: € 229.2 million).
Consolidated incoming orders
Amounts in €m
13.9%
17.3%
9.8%
43.8%
15.2%
Orders on hand: Swings can be offset with flexibility
2004 2004 2003
Paint Systems 805.9 1,390.0
Final Assembly Systems 279.4 282.1
Ecoclean 180.1 174.6
Measuring Systems 319.2 280.3
Continuing operations 1,584.6 2,127.0
Discontinued operations 256.7 229.2
Group 1,841.3 2,356.2
Orders on hand in continuing operations shrank to € 920.9 million as of December 31,
2004 (December 31, 2003: € 1,257.8 million). By flexibilizing working hours and reducing
the number of employees, we have adjusted our capacities to the market environment.
At € 131.8 million, orders on hand in discontinued operations as of December 31,
2004, were higher than the corresponding figure of December 31, 2003 (€ 106.3 million),
largely due to increase in the DTS product line.
Consolidated orders on hand
(as of December 31)
Amounts in €m
9.4%
8.7%
14.6%
12.5%
54.8%
2004 2004 2003
Paint Systems 577.3 937.2
Final Assembly Systems 153.6 138.4
Ecoclean 91.3 96.8
Measuring Systems 98.7 85.4
Continuing operations 920.9 1,257.8
Discontinued operations 131.8 106.3
Group 1,052.7 1,364.1
Sales revenues slightly below previous year
Consolidated sales revenues in continuing operations declined as expected. At
€ 1,903.3 million, revenues dropped below the previous year’s figure of € 2,044.9 million
by 6.9%. Adjusted for the effects of foreign exchange rates, sales would have
been € 1,968.7 million, or just 3.7% lower than in 2003. In discontinued operations,
we registered an increase to € 233.1 million (previous year: € 227.0 million) due to
growth in the Services business unit.

Consolidated management report
Consolidated sales
Amounts in €m
14.3%
8.6%
12.5%
Sales share in Asia and North America increased
2004 2004 2003
Paint Systems 1,148.0 1.244.1
Final Assembly Systems 265.9 320.4
Ecoclean 183.5 202.2
Measuring Systems 305.9 278.2
Continuing operations 1,903.3 2,044.9
Discontinued operations 233.1 227.0
Group 2,136.4 2,271.9
55
Regionally, sales developed as follows: In North and Central America, consolidated
sales from continuing operations grew from € 655.5 million to € 671.9 million. In
Europe, they fell to € 900.5 million (previous year: € 1,093.6 million). In Africa, Asia,
and Australia, we increased sales to € 316.3 million (previous year: € 278.8 million),
while sales in South America declined to € 14.6 million (previous year: € 17.0 million).
In discontinued operations, sales were down in Europe and South America but up
in North and Central America, Africa, Asia, and Australia.
Consolidated sales by regions
Amounts in €m
15.6%
1.1%
36.9%
10.9%
53.7%
23.1%
21.9%
1.4%
2004 2004 2003
Germany 493.4 579.3
Other EU countries 466.7 558.0
Other European countries 30.1 50.7
North and Central America 788.6 763.2
South America 24.5 29.3
Asia, Australia, Africa 333.1 291.4
Group 2,136.4 2,271.9
Earnings before taxes in continuing operations increased significantly
In continuing operations, we increased earnings before taxes (EBT) by € 19.5 million
to € 18.6 million in 2004 (previous year: € –0.9 million). The Measuring Systems business
unit (excluding DTS) increased its operating earnings and reported lower restructuring
expenses. The improvement in the Corporate Center is the result of writing
back provisions which were no longer needed. Earnings were burdened in 2004 by
unscheduled expenses amounting to € 15.1 million. Those were incurred in the
Ecoclean and Final Assembly Systems business units, caused by problems in handling
particular orders.
In discontinued operations, EBT dropped to € –6.8 million from € –4.8 million in the
previous year. The main reason for this decline is amortization of intangible assets

56
EBT and EBITDA
at DTS amounting to € 6.6 million. That charge was taken as a consequence of the
valuation of DTS and is connected with our intention either to put the product line
into a minority shareholding or to sell it. The Services business unit was able to maintain
a level close to the previous year’s despite slight losses.
Restructuring expenses and impairment losses in continuing operations (€ 6.8 million)
include € 2.8 million for combining the Paint Systems and Final Assembly Systems
business units under the new Group structure. Another € 1.6 million had to be spent
in Measuring Systems, mostly for closing the pre-manufacturing operation in
Darmstadt, Germany. Added to that was a total of € 2.4 million in Paint Systems,
Final Assembly Systems, and Ecoclean.
2004 2003
Amounts in €m EBITDA Margin EBT Margin EBITDA Margin EBT Margin
Paint Systems 1 39.6 3.4% 28.3 2.5% 41.3 3.3% 29.3 2.3%
Final Assembly Systems 1 6.0 1.6% 2.0 0.5% 11.3 2.5% 7.5 1.7%
Ecoclean 1 –2.0 –1.1% –5.1 –2.7% 9.4 4.5% 5.7 2.7%
Measuring Systems 1 18.6 6.1% 10.9 3.5% –4.0 –1.4% –14.5 –5.1%
Corporate Center 3.4 – –17.5 – –11.5 – –28.9 –
Continuing operations 2 65.6 3.4% 18.6 1.0% 46.5 2.3% –0.9 0.0%
Discontinued operations 2 4.1 1.8% –6.8 –2.9% –0.6 –0.3% –4.8 –2.1%
Group 2 69.7 3.3% 11.8 0.6% 45.9 2.0% –5.7 –0.3%
1 Margins calculated on the basis of total sales (sales in a business unit including intragroup sales to other business units)
2 Margins calculated on the basis of consolidated sales
The gross margin in continuing operations rose to 16.5% in 2004 (previous year:
16.3%). We were able to offset higher raw material prices by increasing efficiency.
Selling, administrative and other operating expenses were down by 6.3% to
€ 270.6 million (previous year: € 288.6 million) – proof of the effectiveness of our
earnings enhancement program.
Earnings before interest and taxes (EBIT) in continuing operations rose to € 42.5 million
(previous year: € 19.8 million). The EBIT margin more than doubled, improving from
1.0% to 2.2%. In discontinued operations, EBIT dropped to € –6.9 million from
€ –4.9 million in 2003, mainly due to write-downs.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in continuing
operations rose to € 65.6 million (previous year: € 46.5 million). That yields an EBITDA
margin of 3.4% (previous year: 2.3%). At € 26.4 million, net interest expense was
€ 2.2 million more than the previous year’s figure. The increase is a result of our new
financing structure (corporate bond and syndicated loan) by means of which we
have largely replaced current financial liabilities with funds dated to the medium or
long term. Gross debt in continuing operations was € 289.2 million at the year’s
end (previous year: € 296.4 million). Interest income was down from € 3.5 million to
€ 2.5 million due to the planned reduction of positive bank balances in the framework
of Group-wide cash management. Although capital expenditures on property, plant
and equipment and intangible assets (excluding goodwill; see “Capital expenditures”
chart on p. 64) rose to € 27.2 million (previous year: € 20.1 million), depreciation

Amounts in €m
Total incoming
2004 2003
orders 809.2 1,400.1
Total sales 1,154.5 1,250.2
EBITDA 39.6 41.3
EBT
Capital
28.3 29.3
expenditures1 8.5 8.6
Employees (Dec. 31) 2,690 2,808
1 On property, plant and equipment and
intangible assets
Consolidated management report
amounted to € 23.0 million and was thus below the previous year’s figure (€ 26.6 million).
The critical factor here is that a majority of the capital expenditures in 2004
were made in the fourth quarter. EBITDA for discontinued operations amounted to
€ 4.1 million (previous year: € –0.6 million).
57
Finance costs, calculated on the basis of income or loss from associated companies
and other investment income as well as interest expenses and income, amounted to
€ –24.0 million in continuing operations, after € –20.6 million in the previous year. This
is due to higher interest expenses resulting from the new financing structure and to
higher average net financial debt.
As of December 31, 2004, net financial debt in continuing operations stood at € 242.8
million, after € 101.5 million on the previous year’s balance sheet date. However, this
significant difference is a reporting date effect. We received above-average customer
prepayments at the end of 2003, which reduced net financial debt as of December 31
correspondingly.
Finance income in discontinued operations amounted to € 0.2 million in 2004 (previous
year: € 0.1 million). As of December 31, 2004, discontinued operations had positive
net financial balances of € 4.9 million (previous year: € 4.5 million).
Net income in continuing operations rose in 2004 to € 11.6 million (previous year: net
loss of € 22.0 million). Discontinued operations reported a net loss of € 6.9 million due
primarily to write-downs (previous year: net loss of € 8.3 million). The result for the
Group is net income of € 4.7 million. In the previous year, the Group reported a net loss
of € 30.3 million due to restructuring expenses and the non-capitalization of deferred
tax assets on unused tax losses in the amount of € 23.0 million. In continuing operations,
we achieved earnings per share of € 0.88, after € –1.56 in the previous year.
Discontinued operations, by contrast, show earnings per share of € –0.48 (previous
year: € –0.58).
Business units: Continuing operations
Paint Systems
The Paint Systems business unit received large orders in 2004 from Germany, China,
and Australia as well as the Eastern European growth markets of Russia and Slovakia.
However, the automotive industry’s overall capital spending in the field of painting
technology did not reach the previous years’ level, particularly in Europe, the United
States, and South America. Thus, total incoming orders returned to their normal level
as expected after having been far above average in 2003 due to a package order from
General Motors. At € 28.3 million, earnings before taxes were just under the previous
year’s level, although total sales declined to € 1,154.5 million. As a result, the return
on sales improved to 2.5% (previous year: 2.3%). A substantial contribution came
from product standardization under the program. In addition, significant earnings
growth was achieved in the Environmental Systems product line. At € 8.5 million,
capital expenditures on property, plant and equipment and intangible assets were of
the same order of magnitude as in the previous year. The main items were new developments
in application technology and the construction of a test facility for further
development of the RoDip dip-painting process. The number of employees dropped
to 2,690, primarily due to capacity adjustments in France and South America.

58
Amounts in €m
Amounts in €m
2004 2003
Total incoming
orders 183.6 176.9
Total sales 186.1 208.1
EBITDA –2.0 9.4
EBT –5.1 5.7
Capital 1.6 1.3
expenditures 1
Employees (Dec. 31) 909 932
1 On property, plant and equipment and
intangible assets
Amounts in €m
2004 2003
Total incoming
orders 320.2 286.2
Total sales 307.2 283.7
EBITDA 18.6 –4.0
EBT 10.9 –14.5
Capital 17.4 5.6
expenditures 1
2004 2003
Total incoming
orders 345.7 405.4
Total sales 374.0 445.0
EBITDA 6.0 11.3
EBT 2.0 7.5
Capital 8.1 6.5
expenditures 1
Employees (Dec. 31) 1,546 1,593
1 On property, plant and equipment and
intangible assets
Employees (Dec. 31) 2,084 2,255
1 On property, plant and equipment and
intangible assets
Final Assembly Systems
At € 345.7 million, total incoming orders in the Final Assembly business unit were
significantly below the previous year’s high figure, which indeed included extensive
deliveries of conveyor systems to the Paint Systems business unit. We felt considerable
capital spending restraint on the part of the automotive industry in the United
States, and several projects were postponed in China. By contrast, demand in Eastern
Europe increased. For example, we received large orders in the area of final assembly
from KIA Motors and Peugeot in Slovakia. At € 374.0 million, total sales were lower.
The critical factors here were the weak US dollar and declining sales revenues at our
US subsidiary Dürr Production Systems Inc. (DPS). The unsatisfactory EBT figure of
€ 2.0 million is also attributable primarily to DPS. The company had to absorb high
unscheduled expenses of € 8.3 million as a result of implementation problems involved
in the introduction of final assembly products on the US market. Our capital expenditures
on property, plant and equipment and intangible assets amounted to € 8.1 million
and were mainly incurred for expansion of the site in Chemnitz, Germany. Of that
total, € 1.1 million was for goodwill arising in connection with the squeeze-out at Carl
Schenck AG and was assigned to Final Assembly Systems. As of December 31, 2004,
we had 47 fewer employees than at the same time a year earlier. While we reduced
staff in the United States, we expanded capacity in China.
Ecoclean
In the Ecoclean business unit, we managed to increase total incoming orders in 2004
by € 6.7 million to € 183.6 million. We benefited primarily from an improved market
situation in the United States, while demand in Europe was unsatisfactory. Since the
upswing in US business could not offset the European market’s weakness, total sales
of € 186.1 million were € 22.0 million below the previous year’s level. Earnings before
taxes were negative in the amount of € –5.1 million. The primary reason, aside from
low sales, was unscheduled expenses of € 6.8 million in the Coolant Filtration product
line. We limited capital expenditures on property, plant and equipment and intangible
assets to € 1.6 million. They primarily involved replacement expenditures. We reduced
personnel capacity by another 23 employees in light of the difficult market situation.
Measuring Systems
(excluding Development Test Systems product line)
The Measuring Systems business unit increased incoming orders by 11.9% on the
previous year to € 320.2 million. At € 307.2 million, total sales were up by 8.3% over
the previous year. The largest contribution to this positive development came from
business in process technology for the mining industry, which we managed to expand
considerably. We registered growth above all in the regions of Asia, Africa, and
Australia. Incoming orders and sales each increased there by more than 30%. The
restructuring efforts implemented in 2003 had a positive effect on earnings. Earnings
before taxes rose to € 10.9 million (previous year: € –14.5 million). Correspondingly,
the EBT margin came to 3.5%. Capital expenditures on property, plant and equipment
and intangible assets amounted to € 17.4 million, after € 5.6 million in the previous
year. Of the total, € 13.0 million was attributable to goodwill. That resulted from
increasing our stake in Schenck Australia Pty. Ltd. to 100% and the squeeze-out at Carl
Schenck AG. Although 128 new jobs were created in China, the net number of employees
declined by 171 to 2,084, primarily due to closing the pre-manufacturing operation
in Darmstadt, Germany.

Amounts in €m
2004 2003
Total incoming
orders 158.6 146.5
Total sales 158.6 146.5
EBITDA1 10.8 11.8
EBT1 8.1 9.1
Capital 2.5 2.4
expenditures 2
Employees (Dec. 31) 5,455 4,499
2 On property, plant and equipment and
intangible assets
Consolidated management report
Business units: Discontinued operations
Services
59
The Services business unit, which is heavily represented in the US market, managed
to increase total incoming orders and sales by 8.3% despite the weakness of the dollar.
Calculated at the previous year’s exchange rates, the increase would have amounted
to 14.5%. The largest contribution to growth came from the newly developed business
line of transportation equipment management. However, other new services such as
wheel pre-assembly also achieved sales increases. At € 8.1 million, earnings before
taxes 1 were below the previous year’s figure of € 9.1 million. Besides exchange rate
effects, the drop in 2004 is largely due to advance outlays associated with entering into
transportation equipment management. Based on earnings before taxes, we achieved
a return on sales of 5.1% (previous year: 6.2%). Our capital expenditures on property,
plant and equipment and intangible assets amounted to € 2.5 million and were incurred
primarily to expand our range of services. We increased our personnel capacity
in correlation with the higher sales, so the number of employees rose by 956 to 5,455
as of December 31, 2004. The increase occurred largely in Brazil, Poland, Great Britain,
and the United States, where we acquired new customer and service contracts.
Development Test Systems product line (DTS)
Total incoming orders in the DTS product line rose to € 98.4 million in 2004 (previous
year: € 83.5 million). By contrast, total sales fell from € 81.3 million to € 74.8 million.
Earnings before taxes declined to € –14.9 million (previous year: € –14.0 million).
Amortization on intangible assets amounting to € 6.6 million was a burden on earnings.
That resulted from the valuation of DTS and is connected with our intention either
to put the product line into a minority shareholding or to sell it. On the other hand, DTS
managed to improve earnings performance in operating business as a result of the
restructuring completed at the end of 2004.
Earnings enhancement program consistently implemented
With the adjustment of our Group structure as of March 1, 2005, we have taken an
important step toward increasing our competitiveness. Bundling our activities into two
divisions allows us to reduce costs, improve business processes, and have a more
unified presence on the market.
We continued to implement consistently all the measures of the Group-wide
earnings enhancement program in 2004. has four primary areas of focus:
Cutting costs, reducing risks, decreasing net working capital, and consolidating our
locations and portfolio. We intend to achieve savings of around € 170 million through
by the end of 2005. Since the beginning of the program in spring 2003, we
have taken some 270 measures, most of which are now complete – and successful.
1 Since the Services business unit is reported under discontinued operations, its earnings figure does not include expenses
for received intragroup goods and services. For this reason, the EBT figure for 2003 here differs from the value published
in the 2003 Annual Report (€ 7.1 million). EBITDA was shown at € 10.3 million in the 2003 Annual Report.

60
From the project launch to the end of the year 2004, achieved cumulative savings
amounted to about € 105 million as planned. In line with the distribution of sales
within the Group, Paint Systems made the largest contribution to savings – about 50%.
Around 20 to 30% of the savings achieved found direct expression in earnings. We have
used the rest to compensate for the continuing erosion of prices and the unscheduled
expenses in Ecoclean and Final Assembly Systems. The program is of central
importance to the Group because its measures have enabled us to improve our competitiveness
in a difficult market environment.
The most important measures implemented since the beginning of 2004 are as follows:
Cutting costs
Consistent product standardization has allowed us to improve our cost position significantly.
For example, Paint Systems lowered production costs across all painting technology
products by another 6% on average in 2004. The second key area is purchasing.
We have pushed forward with the establishment of purchasing offices in low-cost
procurement markets. We are also using lead buyers who work across the different
business units to manage the purchasing of key product groups and coordinate
cooperation with large suppliers who operate globally. Finally, we have adjusted our
personnel capacities to the market environment. In 2004, the number of employees
in continuing operations was reduced by 4.7%.
Reducing risks
We consistently improved our key processes to limit earnings risks in the area of order
handling. For example, with the Project Information Tool (PIM), we set up a database
with which our project managers can closely track deadline and cost developments.
We also developed and launched a new risk management manual for the Group.
Net working capital management
We have stepped up receivables and inventory management in all business units.
The results were a decline of receivables in continuing operations by 9.1% and of
inventories by 10.9% in 2004.
Location and portfolio consolidation
In the process of reshaping the Group’s structure, we have pushed forward with
streamlining our network of locations. In the United States, we combined five companies
belonging to the new Paint and Assembly Systems division at the beginning of
2005 and placed them under uniform management. Parallel to that, we have eliminated
various company and brand names. Two companies in France were already combined
in 2004, and there are plans to combine five more in Germany. In the Ecoclean business
unit, which belongs to the Measuring and Process Systems division as of March 1,
2005, four US companies were combined at the end of 2004. The sale of the Services
business unit will further reduce the complexity of our company structure.

100
90
80
70
60
50
40
30
20
10
Financial liabilities,
including the bond
December 31, amounts in %
71.5
28.5
2004 2003
71.4
28.6
47.8
52.2
Short term
Group
Continuing operations
Medium and long term
Group
Continuing operations
47.6
52.4
Consolidated management report
Financial position
Long-term financing secured
61
The Dürr Group put its financing structure on a new foundation at the start of July
2004. A corporate bond in the nominal amount of € 200 million and a syndicated loan
in the amount of € 400 million now provide us with secure financing for the long
term.
The fixed-rate bond matures in 2011 and has an interest coupon of 9.75%. The issue
price was 96.3%. The interest payments are made every six months on January 15
and July 15. The syndicated loan is composed of a revolving credit line in the amount
of € 200 million and a guarantee facility of the same volume. Both tranches have a
term of five years. The corporate bond is subordinated in relation to the syndicated
loan, which explains the higher rate of interest compared with a bank loan.
With the two interlinked transactions, Dürr has proactively diversified its financing
structure. We have used the proceeds to considerably reduce our short-term liabilities
to banks and to repay a note loan that became due in November 2004. This has
increased the time-to-maturity factor of our financial liabilities (including the bond).
The medium- and long-term portion – with reference to continuing operations – was
71.4% on the balance sheet date of December 31, 2004 (previous year: 47.6%).
Balance sheet: Equity ratio increased
As of December 31, 2004, total assets in continuing operations shrunk by 14.7% to
€ 1,288.5 million (December 31, 2003: € 1,509.9 million).
Non-current assets in continuing operations amounted to € 560.1 million (December 31,
2003: € 559.3 million), equivalent to 43.5% of total assets (December 31, 2003: 37.0%).
At € 15.5 million, capital expenditures on property, plant and equipment were only
moderately higher than in the previous year (€ 13.4 million). Combined with depreciation
and currency effects, this resulted in a decline in property, plant and equipment
to € 148.2 million (December 31, 2003: € 159.4 million). Goodwill and other intangible
assets accounted for 26.8%, or € 345.1 million, of total assets in continuing operations
(December 31, 2003: 21.8%, or € 329.4 million). Goodwill increased to € 308.8 million
from € 297.3 million on the previous year’s balance sheet date. The rise was largely due
to increasing Dürr’s stake in Schenck Australia Pty. Ltd. to 100% and the squeeze-out
at Carl Schenck AG. The impairment test for goodwill for continuing operations did not
require a valuation allowance.
Current assets in continuing operations shrank by € 222.3 million to € 728.4 millon and
accounted for 56.5% of total assets (December 31, 2003: 63.0%). As part of Group-wide
cash pooling, we reduced cash and cash equivalents to € 46.4 million and hence to our
target level (December 31, 2003: € 194.9 million). Trade receivables declined to € 563.5
million from € 619.9 million on the previous year’s balance sheet.

62
Total assets in discontinued operations were down by € 9.1 million from the previous
year to € 146.5 million. Besides the effect of a goodwill decline due to exchange rates,
this was primarily due to amortization of intangible assets amounting to € 6.6 million,
performed in connection with the valuation of DTS. The impairment test did not require
a valuation allowance for discontinued operations either.
Balance sheet structure
Amounts in %
2004 2003
Non-current assets 43.5 38.0
Current assets 56.5 62.0
Assets, Group 100.0 100.0
of which discontinued operations 10.2 9.3
Equity with minority interests 15.6 13.4
Non-current liabilities 24.4 16.4
Current liabilities 60.0 70.2
Equity and liabilities, Group 100.0 100.0
of which discontinued operations 10.2 9.3
Equity (without minority interests) of the Dürr Group rose by € 3.5 million to € 222.4 million
as of the end of 2004. As a result of the decline in total liabilities, the equity ratio
improved noticeably from 13.1% at the end of 2003 to 15.5%.
Our aim is to reduce the share of current financial liabilities appreciably. For this reason,
we have restructured our financing by converting short-term debt into long-term
financial liabilities. Accordingly, non-current liabilities in continuing operations rose
to € 290.9 million (previous year: € 211.5 million). Another factor which contributed
to this rise was a € 9.3 million increase in other provisions to € 18.7 million. That was
largely the result of the formation of a € 9.8 million provision for prospective payments
in connection with the acquisition of the remaining shares in Schenck Australia Pty. Ltd.
Current liabilities in continuing operations dropped from € 1,112.1 million to € 804.8 million.The
main reason for this was a reduction of trade payables (to € 492.7 million
from € 662.4 million in the previous year), which was primarily due to a € 140.0 million
decline in customer prepayments received. By restructuring our financing, we were
able to reduce current financial liabilities by almost half. They shrank by € 75.5 million
to € 85.3 million. Other liabilities were also down, from € 159.4 million to € 117.6 million.
The critical factors here were lower liabilities from restructuring measures
(€ 7.0 million after € 17.8 million in the previous year) and for the market valuation
of our derivative financial instruments (€ 2.5 million after € 16.9 million in the previous
year).
The breakdown of provisions is presented in the notes to the consolidated financial
statements beginning on page 107.

Consolidated management report
Current and non-current liabilities
Amounts in €m
63
As of December 31, 2004, net working capital for continuing operations amounted
to € 150.3 million, up from € 53.7 million at the end of 2003. This increase as of the balance
sheet date is primarily the result of lower prepayments from customers. We will
continue to intensify our management of prepayments, receivables, and inventory to
reduce net working capital both on annual average and as of the balance sheet date.
Cash flow*
2004 2003
Financial liabilities 112.0 306.6
Corporate bond 186.5 –
Internal financing –46.1 –48.0
Trade payables 492.7 662.4
Tax liabilities 6.1 5.2
Other liabilities 117.6 159.4
Continuing operations 868.8 1,085.6
Discontinued operations 98.0 100.3
Group 966.8 1,185.9
In continuing operations, cash flow from operating activities amounted to € –105.8 million
after € 62.1 million in the previous year. The main reason for the outflow of
funds was a reduction in trade payables by € 165.2 million (previous year: inflow
of € 32.2 million), which was primarily due to the lower customer prepayments
received. The reduction of other liabilities (not to banks) by € 33.4 million (previous
year: inflow of € 10.4 million) and of provisions by € 17.0 million (previous year:
outflow of € 2.0 million) also contributed to the outflow of funds. The reduction of
inventories and trade receivables resulted in an inflow of € 44.1 million (previous
year: outflow of € 19.9 million).
In discontinued operations, cash flow from operating activities amounted to € 2.3 million,
down from € 18.9 million in the previous year. Contributing factors here were a
€ 5.4 million increase in trade receivables (previous year: decrease of € 14.8 million)
and a € 3.2 million decrease of other liabilities (previous year: increase of € 7.5 million).
Cash flow from investing activities in continuing operations totaled € –21.6 million
(previous year: € –25.5 million). Purchases of property, plant and equipment resulted
in an outflow of € 15.5 million (previous year: € 13.4 million). The outflow of funds due
to the addition of intangible assets amounted to € 8.2 million after € 6.7 million in
the previous year. The outflow of funds due to acquisitions net of cash acquired was
the result of purchasing stock in Carl Schenck AG (€ 3.4 million) and Schenck Australia
Pty. Ltd. (€ 2.0 million). The proceeds from selling property, plant and equipment
amounted to € 8.5 million (previous year: € 2.5 million). They derived mainly from the
selling involved in closing the pre-manufacturing operation in Darmstadt, Germany,
and from a sale-and-lease-back transaction.
* The figures for changes to balance sheet items mentioned in the section on cash flows include exchange rate effects
and therefore cannot be reconstructed in the balance sheet.

64
Cash flow from financing activities in 2004 were determined primarily by the restructuring
of the Group’s financing (corporate bond and syndicated loan). In continuing
operations, cash flow from financing activities amounted to € –25.3 million after
€ –55.1 million in the previous year. The issue of the corporate bond resulted in a net
inflow of € 186.9 million. Parallel to this, early repayments amounting to € 141.3 million
(previous year: € 30.8 million) were made on long-term financial liabilities, and
short-term liabilities to banks were reduced by € 52.1 million (previous year: increase
of € 2.6 million). The outflow for interest payments amounted to € 15.0 million (previous
year: € 21.1 million). In discontinued operations, cash flows from financing activities
amounted to € 2.2 million (previous year: € –14.7 million).
At € 30.7 million at the end of 2004, the purchase volume of our factoring program
was € 6.9 million higher than the previous year’s figure. Of that total, € 25.5 million
were from continuing operations, and € 5.2 million from discontinued operations.
Capital expenditures
Capital expenditures on property, plant and equipment and intangible assets in continuing
operations increased in 2004 to € 41.3 million (previous year: € 24.5 million).
This figure includes capitalized goodwill amounting to € 14.1 million, which resulted
from the purchase of the remaining shares in Schenck Australia Pty. Ltd. and Carl
Schenck AG (squeeze-out). After adjustment for this item, capital expenditures amounted
to € 27.2 million. More information is contained in the notes to the consolidated
financial statements on page 102. At € 15.5 million, capital expenditures on property,
plant and equipment were moderately higher than the previous year’s figure
(€ 13.4 million). At € 3.3 million, the expansion of our production facilities in Chemnitz,
Germany, was the largest single item. Capital expenditures on intangible assets
increased in continuing operations to € 25.8 million (previous year: € 11.1 million).
This was primarily due to the above-mentioned stock purchases and to the purchase
of technical and business software. We capitalized development expenditures amounting
to € 4.4 million in 2004 (previous year: € 2.1 million).
Capital expenditures on property, plant and equipment and intangible assets
Amounts in €m
12.7%
12.1%
36.7%
18.0%
17.1%
3.4%
2004 2004 2003
Paint Systems 8.5 8.6
Final Assembly Systems 8.1 6.5
Ecoclean 1.6 1.3
Measuring Systems 17.4 5.6
Corporate Center 5.7 2.5
Continuing operations 41.3 24.5
Discontinued operations 6.0 6.3
Group 47.3 30.8
of which goodwill 14.1 4.4
of which other capital expenditures 33.2 26.4

Consolidated management report
In discontinued operations, total capital expenditures remained nearly unchanged at
€ 6.0 million (previous year: € 6.3 million).
Amortization and depreciation
Amounts in €m
32.6%
3.5%
14.9 %
Control and profit-and-loss transfer agreements
In addition to existing intercompany agreements, Dürr AG entered into a control and
profit-and-loss transfer agreement with Dürr Systems GmbH, Stuttgart, in 2004.
65
Report on relationships with associated companies
In conformity with Sec. 312 of the German Stock Corporation Law, the Board of
Management of Dürr AG prepared a report on relationships with associated companies,
in which it issued the following concluding declaration: “We declare that under the
circumstances known to us at the time when transactions were carried out or a measure
was implemented or refrained from, our company received fair and reasonable
consideration in each transaction, and was not placed at a disadvantage by implementing
or refraining from the measure in question.”
Squeeze-out
31.1%
10.3%
7.6%
2004 2004 2003
Paint Systems 10.6 11.5
Final Assembly Systems 3.5 3.2
Ecoclean 2.6 3.0
Measuring Systems 5.1 7.7
Corporate Center 1.2 1.2
Continuing operations 23.0 26.6
Discontinued operations 11.1 4.4
Group 34.1 31.0
By using the squeeze-out technique, we have increased our shareholding in Carl
Schenck AG, Darmstadt, Germany, to 100%. The required resolution of the Schenck
annual shareholders’ meeting to exclude minority shareholders was recorded in the
commercial register on September 15, 2004, and is thus legally effective. By acquiring
all of the company’s stock, we have put ourselves in a position to integrate Schenck
more closely into the Dürr Group and to reduce costs. The excluded shareholders
received a cash settlement of € 157 per share. Some former Schenck shareholders do
not think the amount of the cash settlement is sufficient and have therefore initiated
appeal proceedings. However, these will only examine the adequacy of the cash settlement.
The resolution to exclude the minority shareholders can no longer be challenged.

66
We test process and product
innovations under real conditions
at our technology centers.
Research and development
In 2004, direct expenditures for research and development (R&D) in continuing operations
amounted to € 26.5 million (previous year: € 27.8 million). The R&D ratio – the
quotient of R&D expense and sales – amounted to 1.4% as in the previous year. However,
the item reported in the income statements contains only the smaller portion
of our actual R&D expenditures. That is because we, as an engineering company,
do the majority of our development work within the framework of customer orders.
Expenditures incurred for such work are booked as project-related costs of sales.
We increased the number of employees in the Group’s development
teams to 217 as of the balance sheet date (previous year: 209).
We also have many employees working on new solutions as part
of customer orders.
Our innovation management aspires to develop solutions that
offer customers added value, whether in the form of greater flexibility,
higher quality, and better environmental compatibility or
greater efficiency in production. Given the intense competitive
pressure in the automotive industry, our primary aim is to help our
customers further reduce unit costs in production by means of
cost-efficient solutions.
To help our customers put new vehicle models into mass production
faster, we have further shortened plant planning and construction
times. The most important contribution was the continued
development of virtual reality programs that we use to plan
and design production systems three-dimensionally on computers.
That speeds up project completion considerably.
A key to increasing performance in automobile manufacturing is the modularization
and standardization strategy that we pursue in product development. This strategy
gives us proven base solutions that can be inexpensively and individually combined
on the modular design principle. The most important advance in this area is FAStplant,
the modular conveyor system concept designed for short-term configuration of a final
assembly’s main line. Another contribution to cost reduction came from information
systems like our EcoEMOS supervisory control systems and our EcoScreen visualization
software. We have developed new Web-based versions of both programs. In
addition to control, they also allow total monitoring of the production process, enabling
rapid detection of production and logistics problems. In balancing technology, we
launched the CAB 900 measuring system, which uses a new software to determine
imbalances quickly and very precisely. We also developed new software applications
in weighing technology, such as remote access that allows users to call up data from
any computer connected to the Internet. More information about new developments
can be found in the reports from the business units beginning on page 18.
In the future, we will use additional 3-D tools to speed up order handling further. A
major goal is to reduce the costly pre-assembly of complete system modules and
replace it with 3-D simulations for testing the performance of modules before shipping
them. In addition to high-end products, we will also step up development of
“baseline” products with simple, basic features that we can offer at a low price. Our
development expenditures in 2005 will be at a level similar to the previous year’s.

Consolidated management report
Purchasing management
67
Purchasing volume within the Dürr Group is equal to roughly two-thirds of total sales.
Therefore, purchasing is a key place to start utilizing cost-cutting potential. That is
why the earnings enhancement program also contains numerous coordinated
measures that improve purchasing coordination, resource pooling within the
Group, and market research performed by our purchasing organization.
We established a globally uniform purchasing information system so that information
about additional cost-cutting possibilities can be disseminated throughout the entire
company faster. In addition, new purchasing centers, for example in Brazil, China,
Mexico, and Poland, are supporting the procurement activities of the business units.
We furthermore strengthened cross-unit purchasing for high-quality product groups
with more personnel, and supplemented it with centralized management for selected
suppliers. Larger purchasing volumes and consistent utilization of quantity effects are
the basic prerequisites for strengthening our position in purchasing. That is why we
are moving ahead vigorously with the standardization of components. The common
database which is now available for general agreements simplifies and speeds up
purchasing processes. More favorable purchasing conditions are promised by targeted
use of online auctions. We will increase our use of this option in the future.
Our efforts in purchasing management have allowed us to offset some of the additional
costs that resulted primarily from the sharp rise in steel prices. We expect raw material
prices to continue increasing in 2005. We will counter the associated risks with even
more stringent selection and evaluation procedures for our suppliers.
Employees
Employees, by business unit
(as of December 31)
20.3%
45.2%
0.4%
11.6%
6.8%
15.7%
2004 2004 2003
Paint Systems 2,690 2,808
Final Assembly Systems 1,546 1,593
Ecoclean 909 932
Measuring Systems 2,084 2,255
Corporate Center 51 54
Continuing operations 7,280 7,642
Discontinued operations 6,015 5,105
Group 13,295 12,747
As of December 31, 2004, we employed 7,280 people in the Group’s continuing operations.
That is 4.7% fewer than on the previous year’s balance sheet date (7,642). The
decline was largely in the Measuring Systems business unit (excluding DTS), where
the workforce was reduced by 171 employees, primarily due to the closing of the premanufacturing
operation in Darmstadt, Germany. In Europe, the number of employees

68
in continuing operations was reduced by 469 to 5,236. In North and South America,
the number of employees was reduced by 77 to 1,309, while 184 new jobs were created
in Asia, Africa, and Australia.
In discontinued operations, the number of employees increased by 17.8% to 6,015
(previous year: 5,105). This increase is solely due to the personnel-intensive Services
business unit, which added 956 employees for project-related reasons. In contrast,
DTS had 46 fewer employees as of December 31, 2004 than it had at the same time a
year earlier.
To ensure that we will also be able to recruit highly qualified employees in the future,
we are striving to provide a positive working environment, enough latitude for
employees to act on their own responsibility, and compensation that rewards performance.
Moving steadily forward with training and continuing education
The continuing education of our employees on a steady basis ensures our further
development as a technology group and strengthens our competitive position. In
2004, we focused on specialized, organizational, and technical qualification measures
within the framework of the program. Examples include risk minimization
and project management. These topics will remain the centerpiece of our qualification
activities in the future.
Due to the closing of the loss-making pre-manufacturing operation in Darmstadt,
Germany, the number of trainees in the Group dropped from 257 (December 31, 2003)
to 208 (December 31, 2004). In addition to the traditional trades requiring apprenticeships
in industrial and commercial fields, we also offer technical and business courses
(such as mechanical engineering, electrical engineering, information technology,
mechatronics, and business administration) in collaboration with regional vocational
colleges.
Staff and university marketing at an international level
We again gave qualified students from technical and business programs the opportunity
to complete project-based internships in the Group in 2004. Most were deployed
in Asia, North America, and Eastern Europe. In addition, we were able to get Chinese
students to join courses at our German sites within the framework of a Chinese-
German college scheme. In the United States, we set up the Dürr Bachelor Degree
Sponsorship Program. The undergraduate students supported by the program work
in various departments within the company to complement their academic education.
Employees, by region (continuing operations)
(as of December 31)
2.1%
15.9%
0.3%
10.1%
51.1%
20.5%
2004 2004 2003
Germany 3,723 4,087
Other EU countries 1,491 1,594
Other European countries 22 24
North and Central America 1,157 1,195
South America 152 191
Asia, Africa, Australia 735 551
Total 7,280 7,642

Consolidated management report
Successful health management
69
In April 2004, we successfully completed the pilot stage of our Prevention First project,
which was launched in 2003 and is aimed at promoting good health among our
employees. The project is jointly funded by Dürr, project participants, and several
health insurance institutions. Employee participation is strong and so we are continuing
the project, also because it has brought about a substantial reduction in illnessrelated
costs.
Risk management
The business units of the Dürr Group are exposed to a variety of risks that are inextricably
linked with doing business globally. We view risk management as a central
task of the Board of Management, other levels of management, and all employees.
This approach to risk management should allow us to identify and limit risks sooner
and simultaneously to take advantage of entrepreneurial opportunities.
Risk management at Dürr is broken down into four steps: identification, assessment,
control, and monitoring. We have developed appropriate tools for each of these steps.
These tools include a risk management manual, a Dürr-specific risk profile, and a risk
structure sheet for each type of risk. The key tool is regular risk reporting. In addition,
the business units keep the Board of Management informed about unexpected risks
as they arise by sending internal instant messages. Dürr’s financial controlling and
internal control systems are also key elements of consistent, effective risk management.
Because a portion of risks lie outside the Board of Management’s influence, even
a functioning risk management system cannot completely rule out all risks. In this
respect, developments can arise that diverge from the Board of Management’s plans.
General economic development
Besides the overall economic situation, the state of the automotive industry in particular
has an impact on business developments at Dürr. For this reason, we systematically
analyze the development of manufacturers and suppliers on a regular basis. This
allows us to identify changes in demand at an early stage and take any necessary
measures.
Competitors
We are faced with a variety of competitive situations. Some are oligopolistic, while
others are highly differentiated and polypolistic. Our actions within each of our business
units must match these different competitive structures. For this, we employ
the generally accepted tools.
Clients and market
We are in a position to recognize changes in the demands of the automotive industry
and the resulting risks at an early stage. This is because, as a key supplier, we maintain
ongoing, close cooperation with our customers. Project and development partnerships
with manufacturers and suppliers, for example, allow us to gear our innovations
toward any new processes or materials being used in automobile design.

70
Order handling and business processes
We complete large-scale projects valued in the millions on a regular basis. These
projects are characterized by a high degree of technical complexity and long turnaround
times. We use appropriate tools to minimize schedule and earnings risks, including
project management manuals and risk and opportunity checklists. The progress of
large systems projects is analyzed on a regular basis by the Board of Management
and other senior managers.
Dürr’s most important key processes are planning, design, and order handling. In addition,
our risk management system also covers support processes. The risk management
tools we use to control risks in each of our business processes are as diverse
as the processes themselves.
Suppliers
With a view to the procurement side, quality and the price-performance ratio are of
particular importance to Dürr. We depend on reliable, high-quality, cost-effective supply
sources. That is why our experts regularly monitor the quality standards of the
suppliers and their reliability in working together. To reduce procurement risks, we
maintain long-term business relationships, especially with preferred suppliers of
technically complex components.
Currency and interest rate risks
Because Dürr operates worldwide, we must take exchange rate fluctuations into
account. For us, the primary risks associated with differences in foreign exchange
rates arise when we convert business figures from our foreign subsidiaries into
euros (translation risk). The currency risk from product exports (transaction risk) is
relatively low since a large portion of our added value is generated locally in the
countries where the orders are filed.
We use interest rate swaps to counter interest rate risks and fluctuations in the value
of financial instruments. We use derivative financial instruments to protect ourselves
against currency risks. In this way, we reduce the currency risk for expected cash
flows in foreign currencies from operations and from financing transactions within the
Group.
All financial derivatives and related underlyings are continually and regularly monitored
and evaluated within the framework of a Board of Management directive.
We enter into derivative contracts only with banks that have a strong credit standing.
All interest rate swaps are transacted through German banks. Further information
regarding hedging activities can be found in the notes to the consolidated financial
statements.
Information technology
Information technology is of key importance to Dürr’s business processes. We use the
latest security solutions to protect our data and infrastructure against intrusion. We
have also continuously increased the availability and fail-safeness of our server and
storage systems for business-critical applications.
Legal dispute with Alstom
Integral parts of the acquisition of the Air Industries Group from Alstom in 2000 were
an equity guarantee for the consolidated group and a margin guarantee for selected
orders. The two parties – Alstom S.A. on one side, and Dürr AG and Dürr Systems

Consolidated management report
GmbH on the other – disagree on the actual amount of these guarantees. Arbitration
proceedings before the International Chamber of Commerce (ICC) in Paris have been
pending since May 2001. No final decision has yet been reached.
71
Financing
We have put the Group’s financing on a new foundation with a corporate bond in the
nominal amount of € 200 million and a syndicated loan in the amount of € 400 million.
Within the framework of the corporate bond, Dürr is subject to certain restrictions and
obligations. Failure to adhere to these could result in the bond amount and accrued
interest being called due. The terms of the syndicated loan require us to adhere to certain
balance sheet and earnings ratios, which, if changed, could result in corresponding
interest rate adjustments. If we fail to adhere to these conditions, the lending
banks will have the right of termination. The balance sheet and earnings ratios have
been renegotiated with the lending banks in 2005 to adjust them to the changed organizational
and economic situation and to IFRS accounting standards, which we are
applying for the first time.
Events subsequent to the reporting date
Ralf Dieter joins the Board of Management
Ralf Dieter joined Dürr AG’s Board of Management as of January 1, 2005. Mr. Dieter is
also Chairman of the Board of Management of Carl Schenck AG, a whollyowned subsidiary
of Dürr AG.
Services business unit to be sold
We have initiated the sale of the Services business unit (Premier Group) to the Voith
Group. The contract of sale was signed on March 15, 2005, and consummation of the
agreement is subject to the customary reservations, including particularly the approval
of antitrust authorities.
New Group structure
On March 1, 2005, we launched a new Group structure that comprises two divisions:
Paint and Assembly Systems
(formerly Paint Systems and Final Assembly Systems)
Measuring and Process Systems
(formerly Ecoclean and Measuring Systems)
The Paint and Assembly Systems division is headed by the Chairman of the Board
of Management, Stephan Rojahn, and the Measuring and Process Systems division
by Ralf Dieter.
As part of the reorganization, we merged the US companies Acco Systems Inc., Behr
Systems Inc., Dürr Environmental Inc., and Dürr Production Systems Inc. into Dürr
Systems Inc. (formerly Dürr Industries Inc.), Plymouth, Michigan, effective January 1,
2005. The US companies Dürr Automation Inc., Henry Filters Inc., and H.R. Black
Company Inc. were already merged into Dürr Ecoclean Inc., Wixom, Michigan, as of
December 31, 2004. In Germany, we are going to merge the following companies
into Dürr Systems GmbH, Stuttgart: Dürr AIS GmbH, Dürr Automotion GmbH, Dürr
Environmental GmbH, and DSEngineering GmbH.

72
GDP development
Amounts in %
2005* 2004
World 3.2 3.9
Germany 1.5 1.7
EU 2.3 2.4
United States 3.4 4.4
Eastern Asia 4.7 5.4
China 8.0 9.0
Japan 2.1 4.2
* Forecast
Source: German Institute for
Economic Research (DIW)
Outlook
Global economic growth expected to slow
From today’s perspective, we expect the global economy to grow by 3.2% in 2005 and
hence slower than last year. On the whole, however, the forces stimulating the
economy seem to be strong enough for a slide into a downswing is not to be expected
despite high raw materials prices. Nevertheless, the uncertain development of
oil prices and exchange rates makes it difficult to forecast with certainty.
We expect that many central banks will tighten their monetary policy to avert inflationary
fears. In addition, the United States will probably rein in its expansionary fiscal
policy further, which should take some wind out of the economy’s sails. In Asia, economic
growth will be fueled primarily by domestic demand. The increase in output
in the euro area will probably remain of the same order of magnitude as in 2004.
Automotive industry: Market opportunities by launching model offensives
We anticipate that the automotive industry will maintain its current pace of innovation
and quickly launch new models. Such model offensives afford us good market opportunities,
since we can offer cost-cutting technologies to manufacturers and their suppliers,
particularly from our Paint and Assembly Systems division.
In Western Europe, the automotive industry will continue to invest in the conversion
of existing plants in the current year. Various European and Asian automakers are considering
expanding their production capacities in North America – in part to become
more independent of exchange rate risks and in part to increase their sales volumes
in the world’s biggest automobile market. This could result in a corresponding
demand for our solutions.
New production facilities will also continue to be established primarily in Eastern
Europe and Asia. Besides China, India and Russia offer the greatest growth potential
for the automotive industry. Therefore, we are also going to increase our activities
in those markets. However, it must be expected in the emerging markets that intense
price wars among manufacturers will also increase cost pressures on suppliers.
The trend toward diesel engines will gain momentum worldwide. For this reason, we
expect demand to increase for corresponding cleaning and balancing systems, such
as those offered by our Measuring and Process Systems division.
Paint and Assembly Systems
The Paint and Assembly Systems division does not expect a substantial recovery
in demand for 2005, since the automotive industry is still living on the high capital
expenditures of the years 2001 to 2003. We expect that market development in
Western Europe and the United States will be subdued and are basing our planning
for 2005 on a sales figure that is around 10% lower. Due to the large number of
plants and lines built by us, we see good opportunities in the modernization business.
That allows our customers to achieve advantages in respect of quality, costs, and
environmental compatibility. In regional terms, we see continued good market potential
in Asia.

Fully automated vehicle painting
processes contribute to quality and
cost-efficiency.
Consolidated management report
Measuring and Process Systems
The Measuring and Process Systems division (without DTS) expects an increase in
sales for 2005, particularly in North America, Eastern Europe, and Asia. Our global
presence enables us to achieve profitable growth in these important markets. We are
working continually on process improvements and occupy leading positions in our
markets.
73
Group (continuing operations)
Our most important tasks for 2005 are to improve profitability
and minimize risks in order handling. We will continue consistently
implementing the earnings enhancement program to
improve our competitiveness. Within the framework of our total
risk management initiative, we will introduce additional tools for
limiting risks.
Sales in continuing operations in 2005 will probably be below
last year’s. A critical factor in that is the decline of incoming orders
in 2004 after the above-average base amount in 2003 due to a
large order received from General Motors. We are planning that
earnings before taxes and EBITDA in continuing operations will
be above the last year’s figures. Factors contributing to that will
include the expansion of fast-growing business lines outside the
automotive industry, such as process technology for the mining
industry and painting and assembly technology for the aircraft
industry.
Outlook risks
This outlook and other sections of this annual report include statements about future
developments. As is the case for any business activity conducted in a global environment,
such forward-looking statements are always subject to uncertainty. Our
information is based on the conviction and assumptions of the Board of Management
of Dürr AG, as developed from the information currently available. However, the following
factors may affect the success of our strategic and operating measures:
geopolitical risks, changes in general economic conditions (especially a prolonged
recession in Europe or North America), exchange rate fluctuations and changes in
interest rates, new products launched by competitors, and a lack of customer acceptance
for new Dürr products or services, including growing competitive pressure.
Should any of these factors or other imponderable circumstances arise, or should the
assumptions underlying the forward-looking statements prove incorrect, actual
results may differ from those projected. Dürr AG undertakes no obligation to provide
continuous updates of forward-looking statements and information. Such statements
and information are based upon the circumstances as of the date of their publication.
Stuttgart, March 24, 2005
Dürr Aktiengesellschaft
The Board of Management

Consolidated financial statements
75 Independent auditors’ report
76 Consolidated income statements
77 Consolidated balance sheets
78 Consolidated statements of equity
79 Consolidated statements of cash flows
80 Notes to the consolidated financial
statements

Independent auditors’ report
Independent auditors’ report
We have audited the consolidated financial statements, comprising the balance sheet, the
income statement and the statements of equity and cash flows as well as the notes to the
consolidated financial statements, prepared by Dürr Aktiengesellschaft, Stuttgart, for the fiscal
year from January 1, 2004 to December 31, 2004. The preparation and the content of the consolidated
financial statements are the responsibility of the Company’s Board of Management.
Our responsibility is to express an opinion whether the consolidated financial statements are
in accordance with the International Financial Reporting Standards (IFRS), based on our audit.
75
We conducted our audit of the consolidated financial statements in accordance with Sec. 317 HGB
[“Handelsgesetzbuch”: German Commercial Code] and the generally accepted German standards
for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer
[in Deutschland] (IDW). Those standards require that we plan and perform the audit such that it
can be assessed with reasonable assurance whether the consolidated financial statements are
free of material misstatement. Knowledge of the business activities and the economic and
legal environment of the Group and evaluations of possible misstatements are taken into account
in the determination of audit procedures. The effectiveness of the accounting-related internal
control system and the evidence supporting the amounts and disclosures in the consolidated
financial statements are examined on a test basis within the framework of the audit. The audit
includes assessing the accounting and consolidation principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial
statements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the net assets,
financial position, results of operations and cash flows of the Group for the fiscal year in accordance
with IFRS.
Our audit, which also extends to the group management report prepared by the Board of
Management for the fiscal year from January 1, 2004 to December 31, 2004, has not led to any
reservations. In our opinion, on the whole the group management report provides a suitable
understanding of the Group’s position and suitably presents the risks of future development.
In addition, we confirm that the consolidated financial statements and the group management
report for the fiscal year from January 1, 2004 to December 31, 2004 satisfy the conditions
required for the Company’s exemption from its obligation to prepare consolidated financial
statements and the group management report in accordance with German law.
Stuttgart, March 24, 2005
Ernst & Young AG Wirtschaftsprüfungsgesellschaft
Prof. Dr. Langenbucher Baierl
Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)

76
Consolidated income statements
of Dürr Aktiengesellschaft, Stuttgart, for the years ended December 31, 2004 and 2003
Amounts in €k
Continuing operations Discontinued operations Dürr Group
Note 2004 2003 2004 2003 2004 2003
Sales revenues (11) 1,903,321 2,044,886 233,041 226,986 2,136,362 2,271,872
Cost of sales –1,589,844 –1,712,518 –194,400 –193,710 –1,784,244 –1,906,228
Gross profit on sales 313,477 332,368 38,641 33,276 352,118 365,644
Selling expenses –132,276 –134,809 –15,928 –11,767 –148,204 –146,576
General and administrative expenses –110,506 –123,259 –21,502 –18,395 –132,008 –141,654
Research and development costs
Other operating income
–26,493 –27,804 –1,643 –3,466 –28,136 –31,270
and expenses
Restructuring expenses
(13) 5,211 –2,918 147 –2,289 5,358 –5,207
and impairment losses (14) –6,833 –23,825 –6,652 –2,283 –13,485 –26,108
Earnings before investment income,
other interest and similar income, interest
and similar expenses and income taxes 42,580 19,753 –6,937 –4,924 35,643 14,829
Share of profit of associates 528 85 – – 528 85
Other investment income/loss –563 – – – –563 –
Other interest and similar income 2,464 3,503 532 695 2,996 4,198
Interest and similar expenses (16) –26,440 –24,212 –350 –607 –26,790 –24,819
Earnings before taxes 18,569 –871 –6,755 –4,836 11,814 –5,707
Income taxes (17) –6,956 –21,127 –151 –3,485 –7,107 –24,612
Net income/loss 11,613 –21,998 –6,906 –8,321 4,707 –30,319
Profit share of minority interests –997 288 –19 –19 –1,016 269
Profit share of shareholders
of Dürr Aktiengesellschaft 12,610 –22,286 –6,887 –8,302 5,723 –30,588
Earnings per share in €
(basic and diluted) (10) 0.88 –1.56 –0.48 –0.58 0.40 –2.14
The accompanying notes are an integral part of these consolidated financial statements.

Consolidated financial statements of Dürr AG
Consolidated balance sheets
of Dürr Aktiengesellschaft, Stuttgart, as of December 31, 2004 and 2003
Amounts in €k
Continuing operations Discontinued operations Dürr Group
77
Note 2004 2003 2004 2003 2004 2003
Assets
Non-current assets
Goodwill (18) 308,801 297,337 44,955 48,734 353,756 346,071
Other intangible assets (18) 36,335 32,099 2,229 5,783 38,564 37,882
Property, plant and equipment (18) 148,170 159,406 13,375 15,049 161,545 174,455
Investments in associates (19) 15,762 16,033 – – 15,762 16,033
Other financial assets 5,263 4,783 – – 5,263 4,783
Tax receivables 100 – – – 100 –
Deferred taxes (17) 44,955 49,435 2,938 4,082 47,893 53,517
Prepaid expenses 735 217 563 744 1,298 961
Current assets
560,121 559,310 64,060 74,392 624,181 633,702
Inventories and prepayments (20) 52,683 59,158 5,178 7,087 57,861 66,245
Trade receivables (21) 563,532 619,937 66,288 62,364 629,820 682,301
Tax receivables 5,022 5,093 101 – 5,123 5,093
Other receivables and other assets (22) 57,783 69,705 4,947 5,626 62,730 75,331
Cash and cash equivalents 46,448 194,898 5,023 4,961 51,471 199,859
Prepaid expenses 2,903 1,836 927 1,187 3,830 3,023
728,371 950,627 82,464 81,225 810,835 1,031,852
Total assets 1,288,492 1,509,937 146,524 155,617 1,435,016 1,665,554
Equity and liabilities
Subscribed capital (23) 36,603 36,603 – – 36,603 36,603
Capital reserve (23) 159,000 159,000 – – 159,000 159,000
Revenue reserves (23) 8,950 –2,722 35,987 41,936 44,937 39,214
Other comprehensive income (23) –13,688 –11,825 –4,477 –4,124 –18,165 –15,949
Equity without minority interests 190,865 181,056 31,510 37,812 222,375 218,868
Minority interests (24) 1,886 5,241 –11 7 1,875 5,248
Equity with minority interests
Non-current liabilities
192,751 186,297 31,499 37,819 224,250 224,116
Provisions for pension obligations (25) 51,258 50,126 383 – 51,641 50,126
Other provisions (26) 18,717 9,401 3,870 3,033 22,587 12,434
Bond (27) 186,471 – – – 186,471 –
Financial liabilities (27) 26,706 145,803 1,798 2,134 28,504 147,937
Internal financing –46,045 –47,980 46,045 47,980 – –
Tax liabilities (28) 288 246 4 – 292 246
Deferred taxes (17) 51,694 51,804 6,818 8,021 58,512 59,825
Deferred income 1,811 2,106 – – 1,811 2,106
290,900 211,506 58,918 61,168 349,818 272,674
Current liabilities
Other provisions (26) 101,716 120,404 5,764 6,462 107,480 126,866
Trade payables (28) 492,705 662,394 29,059 24,699 521,764 687,093
Financial liabilities (27) 85,279 160,809 382 740 85,661 161,549
Tax liabilities (28) 5,813 4,942 868 929 6,681 5,871
Other liabilities (28) 117,551 159,392 19,876 23,782 137,427 183,174
Deferred income 1,777 4,193 158 18 1,935 4,211
804,841 1,112,134 56,107 56,630 860,948 1,168,764
Total equity and liabilities 1,288,492 1,509,937 146,524 155,617 1,435,016 1,665,554
The accompanying notes are an integral part of these consolidated financial statements.

78
Consolidated statements of equity
of Dürr Aktiengesellschaft, Stuttgart, for the years ended December 31, 2004 and 2003
Amounts in €k
Other comprehensive income
Unrealized
gains/ Total
losses other Equity Equity
from cash compre- without with
Subscribed Capital Revenue flow Currency hensive minority Minority minority
capital reserve reserves hedges translation income interests interests interests
January 1, 2003 36,603 159,000 81,241 –11,452 – –11,452 265,392 8,223 273,615
Net loss for the year 2003 – – –30,588 – – – –30,588 269 –30,319
Other changes
Other comprehensive
– – – – – – – –2,519 –2,519
income – – – 8,383 –12,880 –4,497 –4,497 –725 –5,222
Dividends – – –11,439 – – – –11,439 – –11,439
December 31, 2003 36,603 159,000 39,214 –3,069 –12,880 –15,949 218,868 5,248 224,116
Net income
for the year 2004 – – 5,723 – – – 5,723 –1,016 4,707
Other changes
Other comprehensive
– – – – – – – –2,516 –2,516
income – – – 1,260 –3,476 –2,216 –2,216 159 –2,057
December 31, 2004 36,603 159,000 44,937 –1,809 –16,356 –18,165 222,375 1,875 224,250
The accompanying notes are an integral part of these consolidated financial statements.

Consolidated financial statements of Dürr AG
Consolidated statements of cash flows
of Dürr Aktiengesellschaft, Stuttgart, for the years ended December 31, 2004 and 2003
Amounts in €k
Continuing operations Discontinued operations Dürr Group
79
2004 2003 2004 2003 2004 2003
Earnings before interest and taxes 42,545 19,838 –6,937 –4,924 35,608 14,914
Income taxes paid –1,368 –11,168 –1,584 –1,376 –2,952 –12,544
Share of profit of associates
Amortization and depreciation
–528 –85 – – –528 –85
of non-current assets
Net gain on the disposal of property,
23,019 26,614 11,073 4,357 34,092 30,971
plant and equipment
Non-cash expenses
–2,018 –2,634 –51 –3 –2,069 –2,637
from dedesignation of derivatives – 5,084 – – – 5,084
Other non-cash expenses and income 2,474 3,545 833 383 3,307 3,928
Changes in operating assets and liabilities
Inventories 5,140 35,325 1,835 1,271 6,975 36,596
Trade receivables 38,950 –55,216 –5,381 14,790 33,569 –40,426
Other receivables and assets 5,038 –287 373 –1,139 5,411 –1,426
Provisions –17,045 –1,983 715 –386 –16,330 –2,369
Trade payables –165,184 32,226 5,149 –1,854 –160,035 30,372
Other liabilities (other than bank) –33,408 10,435 –3,187 7,485 –36,595 17,920
Other assets and liabilities –3,424 430 –496 265 –3,920 695
Cash flow from operating activities –105,809 62,124 2,342 18,869 –103,467 80,993
Purchase of other intangible assets –8,187 –6,678 –2,961 –3,007 –11,148 –9,685
Purchase of property, plant and equipment –15,460 –13,373 –3,048 –3,272 –18,508 –16,645
Purchase of other financial assets –1,009 –775 –120 – –1,129 –775
Acquisitions, net of cash acquired
Proceeds from the disposal
–5,446 –7,187 – – –5,446 –7,187
of non-current assets 8,464 2,484 128 104 8,592 2,588
Cash flow from investing activities –21,638 –25,529 –6,001 –6,175 –27,639 –31,704
Repayment of long-term borrowings –141,260 –30,813 – –1,491 –141,260 –32,304
Change in current bank liabilities –52,146 2,560 –329 –6,241 –52,475 –3,681
Bond issue 186,899 – – – 186,899 –
Payment of finance lease liabilities –986 –665 –367 –360 –1,353 –1,025
Change in financial liabilities to associates –32 79 – – –32 79
Internal financing
Dividends paid to shareholders
–2,793 6,700 2,793 –6,700 – –
of Dürr Aktiengesellschaft – –11,439 – – – –11,439
Dividends paid to minority interests – –418 – – – –418
Interest paid –14,999 –21,067 78 85 –14,921 –20,982
Cash flow from financing activities –25,317 –55,063 2,175 –14,707 –23,142 –69,770
Effect of exchange rate changes
on cash and cash equivalents 4,314 –14,044 1,546 3,677 5,860 –10,367
Change in cash and cash equivalents –148,450 –32,512 62 1,664 –148,388 –30,848
Cash and cash equivalents
at the beginning of the year 194,898 227,410 4,961 3,297 199,859 230,707
at the end of the year 46,448 194,898 5,023 4,961 51,471 199,859
The accompanying notes are an integral part of these consolidated financial statements.

80
Notes to the consolidated financial statements
for the 2004 reporting period
1. Summary of significant accounting policies
The Company
Approval of the consolidated
financial statements as of
December 31, 2004
Change in accounting and
measurement policy
Dürr Aktiengesellschaft (“Dürr AG” or the “Company”) is headquartered at Otto-Dürr-Strasse 8
in 70435 Stuttgart, Germany. Dürr AG and its subsidiaries (“Dürr” or the “Group”) develop and
manufacture paint finishing plants, automation and conveyor systems as well as environmental
systems and industrial cleaning technology. In addition, the performance spectrum of Dürr
includes manufacturing support services, the manufacture of systems for process control proce-
dures, the automation of production processes and the balancing or diagnosis of revolving
parts and assemblies. Dürr’s main customers are the major companies in the automobile industry
worldwide.
The consolidated financial statements of Dürr AG for the reporting period ended December 31,
2004, have been prepared for the first time in accordance with all International Financial Reporting
Standards (IFRS) applicable as of the balance sheet date which were published by the International
Accounting Standard Boards (IASB), including the interpretations issued by the International
Financial Reporting Interpretations Committee (IFRIC). The requirements of the standards
applied were satisfied in full.
With the consolidated financial statements pursuant to IFRS, the Company makes use of the
option to prepare exempting consolidated financial statements according to an internationally
recognized set of accounting standards as set forth in Sec. 292a of the HGB (“Handelsgesetzbuch”:
German Commercial Code). The consolidated financial reporting have been prepared
according to the interpretation by the German Standardization Committee (DSRC e.V.) in German
Accounting Standard No. 1 (DRS 1) and is in line with the 7th EC Directive.
In accordance with the rulings of International Accounting Standard (IAS) 1 as amended in 1997,
Dürr has exercised the option to present the balance sheet by maturities.
The reporting period of Dürr is the calendar year. The consolidated financial statements are
prepared in thousands of euros (€ thousand), unless stated otherwise.
All assets and liabilities are carried at cost, with the exception of derivative financial instruments
and available-for-sale securities that are carried at fair value.
The consolidated financial statements and Group management report of Dürr Aktiengesellschaft
prepared by the Board of Management as of December 31, 2004, were approved at the meeting
of the Board of Management on March 24, 2005, for submission to the Supervisory Board.
Effective January 1, 2004, Dürr adopted IFRS as its basis of Group accounting.
The consolidated financial statements prepared as of December 31, 2003, in accordance with
United States Generally Accepted Accounting Principles (US GAAP) were adjusted with the help
of a reconciliation statement to the accounting and measurements principles of IFRS.
When applying IFRS 1, Dürr uses accounting conveniences in the areas of business combinations
(IFRS 3), employee benefits (IAS 19) and effects of changes in foreign exchange rates (IAS 21).

Consolidated financial statements of Dürr AG
Amounts in €k
Group equity without minority interests
according to US GAAP as of December 31, 2002 262,296
Adjustments to IFRS
Recognition of development costs pursuant to IAS 38 3,572
Remeasurement of provisions for pension obligations 1,477
Calculation of pension obligations pursuant to IAS 19
and recognition of actuarial gains and losses
Provisions for phased retirement Measurement pursuant to IAS 19 –587
Change in investment in associates 82
Effects of IFRS adjustments in the equity of associates
Change in minority interests –24
Effects of IFRS adjustments in the equity of subsidiaries with minority interests
Other recognition and measurement differences 257
Effects on deferred taxes –1,681
Total adjustments to IFRS
Group equity without minority interests
3,096
pursuant to IFRS as of January 1, 2003 265,392
Amounts in €k
Group equity without minority interests
pursuant to US GAAP as of December 31, 2003 215,211
Adjustments to IFRS
Recognition of development costs pursuant to IAS 38 4,840
Remeasurement of provisions for pension obligations 1,769
Calculations of pension obligations pursuant to IAS 19
Liabilities for restructuring –514
Fulfilment of recognition criteria pursuant to IAS 37
Provisions for phased retirement Measurement pursuant to IAS 19 –658
Change in investment in associates 73
Effect of IFRS adjustments in the equity of associates
Change in minority interests –85
Effect of IFRS adjustments in the equity of subsidiaries with minority interests
Other recognition and measurement differences 400
Effects on deferred taxes –2,168
Total adjustments to IFRS
Group equity without minority interests
3,657
pursuant to IFRS as of December 31, 2003 218,868
81
The effects of the conversion to IFRS Group accounting on the consolidated shareholders’ equity
as of the balance sheet dates January 1, 2003, and December 31, 2003, and on the Group net loss
for 2003 are presented below:

82
2. Notes to the consolidated
cash flow statement
Amounts in €k
Net loss of the Group according to US GAAP
from January 1, 2003, to December 31, 2003
Adjustments to IFRS
–31,270
Recognition of development costs 1,737
Revaluation of the provisions for pension obligations –645
Revaluation of restructuring liabilities –514
Reversal of provisions for phased retirement 314
Profit/loss from minority interests –55
Profit/loss from associates –9
Other adjustments 357
Effects on deferred taxes –503
Total adjustments to IFRS
Net loss of the Group according to IFRS
682
from January 1 to December 31, 2003 –30,588
The accounting and measurement as well as the explanations and disclosures on the IFRS con-
solidated financial statements for the 2004 reporting period are based on the same accounting
and measurement methods used as a basis for the comparative figures for the 2003 reporting
period. The accounting and measurement principles are explained in note 10.
The cash flow statement shows how the cash of the Group changed in the course of the report-
ing period as a result of cash received and paid. In accordance with IAS 7 (Cash Flow Statements),
a distinction is made between cash received from operating activities and that received from
investing and financing activities. The consolidated cash flow statement is presented on page 79.
The cash and cash equivalents presented in the cash flow statement contain all liquid assets
shown in the balance sheet, i.e. cash in hand, checks and bank balances with an original term
of less than three months. The effects of exchange rate changes on cash and cash equivalents
amount to € 5,860 thousand (2003: € –10,367 thousand).
The cash flow from investing and financing activities is determined on the basis of payments
made or received. The cash flow from operating activities, on the other hand, is derived indirectly
from the earnings before interest and taxes. When performing the indirect calculation, changes
in balance sheet items considered in connection with ordinary activities are adjusted for effects
from currency translation and changes in the consolidated Group. Changes in the balance sheets
concerned can therefore not be reconciled with the figures based on the published consolidated
balance sheet.
Acquisitions, net of cash acquired
In the 2004 reporting period, additional shares were acquired in exchange for cash in Carl
Schenck AG, Darmstadt, of € 3,417 thousand and in Schenck Australia Pty. Ltd., North Ryde
(Australia), of € 2,029 thousand (we refer to note 7).

Consolidated financial statements of Dürr AG
Bond issue
In the 2004 reporting period, Dürr received cash from a bond issue of € 186,899 thousand
(net of debt discount and transaction costs incurred in connection with the financing).
The effects of the conversion of Group accounting to IFRS on the cash flow from operating
activities and on the cash flow from investing and financing activities as of the balance sheet
date December 31, 2003, are presented below.
Amounts in €k
Cash flow from operating activities
according to US GAAP as of December 31, 2003
Adjustments to IFRS
Reclassification within the cash flow statement
56,415
Lease payments 1,025
Financial liabilities to associates –79
Dividends paid to minority interests 418
Interest paid 20,982
Increase in earnings before interest and taxes 1,240
Result from associates 9
Amortization and depreciation of non-current assets
Changes in operating assets and liabilities
441
Provisions for pension obligations 645
Liabilities for restructuring 514
Provisions for phased retirement –314
Other adjustments –303
Total adjustments to IFRS
Cash flow from operating activities
24,578
according to IFRS as of December 31, 2003 80,993
Cash flow from investing activities
according to US GAAP as of December 31, 2003
Adjustments to IFRS
–29,472
Recognition of development costs –2,099
Addition of other intangible assets –133
Total adjustments to IFRS
Cash flow from investing activities
–2,232
according to IFRS as of December 31, 2003 –31,704
Cash flow from financing activities
according to US GAAP as of December 31, 2003
Adjustments to IFRS
Reclassification within the cash flow statement
–47,424
Lease payments –1,025
Financial liabilities to associates 79
Dividends paid to minority interests –418
Interest paid –20,982
Total adjustments to IFRS
Cash flow from financing activities
–22,346
according to IFRS as of December 31, 2003 –69,770
83

84
3. Explanation of the material
differences between IFRS
and German accounting
standards
The main differences in accounting and measurement methods in accordance with the guide-
lines of the IASB in the consolidated financial statements of Dürr AG compared to the German
HGB rules are as follows:
In accordance with IFRS, the consolidated balance sheet items are classified into current and
non-current assets and liabilities. Items not due within a year are disclosed as non-current
assets and non-current liabilities. In addition, deferred taxes are disclosed as non-current
assets and liabilities. Accounting according to German commercial law uses the balance
sheet classification prescribed in Sec. 266 of the HGB.
According to IAS 38, development costs are recognized as intangible assets if economic
benefits are expected to flow to the Group from the production of the products that have
been developed.
Receivables and liabilities denominated in foreign currency are measured at the exchange
rate prevailing on the balance sheet date and not according to the imparity principle.
Under IFRS, the net realizable value of inventories is determined based on the sales market.
Pension provisions are measured using the projected unit credit method, taking future salary
developments and the corridor rule pursuant to IAS 19 into account. Indirect and direct
pension obligations are included in the pension calculations.
Medium-term and non-current provisions are carried at their present value.
Under IFRS, goodwill must be recognized and reviewed at least annually for impairment or
whenever there is any indication for impairment (impairment test). The scheduled amortization
of goodwill or offsetting against equity allowed under German law is not permitted
under IFRS.
Pursuant to IAS 39, all financial instruments, including derivatives, are recorded and measured
at amortized cost or market value depending on the way they have been categorized.
Pro rata revenue recognition for construction contracts for specific customers according to
the degree of completion (percentage-of-completion method).
In the case of finance lease liabilities, the asset is recognized and the lease liability accrued
according to the classification criteria of IAS 17.
Under HGB, deferred taxes are determined on all temporary differences between the
consolidated balance sheet and tax balance sheet in accordance with the timing concept to
the extent that they occurred with effect on income. Under IFRS, deferred taxes must be
recognized for all temporary differences between the tax carrying amounts and the carrying
amounts in the IFRS consolidated balance sheet (temporary concept). Where temporary
differences have occurred without effect on income, IFRS requires that the associated
deferred taxes are also recorded without effect on income.

4. New accounting standards
5. Consolidation principles
Consolidated financial statements of Dürr AG
85
In June 2003, the International Accounting Standards Board (IASB) issued IFRS 1 (First-time
Adoption of International Financial Reporting Standards) which regulates the first-time adoption
of the standards of the IASB and which came into force on January 1, 2004.
On March 31, 2004, the IASB also published IFRS 3 (Business Combinations) together with the
revised IAS 36 (Impairment of Assets) and IAS 38 (Intangible Assets). The application of IFRS 3
is mandatory for reporting periods beginning after January 1, 2005, but may be applied earlier.
Dürr has applied IFRS 3 in conjunction with IAS 36 and IAS 38 as of January 1, 2003.
The standards revised in the IASB Improvement Projects were published by the IASB in
December 2003. They must be used from January 1, 2005. Earlier adoption is encouraged. This
relates to the following standards:
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Balance Sheet Date
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 21 The Effect of Changes in Foreign Exchange Rates
IAS 24 Related Party Disclosures
IAS 27 Consolidated and Separate Financial Statements
IAS 28 Investments in Associates
IAS 31 Interests in Joint Ventures
IAS 32 Financial Instruments – Disclosures and Presentation
IAS 33 Earnings per Share
IAS 39 Financial Instruments – Recognition and Measurement and
IAS 40 Investment Property.
In 2004 the IASB also published the following new IFRS:
IFRS 2 Share-based Payment
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and
IFRS 6 Exploration for and Evaluation of Mineral Resources.
With the exception of IAS 27, the changed or new standards were not applied in the consolidated
financial statements as of December 31, 2004.
The consolidated financial statements of Dürr AG and the subsidiaries and associates included
in the consolidation are based on the IFRS financial statements as of December 31, 2004, and are
prepared in accordance with uniform rules and audited by independent auditors.
For subsidiaries included in the consolidated financial statements for the first time, capital consolidation
is performed according to the purchase method of accounting (IFRS 3 “Business
Combinations”). Thereby the purchase costs of the acquired shares are offset against pro rata
equity of the subsidiary. All purchased assets and liabilities are included in the consolidated
balance sheet at the time of purchase, taking hidden reserves and encumbrances into account.

86
6. Consolidated group
Any remaining debit differences are shown as goodwill under intangible assets. When the company
is removed from consolidation, the goodwill is released to profit and loss. Any negative
differences are shown separately in the consolidated balance sheet under non-current assets
and released in accordance with IFRS 3.
Companies over which the Company exercises significant influence (associates) are measured
using the equity method; this is generally the case with a voting share of 20% to 50%. Any goodwill
is disclosed under investments in associates.
All other investments are accounted for under the cost method of accounting because market
values are not available or determinable.
Intercompany sales, expenses and income as well as intercompany receivables and liabilities or
provisions are eliminated. Intercompany profits which are not realized by sale to third parties are
eliminated.
Besides Dürr AG, the consolidated financial statements as of December 31, 2004, contain all
domestic and foreign companies which Dürr AG can control, either directly or indirectly (control
concept). The companies are included in the consolidated financial statements from the date
when control was obtained.
Besides Dürr AG as the parent company, the number of companies in the consolidated group
is as follows:
2004 2003
Number of fully consolidated companies
Germany 25 26
Foreign 85 84
110 110
2004 2003
Number of companies acounted for at equity
Germany 1 1
Foreign 6 6
7 7
The consolidated financial statements contain nine (2003: nine) companies in which minority
shareholders hold interests.
The financial statements of consolidated companies are generally prepared as of December 31,
2004. Three associates have a different balance sheet date. In these cases, the most recent financial
statements as of December 31, 2003, March 31, 2004, and September 30, 2004, were used;
the time lag in reporting is consistent from period to period. Dürr does not anticipate any material
impact on the net assets, financial situation and results of operations as a result of the inclusion
of more recent financial statements.

7. Changes in the
consolidated group
Dürr Paintshop Systems
Engineering (Shanghai) Co.
Ltd.
Behr Industrial Systems Inc.
Premier Manufacturing
Support Services S.L.
Consolidated financial statements of Dürr AG
The following table gives an overview of the companies included in the consolidated Group for
the first time.
Effective March 1, 2004, Dürr founded Dürr Paintshop Systems Engineering (Shanghai) Co. Ltd.,
Shanghai (P. R. China). The company is a wholly owned subsidiary of Dürr Systems GmbH,
Stuttgart. The company is equipped with a capital contribution of 2,680 thousand US dollars.
The company produces and sells industrial paint systems.
As of June 22, 2004, Behr Systems Inc., Auburn Hills (Michigan/USA), founded Behr Industrial
Systems Inc. with its registered office in Windsor (Ontario/Canada) with a capital contribution of
10 thousand Canadian dollars. The company works in the field of applications technology.
Premier Manufacturing Support Services S.L., San Sebastián (Spain), was founded as of July 2,
2004, with capital stock of € 3 thousand by Premier Manufacturing Support Services (UK) Limited,
Warwick (United Kingdom). The company offers manufacturing support services such as plant
maintenance and servicing.
87
Capital share Date of first-time
in % consolidation Explanation
Paint Systems business unit
Dürr Paintshop Systems Engineering
(Shanghai) Co. Ltd., Shanghai/P. R. China
Behr Industrial Systems Inc.,
100 March 1, 2004 Formation
Windsor, Ontario/Canada
Services business unit
Premier Manufacturing Support Services S.L.,
100 June 22, 2004 Formation
San Sebastián/Spain
Premier Manufacturing Support Services – Michigan LLC,
100 July 2, 2004 Formation
Plymouth, Michigan/USA
Measuring Systems business unit
100 December 10, 2004 Formation
Schenck Austral S.A., Santiago de Chile/Chile 75 June 28, 2004 Formation
Premier Manufacturing
Support Services –
Michigan LLC
Schenck Austral S.A.
Carl Schenck AG
Premier Manufacturing Support Services – Michigan LLC, Plymouth (Michigan/USA), was founded
by Premier Manufacturing Support Services Inc., Cincinnati (Ohio/USA), as of December 10,
2004. A capital payment was not necessary. The company offers manufacturing support services
such as plant maintenance and servicing.
Effective June 28, 2004, Schenck Austral S.A., Santiago de Chile (Chile), was founded. Dürr holds
75% of the shares in this company. The company is equipped with capital stock totaling 300,000
thousand Chilean pesos. The purpose of the company is both the sale and maintenance of products
in the area of oscillating conveyors/oscillating screens.
During 2004, Dürr acquired a further 19,918 (approx. 1.28%) no par value shares in Carl
Schenck AG, Darmstadt, for a cash purchase price of € 3,417 thousand, giving rise to goodwill
of € 2,546 thousand. As a result, the Dürr Group held 100% of the shares in Carl Schenck AG
as of December 31, 2004.

88
Schenck Australia Pty. Ltd.
8. Currency translation
The ordinary shares acquired in the 2004 reporting period were taken over in a squeeze-out.
Carl Schenck AG and its subsidiaries are global leaders in the manufacture of systems and
plants for process control procedures, the automation of production processes and balancing
of revolving parts and assemblies.
As of October 29, 2004, Carl Schenck AG, Darmstadt, acquired a further 25% of the shares in
Schenck Australia Pty. Ltd., North Ryde (Australia), for a purchase price of € 13,629 thousand,
giving rise to goodwill of € 11,596 thousand. In the 2004 reporting period, € 2,029 thousand of
the purchase price was paid in cash; the outstanding purchase price is recorded under other
provisions of € 9,800 thousand or under other liabilities at an amount of € 1,800 thousand, as the
final purchase price depends on the continuing development of the company. As a result, Dürr
held 100% of the shares in Schenck Australia Pty. Ltd. as of December 31, 2004.
The purpose of the company is both the sale and maintenance of products in the area of oscillating
conveyors/oscillating sieves.
In the 2004 reporting period, five companies were no longer included as they had been merged
with other subsidiaries. Overall, the changes in the consolidated Group are immaterial for the
net assets, financial situation and results of operations of the Group. A full list of the Group’s
equity investments is filed with the commercial register at Stuttgart district court (HRB 13677).
Financial statements denominated in the foreign currency of the subsidiaries included in the con-
solidation are translated into euros on the basis of the functional currency concept pursuant to
IAS 21 (The Effects of Changes in Foreign Exchange Rates). The functional currency is the local
currency for all foreign subsidiaries of the Group, since these companies operate independently
from a financial, economic and organizational viewpoint. Accordingly, assets and liabilities are
thus translated at the exchange rate as of the balance sheet date, while income and expenses are
generally translated at average annual rates. Any currency translation differences are recorded
without effect on income in the other comprehensive income within equity (see the consolidated
statements of equity).
In the individual financial statements of Dürr AG and its subsidiaries, receivables and liabilities
in foreign currency are valued at purchase cost. Any exchange rate gains and losses are included
in the income statement under other operating income and other operating expenses. In the
2004 reporting period, currency translation differences resulted in gains of € 15,820 thousand
(2003: € 10,003 thousand) and losses of € 15,591 thousand (2003: € 7,524 thousand).
The following main exchange rates are decisive for currency translation in the Group (equal to € 1):
Closing rate Average rate
Dec. 31, 2004 Dec. 31, 2003 2004 2003
US dollar 1.3640 1.2499 1.2456 1.1410
Pound sterling 0.7071 0.7039 0.6797 0.6928
Australian dollar 1.7489 1.6746 1.6927 1.7381
Canadian dollar 1.6430 1.6384 1.6157 1.5873
Brazilian real 3.6206 3.6094 3.6016 3.4406
Renminbi yuan 11.2891 10.1807 10.1563 9.2906
Korean won 1,412.29 1,500.00 1,406.02 1,362.50
Polish zloty 4.0877 4.6854 4.5168 4.4437

9. Discontinued operations
Consolidated financial statements of Dürr AG
89
In the local financial statements of the foreign subsidiaries, goodwill is translated at the mean
rate prevailing on the consolidated balance sheet date. Goodwill that is not accounted for in the
local financial statements of the subsidiaries is accounted for at the historical exchange rate
(at the time of acquisition) as of the consolidated balance sheet date. Hidden reserves disclosed
from the acquisition are accounted for in euros as these were only incurred at companies whose
local currency is the euro.
In connection with the strategic realignment of the Group, at its meeting on February 23, 2005,
the Supervisory Board of Dürr AG approved the resolution of the Board of Management to
discontinue certain operations.
Dürr decided to sell the Services business unit in 2005. It was also decided to examine strategic
options for the Development Test Systems (DTS) product line belonging to the Measuring Systems
business unit in 2005. These options range from a minority shareholding to a complete sale.
The current earnings from the discontinued operations Services and DTS break down as follows:
Services business unit DTS product line Discontinued operations
2004 2003 2004 2003 2004 2003
Amounts in €k
Sales revenues 158,582 146,082 74,459 80,904 233,041 226,986
Cost of sales –136,419 –123,519 –57,981 –70,191 –194,400 –193,710
Gross profit on sales 22,163 22,563 16,478 10,713 38,641 33,276
Selling expenses –1,466 –1,193 –14,462 –10,574 –15,928 –11,767
General and administrative expenses –12,804 –12,202 –8,698 –6,193 –21,502 –18,395
Research and development costs
Other operating
– – –1,643 –3,466 –1,643 –3,466
income and expenses
Restructuring expenses
–94 –149 241 –2,140 147 –2,289
and impairment losses
Operating result of
– – –6,652 –2,283 –6,652 –2,283
discontinued operations 7,799 9,019 –14,736 –13,943 –6,937 –4,924
Finance cost/income 347 129 –165 –41 182 88
Earnings before taxes 8,146 9,148 –14,901 –13,984 –6,755 –4,836
Income taxes –1,842 –2,352 1,691 –1,133 –151 –3,485
Net income/loss 6,304 6,796 –13,210 –15,117 –6,906 –8,321

90
The table below shows the assets and liabilities of the discontinued operations Services and DTS:
Amounts in €k
Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003
Assets
Non-current assets
Goodwill 44,955 48,734 – – 44,955 48,734
Other intangible assets 12 14 2,217 5,769 2,229 5,783
Property, plant and equipment 6,169 6,725 7,206 8,324 13,375 15,049
Other non-current assets 2,481 3,278 1,020 1,548 3,501 4,826
Current assets
53,617 58,751 10,443 15,641 64,060 74,392
Inventories and prepayments 607 133 4,571 6,954 5,178 7,087
Trade payables 34,572 26,208 31,716 36,156 66,288 62,364
Cash and cash equivalents 6,533 5,777 –1,510 –816 5,023 4,961
Other current assets 3,383 2,363 2,592 4,450 5,975 6,813
45,095 34,481 37,369 46,744 82,464 81,225
Total assets 98,712 93,232 47,812 62,385 146,524 155,617
Equity and liabilities
Services business unit DTS product line Discontinued operations
Equity with minority interests
Non-current liabilities
25,986 27,039 5,513 10,780 31,499 37,819
Provisions for pension obligations 362 – 21 – 383 –
Other provisions 1,748 2,033 2,122 1,000 3,870 3,033
Internal financing 39,980 36,879 6,065 11,101 46,045 47,980
Other non-current liabilities 5,781 5,562 2,839 4,593 8,620 10,155
47,871 44,474 11,047 16,694 58,918 61,168
Current liabilities 24,855 21,719 31,252 34,911 56,107 56,630
Total equity and liabilities 98,712 93,232 47,812 62,385 146,524 155,617
The effect of the discontinued operations Services and DTS on the consolidated cash flow statement is shown below:
Amounts in €k
Services business unit DTS product line Discontinued operations
Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003
Cash flow from operating activities 2,471 14,306 –129 4,563 2,342 18,869
Cash flow from investing activities –2,496 –2,356 –3,505 –3,819 –6,001 –6,175
Cash flow from financing activities
Effect of exchange rate changes on
–860 –15,940 3,035 1,233 2,175 –14,707
cash and cash equivalents 1,641 4,995 –95 –1,318 1,546 3,677
Change in cash and cash equivalents 756 1,005 –694 659 62 1,664

10. Accounting and measurement principles
Intangible assets
Property, plant and
equipment
Consolidated financial statements of Dürr AG
91
This item contains franchises, industrial rights and similar rights, recognized development costs
as well as goodwill.
Purchased and internally generated intangible assets are recognized pursuant to IAS 38 (Intangible
Assets) if it is probable that a future economic benefit will flow to the Company from the use of
the asset and the cost of the asset can be reliably determined. Intangible assets with a finite useful
life (with the exception of goodwill) are carried at cost and amortized systematically over their
useful life using the straight-line method (between three and ten years) provided there is no impairment
loss. Goodwill and other intangible assets with indefinite useful lives are not amortized
on a scheduled basis but are reviewed once annually for impairment or more frequently if impairment
indicators arise.
Expenses for the development of new products are capitalized as development costs if certain
technical or economic criteria are satisfied, such as the technical feasibility of the new developments
and their future market success. The cost of an internally generated intangible asset is the
sum of expenditure incurred from the date when the intangible asset first meets the recognition
criteria. Scheduled amortization is charged using the straight-line method over the estimated
useful life of the asset (between seven and ten years).
The accounting of property, plant and equipment is made at cost less scheduled depreciation
over the customary useful life of the assets. Production cost comprises all costs that can be
allocated to the production process, directly or indirectly. The customary useful lives are between
three and five years for computer hardware, between five and ten years for furniture and fixtures,
between five and 15 years for machines and equipment, and between 15 and 50 years for
buildings and leasehold improvements.
In the course of restructuring, impairment losses of € 141 thousand were recorded on property,
plant and equipment during the 2004 reporting period. In the course of restructuring Schenck
Fertigungs & Service GmbH, Darmstadt, impairment losses of € 1,266 thousand were recorded
on property, plant and equipment in the 2003 reporting period.
Cost includes major expenditures and replacements which extend useful lives or increase capacity.
The historical cost of assets that are either sold or scrapped are eliminated after deduction of
accumulated depreciation. Any gains or losses from the disposal of assets are disclosed as other
operating income or expenses. Costs of ongoing repairs and maintenance are expensed in the
period incurred.
As a result of the combination of the associated companies Schenck RoTec Corporation and
Schenck Pegasus Corporation at the location in Troy (Michigan/USA) in 2003, the Schenck RoTec
building in Orion (Michigan/USA) is no longer used. The Company planned to sell the building
in the 2004 reporting period. Due to the unfavorable market situation for real estate, Dürr has
decided not to sell the building for the meantime.
Due to the combination in 2003 of Dürr Industries Inc., Plymouth (Michigan/USA), and Dürr Environmental
Inc., Plymouth (Michigan/USA), in a single location, the building of Dürr Environmental Inc.
in Wixom (Michigan/USA) is no longer used. The Company planned to sell the building in the
2004 reporting period. Due to the unfavorable market situation for real estate, Dürr has decided
not to sell the building for the meantime.
Both properties are disclosed under property, plant and equipment in the reporting periods
2004 and 2003.

92
Impairment test
Government grants
Leases
All intangible assets with an indefinite useful life and goodwill are tested for impairment at the
end of each reporting period. The impairment test is performed annually as of December 31.
Other intangible assets and property, plant and equipment are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable.
If the net realizable amount of the asset falls short of the carrying value, an impairment loss is
recognized in the income statement. The recoverable amount is the higher of an asset’s net sales
price and its value in use. The net sales price is the amount recoverable from the disposal of the
asset at customary market conditions less sales costs. Value in use is the fair value of the estimated
future cash flow expected to arise from the continuing use of an asset and from its disposal at
the end of its useful life. The recoverable amount is determined for each asset individually or, if
that is not possible, for the cash-generating unit to which the asset belongs. As regards goodwill
acquired in business combinations, the relevant cash-generating units correspond to the business
units of the Dürr Group based on internal reporting structures.
To determine the estimated cash flow of each cash-generating unit, basic assumptions have to
be made. These include assumptions regarding financial planning and the interest rates used for
discounting.
A reversal of impairment losses recognized in prior years is recorded where there is an indication
that the impairment losses recognized for the asset no longer exist or have decreased. The
reversal is posted as a gain to the income statement. The increase in value or the reduction of
an impairment loss of an asset is, however, only recorded to the extent that it does not exceed
the carrying value that would have existed if the regular amortization or depreciation had been
recorded and no impairment losses had been recognized. Write-downs on goodwill recorded as
a result of impairment tests may not be reversed.
According to IAS 20 (Accounting for Government Grants and Disclosure of Government
Assistance), government grants are only recorded if it is reasonably certain that the conditions
attached to the grants will be fulfilled and the grants actually awarded. Grants are deducted
from the carrying amount of the subsidized asset.
The companies in the Dürr Group are lessees of land, buildings and office and operating equipment.
The majority of leases are classified as operating leases.
When the leases meet the definition of finance leases, the leased asset is recognized at acquisition
cost (net present value of future minimum lease payments less costs incurred for insurance,
maintenance and taxes on any profit thereon). A liability is also established at that time for the
same amount. The upper limit for the recognition of a leased asset and the liability is its fair value.
The leased asset is depreciated over the shorter of the lease term and its estimated useful life.
Interest is imputed on the obligation using the effective interest method over the lease term.
Lease payments on operating leases are recorded as an expense in the income statement on a
straight-line basis over the term of the lease.

Investments in associates
Financial instruments
Other financial assets
Consolidated financial statements of Dürr AG
93
Companies over which Dürr does not exert a significant influence are recorded as investments in
associates. The Group’s share of profits and losses is shown in the consolidated balance sheet
as a change in the carrying amount and recognized in the consolidated income statement under
share of profit of associates. Dividends received are deducted from the carrying amount.
Pursuant to IAS 39, financial instruments are classified in the following categories:
financial assets held for trading
held-to-maturity investments
loans and receivables originated by the enterprise and
available-for-sale financial assets.
Financial assets with fixed or determinable payments and fixed maturity that the Company
intends and has the ability to hold to maturity – other than loans and receivables originated by the
enterprise – are classified as held-to-maturity financial assets. Financial assets that are acquired
principally for the purpose of generating a profit from short-term fluctuations in price are classified
as held-for-trading financial assets. All other financial assets apart from loans and receivables
originated by the company are classified as available-for-sale financial assets.
Held-to-maturity financial assets are disclosed under non-current assets unless they are due
within 12 months of the balance sheet date. Held-for-trading financial assets are disclosed
under current assets. Available-for-sale financial assets are disclosed under current assets if
the management intends to sell them within 12 months of the balance sheet date.
Purchases or sales of financial assets are accounted for using the trade date method.
The initial recognition of a financial asset is at cost, which corresponds to the fair value of the
consideration given or received; transaction costs are included.
Changes in the fair value of held-for-trading financial assets are recorded in the net profit or loss.
For this purpose, the fair value of a financial instrument is the amount that can be generated
for the asset in an arm’s length transaction between knowledgeable and willing parties, under
current market conditions.
Held-to-maturity financial assets are measured at amortized cost using the effective interest
rate method. If it is more likely than not that the value of financial assets measured at amortized
cost is impaired, the impairment is recorded against earnings. If an impairment loss recorded
in a prior period decreases and the decrease in the impairment (or a write-up) can be objectively
related to an event occurring after the impairment loss, the write-up is included in net profit
or loss. A write-up cannot, however, exceed the carrying value that would have been recognized
without the impairment.
Loans and receivables originated by the enterprise and not held for trading are measured at
amortized cost or the lower net realizable value on the balance sheet date.
Available-for-sale financial assets are accounted for at market value. Unrealized gains and losses
are disclosed in other comprehensive income, net of a tax portion. The reserve is released to profit
or loss either upon disposal or if it is impaired.
The marketable securities disclosed under other financial assets are classified as available-for-sale
securities and therefore measured at market value on the balance sheet date. There were no
adjustments to other comprehensive income in the reporting periods 2004 and 2003 as the
unrealized changes in fair value were immaterial.

94
Inventories and prepayments
Construction contracts
Trade receivables
Inventories of raw materials, consumables and supplies, work in progress from non-contract
production and finished goods are carried at the lower of cost or market value on the balance
sheet date. Valuation allowances are recorded for obsolete and slow-moving inventories.
Cost of production comprises direct material costs, direct labor costs as well as all productionrelated
overheads including production-related depreciation.
Dürr generates most of its sales revenues from long-term construction contracts. Contract revenue
is recognized according to the percentage-of-completion method (POC method) based on costs
incurred relative to total estimated costs. The zero-profit method (ZP method) is used in situations
where estimated completion costs cannot be reliably determined.
Progress billings issued to customers and cash received from customers are not recorded as sales
but deducted, without effect on income, from cost and estimated earnings in excess of billings on
uncompleted contracts or added to advances received.
To the extent that costs have been incurred on contracts, but the amounts cannot yet be billed
under the terms of the contracts, they are reported together with the corresponding partial
earnings as cost and estimated earnings in excess of billings on uncompleted contracts. The
invoicing of such amounts is dependent on certain contractually defined milestones being
reached. Cost and estimated earnings in excess of billings on uncompleted contracts include
directly allocable costs (material, labor cost and cost of services provided by third parties) as
well as the appropriate portion of production overheads and the estimated earnings.
Also included in cost and estimated earnings in excess of billings on uncompleted contracts are
amounts that Dürr seeks to collect from customers or others for errors or changes in contract
specifications or design, contract change orders in dispute or unapproved as to both scope and
price, or other customer-related causes of unanticipated additional contract costs, claims and
pending change orders. These are carried at the estimated amount provided their realization is
probable and can be reliably estimated. No profits in addition to these accumulated costs are
reported. Pending change orders involve the use of estimates. Therefore, it is possible that revisions
to the estimated recoverable amounts of recorded pending change orders will be made
in the future.
The POC method and ZP method are based on estimates. Due to the uncertainties prevailing in
this respect, estimates of the expenses required for completion, including expenses for contractual
penalties and warranties, may have to be adjusted subsequently. Such revisions to costs and
income are recognized in the period in which the revisions are determined. Provisions for potential
losses from pending transactions are recognized in the period in which the losses are identified.
Shipping costs are included in the cost of sales.
Receivables are carried at the lower of amortized cost or net realizable amount.
Dürr reviews its debtors on a regular basis in order to reduce its credit exposure. The appraisals
of the separate debtor accounts which are either overdue or in default are performed by
management.
The Group values the recoverability of its receivables by referring to a number of factors. Should
Dürr become aware of any issues which would impinge on the ability of certain customers to
meet their financial obligations, Dürr posts a specific valuation allowance to write down the net
receivable due to the Group to the reasonably expected recoverable amount. For all other customers,
the Group records specific valuation allowances on a portfolio basis based on the period

Cash and cash equivalents
Borrowing costs in connection
with the refinancing of
the Group
Provisions
Liabilities
Deferred taxes
Consolidated financial statements of Dürr AG
overdue, current business circumstances and past experience. Hedging against commercial
and political risks inherent in receivables is governed by guidelines and obtained by domestic or
foreign credit insurance coverage or via commercial banks.
All short-term liquid financial assets with an original term of up to three months are carried as
cash and cash equivalents at face value.
95
Pursuant to IAS 23, borrowing costs incurred due to the issue of a bond are in deducted from the
bond in the consolidated balance sheet. Calculated using the effective interest method, borrowing
costs are amortized over the term of the bond.
Costs in connection with the syndicated loan are shown in the consolidated balance sheet as
other intangible assets and amortized over the term of the syndicated loan.
In accordance with IAS 19, provisions for pension obligations are measured using the projected
unit credit method. For this purpose, the future obligations are measured on the basis of the
pro rata employee benefit obligations as of the balance sheet date. Pension provisions are calcu-
lated taking into account development assumptions (e.g. salary developments) for those factors
which affect the benefit amount.
Dürr uses the 10% corridor rule to measure the pension obligations and determine the pension
expenses. Actuarial gains and losses are recorded as income or expense when they exceed 10%
of the present value of the obligations. The actuarial gains and losses that exceed this corridor
are amortized over the average remaining service period of the employees.
If pension obligations are reinsured with insurance firms, these reinsurance claims are netted
with the provisions and disclosed as plan assets if the criteria of IAS 19 are satisfied.
Other provisions are recorded if the obligation to a third party results from a past event which is
expected to lead to an outflow of economic benefits and can be reliably determined. They represent
uncertain obligations which are stated in the amount which, in the best possible estimate,
is necessary to cover them. Provisions with a residual term of more than one year are discounted
at market interest rates which reflect the risk and period until the obligation is met.
Liabilities from finance leases are carried at the present value of the lease payments or the lower
market value of the leased asset; the other liabilities are accounted for at amortized cost.
Deferred taxes are accounted for using the balance sheet-oriented liability method (IAS 12). This
involves creating deferred tax items for all temporary accounting and measurement differences
between IFRS and tax carrying amounts. Further, deferred tax assets for future economic bene-
fits from unused tax losses must be taken into account if it is highly probable that they will
be used. Deferred taxes are valued taking into account the respective national income tax rates
which apply in the individual countries at the time of realization or which are expected (basis:
applicable tax law).
Deferred tax assets and deferred tax liabilities are only netted if, and only if, the enterprise has
a legally enforceable right to set off current tax assets against current tax liabilities and the
deferred tax assets and the deferred tax liabilities relate to income taxes levied on the same
taxable entity by the same taxation authority.
Valuation allowances are only recorded on deferred tax assets if the loss of the tax benefit is
more probable than its use.

96
Contingent liabilities
Research and non-capitalizable
development costs
Stock options
Earnings per share
Liabilities are disclosed in the notes to the financial statements as contingent liabilities for a
possible obligation that arises from past events and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the enterprise. Contingent liabilities can arise from a present obligation that results
from past events but is not recognized because:
it is not probable that an outflow of resources embodying economic benefits will be required
to settle the obligation, or
the amount of the obligation cannot be measured with sufficient reliability.
A contingent liability is not disclosed if the possibility of an outflow of resources embodying
economic benefits is remote.
Research and non-capitalizable development costs are recorded with effect on income when
they are incurred.
Obligations and costs resulting from stock option plans are not disclosed as personnel expenses
in the income statement when the options are granted. When the stock options are exercised,
the payments received are accounted for in the equity.
Earnings per share are determined pursuant to IAS 33 (Earnings per Share).
If there are dilutive elements present, two different ratios for earnings per share must be dis-
closed. The ratio “Earnings per share” does not take account of dilutive effects; the earnings
share of the shareholders of Dürr Aktiengesellschaft is divided by the weighted average number
of shares outstanding. The ratio “Earnings per share (diluted)" accounts not only for the shares
outstanding, but also for shares potentially available on the basis of options.
The calculation is presented below (all amounts in thousands of euros, except earnings per share
which are stated in euros). In the reporting periods 2004 and 2003, there were no dilutive effects
as no option rights were issued and all existing option rights have expired.
2004 2003
Profit/loss allocable to shareholders of
Dürr Aktiengesellschaft 5,723 –30,588
of which continuing operations 12,610 –22,286
of which discontinued operations –6,887 –8,302
Number of shares outstanding (weighted average) 14,298.2 14,298.2
Earnings per share (basic and diluted) 0.40 –2.14
of which continuing operations 0.88 –1.56
of which discontinued operations –0.48 –0.58

Dependence on a few
customers
Use of estimates
11. Sales revenues
12. Personnel expenses
Consolidated financial statements of Dürr AG
97
The development of Dürr as an automotive supplier is dependent on the economic conditions of
the automotive industry and in particular its willingness to invest. A significant portion of the
Group’s revenues is generated with a limited number of customers because the worldwide market
for automobiles is dominated by a small number of corporations.
The preparation of the consolidated financial statements pursuant to IFRS requires the management
to make estimates and assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent liabilities at balance sheet date and the reported amounts of revenues
and expenses during the reporting period. Actual figures may diverge from these estimates.
Issues that are especially dependent on the use of material estimates are the accounting treatment
and measurement of unbilled work in progress using the percentage-of-completion or zeroprofit
method, bad debt allowances, contingent liabilities and other provisions. In addition,
material estimates and assumptions have been used in determining the net realizable value of
long-lived assets and intangible assets of the Group and for the impairment tests of goodwill
conducted at the respective business units.
Notes to the consolidated income statements
Sales revenues break down as follows:
Amounts in €k
2004 2003
Contract revenues 1,750,237 1,895,512
Revenues from services 367,579 359,617
Other sales revenues 18,546 16,743
2,136,362 2,271,872
The expense positions of the income statement contain the following personnel expenses:
Amounts in €k
2004 2003
Wages and salaries 467,647 492,958
Social security contributions 103,254 115,788
570,901 608,746
of which old age pensions 8,675 9,783

98
13. Other operating income
and expenses
14. Restructuring expenses
and impairment losses
Other operating income and expenses mainly consist of bad debt allowances of € –2,371 thousand
(2003: € –8,391 thousand), exchange rate gains/losses of € 229 thousand (2003: € 2,479 thousand),
income from the reversal of provisions of € 5,551 thousand (2003: € 3,180 thousand), gains from
the disposal of property, plant and equipment of € 2,308 thousand (2003: € 3,106 thousand),
rent and lease income of € 134 thousand (2003: € 262 thousand) as well as income from the reversal
of valuation allowances of € 1,033 thousand (2003: € 1,608 thousand).
In the 2004 reporting period, restructuring charges and impairment losses of € 13,485 thousand
(2003: € 26,108 thousand) were recorded.
The largest item in the 2004 reporting period was personnel adjustments of € 2,800 thousand
at Dürr Systems GmbH, Stuttgart, due to the reorganization of the company. The purpose of the
company is the planning, design, manufacture, assembly and technical development and sale
of systems, machines and equipment in the field of surface technology.
Ingenieria Agullo S.A., Barcelona (Spain), was restructured in the 2004 reporting period. Expenses
of € 1,025 thousand were incurred. The company manufactures and sells industrial cleaning
systems. The restructuring was necessary to take account of inadequate capacity utilization.
Capacity adjustments at Dürr Production Systems Inc., Farmington (Michigan/USA), resulted in
restructuring costs of € 1,007 thousand.
Further restructuring expenses were incurred during 2004 at Schenck Fertigungs & Service GmbH,
Darmstadt, totaling € 1,173 thousand. This includes in particular a compounding effect of € 633
thousand from the restructuring liability as of December 31, 2003.
In connection with the planned sale of the Development Test Systems (DTS) product line, an
impairment charge of € 6,555 thousand was recorded on intangible assets in the reporting period.
The impairment charge is a devaluation to the net realizable amount. The impairment test
was performed because there were several indicators of impairment. The net realizable amount
was determined on the basis of the attributable fair value less selling costs, and was calculated
at the level of the cash-generating unit. Fair value is the amount for which an asset could be
exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an
arm’s length transaction at the valuation date.
In the 2004 reporting period, the above issues gave rise to personnel expenses of € 5,864
thousand as well as impairment losses on property, plant and equipment of € 141 thousand and
impairment losses on franchises, industrial rights and similar rights of € 6,555 thousand. The
remaining restructuring expenses of € 925 thousand relate to measures taken at companies in
the USA, Brazil, Singapore and Germany.
In the 2003 reporting period the largest single project was the restructuring of Schenck Fertigungs
& Service GmbH, Darmstadt. By the end of 2004 around 380 jobs at this company had been
cut. Schenck Fertigungs & Service GmbH delivered parts and components to divisions within
the Measuring Systems business unit and to a lesser extent to external customers. The reason
for the closure of the company, which has been making losses for years, was the lack of competitiveness
which is reflected in structural cost disadvantages such as inadequate capacity utilization
and high personnel costs.
Dürr Systems S.A.S., Courbevoie (France), formerly Dürr AIS S.A.S., Courbevoie (France) (since
June 28, 2004, known as Dürr Systems S.A.S.) was also restructured during the 2003 reporting period.
At the end of the 2004 reporting period, around 51 jobs had been cut in both the engineering

15. Other investment
income/loss
16. Interest and similar
expenses
Consolidated financial statements of Dürr AG
99
and administrative areas. The purpose of the company is the planning and installation of entire
paint shops for automobile manufacturers and automotive suppliers. The inadequate capacity
utilization was the main reason for the personnel cuts.
A capacity adjustment at Schenck Pegasus GmbH, Darmstadt, and the associated redundancy
scheme also caused an expense of € 2,387 thousand in the 2003 reporting period.
In the 2003 reporting period, the above issues gave rise to personnel expenses of € 22,792 thousand
and impairment losses on property, plant and equipment of € 1,266 thousand. The remaining
restructuring expenses of € 2,050 thousand relate to measures taken at companies in the
USA, Spain and Mexico.
The table below shows the development of the liabilities from restructuring measures by business
unit as of January 1, 2003, December 31, 2003, and December 31, 2004.
Amounts in €k
The item other investment income/loss disclosed in the consolidated income statement relates
to losses from the disposal of other investments.
Interest and similar expenses include:
Paint
Final
Assembly Measuring
Systems Systems Ecoclean Systems Dürr Group
January 1, 2003 – – – – –
Currency differences – – – – –
Addition 5,501 – 1,487 17,854 24,842
Utilization –716 – –1,244 –1,504 –3,464
Reversal – – – – –
December 31, 2003 4,785 – 243 16,350 21,378
Currency differences – –32 –6 –2 –40
Addition 2,800 374 41 508 3,723
Utilization –3,264 – –166 –14,249 –17,679
Reversal – – – – –
December 31, 2004 4,321 342 112 2,607 7,382
Amounts in €k
For details of the Group financing structure, please refer to note 27.
2004 2003
Amortization of transaction costs/debt
from the issue of a bond and
from a syndicated loan –825 –
Other interest expenses –25,965 –24,819
Interest and similar expenses –26,790 –24,819

100
17. Income taxes
Earnings before taxes totaled € 11,814 thousand (2003: € –5,707 thousand). Income taxes break
down as follows:
Amounts in €k
2004 2003
Current taxes
Germany 813 2,015
Foreign
Deferred taxes
2,864 9,508
Germany 2,715 11,763
Foreign 715 1,326
of which special expenses in connection
7,107 24,612
with discontinued operations 2,444 2,251
The income taxes include the domestic corporate income tax including a solidarity surcharge
and trade taxes on income. Comparable taxes of foreign subsidiaries are also shown under this
position.
Owing to the German Tax Reduction Act passed in October 2000, the corporate income tax rate
came to 25.0% (2003: 26.5% due to the law to assist flood victims in Germany) plus a solidarity
surcharge of 5.5% for the 2004 reporting period. This results in a nominal corporate income tax
rate of 26.38% (2003: 27.96%). Including German trade tax, the total tax burden amounted to
39.0% (2003: 40.2%).
There were no major changes in tax expenses due to changes in the respective local tax rates.
For the 2004 reporting period, Dürr has disclosed expenses from taxes on income of € 7,107 thousand
(2003: € 24,612 thousand). As a result of accumulated losses in the past three years in
certain tax jurisdictions, Dürr did not record any deferred tax assets in the 2003 reporting period
on unused tax loss totaling € 22,984 thousand. In the consolidated financial statements as of
December 31, 2003, which were prepared according to US GAAP, the deferred tax assets for
unused tax losses of € 22,984 thousand were recognized and written off in full. In tax jurisdictions
with positive results Dürr has disclosed tax expenses.
Dürr evaluates the deferred taxes regularly. The ability to recognize tax income from deferred
taxes depends on the possibility of generating taxable income in the future and using up
unused tax losses before they expire.
As of the balance sheet date, deferred tax assets on unused tax losses of € 25,572 thousand
(2003: € 22,357 thousand) were recognized at companies which sustained losses in the current
and prior period. Based on past experience, only tax income in the near future is considered in
the valuation of deferred tax assets.
The special expenses in connection with discontinued operations are the result of devaluations
of deferred tax assets for any unused tax losses carried forward. The special expenses are disclosed
in continuing operations as the deferred tax assets are accounted for there.

Consolidated financial statements of Dürr AG
101
The following table shows the reconciliation of theoretical income taxes to the actual income
tax expenses using the German corporate tax rate of 39.0% (2003: 40.2%).
Amounts in €k
The deferred tax assets and liabilities break down as follows:
2004 2003
Theoretical tax expenses 4,607 –2,294
Foreign tax rate differential –308 –1,433
Non-deductible expenses 2,370 5,273
Deferred taxes recognized on unused tax losses –2,400 –
Unrecognized deferred taxes on unused tax losses
Change in valuation allowance
3,745 22,984
on deferred tax assets 2,444 –
Zero-rated income –2,940 –
Other –411 82
Actual income tax expenses 7,107 24,612
December 31, 2004 December 31, 2003
Amounts in €k Assets Liabilities Assets Liabilities
Intangible assets 408 14,625 689 13,209
Financial assets 687 4,557 806 4,557
Property, plant and equipment 1,654 17,723 2,091 18,959
Inventories 8,445 17,991 8,915 13,069
Receivables and other assets 3,126 10,791 1,488 13,129
Unused tax losses 25,572 – 22,357 –
Pension provisions 3,515 765 3,116 502
Provisions 14,941 9,501 9,608 8,180
Liabilities 10,270 840 16,530 303
68,618 76,793 65,600 71,908
Valuation allowances –2,444 – – –
Gross amount 66,174 76,793 65,600 71,908
Netting –18,281 –18,281 –12,083 –12,083
Total 47,893 58,512 53,517 59,825
Deferred tax assets and liabilities are netted if the entity has a legally enforceable right to settle
current tax liabilities and assets on a net basis and the deferred taxes relate to the same taxable
entity or different taxable entities which intend to be settled or recovered either to settle on a net
basis, or to realize the asset and settle the liability simultaneously, in each future period in which
significant amounts of deferred tax liabilities or assets are expected.
The deferred taxes relating to receivables and liabilities for forward exchange contracts and
interest swaps of € 1,115 thousand (2003: € 1,978 thousand) are charged directly to the equity.

102
18. Intangible assets and
property, plant and
equipment
Loss carry-forwards for which no deferred tax assets were recognized came to € 78,723 thousand
(2003: € 80,863 thousand). Of these, unused tax losses of € 1,926 thousand (2003: € 617 thou-
sand) have to be realized by 2008 at the latest and unused tax losses of € 5,744 thousand (2003:
€ 4,930 thousand) have to be used no later than 2013.
As of December 31, 2004, the distributable reserves of foreign subsidiaries amounted to around
€ 108,352 thousand (2003: € 117,791 thousand). As Dürr Aktiengesellschaft intends to reinvest
these gains for an indefinite period of time, no tax implications from possible distributions or
dividend payments of foreign subsidiaries were considered in the consolidated financial statements.
Notes to the consolidated balance sheet: Assets
Details regarding the changes in the Group’s intangible assets and property, plant and equipment
are presented in the analysis of non-current assets in the Group in note 37. Scheduled amortization
of franchises, industrial rights and similar rights came to € 5,706 thousand (2003: € 6,054 thousand),
amortization of recognized development costs to € 712 thousand (2003: € 334 thousand)
and depreciation of property, plant and equipment to € 20,818 thousand (2003: € 22,659 thousand).
Scheduled amortization and depreciation is shown in the consolidated income statement within
the functional costs.
In the 2004 reporting period, impairment losses were recorded on franchises, industrial rights
and similar rights of € 6,555 thousand and on property, plant and equipment of € 141 thousand.
For details, please refer to note 14. The impairment losses on franchises, industrial rights and
similar rights are shown in the consolidated income statement under discontinued operations
in the position restructuring expenses and impairment losses. The impairment losses on franchises,
industrial rights and similar rights under continuing operations are shown in the position
restructuring expenses and impairment losses.
No residual book values were assumed when calculating the amortization on additions to franchises,
industrial rights and similar rights and assets.
Prepayments for franchises, industrial rights and similar rights as well as property, plant and
equipment are only shown under prepayments if Dürr has made advance payments in connection
with a pending transaction. Property, plant and equipment are recognized as assets under construction
if costs for own or third-party work have already been incurred for their manufacture
but they are not yet completed at the balance sheet date.
The values from the change in the consolidated group shown in the development of fixed assets
in accordance with US GAAP in the 2003 reporting period are shown as additions to intangible
assets under IFRS because the purchase of further shares in subsidiaries that have already been
fully consolidated do not result in a change in the consolidated group.
The following table presents the movements in goodwill by business unit for the Dürr Group as
of January 1, 2003, December 31, 2003, and December 31, 2004.

Amounts in €k
Impairment test for goodwill
Land and buildings
Consolidated financial statements of Dürr AG
103
Paint
Final
Assembly Measuring
Systems Systems Ecoclean Services Systems Dürr Group
Carrying amount
as of January 1, 2003 132,590 87,203 18,833 57,781 59,131 355,538
Currency differences –2,239 –2,271 –2,172 –9,047 1,934 –13,795
Purchase price adjustment – – –119 – – –119
Additions in 2003
Carrying amount
318 1,857 – – 2,272 4,447
as of December 31, 2003 130,669 86,789 16,542 48,734 63,337 346,071
Currency differences –690 –1,135 –1,077 –3,779 224 –6,457
Additions in 2004
Carrying amount
– 1,146 – – 12,996 14,142
as of December 31, 2004 129,979 86,800 15,465 44,955 76,557 353,756
The goodwill acquired from business combinations is allocated to the cash-generating units, at
Dürr the business units, for impairment testing. The calculation model is used in exactly the
same way for all cash-generating units as the main parameters apply equally to all business units.
The net realizable amount of the cash-generating units is determined on the basis of value in use.
This calculation is prepared on the basis of cash flow forecasts which are based on the financial
planning approved by the management for a period of three years. The discount rate used for the
2004 cash-flow forecasts of the various business divisions ranges between 11.26% and 11.62%
(2003: range of 10.99% fo 11.22%). Cash flows after the three-year period are extrapolated using a
growth rate of 1.5% (2003: 1.5%) based on the long-term growth rate of the business units.
Planned gross profit margins
The gross profit margins are determined in the subsidiaries’ bottom-up planning. These are
based on the figures determined for the previous reporting period, taking anticipated efficiency
increases into account.
Capital costs (discount rate)
The capital costs are the weighted mean of debt capital and equity costs before tax. Debt capital
costs are based both on the credit rating and also the rating for the bond issued in 2004. When
calculating the capital costs, a beta factor is also assumed which is derived from the capital market
data of comparable companies and the capital structure of Dürr.
Increase in the price of raw materials
Price increases in raw materials are determined from the forecasted price indices of the countries
from which the raw materials are procured by the respective subsidiaries.
Increase in salary costs
In the three-year plan, the German subsidiaries have assumed annual salary increases of 2%.
The foreign subsidiaries have used the applicable local rate of increase for the respective planning
period.
In the 2004 reporting period, four (2003: four) buildings were recognized as finance leases; Dürr
does not have legal title to these buildings. The depreciation expense recorded on these buildings
is included in property, plant and equipment.

104
19. Investments in associates
20. Inventories and
prepayments
The following table shows the acquisition cost and accumulated depreciation for these buildings
reported under property, plant and equipment.
Amounts in €k
In the 2003 reporting period, a contract was concluded that provides for the division of the
former operating site of the Dürr Group in Darmstadt-Arheilgen in two phases. According to the
contract, in phase I the buyer takes over the plots in exchange for payment of a purchase
price and the development of the whole site and receives an option on the plots of phase II to
be exercised by March 31, 2005. If the buyer does not make use of the purchase option for
the phase II plots in 2005, Dürr will receive all the development work performed by the buyer for
these plots free of charge so that Dürr will then be in possession of fully developed building
land. The Company recognized the claim to development work (e.g. sewer works) under other
assets.
Details regarding the changes in the investments in associates are presented in the analysis of
non-current assets in the Group in note 37.
Investments in associates contain goodwill of € 5,760 thousand (2003: € 5,760 thousand).
At three (2003: three) associates, local accounting principles were applied instead of IFRS accounting
and measurement principles as an adjustment to IFRS principles was not possible without
incurring unreasonable expense. The application of IFRS accounting and measurement principles
would not have had a material effect on the net assets, financial situation and results of operations
of the Group.
Inventories and prepayments break down as follows:
Dec. 31, 2004 Dec. 31, 2003
Historical acquisition cost 19,554 19,582
Accumulated depreciation –8,677 –7,772
Net carrying value 10,877 11,810
Amounts in €k
Dec. 31, 2004 Dec. 31, 2003
Raw materials, consumables and supplies 47,307 48,840
Work in process from non-contract production 4,186 14,194
Finished goods 8,234 6,993
Prepayments 8,637 19,789
Valuation allowances –10,503 –23,571
57,861 66,245
Raw materials, consumables and supplies of € 31,740 thousand (2003: € 30,532 thousand) were
measured at average cost and € 7,096 thousand (2003: € 7,656 thousand) using the FIFO method
(first in, first out).

21.Trade receivables
Consolidated financial statements of Dürr AG
Trade receivables are comprised of the following:
The majority of Group receivables are due from automobile manufacturers. Generally these
105
December 31, 2004 December 31, 2003
Amounts in €k Total Current Non-current Total Current Non-current
Cost and estimated earnings
in excess of billings
Trade
220,258 220,258 – 248,448 248,448 –
receivables
Trade receivables
401,742 400,123 1,619 429,726 429,260 466
from associates 7,820 7,820 – 4,127 4,127 –
629,820 628,201 1,619 682,301 681,835 466
receivables are not secured by collateral or bank guarantees. The receivables for the 2004 report-
ing period are reported net of valuation allowances for doubtful debts of € 12,902 thousand
(2003: € 9,637 thousand). As of December 31, 2004, 52.9% (2003: 56.0%) of the trade receivables
were due from six (2003: six) customers.
The following table provides a summary of the cost and estimated earnings in excess of billings
on uncompleted contracts:
December 31, 2004 December 31, 2003
Amounts in €k Total Current Non-current Total Current Non-current
Cost and estimated earnings 543,063 543,063 – 576,421 576,421 –
Less billings –541,553 –541,204 –349 –680,892 –673,257 –7,635
1,510 1,859 –349 –104,471 –96,836 –7,635
These amounts are offset on a project-by-project basis and are included in either receivables or
liabilities (see note 28).
December 31, 2004 December 31, 2003
Amounts in €k Total Current Non-current Total Current Non-current
Cost and estimated earnings in
excess of billings
Billings in excess of cost
220,258 220,258 – 248,448 248,448 –
and estimated earnings –218,748 –218,399 –349 –352,919 –345,284 –7,635
1,510 1,859 –349 –104,471 –96,836 –7,635

106
22. Other receivables and
other assets
23. Equity without minority
interests
Subscribed capital
Authorized capital (Dürr AG)
Conditional capital (Dürr AG)
Capital reserve
Other receivables and other assets break down as follows:
December 31, 2004 December 31, 2003
Amounts in €k Total Current Non-current Total Current Non-current
Receivables from financing
activities due from associates 760 760 – 760 760 –
Other assets 61,970 59,160 2,810 74,571 69,500 5,071
62,730 59,920 2,810 75,331 70,260 5,071
Other assets include in particular tax refund claims not relating to income taxes of € 20,518 thou-
sand (2003: € 32,768 thousand), amounts due from suppliers of € 1,026 thousand (2003: € 2,727
thousand), receivables from employees of € 1,102 thousand (2003: € 1,295 thousand) and forward
exchange contracts recorded at their fair value of € 6,835 thousand (2003: € 6,320 thousand).
Notes to the consolidated balance sheet: Equity and liabilities
As of December 31, 2004, the capital stock of the Company came to € 36,603 thousand and was
divided into 14,298,200 no par value shares (unchanged compared to January 1, 2003), issued to
the bearer.
Each share represents € 2.56 of the subscribed capital.
By resolution of the annual shareholders’ meeting on May 30, 2001, the Board of Management
is authorized through May 30, 2006, to increase capital stock by a total of up to € 16,219,904
through the issuance of up to 6,335,900 bearer shares of common stock or non-voting preferred
stock, each representing € 2.56 of capital stock, in exchange for cash.
By resolution of the annual shareholders’ meeting on May 30, 2001, the Board of Management
is authorized – with the consent of the Supervisory Board – to increase capital stock by a total of
up to € 10,240 thousand through the issuance of up to 4 million new no-par value bearer shares
in the form of shares of voting common stock or preferred stock, each representing € 2.56 of capital
stock (conditional capital I). The conditional capital increase can be used to issue convertible
bonds with a nominal value of up to € 102,400 thousand, which can have a term of up to 15 years.
The authorization is valid until May 30, 2006.
Under the Dürr International Stock Option Plan (DISOP), the Board of Management is further
authorized to increase capital stock conditionally by up to € 2,560 thousand through the issuance
of up to 1 million common shares, each representing € 2.56 (conditional capital II) of capital stock.
In the reporting periods 2004 and 2003, Dürr did not issue any further options to participants
under the stock option plan. In the 2003 reporting period, the 94,795 stock options outstanding
all expired.
As of December 31, 2004, the capital reserve amounts to € 159,000 thousand (2003: € 159,000
thousand).

Nature and purpose of
reserves
Dividends
Other comprehensive income
24. Minority interests
25. Provisions for pension
obligations
Consolidated financial statements of Dürr AG
107
The capital reserve of Dürr Aktiengesellschaft results from the premium of the share issue; it may
only be used in accordance with stock corporation regulations. Pursuant to Sec. 150 of the AktG,
the legal reserve and the capital reserve together must exceed one tenth of the capital stock to
be used to offset losses or for a capital increase from company funds. If the legal reserve and the
capital reserve together do not exceed one tenth of the capital stock, they may only be used to
offset losses if the loss is not covered by the profit carry-forward or net income and cannot be
offset by releasing other revenue reserves.
The revenue reserves contain profits of the parent company and of subsidiaries transferred to
the reserves.
The amount of dividends available for distribution to shareholders is regulated by the AktG,
and is based upon the earnings of Dürr AG as reported in its statutory financial statements prepared
in accordance with the HGB. The shareholders’ meeting will propose to carry forward
retained earnings.
The changes in the components of other comprehensive income for the 2004 reporting period
and the related tax effects are as follows:
2004 2003
Amounts in €k Before tax Tax effect Net Before tax Tax effect Net
Net losses
from derivates to
hedge cash flows
Change in unrealized
gains(–)/losses –2,207 821 –1,386 1,537 –690 847
Realized losses
Net gains/net losses(–)
4,330 –1,684 2,646 12,324 –4,788 7,536
from derivatives, total
Currency translation
2,123 –863 1,260 13,861 –5,478 8,383
difference –3,476 – –3,476 –12,880 – –12,880
Change in other
comprehensive income –1,353 –863 –2,216 981 –5,478 –4,497
Minority interests contain adjustment items for minority interests in capital required to be
consolidated from the capital consolidation and the profits and losses allocable to them. The
consolidated financial statements contain nine (2003: nine) companies in which minority shareholders
hold interests.
Pension entitlements have been granted to the members of the Board of Management of Dürr AG
and the members of the board of management and general managers of the German subsidiaries
based on salary and years of service.
At German Dürr subsidiaries, those workers who were employed at the German locations in
Filderstadt and Wyhlen and at the Schenck companies at the time their companies were acquired
are entitled to pension benefits. The pensions are based on years of service. The payments foreseen
by the pension plans are calculated on actual contributions plus an element that is

108
dependent on years of service. In addition, the pension benefits available to the employees
of Dürr’s German subsidiaries include a life insurance program (BZV) of € 701 thousand
(2003: € 708 thousand) in line with the tariff group.
The 1998 mortality tables published by Dr. Heubeck have been used to calculate the German
benefit obligations.
The US subsidiaries of Dürr have pension plans covering all non-union employees at these subsidiaries.
The plan provides benefits based on the average salaries earned in the past five years.
The US subsidiaries contribute to external pension funds for union employees. In the 2004
reporting period, the pension expenses for these employees came to around € 1,312 thousand
(2003: € 699 thousand).
In addition, Dürr’s US subsidiaries have a 401(k) profit-sharing plan for certain employees. The
benefits are based on years of service and the employees’ compensation. The Group’s contribution
is discretionary and is determined annually by the management. In the 2004 reporting period, the
pension expenses for these employees came to around € 2,660 thousand (2003: € 2,355 thousand).
The following table presents further information on these plans:
Amounts in €k
Dec. 31, 2004 Dec. 31, 2003
Changes in defined benefit obligation
Defined benefit obligation at the beginning of year 66,729 68,330
Effect of currency translation –1,794 –3,328
Service cost 3,097 2,819
Interest cost 3,767 3,778
Actuarial gains or losses 2,791 646
Benefits paid –4,038 –4,584
Reduction of pension pledges – –1,472
Other 452 540
Defined benefit obligation at end of year 71,004 66,729
Amounts in €k
Dec. 31, 2004 Dec. 31, 2003
Change in plan assets
Fair value of plan assets at beginning of year 16,810 18,173
Effect of currency translation –1,437 –3,116
Actual return on plan assets 1,199 1,966
Employer contributions 715 1,060
Benefits paid –1,192 –1,783
Plan assets from reinsurance 936 364
Others 53 146
Fair value of plan assets at end of year 17,084 16,810

Consolidated financial statements of Dürr AG
Amounts in €k
109
As of September 1, 2003, Schenck Corporation, Deer Park (New York/USA) curtailed its pension
obligations. The resulting curtailment of 1,679 thousand US dollars reduced the defined benefit
obligation at the end of 2003.
Net periodic pension cost breaks down into the following components (contained in the results
of operations of the Group):
The cut-off date for the valuation of pension obligations and plan assets is December 31, 2004;
the valuation date for pension expenses is January 1, 2004.
The following averages were used to calculate pension obligations:
The following averages were used to calculate pension expenses:
Dec. 31, 2004 Dec. 31, 2003
Funded status * 53,920 49,919
Actuarial unrecognized net gains/losses –2,279 207
Net amount recognized 51,641 50,126
* Difference between the defined benefit obligation and the plan assets
Amounts in €k
Composition of net periodic pension cost
2004 2003
Service cost 3,097 2,819
Interest cost 3,767 3,778
Expected return on plan assets –562 –1,228
Reduction of pension pledges – –1,472
Other 476 23
Net periodic pension cost 6,778 3,920
Amounts in %
Average valuation factors
2004 2003
Discount rate 5.58 5.60
Long-term salary increases 2.46 2.92
Amounts in %
Average valuation factors
2004 2003
Discount rate 5.60 5.76
Estimated long-term return on plan assets 7.46 7.25
Long-term salary increases 2.92 2.98

110
26. Other provisions
Other provisions mainly relate to the following positions:
December 31, 2004 December 31, 2003
Amounts in €k Total Current Non-current Total Current Non-current
Contract-related provisions 94,821 86,436 8,385 110,630 104,033 6,597
Personnel provisions 11,895 7,916 3,979 13,822 8,241 5,581
Other provisions 23,351 13,128 10,223 14,848 14,592 256
130,067 107,480 22,587 139,300 126,866 12,434
27. Bond and financial
liabilities
Those other provisions that are expected to be used within the next 12 months are classified as
current.
Other provisions developed as follows in the 2004 reporting period:
Amounts in €k
Contract-related Personnel Other
provisions provisions provisions
As of January 1, 2004 110,630 13,822 14,848
Currency differences –1,774 –79 –332
Utilization –77,871 –4,848 –5,361
Reversal –18,247 –407 –1,681
Reclassifications 192 – –159
Addition 81,891 3,407 16,036
As of December 31, 2004 94,821 11,895 23,351
The contract-related provisions mainly consist of provisions for potential losses in the order
backlog, for after-sales expenses and for warranties.
The personnel provisions mainly contain provisions for long-service awards and obligations for
phased retirement.
Other provisions relate to numerous identifiable specific risks and contingent liabilities.
All interest-bearing liabilities of the Group are shown under the item bond and financial
liabilities. They break down as follows:
Amounts in €k
Term Term
Total Short Total Medium Long
Bond 186,471 – 186,471 – 186,471
(2003) (–) (–) (–) (–) (–)
Liabilities to banks 102,892 83,794 19,098 16,029 3,069
(2003) (296,828) (158,704) (138,124) (126,910) (11,214)
Liabilities to associates 1,083 163 920 920 –
(2003) (1,115) (1,115) (–) (–) (–)
Liabilities from finance leases 10,190 1,704 8,486 5,862 2,624
(2003) (11,543) (1,730) (9,813) (6,113) (3,700)
December 31, 2004 300,636 85,661 214,975 22,811 192,164
(December 31, 2003) (309,486) (161,549) (147,937) (133,023) (14,914)

Consolidated financial statements of Dürr AG
111
On July 6, 2004, Dürr AG issued a fixed-interest bond on the capital market. With a total volume
of € 200,000 thousand, the bond was issued with a coupon of 9.75% and a term of seven years.
The purpose of the bond is the long-term refinancing of the syndicated loan of € 200,000 thou-
sand and 50,000 thousand US dollars agreed in 2001 and redeemed as of July 6, 2004, and the
revolving line of credit of 50,000 thousand US dollars.
Moreover, on June 30, 2004, Dürr concluded a contract for a term loan (“syndicated loan”) of
€ 400,000 thousand with Deutsche Bank AG, Landesbank Baden-Württemberg, Commerzbank AG
and other banks. The syndicated loan consists of a revolving cash line (tranche A) of € 200,000
thousand and a guarantee line (tranche B) of € 200,000 thousand. The syndicated loan is payable
no later than 2009. Depending on the currency, the interest is based on the refinancing rate with
the same maturity (EURIBOR or LIBOR) plus a margin determined in relation to the financial ratio of
total net debt to EBITDA. Under the syndicated loan agreement, Dürr AG is required to observe
certain ratios for the financial indicators EBITDA to net interest, total net debt to EBITDA, total net
senior debt to EBITDA, and total net worth at the end of each calendar quarter. If these financial
ratios are infringed, the banks would be entitled to demand repayment with a two-third majority.
According to the calculations of the Board of Management, the financial ratios were observed
as of December 31, 2004. On December 31, 2004, Dürr AG and its subsidiaries had made use of
€ 71,656 thousand of tranche A and € 110,324 thousand of tranche B.
As of December 31, 2004, shares in subsidiaries and second-tier companies with a total net
worth of € 281,736 thousand have been pledged as collateral for the issued bond and the syndicated
loan.
The liabilities to banks shown in 2003 result from the syndicated loan borrowed under the lead
of Deutsche Bank AG, Landesbank Baden-Württemberg and other banks for € 200,000 thousand
and 50,000 thousand US dollars and a revolving line of credit of 50,000 thousand US dollars. On
December 31, 2003, € 80,000 thousand and 30,000 thousand US dollars as well as 50,000 thousand
US dollars of the revolving line of credit were used. Shares in subsidiaries and second-tier companies
with a total net worth of € 99,908 thousand were deposited as collateral. Under the syndicated
loan agreement, Dürr AG is required to observe certain ratios at the end of each calendar
quarter. If these financial ratios are not complied with, the banks would be entitled to demand
repayment with a two-third majority. The financial ratios were observed as of December 31, 2003.
The total amount of liabilities to banks which are due within the next five years and thereafter
breaks down as follows:
Amounts in €k
2005 2006 2007 2008 2009 Thereafter
Liabilities to banks 83,794 13,553 1,081 998 397 3,069
The total lines of credit and bank guarantees can be broken down as follows:
Amounts in €k
Dec. 31, 2004
Total amount of lines of credit and bank guarantees available 804,448
Total amount of lines of credit and bank guarantees used 463,682
of which with a residual term of less than one year 336,917
of which with a residual term of more than one year 126,765

112
28.Trade payables, tax
liabilities and other
liabilities
€ 45,088 thousand (2003: € 104,672 thousand) of the liabilities to banks are in US dollars and
€ 430 thousand (2003: € 792 thousand) in pounds sterling. The remaining share is generally
payable in euros.
In the 2004 reporting period, interest expenses totaled around € 26,790 thousand (2003: € 24,819
thousand); no interest expenses were recognized in the 2004 and 2003 reporting periods. The
weighted average interest rate for short-term liabilities to banks as of December 31, 2004, was
5.41% (2003: 4.35%).
Besides the syndicated loan, the Company has bilateral lines of credit for working capital as
well as further loans with various banks. These loans have terms of between one and 16 years
and are charged interest once every three or six months (between 3.75% and 6.95% p.a. or the
three-month or six-month EURIBOR plus a customary bank margin). An amount of € 15,242 thousand
is secured by mortgages (2003: € 16,570 thousand).
Trade payables, tax liabilities and other liabilities break down as follows:
Amounts in €k
Term Term
Total Short Total Medium Long
Billings in excess of costs on
uncompleted contracts 218,748 218,399 349 349 –
(2003) (352,919) (345,284) (7,635) (7,635) –
Trade payables 297,935 297,749 186 185 1
(2003) (328,370) (328,258) (112) (112) –
Tax liabilities 6,973 6,681 292 292 –
(2003) (6,117) (5,871) (246) (246) –
Trade payables to associates 5,081 5,081 – – –
(2003) (5,804) (5,804) – – –
Other liabilities 137,427 129,766 7,661 7,661 –
(2003) (183,174) (168,862) (14,312) (14,312) –
December 31, 2004 666,164 657,676 8,488 8,487 1
(December 31, 2003) (876,384) (854,079) (22,305) (22,305) –
Other liabilities mainly contain tax liabilities which do not relate to income taxes of € 16,372 thou-
sand (2003: € 30,592 thousand), liabilities relating to social security of € 12,507 thousand
(2003: € 13,488 thousand), liabilities to employees of € 48,718 thousand (2003: € 45,101 thousand),
obligations from restructuring measures of € 7,382 thousand (2003: € 21,378 thousand), derivative
financial instruments of € 2,511 thousand (2003: € 16,945 thousand) as well as a purchase price
obligation from the purchase of shares in Schenck Australia Pty. Ltd., North Ryde (Australia), of
€ 1,800 thousand.

29. Segment reporting
Paint Systems
business unit
Final Assembly Systems
business unit
Services
business unit
Ecoclean
business unit
Measuring Systems
business unit
Consolidated financial statements of Dürr AG
Other notes
The segment reporting was prepared according to IAS 14 (Segment Reporting). Based on the
113
internal reporting and organizational structure of the Group, consolidated financial statement
data is presented by business unit and region. The segmentation aims to make the earnings
power and the net assets and financial situation of the Group’s different activities and regions
more transparent.
In line with Dürr’s dominating organizational structure, the Group’s business units form the
basis of the primary reporting. The Dürr Group is comprised of a management holding and five
business units (2003: five) differentiated by product and performance spectrum which each
have global responsibility for their products and results.
The Paint Systems business unit plans and manufactures products and systems for large-scale
production line painting for automotive producers and their suppliers.
The Final Assembly Systems business unit combines the activities of the Dürr Group as a
provider of products and systems for the final assembly of automobiles.
The Services business unit offers manufacturing support services for the automotive industry.
For details regarding to the discontinued Services business unit, please see note 9.
The Ecoclean business unit specializes in systems for cleaning parts and treating coolants as
well as automation technology used to interlink processes.
The Measuring Systems business unit contains the measurement technology activities of the
Schenck Group. Measuring Systems comprises the product lines: Balancing and Diagnostic
Systems, Measuring and Process Systems and Development Test Systems.
For details regarding the discontinued product line Development Test Systems, please see note 9.
The Corporate Center comprises other fully consolidated companies.
The principles underlying the Group’s management reporting and controlling are substantially
the same as those described in the consolidated financial statements according to IFRS. The
Company measures the performance of its business units by earnings before tax in accordance
with the disclosure in the consolidated income statement.
Sales revenues relating to transactions between the business units are generally recorded at
values that approximate the prices that would be offered to independent third parties. Revenues
are generally allocated to regions based on the location of the customer. Business unit assets
are allocated on the basis of the location of the subsidiary reporting these assets.

114
Consolidated financial statement data by business unit
Amounts in €k
Paint
Final
Assembly Measuring Corporate Consolid- Dürr
Systems Systems Services Ecoclean Systems Center ation Group
2004
Sales revenues with
external customers
Sales revenues with other
1,148,037 265,876 158,582 183,510 380,357 – – 2,136,362
business units 6,447 108,165 25 2,631 1,582 – –118,850 –
Total sales revenues
Earnings before interest
and taxes (EBIT) according
1,154,484 374,041 158,607 186,141 381,939 – –118,850 2,136,362
to IAS 14 25,676 3,924 5,948 –3,600 –1,578 4,542 696 35,608
of which profit/loss
from associates
Amortization and
140 –143 – – 531 – – 528
depreciation 10,615 3,518 2,987 2,613 13,214 1,145 – 34,092
Capital expenditures 5,165 4,880 2,526 1,522 4,400 15 – 18,508
Assets 532,985 260,917 91,297 127,718 308,242 550,741 –541,471 1,330,429
Liabilities
Employees
481,700 116,926 24,607 57,999 156,100 28,835 –30,087 836,080
(as of December 31, 2004) 2,690 1,546 5,455 909 2,644 51 – 13,295
2003
Sales revenues with
external customers
Sales revenues with other
1,244,083 320,454 146,082 202,157 359,096 – – 2,271,872
business units 6,131 124,536 401 5,962 5,829 – –142,859 –
Total sales revenues
Earnings before interest
and taxes (EBIT) according
1,250,214 444,990 146,483 208,119 364,925 – –142,859 2,271,872
to IAS 14 27,648 10,241 7,039 6,005 –27,718 –7,141 –1,160 14,914
of which profit/loss
from associates
Amortization and
–532 –7 – – 624 – – 85
depreciation 11,507 3,231 2,797 2,956 9,304 1,176 – 30,971
Capital expenditures 5,825 3,440 2,346 1,251 3,775 8 – 16,645
Assets 612,801 296,236 85,506 137,666 300,641 548,296 –574,061 1,407,085
Liabilities
Employees
652,958 179,788 21,858 65,766 146,330 44,092 –48,760 1,062,032
(as of December 31, 2003) 2,808 1,593 4,499 932 2,861 54 – 12,747

Consolidated financial statements of Dürr AG
Consolidated financial statement data by geographical region
Amounts in €k
115
Other North/ Asia/
Other EU European Central South Africa/
Germany countries countries America America Australia Dürr Group
2004
Sales revenues
with external customers 493,358 466,732 30,106 788,594 24,449 333,123 2,136,362
Capital expenditures 7,623 2,585 98 5,919 516 1,767 18,508
Assets
Employees
468,408 312,700 10,549 447,305 18,303 73,164 1,330,429
(as of December 31, 2004) 4,170 3,137 22 3,416 1,458 1,092 13,295
2003
Sales revenues
with external customers 579,294 558,008 50,679 763,211 29,320 291,360 2,271,872
Capital expenditures 5,521 4,215 108 5,249 211 1,341 16,645
Assets
Employees
492,848 380,126 9,488 460,282 19,311 45,030 1,407,085
(as of December 31, 2004) 4,630 3,093 24 3,283 842 875 12,747
Sales revenues with one customer amounted to 24.5% of consolidated net sales revenues in
the 2004 reporting period and 18.1% in the 2003 reporting period. These sales revenues were
reported by the business units Paint Systems, Services, Final Assembly Systems, Ecoclean and
Measuring Systems. Another major customer accounted for 10.0% of the consolidated net
sales revenues in the 2004 reporting period and 9.9% in the 2003 reporting period, split between
the Paint Systems, Final Assembly Systems, Ecoclean, Measuring Systems and Services business
units.
Groups of entities known to be under common control are considered as a single customer.
In the 2004 reporting period, impairment losses of € 6,555 thousand were recorded on franchises,
industrial rights and similar rights, and of € 141 thousand on property, plant and equipment
in the Measuring Systems, Final Assembly Systems and Ecoclean business units. The impairment
losses in 2003 related exclusively to the Measuring Systems business unit.
The segment assets and segment liabilities have been derived as follows from gross assets
and gross liabilities respectively:
Amounts in €k
Dec. 31, 2004 Dec. 31, 2003
Gross assets according to the
consolidated balance sheet 1,435,016 1,665,554
Cash and cash equivalents 51,471 199,859
Tax receivables 5,223 5,093
Deferred tax assets 47,893 53,517
Segment assets 1,330,429 1,407,085

116
30. Related-party
transactions
Amounts in €k
The net income/loss of the Group is derived as follows from the earnings before interest and
taxes (EBIT):
Amounts in €k
Pursuant to IAS 14, the EBIT is disclosed in the segment reporting before elimination of inter-
segment profits and adjusted for intersegment interest effects. In the management report,
reference is made to the internal controlling figures which contain both effects.
Dr.-Ing. E. h. Heinz Dürr is Chairman of the Supervisory Board of Dürr AG. Dr.-Ing. E. h. Heinz
Dürr is also a member of the Administrative Board of Landesbank Baden-Württemberg. As a
result of consulting services provided for Dürr Aktiengesellschaft and its subsidiaries, expenses
of € 518 thousand (2003: € 335 thousand) were due to Heinz Dürr GmbH, Berlin, of which
Dr.-Ing. E. h. Heinz Dürr is General Manager. For his former activity as General Manager, Dr.-Ing.
E. h. Heinz Dürr also received benefits from the pension pledge of April 2, 1978 (supplemented
December 21, 1988), of € 210 thousand (2003: € 205 thousand).
Dec. 31, 2004 Dec. 31, 2003
Gross liabilities according to the
consolidated balance sheet* 1,210,766 1,441,438
Bond 186,471 –
Liabilities to banks 102,892 296,828
Liabilities from finance leases 10,190 11,543
Tax liabilities including other taxes 16,621 11,210
Deferred tax liabilities 58,512 59,825
Segment liabilities 836,080 1,062,032
* Consolidated balance sheet total less equity with minority interests
2004 2003
Earnings before interest and taxes (EBIT) 35,608 14,914
Other interest and similar income 2,996 4,198
Interest and similar expenses –26,790 –24,819
Income taxes –7,107 –24,612
Net income/loss of the Group 4,707 –30,319
Mr. Joachim Schielke is a Supervisory Board member of Dürr AG and a member of the Board of
Management of Landesbank Baden-Württemberg. Landesbank Baden-Württemberg’s 25% share
of tranche A (cash loan) of the syndicated loan of € 50,000 thousand was valued at € 17,914 thousand
on December 31, 2004. In the 2003 reporting period, Dürr had lines of credit totaling € 84,401
thousand that were valued at € 10,025 thousand. The bilateral lines of credit until June 30, 2004,
the syndicated loan until June 30, 2004, and the syndicated loan from June 30, 2004, gave rise to
interest and similar expenses of € 3,961 thousand (2003: € 4,940 thousand).
Dr. Tessen von Heydebreck is a member of the Supervisory Board of Dürr AG and also a member
of the Board of Management of Deutsche Bank AG. Deutsche Bank AG’s 25% share of tranche A
(cash loan) of the syndicated loan of € 50,000 thousand was valued at € 17,914 thousand on
December 31, 2004. In the 2003 reporting period, Dürr had lines of credit totaling € 114,401 thousand
that were valued at € 31,578 thousand. The bilateral lines of credit until June 30, 2004,
the syndicated loan until June 30, 2004, and the syndicated loan from June 30, 2004, gave rise
to interest and similar expenses of € 4,179 thousand (2003: € 5,103 thousand) in the 2004
reporting period.

31. Contingent liabilities
32. Other financial
obligations
Rent and lease agreements
Other financial commitments
Consolidated financial statements of Dürr AG
117
For further information on the various loans with Landesbank Baden-Württemberg and Deutsche
Bank AG, please refer to note 27.
For further information on the members of the Supervisory Board of Dürr Aktiengesellschaft,
please refer to note 36.
The forward exchange transactions and interest hedges of the Group are largely processed
through Landesbank Baden-Württemberg and Deutsche Bank AG. For details of the forward
exchange transactions and interest hedges, please refer to note 34.
The Board of Management confirms that all the transactions with related parties described
above were carried out at arm’s length conditions. For further information on the members of
the Board of Management of Dürr Aktiengesellschaft, please refer to note 36.
As of December 31, 2004, the Company had the following contingent liabilities:
Amounts in €k
Dec. 31, 2004 Dec. 31, 2003
Liabilities from guarantees, notes and
check guarantees 51 2,991
Other 1,475 4,024
1,526 7,015
Besides liabilities, provisions and contingent liabilities, the Company has other financial obliga-
tions, in particular from rent and lease agreements for buildings, furniture and fixtures, office
space and vehicles. The contracts terminate at various times between 2005 and 2019. Future
minimum payments up to the first contractually agreed termination date are as follows:
2005 2006 2007 2008 2009 Thereafter Total
Amounts in €k
Non-cancelable leases 24,106 13,910 12,102 9,830 8,449 33,046 101,443
Finance leases 2,477 2,207 2,060 1,890 1,819 3,666 14,119
Total related rent expenses in the 2004 reporting period amount to € 30,570 thousand (2003:
€ 25,774 thousand). The interest portion for the total minimum payments for finance leases
amounts to € 3,929 thousand (2003: € 4,797 thousand); the repayment portion amounts
to € 10,190 thousand (2003: € 11,543 thousand), of which € 1,704 thousand (2003: € 1,730 thousand)
is short term.
The other financial commitments that do not result from rent and lease agreements are
listed below.
Amounts in €k
2005 2006 2007 2008 2009 Thereafter Total
Other continuous
obligations 14,701 7,822 7,917 8,002 8,005 25,410 71,857

118
33. Risks
34. Financial instruments
Use of derivative
financial instruments
The Group operates in countries in which there are political and commercial risks. From a current
perspective, the Group is not aware of the effects of such risks for the Group and they are therefore
not included in the consolidated financial statements.
Dürr may be involved in lawsuits, including product liability, in the normal course of business.
There are no such matters pending that the Board of Management expects to be material in
relation to the Group’s business or financial position. Legal costs are expensed as incurred.
There is litigation pending relating to a tax field audit conducted in 2000. A demand for backtax
of € 900 thousand plus possible interest is currently being negotiated. The Board of Management
estimates the chances of the Group winning the litigation as more likely than not. The legal
counseling and consulting fees associated with the case have been posted against earnings.
Dürr is currently involved in arbitration proceedings against Alstom S.A. regarding the acquisition
of Dürr Systems S.A.S., Courbevoie (France). In the agreement underlying this transaction,
Alstom S.A. on the one hand and Dürr AG and Dürr Systems GmbH on the other agreed to
an equity guarantee for the acquired Dürr Systems S.A.S. and its subsidiaries as well as a gross
margin guarantee for certain projects. The parties to the contract cannot agree on the actual
amount of these guarantees. Since May 2001, the arbitration proceedings have therefore been
pending at the International Chamber of Commerce (ICC), Paris (France). At a hearing on
March 3, 2003, the court of arbitration decided to appoint a preliminary expert. According to the
report of this expert from March 2004, both Alstom S.A. and Dürr have justified claims. At a
hearing before the court of arbitration on April 14, 2004, at which the report was discussed, the
parties were asked to comment on the question of whether Dürr has forfeited the right to have a
final expert appointed to decide finally on the amount of the equity as of February 17, 2000, the
date of the takeover by Dürr.
In a preliminary judgment, the court of arbitration came to the conclusion on November 10, 2004,
that Dürr had not lost this right and that a final expert could be appointed. On December 12, 2004,
the preliminary expert was appointed by both parties as the final expert. Dürr was instructed to
prepare a revised consolidated balance sheet as of the cutoff date for discussion with Alstom S.A.
by mid-March. The parties have to identify the disputed points and comment on them. The next
hearing of the court of arbitration has been scheduled for the end of April 2005.
As of December 31, 2004, and December 31, 2003, Dürr has therefore recorded a receivable based
on its claim against Alstom S.A. Depending on the outcome of the arbitration proceedings,
a deviation from the receivables posted will lead in subsequent reporting periods to a change
in goodwill without effect on income. Dürr considers it to be more probable than not that the
main claims of Dürr will be asserted.
Due to its international operations, Dürr is exposed to currency risks. The Company is also exposed
to interest risks and credit risks. The general regulations for a Group-wide risk policy are laid out
in the Group guidelines.
Derivative financial instruments are used in the Group to minimize the risks concerning changes
in exchange rates and interest rates on cash flows and the change in fair value of receivables
and liabilities. In addition, interest swaps are used to optimize interest payments. Dürr is exposed
to credit loss in the event of non-performance by counterparties (banks) to the financial instruments
described below.

Credit risk
Currency risk
Interest rate risk
Liquidity risk
Fair value
Consolidated financial statements of Dürr AG
All financial derivatives and their underlyings are subject to ongoing and regular internal
119
control and measurement in accordance with a directive of the Board of Management. Derivative
contracts are only entered into with banks with a good credit standing. Interest swaps were
only entered into with German banks.
Derivative financial instruments are only entered into to hedge the operating business.
The credit risk results from the danger that business partners fail to perform their obligation with
primary and derivative financial instruments and that capital losses are incurred as a result.
Credit ratings are performed for all new customers. Existing customers are analyzed regularly
based on their payment behavior.
As we do not conclude any general netting agreements with our customers, the sum of the
amounts reported under assets also represents the maximum credit risk. There is no apparent
concentration of credit risk from exposures to a single debtor or to groups of debtors.
Currency risks exist in particular where receivables or liabilities exist or will arise in the ordinary
course of business in a currency other than the local currency of the Company.
Forward exchange transactions are entered into to hedge against exchange rate fluctuations
from cash flows relating to anticipated purchasing and sales transactions with terms of up
to 18 months.
In the 2004 reporting period, revolving forward exchange transactions were entered into to hedge
against exchange rate fluctuations of intercompany loans with terms of up to one month.
To manage the market risk for changes in interest rates of existing and anticipated variable-rate
liabilities to banks, the Company entered into interest swaps with residual maturities of up
to 14 months.
Unused credit lines at the disposition of the Group ensure that it has sufficient funds.
The financial instruments of the Group not accounted for at fair value mainly consist of cash and
cash equivalents, trade receivables, trade payables and other liabilities, overdraft facilities and
long-term loans.
The carrying value of cash and cash equivalents and of overdraft facilities approximates fair value
due to the highly liquid nature of these instruments.
The fair value of receivables and payables based on the normal credit terms of trade also approximates
their carrying value at historical cost.
The fair value of non-current liabilities is based on the current interest rate for borrowing at similar
terms and conditions with the same due date and credit rating. With the exception of the bond,
the fair value of debt capital corresponds closely to the net carrying amount. As of December 31,
2004, the bond is listed at 108.20% which is equal to a fair value of € 216,400 thousand.
Depending on their fair value on the balance sheet date, derivative financial instruments are
reported under other assets (positive fair value) or other liabilities (negative fair value)
respectively.

120
Accounting and disclosure
of derivative financial
instruments and hedge
accounting
35. Additional local
disclosure requirements
Exemption pursuant to
Sec. 264b No. 4 of the HGB
Exemption from the requirement
to prepare consolidated
financial statements
for a Spanish sub-group
On the balance sheet date the Company had the following derivatives:
Amounts in €k
The fair value of the derivative financial instruments was estimated using the following methods
and assumptions: The fair values of currency swaps were estimated on the basis of the difference
between the contractually agreed exchange rates and forward rates prevailing on the balance sheet
date. The fair values of the interest rate swaps are estimated as the present value of expected
future cash flows.
Nominal value Positive fair value Negative fair value
Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003
Derivative financial
instruments
Interest swaps
Forward exchange
34,663 279,347 – – –1,315 –15,081
contracts 203,656 101,543 6,835 6,320 –1,196 –1,864
Currency swaps and interest rate swaps are recognized in the consolidated balance sheet at fair
value. If the criteria for hedge accounting are fulfilled, the changes in fair value are accounted
for as cash flow hedges as described in the following paragraph. Otherwise the changes in market
value are recorded in the consolidated income statement as of each balance sheet date.
Cash flow hedges
The effective portion of the change in market value of interest swaps and forward exchange transactions
classified as cash flow hedges is recorded through other comprehensive income. When
the hedged transaction affects earnings, the amount from the interest swaps and forward exchange
transactions recorded in other comprehensive income is reclassified into interest expense (interest
swaps) and cost of sales (forward exchange contracts) in the income statement. Due to the
ineffectiveness of the interest swaps, a net loss of € 9 thousand (2003: net loss of € 112 thousand)
was recorded for the 2004 reporting period. Due to the improved liquidity situation, the interest
hedges of a number of expected liabilities to banks were discontinued in the 2003 reporting period
and losses were reclassified from equity to the income statement. It is anticipated that through
the occurrence of the underlying € 120 thousand (2003: € 210 thousand) of net losses included in
other comprehensive income will be reclassified into income during the next 12 months upon
realization of the hedged interest payments.
The company Premier Manufacturing Support Services GmbH & Co. KG, Stuttgart, has made use
of the exemption provision of Sec. 264b No. 4 of the HGB.
The company Ingenieria Agullo S.A., Barcelona (Spain), has made use of the exemption option
from the preparation of consolidated financial statements pursuant to Spanish law.

36. Other notes
Subsequent events
German Corporate Governance
Code: Declaration of compliance
pursuant to Sec. 161
of the AktG
Average headcount
Consolidated financial statements of Dürr AG
New Group structure
Effective March 1, 2005, the Dürr Group has been given a new Group structure. In the new
Group structure there are two divisions.
121
The former Paint Systems and Final Assembly Systems business units were combined in the new
Paint and Assembly Systems division. In addition, the former Ecoclean and Measuring Systems
business units were combined in the new Measuring and Process Systems division.
In the course of the strategic realignment of the Group structure, Dürr sold the Services business
unit represented by the Premier group in the 2005 reporting period subject to the approval of the
antitrust authorities. Dürr is examining the various options for Development Test Systems (DTS)
such as a minority shareholding or a complete sale.
Combination of legally independent subsidiaries
Effective January 1, 2005, the US companies Behr Systems Inc., Auburn Hills, Acco Systems Inc.,
Warren, Dürr Environmental Inc., Plymouth, and Dürr Production Systems Inc., Farmington, were
merged into Dürr Systems Inc., Plymouth (formerly Dürr Industries Inc.).
In 2005 the German companies Dürr Environmental GmbH, Stuttgart, Dürr Automotion GmbH,
Stuttgart, and DS Engineering GmbH, Darmstadt, are going to be merged into Dürr Systems
GmbH, Stuttgart.
The declaration of compliance prescribed by Sec. 161 of the AktG was submitted by the Board
of Management and the Supervisory Board of Dürr AG on December 17, 2004, in Stuttgart and
made accessible to the shareholders on the Internet.
The annual average number of employees:
As of December 31, 2004, Dürr employed 13,295 people (2003: 12,747).
2004 2003
Manual workers 6,419 6,127
Salaried employees 6,364 6,500
Trainees/apprentices 296 330
13,079 12,957
of which Services business unit 4,884 4,479

122
Members of the Board of Management
Stephan Rojahn
Chairman
Ecoclean and Measuring Systems
(until December 31, 2004)
Paint Systems
(January 1, 2005–February 28, 2005)
Paint and Assembly Systems
(formerly Paint Systems
and Final Assembly Systems)
(since March 1, 2005)
, Corporate Communication
and Investor Relations, Internal Audit,
Corporate Senior Executives
Carl Schenck AG* (Chairman)
Dürr Systems GmbH*
(until September 30, 2004, Chairman)
Dürr Ecoclean Inc.* (Chairman)
Dürr Inc.* (Chairman)
Olpidürr S.p.A.*
Verind S.p.A.*
Kay Bönisch
Finance/Taxes, Controlling,
Law/Insurance, Human Resources
Carl Schenck AG* (since February 2, 2004)
Dürr Systems GmbH*
(October 1, 2004–February 20, 2005)
INTX AG* (since February 1, 2004, Chairman)
Dürr Inc.* (since February 1, 2004)
Premier Manufacturing
Support Services Inc.*
(since February 1, 2004)
Ralf W. Dieter
(since January 1, 2005)
Ecoclean and Measuring Systems
(January 1, 2005–February 28, 2005)
Measuring and Process Systems
(formerly Measuring Systems and Ecoclean)
(since March 1, 2005)
Research & Development,
Information Technology
Interautomation Inc.*
(since January 16, 2004, Chairman)
Schenck Canada Inc.*
(since January 16, 2004, Chairman)
Schenck Corporation*
Schenck Ltd.*
Schenck Pegasus Corporation*
Schenck RoTec Corp.*
Schenck Test Automation Ltd.*
Schenck Trebel Corporation*
Dr. Norbert Klapper
Final Assembly Systems
(until February 28, 2005)
Services
Sales & Marketing Paint and
Assembly Systems (since March 1, 2005)
Quality Management, Patents,
Sales & Marketing
Dürr Inc.*
Dürr Paintshop Systems
Engineering (Shanghai) Co. Ltd.*
(since March 1, 2004)
Dürr Production Systems Inc.*
(until March 9, 2004)
Dürr Systems Spain S.A.*
(since February 1, 2004)
Premier Manufacturing Support
Services Inc.*

Consolidated financial statements of Dürr AG
Dr. Wolfgang Baur
(until January 31, 2004)
Finance, Controlling, Human Resources,
Law, Information Technology
Carl Schenck AG* (until January 31, 2004)
INTX AG* (until January 31, 2004, Chairman)
Competence Call Center AG
Dürr Systems Spain S.A.*
(until January 31, 2004)
Dürr Inc.* (until January 31, 2004)
Premier Manufacturing Support
Services Inc.* (until January 31, 2004)
Dr. Reinhold Grau
(until October 31, 2004)
Paint Systems
Research & Development, Information
Technology, Sales & Marketing
INTX AG* (until October 31, 2004)
Dürr Inc.* (until October 31, 2004)
Dürr Japan K.K.* (until October 31, 2004)
Dürr Ltd.* (until October 31, 2004)
Dürr Paintshop Equipment and Engineering
(Shanghai) Co. Ltd.* (until October 31, 2004)
Dürr Paintshop Systems
Engineering (Shanghai) Co. Ltd.*
(March 1, 2004–October 31, 2004)
Dürr Systems Spain S.A.*
(until October 31, 2004)
Olpidürr S.p.A.* (until October 31, 2004)
Verind S.p.A.* (until October 31, 2004)
Offices held by members of the Board of Management
Membership in other statutory supervisory boards
Membership in comparable domestic and foreign control
bodies of business organizations
* Group mandate
123
In the 2004 reporting period, total remunera-
tion of the Board of Management came to
€ 1,906 thousand (2003: € 1,912 thousand).
Pension provisions for the members amounted
to € 2,378 thousand as of December 31, 2004
(2003: € 1,771 thousand).
The former members of the Board of Management
received remuneration of € 679 thousand
(2003: € 669 thousand). Pension provisions for
the members amounted to € 9,650 thousand as
of December 31, 2004 (2003: € 8,861 thousand).
Compensation paid to members of the Board
of Management of Dürr AG comprises fixed
and variable components. When deciding on
the fixed components, the Supervisory Board
considers not only the economic situation of
the Dürr Group but also the duties and responsibilities
of the respective board members.
The biannual review considers both the personal
performance of each board member and
the performance of the board as a whole, and
takes these into account when making any
changes. The amount of the variable compensation
components depends to a large extent
on the success of the company.
Another component of the variable compensation
is the DISOP (Dürr International Stock
Option Plan). DISOP is by nature subject to risk
and acts as a long-term incentive with a vesting
period. The Supervisory Board decides
annually on the issue of new DISOP tranches.
In January 2004, Dr. Wolfgang Baur, a member
of the Board of Management of Dürr Aktiengesellschaft
at the time, informed us that he had
sold 4,000 shares in Dürr Aktiengesellschaft
(securities transaction subject to the reporting
requirements of Sec. 15 of the WpHG [“Wertpapierhandelsgesetz”:
German Securities
Trading Act]). As of December 31, 2004, there
were no other securities held by members of
the Board of Management subject to the reporting
requirements of the German Corporate
Governance Code, No. 6.6.

124
Members of the Supervisory Board
Dr.-Ing. E. h. Heinz Dürr 1
Entrepreneur, Berlin
Chairman
Benteler AG
Dürr Systems GmbH*
(since February 21, 2005, Chairman)
Dussmann AG & Co. KGaA
Krone GmbH (Chairman)
Landesbank Baden-Württemberg
(member of the Administrative Board)
Peter Weingart1, 3
Chairman of the Group Works
Council of Dürr AG, Stuttgart
Deputy Chairman
Dürr Systems GmbH* (Deputy Chairman)
1, 2
Prof. Dr. Norbert Loos
Managing Partner of
Loos Beteiligungs-GmbH, Stuttgart
Deputy Chairman
Behr GmbH & Co.
BHS-tabletop AG (Chairman)
Carl Schenck AG*
Hans R. Schmidt Holding AG
(Chairman)
LTS Lohmann Therapie-Systeme AG
(Chairman)
Mannheimer Kongress- und Touristik GmbH
MVV-OEG AG
Stadt Mannheim Beteiligungsgesellschaft
mbH
Trumpf GmbH + Co. KG
LTS AG, USA (Chairman)
Lieselotte Dedek-Fried2, 3
Member of the Works Council of
Schenck RoTec GmbH, Darmstadt
2, 3
Benno Eberl
Trade Union Secretary of IG Metall
administrative offices, Stuttgart
ThyssenKrupp Aufzüge GmbH
(Deputy Chairman)
ThyssenKrupp Elevator AG
(Deputy Chairman)
Prof. Dipl.-Ing. Jörg Menno Harms
Chairman of the Management Board
of Hewlett-Packard GmbH and
Hewlett-Packard Holding GmbH, Böblingen
(until October 31, 2004)
Managing Director of Menno Harms GmbH,
Stuttgart (since November 1, 2004)
Heraeus Holding GmbH
Hewlett-Packard GmbH
Jenoptik AG
Württembergische
Hypothekenversicherung AG
CA Leuze GmbH & Co. KG
(member of the Administrative Board)
Groz Beckert KG (Deputy Chairman)
Dr.Tessen von Heydebreck
Member of the Board of Management of
Deutsche Bank AG, Frankfurt am Main
BASF AG
BVV Versicherungsverein des
Bankgewerbes a.G.
Deutsche Bank Privat- und
Geschäftskunden AG*
DWS Investment GmbH* (Deputy Chairman)
Deutsche Bank Luxembourg S.A.*
(Chairman)
Deutsche Bank OOO, Moscow* (Chairman)
Deutsche Bank Polska S.A.* (Chairman)
Deutsche Bank Rt., Budapest* (Chairman)
Deutsche Bank Trust Corp.*
DB Trust Company America*

Consolidated financial statements of Dürr AG
Werner Kramp3 Chairman of the Works Council of Schenck
Final Assembly Products GmbH, Püttlingen
Günter Lorenz1, 3
Principal Authorized Representative of IG Metall
administrative offices, Darmstadt
Carl Schenck AG*
(since November 25, 2004)
Siemens VDO Automotive AG
Harald Rüber3 (January 1, 2004–February 28, 2005)
Head of Project Development at
Dürr Systems GmbH,
Stuttgart (until February 28, 2005)
President of Dürr Systems GmbH,
Stuttgart (since March 1, 2005)
Joachim Schielke2 Member of the Board of Management of
Landesbank Baden-Württemberg, Stuttgart
Chairman of the Board of Management of
Baden-Württembergische Bank AG, Stuttgart
ICS Informatik Consulting Systems AG
Internationales Bankhaus Bodensee AG*
(Chairman)
Süd Private Equity Management
GmbH & Co. KGaA (Deputy Chairman)
BWK GmbH Unternehmensbeteiligungsgesellschaft
(Chairman)
Landesbank Rheinland-Pfalz
MKB Mittelrheinische Bank GmbH
(Deputy Chairman)
MMV Leasing GmbH
(Deputy Chairman of the Advisory Board)
Rehabilitationsklinik Bad Wurzach GmbH
1 Member of the mediation committee and personnel committee
2 Member of the audit committee
3 Employee representative
Membership in statutory supervisory boards
Membership in comparable domestic and foreign control
bodies of business organizations
* Group mandate
Dr. Hans Michael Schmidt-Dencker
(since June 9, 2004)
Spokesman of the Management of
BWK GmbH Unternehmensbeteiligungsgesellschaft,
Stuttgart
Kunert AG (Chairman)
Sick AG
Behr GmbH & Co. KG
Bizerba GmbH & Co. KG
BW Mergers & Acquisitions GmbH
Dr. Haas GmbH
Mypegasus Beteiligungs-GmbH
Schmidt Holding GmbH (Chairman)
Dr. Heinz-Gerd Stein2 (until June 9, 2004)
Management Consultant, Duisburg
AXA Versicherung AG
Bankgesellschaft Berlin AG
Landesbank Berlin – Girozentrale –
WILO AG
125
Evangelisches und Johanniter Klinikum
Duisburg/Dinslaken/Oberhausen gem. GmbH
Hülskens Holding GmbH & Co.
INTAC International, Inc.
Kunststoffwerk Philippine GmbH & Co. KG
(Chairman)
Saarpor Klaus Eckhardt GmbH Neunkirchen
Kunststoffe KG (Chairman)
Thumann & Heitkamp Verwaltungs-GmbH
ThyssenKrupp Elevator Holding Corp.
ThyssenKrupp Marine Systems GmbH
In the 2004 reporting period, total remuneration
of the Supervisory Board totaled € 162 thousand
(2003: € 406 thousand).
In the 2004 reporting period, there were no
securities transactions subject to the reporting
requirements of Sec. 15a of the WpHG. Nor were
there any other securities held by members of
the Supervisory Board as of December 31, 2004,
subject to the reporting requirements of the
German Corporate Governance Code, No. 6.6.

126
37. Analysis of non-current assets
Intangible assets
Amounts in €k
Franchises,
industrial Recognized Prepayments
rights and development for intangible
Goodwill similar rights costs assets Total
Accumulated historical cost
as of January 1, 2003 355,538 63,151 3,906 240 422,835
Currency differences –13,795 –2,717 –560 –40 –17,112
Changes in the consolidated group – – – – –
Additions 4,447 6,666 2,099 920 14,132
Disposals –119 –2,144 – – –2,263
Reclassifications – 19 – – 19
Accumulated historical cost
as of December 31, 2003 346,071 64,975 5,445 1,120 417,611
Currency differences –6,457 –1,044 –564 –16 –8,081
Changes in the consolidated group – – – – –
Additions 14,142 9,070 4,376 1,201 28,789
Disposals – –753 – – 2 –755
Reclassifications – 254 – –101 153
Accumulated historical cost
as of December 31, 2004 353,756 72,502 9,257 2,202 437,717
Accumulated amortization
as of January 1, 2003 – 30,084 334 96 30,514
Currency differences – –1,202 –63 –20 –1,285
Changes in the consolidated group – – – – –
Scheduled amortization – 6,054 334 44 6,432
Impairment losses – – – – –
Disposals – –2,003 – – –2,003
Reclassifications – – – – –
Accumulated amortization
as of December 31, 2003 – 32,933 605 120 33,658
Currency differences – –775 –94 –13 –882
Changes in the consolidated group – – – – –
Scheduled amortization – 5,706 712 40 6,458
Impairment losses – 6,555 – – 6,555
Disposals – –392 – – –392
Reclassifications – – – – –
Accumulated amortization
as of December 31, 2004
Net carrying amount
– 44,027 1,223 147 45,397
as of December 31, 2004
Net carrying amount
353,756 28,475 8,034 2,055 392,320
as of December 31, 2003
Net carrying amount
346,071 32,042 4,840 1,000 383,953
as of January 1, 2003 355,538 33,067 3,572 144 392,321

Property, plant and equipment
Amounts in €k
Consolidated financial statements of Dürr AG
127
Land and
land rights Other
and buildings Technical equipment, Prepayments
on third- equipment furniture and assets under
party land and machines and fixtures construction Total
Accumulated historical cost
as of January 1, 2003 202,794 79,805 142,485 3,516 428,600
Currency differences –12,609 –5,150 –7,237 –132 –25,128
Changes in the consolidated group – – – – –
Additions 3,183 3,976 8,594 892 16,645
Disposals –6,431 –3,207 –20,042 –106 –29,786
Reclassifications 2,081 818 364 –3,282 – 19
Accumulated historical cost
as of December 31, 2003 189,018 76,242 124,164 888 390,312
Currency differences –4,800 –1,975 –2,574 –39 –9,388
Changes in the consolidated group – – – – –
Additions 3,167 4,707 7,310 3,324 18,508
Disposals –4,166 –21,510 –12,797 –209 –38,682
Reclassifications 117 –26 103 –346 –152
Accumulated historical cost
as of December 31, 2004 183,336 57,438 116,206 3,618 360,598
Accumulated depreciation
as of January 1, 2003 64,139 58,302 107,756 – 230,197
Currency differences –4,220 –3,487 –4,749 – –12,456
Changes in the consolidated group – – – – –
Scheduled depreciation 5,441 5,819 11,399 – 22,659
Impairment losses – 1,266 – – 1,266
Disposals –3,523 –2,881 –19,405 – –25,809
Reclassifications – 31 –18 49 – –
Accumulated depreciation
as of December 31, 2003 61,806 59,001 95,050 – 215,857
Currency differences –1,890 –1,447 –1,862 – –5,199
Changes in the consolidated group – – – – –
Scheduled depreciation 5,647 5,172 9,999 – 20,818
Impairment losses – – 141 – 141
Disposals –940 –19,464 –12,160 – –32,564
Reclassifications 1 46 – 47 – –
Accumulated depreciation
as of December 31, 2004
Net carrying amount
64,624 43,308 91,121 – 199,053
as of December 31, 2004
Net carrying amount
118,712 14,130 25,085 3,618 161,545
as of December 31, 2003
Net carrying amount
127,212 17,241 29,114 888 174,455
as of January 1, 2003 138,655 21,503 34,729 3,516 198,403

128
Financial assets
Amounts in €k
Investments Other Other long-term
in associates investments securities Other loans Total
Accumulated historical cost
as of January 1, 2003 19,533 2,104 579 2,142 24,358
Currency differences –1,177 1 –1 –185 –1,362
Changes in the consolidated group – – – – –
Additions 476 *
– 17 758 1,251
Disposals –1,190 – –27 –383 –1,600
Reclassifications – – – – –
Accumulated historical cost
as of December 31, 2003 17,642 2,105 568 2,332 22,647
Currency differences –484 – 1 76 –407
Changes in the consolidated group – – – – –
Additions 214* 630 – 499 1,343
Disposals –1 –563 –4 –38 –606
Reclassifications – – – –1 –1
Accumulated historical cost
as of December 31, 2004 17,371 2,172 565 2,868 22,976
Accumulated amortization
as of January 1, 2003 1,609 200 – – 1,809
Currency differences – – – – –
Changes in the consolidated group – – – – –
Scheduled amortization 592 21 1 – 614
Impairment losses – – – – –
Disposals –592 – – – –592
Reclassifications – – – – –
Accumulated amortization
as of December 31, 2003 1,609 221 1 – 1,831
Currency differences – – – – –
Changes in the consolidated group – – – – –
Scheduled amortization – – – – –
Impairment losses – 120 – – 120
Disposals – – – – –
Reclassifications – – – – –
Accumulated amortization
as of December 31, 2004
Net carrying amount
1,609 341 1 – 1,951
as of December 31, 2004
Net carrying amount
15,762 1,831 564 2,868 21,025
as of December 31, 2003
Net carrying amount
16,033 1,884 567 2,332 20,816
as of January 1, 2003 17,924 1,904 579 2,142 22,549
* Investment results less dividends

Consolidated financial statements of Dürr AG
38. List of equity investments
129
Capital
share
Name and registered offices in %
Germany
Dürr Systems GmbH, Stuttgart 1, 3 100
Dürr Automotion GmbH, Stuttgart 1, 3 100
Dürr Environmental GmbH, Stuttgart 1, 3 100
INTX AG, Stuttgart 1, 3 100
Dürr Ecoclean GmbH, Filderstadt 1, 3 100
Dürr Grundstücks-GmbH, Stuttgart 3 100
Dürr International GmbH, Stuttgart 1, 3 100
Dürr Ecoclean International GmbH, Stuttgart 1, 3 100
Dürr Holding GmbH, Stuttgart 1, 3 100
Dürr Beteiligung Alpha GmbH, Stuttgart 1, 3 100
Premier Beteiligungsgesellschaft mbH, Stuttgart 1, 3 100
Premier Manufacturing Support Services GmbH & Co. KG, Stuttgart 3 100
Dürr Somac GmbH, Chemnitz 1, 3 100
DS Engineering GmbH, Darmstadt 1, 3 100
Dürr Special Material Handling GmbH, Wyhlen 3 100
Carl Schenck AG, Darmstadt 3 100
Schenck Pegasus GmbH, Darmstadt 1, 3 100
Schenck RoTec GmbH, Darmstadt 1, 3 100
Schenck Process GmbH, Darmstadt 1, 3 100
Schenck Fertigungs & Service GmbH, Darmstadt 1, 3 100
Waagen und Maschinen Ed. Schmitt & Cie. GmbH, Darmstadt 1, 3 100
Schenck Atis GmbH, Darmstadt 1, 3 100
Schenck Immobilien & Service GmbH, Darmstadt 1, 3 100
Schenck Final Assembly Products GmbH, Püttlingen1, 3 Gades Grundstücksverwaltungsgesellschaft
100
mbH & Co. Vermietungs KG, Mainz4, 5 100
Fludicon GmbH, Darmstadt6 Unterstützungseinrichtung der Carl Schenck AG, Darmstadt,
25
GmbH, Darmstadt6 100
1 Profit-and-loss transfer agreement in place with respective parent
2 Purchase accounting in the 2004 reporting period
3 Fully consolidated in the Dürr Group
4 Associate of the Dürr Group
5 Not fully consolidated as only 10% of voting rights held
6 Not consolidated in the Dürr Group

130
Capital
share
Name and registered offices in %
Other EU countries
Dürr Anlagenbau GmbH, Zistersdorf/Austria 3 100
Schenck Ges.m.b.H., Braunau/Austria 3 100
Dürr Ltd., Warwick/United Kingdom 3 100
Dürr Ecoservice Ltd., Warwick/United Kingdom 3 100
Behr Industrial Equipment Ltd., Warwick/United Kingdom 3 100
Inlac (UK) Ltd., Warwick/United Kingdom3 Premier Manufacturing Support Services (UK) Ltd.,
100
Warwick/United Kingdom3 100
Schenck Ltd., Banbury/United Kingdom3 100
Schenck Automation Systems Ltd., Warwick/United Kingdom3 100
Schenck Test Automation Ltd., Worcester/United Kingdom3 100
SRH Systems Ltd., Worcester/United Kingdom3 57
STIC-HAFROY S.A.S., Loué/France3 100
Dürr Systems S.A.S., Courbevoie/France3 100
Schenck S.A.S., Cergy-Pontoise/France3 100
Dürr Systems Spain S.A., San Sebastián/Spain3 100
Ingenieria Agullo S.A., Barcelona/Spain3 100
Industrias Schenck S.A., Madrid/Spain3 Premier Manufacturing Support Services Spain S.L.,
100
San Sebastián/Spain2, 3 100
Olpidürr S.p.A., Novegro di Segrate/Italy3 65
Verind S.p.A., Rodano/Italy4 50
Polisistem S.r.l., Turin/Italy4 29
CPM S.p.A., Beinasco/Italy4 50
IMPIND S.p.A., Milan/Italy3 100
Schenck Italia S.r.l., Paderno Dugnano/Italy3 100
Premier Manufacturing Support Services A.B., Trollhättan/Sweden3 100
Schenck Vægt- og Maskinfabrik A.p.s., Copenhagen/Denmark3 100
Carl Schenck Machines en Installaties B.V., Rotterdam/Netherlands3 100
Premier Manufacturing Support Services B.V., Born/Netherlands3 100
Dürrpol Sp.z o.o., Radom/Poland3 100
Premier Manufacturing Support Services Poland Sp.z o.o., Gliwice/Poland3 100
Schenck Polska Sp.z o.o., Warsaw/Poland3 100
Dürr Ecoclean spol. s.r.o., Oslavany/Czech Republic3 Premier Manufacturing Support Services s.r.o.,
100
Mlada Boleslav/Czech Republic3 100
Schenck spol. s.r.o., Prague/Czech Republic3 100
Schenck Slovakia spol. s.r.o., Bratislava/Slovakia3 100

Consolidated financial statements of Dürr AG
131
Capital
share
Name and registered offices in %
Other European countries
Schenck Industrie-Beteiligungen AG, Glarus/Switzerland 3 100
Schenck Ukraina TOW, Kiev/Ukraine 3 100
North America/Central America
Dürr Inc., Plymouth, Michigan/USA 3 100
Dürr Systems Inc., Plymouth, Michigan/USA 3 100
ACCO Systems Inc., Warren, Michigan/USA 3 100
Behr Systems Inc., Auburn Hills, Michigan/USA 3 100
Dürr Environmental Inc., Plymouth, Michigan/USA 3 100
Dürr Ecoclean Inc., Plymouth, Michigan/USA 3 100
Inlac Schmidt USA Inc., Troy, Michigan/USA 3 100
Premier Manufacturing Support Services Inc., Cincinnati, Ohio/USA 3 100
Behr Robotics Inc., Auburn Hills, Michigan/USA 3 100
Dürr Sigma Systems Inc., Plymouth, Michigan/USA 3 100
Dürr AIS Inc., Plymouth, Michigan/USA 3 100
Schenck Corporation, Deer Park, New York/USA 3 100
Schenck RoTec Inc., Deer Park, New York/USA 3 100
Schenck RoTec Corporation, Troy, Michigan/USA 3 100
Schenck Trebel Corporation, Deer Park, New York/USA 3 100
Schenck Pegasus Corporation, Troy, Michigan/USA 3 100
Schenck AccuRate Inc., Whitewater, Wisconsin/USA 3 100
Schenck Motorama Inc., Farmington, Michigan/USA 3 100
Dürr Production Systems Inc., Farmington, Michigan/USA3 Premier Manufacturing Support Services-Michigan LLC,
100
Plymouth, Michigan/USA2, 3 Premier Manufacturing Support Services of Canada Ltd.,
100
Alliston, Ontario/Canada3 100
Schenck Canada Inc., Toronto, Ontario/Canada3 100
Interautomation Inc., Oakville, Ontario/Canada3 100
Dürr Canada Corp., Halifax, Nova Scotia/Canada3 100
Dürr ACCO Canada Inc., Windsor, Ontario/Canada3 100
Behr Industrial Systems Inc., Windsor, Ontario/Canada2, 3 100
Dürr de México S. A. de C. V., Naucalpan de Juarez/Mexico3 Premier Manufacturing Support Services de México,
100
S. de R.L. de C. V., Saltillo/Mexico3 100
1 Profit-and-loss transfer agreement in place with respective parent
2 Purchase accounting in the 2004 reporting period
3 Fully consolidated in the Dürr Group
4 Associate of the Dürr Group
5 Not fully consolidated as only 10% of voting rights held
6 Not consolidated in the Dürr Group

132
Capital
share
Name and registered offices in %
South America
Schenck Américas S.A., Bogotá/Colombia 3 70
Dürr Brasil Ltda., São Paulo/Brazil3 Premier Brasil Servicios de Suporte para Indústrias Ltda.,
100
São Paulo/Brazil3 100
Schenck do Brasil Indústria e Comércio Ltda., São Paulo/Brazil3 Premier Servicios de Soporte para Manufacturas,
100
Argentina S.A., Cap. Fed. Buenos Aires/Argentina3 100
Schenck Austral S.A., Santiago de Chile/Chile2, 3 75
Africa/Asia/Australia
Dürr South Africa (Pty.) Ltd., Port Elizabeth/South Africa3 100
Schenck Africa (Pty.) Ltd., Johannesburg/South Africa3 100
Dürr India Private Ltd., Chennai/India3 100
Schenck Avery Ltd., Noida/India3 74
Schenck Process India Ltd., Ranchi/India4 Premier Manufacturing Support Services (Thailand) Co. Ltd.,
50
Bangkok/ Thailand3 82
Carl Schenck Singapore Pte., Ltd., Singapore/Singapore3 100
Dürr Korea Inc., Seoul/South Korea3 100
Schenck Korea Ltd., Seoul/South Korea3 Dürr Paintshop Equipment and Engineering (Shanghai) Co. Ltd.,
88
Shanghai/P. R. China3 Premier Automobile Manufacturing Support Services (Shanghai) Co. Ltd.,
100
Shanghai/P. R. China3 Schenck Shanghai Testing Machinery Corporation Ltd.,
100
Shanghai/P. R. China4 50
Schenck Shanghai Machinery Corporation Ltd., Shanghai/P. R. China3 99
Schenck (Tianjin) Mineral Systems Co. Ltd., Tianjin/P. R. China3 Dürr Paintshop Systems Engineering (Shanghai) Co. Ltd.,
100
Shanghai/P. R. China2, 3 100
Dürr Japan K.K., Yokohama/Japan3 100
Nagahama Seisakusho Ltd., Osaka/Japan4 50
Schenck-TKS Test Systems Ltd., Kanagawa/Japan3 71
Schenck Australia (Pty.) Ltd., North Ryde/Australia3 100
Dürr Pty. Ltd., Adelaide/Australia3 100
1 Profit-and-loss transfer agreement in place with respective parent
2 Purchase accounting in the 2004 reporting period
3 Fully consolidated in the Dürr Group
4 Associate of the Dürr Group
5 Not fully consolidated as only 10% of voting rights held
6 Not consolidated in the Dürr Group
A complete list of equity investments has been filed with the commercial register
of Stuttgart district court.

Consolidated financial statements of Dürr AG
Stuttgart, March 24, 2005
Dürr Aktiengesellschaft
The Board of Management
Stephan Rojahn Kay Bönisch
Ralf W. Dieter Dr. Norbert Klapper
133

134
Dürr worldwide
Germany
Dürr AG
Stuttgart, phone: +49-711-136-0
corpcom@durr.com
Carl Schenck AG
Darmstadt, phone: +49-6151-32-0
schenck@schenck.net
Dürr Systems GmbH
Stuttgart, phone: +49-711-136-0
corpcom@durr.com
Bietigheim-Bissingen,
phone: +49-7142-78-0
durr.apt@durr.com
Butzbach, phone: +49-60 33-80-50-0
psi-deu@durr.com
Brunswick, phone: +49-5 31-2159-0
automotion@durr.com
Darmstadt, phone: +49-6151-32-42 01
automotion@durr.com
dse@schenck.net
Ochtrup, phone: +49 -25 53-9 27-0
rebekka.paul@durr.com
Dürr Somac GmbH
Chemnitz, phone: +49-37 18-122-0
somac@durr.com
Dürr Special Material Handling GmbH
Grenzach-Wyhlen, phone: +49-76 24-310
dsmh@durr.com
Schenck Final Assembly Products GmbH
Püttlingen, phone: +49-68 98-6 92-0
schenck-fap@schenck.net
Dürr Ecoclean GmbH
Filderstadt, phone: +49-711-70 06-0
info@ecoclean.durr.com
Monschau, phone: +49-24 72-83-0
info@ecoclean.durr.com
Schenck Pegasus GmbH
Darmstadt, phone: +49-61 51-32-30 98
pegasus@schenck.net
Schenck Process GmbH
Darmstadt, phone: +49-61 51-32-10 28
pr.process@schenck.net
Schenck RoTec GmbH
Darmstadt, phone: +49-61 51-32-23 11
schenck.rotec@schenck.net
Australia
Dürr Pty. Ltd.
Adelaide, phone: +61-8-82 38 34 63
andy.davey@durr.com.au
Schenck Australia Pty. Ltd.
North Ryde, phone: +61-2-98 78 4100
sales@schenck.com.au
Paint and Assembly Systems
Measuring and Process Systems
Austria
Brazil
Dürr Anlagenbau Ges.m.b.H.
Zistersdorf, phone: +43-25 32-25 46
duerr.zistersdorf@durr.com
Schenck Ges.m.b.H.
Braunau, phone: +43-77 22-62 38 70
schenck@sog.schenck.net
Dürr Brasil Ltda.
São Paulo, phone: +55-11-56 33 35 00
durrbr@durr.com.br
Schenck do Brasil
Indústria e Comérçio Ltda.
São Paulo, phone: +55-11-56 33 35 00
schenck@schenck.com.br
Canada
Chile
Dürr Canada Inc.
Windsor, phone: +1-7 34-4 59 68 00
info@durrusa.com
Dürr Acco Canada Inc.
Windsor, phone: +1-5 86-7 55 75 00
sales@acco.durr-usa.com
Interautomation Inc.
Oakville, phone: +1-9 05-8 27 77 55
info@iainc.com
Schenck Austral S.A.
Santiago de Chile, phone: +56-22-28 93 40
ehoemann@emin.cl
China
Dürr Paintshop Systems Engineering
(Shanghai) Co. Ltd.
Shanghai, phone: +86-21-6219 3719
general@durr.com.cn
Schenck Shanghai
Machinery Corp. Ltd.
Shanghai, phone: +86-21-62 65 96 63
ssm-rotec@online.sh.cn
ssm-process@online.sh.cn
Schenck Shanghai Testing
Machinery Corp. Ltd.
Shanghai, phone: +86-21-3 06 45 99
Schenck (Tianjin) Mineral Systems Co. Ltd.
Tianjin, phone: +86-22-83 96 37 20
service@schenck-china.com
Colombia
Schenck Américas S.A.
Bogotá, phone: +57-1-2 77 50 00
manuel.etter@schenck.net
Czech Republic
Dürr Ecoclean spol. s r.o.
Oslavany-Padochov
phone: +42-05 46-42 35 22-3
Schenck spol. s r.o.
Prague, phone: +42-02-33 09 41 11
info@schenck.cz
Denmark
Schenck Vægt- og Maskinfabrik ApS
Bagsværd, phone: +45-44-98 22 55
svm@svm.schenck.net
France
Dürr Systems S.A.S.
Courbevoie, phone: +33-1-43 34 74 00
general@durr-ai.com
Massy, phone: +33-1-69 93 29 00
durr.automotion@durr-ai.com
STIC-HAFROY S.A.S.
Loué, phone: +33-2-43 39 78 00
stic-hafroy@stic-hafroy.fr
Schenck S.A.S.
Cergy-Pontoise, phone: +33-1-34 32 90 00
ssa@ssa.schenck.net
Great Britain
India
Dürr Ltd.
Warwick, phone: +44-19 26-4188 00
sales@durr.co.uk
Schenck Automation Systems Ltd.
Warwick, phone: +44-19 26-4188 00
saspersonnel@durr.co.uk
Schenck Ltd.
Banbury, phone: +44-12 95-25 1122
general@schenck.co.uk
Schenck Test Automation Ltd.
Worcester, phone: +44-19 05-6133 61
sta@schenck.co.uk
SRH Systems Ltd.
Worcester, phone: +44-19 05-6133 61
srh@srhsystems.com
Dürr India Pvt. Ltd.
Chennai, phone: +91-44-4 32 36 20/21
mlcresswell@durrindia.com
Schenck Avery Ltd.
Noida, phone: +91-120-2 56 3174/179
sal@schenck-ind.com
Schenck Process India Ltd.
Ranchi, phone: +91-6 51-2 29 07 35
sjnrnc@giasc101.vsnl.net.in

Italy
Olpidürr S.p.A.
Novegro di Segrate,
phone: +39-02-70 2121
sales@olpidurr.it
Polisistem S.r.l.
Turin, phone: +39-011-6126 26
polisistem@polisistem.it
Verind S.p.A.
Rodano, phone: +39-02-95 32 09 74
direzione@verind.it
CPM S.p.A.
Beinasco, phone: +39-011-3 98 8411
dir@cpm-spa.com
Schenck Italia S.r.l.
Paderno Dugnano,
phone: +39-02-91 00 24 41
schenck.italia@sit.schenck.net
Japan
Dürr Japan K.K.
Yokohama, phone: +81-45-4 75 36 71
s-katayama@durr.co.jp
Nagahama Seisakusho Ltd.
Osaka, phone: +81-726- 96 33 01
nso@nagahama.co.jp
Schenck-TKS Test Systems Ltd.
Kanagawa, phone: +81-42-7 80 53 81
stt@sttnet.co.jp
Mexico
Dürr de México S.A. de C.V.
Naucalpan de Juarez
phone: +52-55-53 291188
durr.mexico@durrmex.com.mx
Netherlands
Carl Schenck Machines
en Installaties B.V.
Rotterdam, phone: +31-10-4 1175 40
info@schenck.nl
Poland
Dürrpol Sp. z o.o.
Radom, phone: +48-48-3 610100
durrpol@durrpol.pl
Schenck Polska Sp. z o.o.
Warsaw, phone: +48-22-6 65 40 11
schenck@schenck.com.pl
Paint and Assembly Systems
Measuring and Process Systems
Dürr worldwide
Russia
Dürr Systems GmbH
Moscow, phone: +7-095-9 26 06 26
durr@durr.msk.ru
Slovakia
Schenck Slovakia spol. s r.o.
Bratislava, phone: +42-12-55 56 34 70
csb@schenck.sk
South Africa
Dürr South Africa Ltd.
Port Elizabeth, phone: +27-41-3 93 54 00
durr@durrsa.co.za
Schenck Africa (Pty.) Ltd.
Johannesburg, phone: +27-41-3 93 54 00
sales@schenck.co.za
South Korea
Dürr Korea Inc.
Seoul, phone: +82-2-5 69 22 44
koch@durr.co.kr
Schenck Korea Ltd.
Seoul, phone: +82-2-5 62 72 96
hgkim@schenck.co.kr
Spain
Dürr Systems Spain S.A.
Madrid, phone: +34-915-5176 63
ana.cazenave@durr-ai.com
San Sebastian, phone: +34-9 43-3170 00
durr-spain@durr-spain.com
Valladolid, phone: +34-9 83-39 70 02
technical.va@durr-spain.com
Viladecans, phone: +34-93-6 47 25 25
administracion.apt@durr-spain.com
Ingenieria Agullo S.A.
Barcelona, phone: +34-93-2 92 1100
agullo@agullo.com
Industrias Schenck S.A.
Madrid, phone: +34-91-7 46 19 80
info@sme.schenck.net
Ukraine
USA
Schenck Ukraina TOW
Kiev, phone: +38-044-4 90 26 96
csk@schenck.com.ua
135
Dürr AIS Inc.
Plymouth/MI, phone: +1-7 34-4 59 68 00
durrais@ai.durr-usa.com
Dürr Inc.
Plymouth/MI, phone: +1-7 34-4 59 68 00
jcotton@durrusa.com
Dürr Systems Inc.
Auburn Hills/MI, phone: +1-2 48-745 85 00
behr@behr.durr-usa.com
Farmington/MI, phone: +1-2 48-4 78 35 00
sales@dps.durr-usa.com
Plymouth/MI, phone: +1-7 34-4 59 68 00
info@durrusa.com
sales@durrenvironmental.com
Somerville/NJ, phone: +1-9 08-6 85 46 00
sales@durrenvironmental.com
Warren/MI, phone: +1-5 86-7 55 75 00
sales@acco.durr-usa.com
Dürr Ecoclean Inc.
Bowling Green/OH,
phone: +1-4 19-3 52 75 01
henry@henryfilters.com
Sterling Heights/MI,
phone: +1-5 86-2 64 20 20
scott.kosovec@hrblack.com
Wixom/MI, phone: +1-2 48-9 60 46 30
durr-ecoclean@da.durr-usa.com
Schenck AccuRate Inc.
Whitewater/MI, phone: +1-2 62-4 73 24 41
mktg@accuratefeeders.com
Schenck Pegasus Corporation
Troy/MI, phone: +1-2 48-6 89 90 00
info@schenckpegasus.com
Schenck RoTec Corporation
Troy/MI, phone: +1-2 48-6 89 90 00
info@schenckrotec.com
Schenck Trebel Corporation
Deer Park/NY, phone: +1-6 31-2 42 40 10
sales@schenck-usa.com

B
C
D
136
Glossary
A Direct electrostatic charging
Application technology
General term for all products related to the
spray application of paint and high-viscosity
materials. Important products that fall under
the heading of “application technology” include
painting robots, paint atomizers, paint
supply systems, and color change systems.
Asynchronous machine
A driving and loading device used in engine
and transmission test stands.
Body pretreatment
Pretreatment is the first step in the painting
process. The vehicle body is cleaned and a
protective coating is applied that prevents
corrosion and allows for better paint adhesion.
Common products strategy
(also called common tooling strategy)
Strategy pursued by automobile manufacturers,
in which identical production technology
is used in multiple plants, making it easier
to achieve a consistent standard of quality.
Common-rail fuel injection
Fuel injection systems for combustion
engines. Whereas conventional systems must
pressurize the fuel for each individual injection,
the pressure in common-rail fuel injection
systems remains constant. This makes
extremely flexible injection control possible.
The system uses a common rail for fuel and
for accumulating injection pressure.
Computational Fluid Dynamics
(CFD) simulation
Computer simulation of flows, such as air,
water, or paint flows.
Control frequency
In test stand technology: the frequency with
which a control unit “tells” the individual
drives and loading devices assigned to it how
many revolutions per minute (rpm) or how
much torque the machine must achieve.
Coolant recycling (filtration)
Coolants are used in workpiece machining,
for instance, for boring and milling. They cool
the workpieces and tools, reduce friction and
wear, and bind any metal shavings. The recycling
systems cool the used coolant and
remove the shavings through filtration so
the coolant can be reused in the machining
process.
Deburring
The process of removing from workpieces
any burrs that are produced during boring or
milling, for example, in the manufacture of
engines and transmissions. If these burrs are
not removed, they could break off later and
cause damage to or even the failure of the
system.
Dip-painting
Process used for priming the vehicle body.
In dip-painting, the body is completely submerged
in the paint. The liquid paint adheres
to the entire body surface as well as the cavities.
After dipping, the paint is dried and
cured as in other painting processes.
E
F
H
M
P
of water-based paints
High voltage is applied to the paint atomizer
to give the paint droplets an electrostatic
charge. The result is more effective paint application
to the earthed vehicle body, minimal
paint loss, and minimal soiling of the atomizer.
Eddy current brake
The primary components of an eddy current
brake are a cylindrical or disc-shaped rotor
and a coil. When current flows through the
coil, it generates a magnetic field, which creates
a braking effect. The stronger the coil's
magnetic field, the stronger the braking effect.
Eddy current brakes are used, for example,
as a loading device for engine testing.
End of line
The area in the process of vehicle final assembly
where fully assembled vehicles are tuned,
tested, and prepared for shipping.
Filling systems
Systems dispensing materials essential for
automobile operation (fuel, brake fluid, engine
oil and coolant, transmission oil or fluid, airconditioning
refrigerant, windshield washer
fluid, power steering fluid, and air for air
suspension systems) in the final assembly
stage of production.
Fleet management
Management of transport equipment fleets
(forklifts, lift trucks, etc.), includes, for example,
leasing and management of spare parts.
High-viscosity materials
Sprayable materials, often containing PVC,
that are applied to car bodies to seal weld
seams, to preserve cavaties, or as underbody
protection. Adhesives and liquid insulation
materials also fall under this general term.
Marriage
Joining and bolting together of power train,
chassis, and body in vehicle final assembly.
Paint atomizers
Paint atomizers ensure that paint is applied
in an even spray stream. High-rotation
atomizers reduce the paint to a fine spray
mechanically and generate a bell-shaped
spray stream. Air atomizers generate an ovalshaped
spray stream. Electrostatic attraction
is used to ensure a high degree of application
efficiency (paint utilization).
Piezo technology
A new fuel injection technology for diesel
engines. Instead of the conventional solenoid
valves, piezo actuators are used to open and
close the fuel injection nozzles. The piezo
actuator consists of several crystal layers that
expand when voltage is applied and thus
close the valve opening.
Platform strategy
A modular approach using base products that
make it possible to cost-effectively create different
product variations and series.
S
T
W
Powder painting
Instead of wet paint, this process applies
paint powder using spray guns or high-rotation
atomizers. The paint is then baked on
(i.e. melted and cross-linked) in an oven. The
advantages of powder painting are a solventfree
process and lower energy consumption.
In addition, it is possible to achieve almost
100% utilization of powder paint.
Supervisory control systems
Centralized computer system for controlling
and supervising control of a complete production
plant.
System integration
On behalf of a customer, a system integrator
combines multiple products, which may
come from various manufacturers, into a
turnkey complete system.
Systems business
Realization of complete lines that comprise
multiple individual products or equipment.
Examples include paint shops and final
assembly lines. Systems business (complete
plant or line business) is characterized by
high order values and handling times that
sometimes extend over several years.
Test systems
Dürr supplies testing systems for two stages
in the automobile value chain:
Vehicle development: functions and
features of future car models and components
are tested, for example fuel
consumption, exhaust emission, wind
resistance, and braking effectiveness.
Prototypes are usually used for the tests.
End of line: functions of fully assembled
vehicles are tested, for example headlights
and ABS.
Weld seam sealing/seam sealing
A vehicle body consists of various parts that
are welded together. The weld seams are
sealed with PVC materials to prevent water
from entering.

Financial calendar for 2005
April 21, 2005 Financial press conference, Stuttgart
April 21, 2005 DVFA conference, Frankfurt am Main
May 12, 2005 Interim report on the first quarter of 2005
June 22, 2005 Annual shareholders’ meeting, Stuttgart
August 11, 2005 Interim report on the first half of 2005
November 10, 2005 Interim report on the first nine months of 2005
November 21– 23, 2005 German Equity Forum, Frankfurt am Main
Contact
Please contact us for
further information:
Dürr AG
Corporate Communications &
Investor Relations
Otto-Dürr-Strasse 8
70435 Stuttgart, Germany
Phone: +49-711-136-17 85
Fax: +49-711-136-10 34
corpcom@durr.com
www.durr.com
Published by: Dürr AG, Otto-Dürr-Strasse 8, 70435 Stuttgart, Germany
The English translation of our 2004 annual report is based on the German version. The German version shall prevail.
Design: 3st kommunikation, Mainz, Germany Setting: Knecht, Ockenheim, Germany Printing: Societätsdruck, Walldorf,
Germany Binding: Thalhofer, Schönaich, Germany “ethabind” jacket, patented

Technologies · Systems · Solutions
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