Technologies · Systems · Solutions - Dürr

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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
Page 1 and 2: Technologies · Systems · Solution
Page 3 and 4: Continuing operations Paint Systems
Page 5 and 6: Technologies · Systems · Solution
Page 7 and 8: Contents 4 Letter from the Chairman
Page 9: Letter from the Chairman of the Boa
Page 13 and 14: Report of the Supervisory Board The
Page 15 and 16: Report of the Supervisory Board Mem
Page 17 and 18: Bond ISIN (Reg S): XS0195957658 ISI
Page 19 and 20: Dürr on the capital market 15 With
Page 21: Dürr on the capital market We repo
Page 25 and 26: Application of powder paint base co
Page 27: RoDip dip-painting process: In the
Page 31 and 32: Dürr designs and supplies perfectl
Page 33: Final Assembly Systems Product line
Page 37 and 38: Cylinder head cleaning: A highpress
Page 39: Dürr Ecoclean systems ensure optim
Page 43 and 44: Automatic wheel mounting system of
Page 45: Measuring Systems Product lines Bal
Page 49 and 50: Paint distribution center in an aut
Page 51 and 52: Discontinued operations Development
Page 53 and 54: September PUSH symposium On behalf
Page 55 and 56: Sales of passenger cars and light t
Page 57 and 58: Consolidated management report Impr
Page 59 and 60: Consolidated management report Cons
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Amounts in €m Total incoming 2004
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Amounts in €m 2004 2003 Total inc
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100 90 80 70 60 50 40 30 20 10 Fina
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Consolidated management report Curr
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Consolidated management report In d
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Consolidated management report Purc
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Consolidated management report Succ
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Consolidated management report GmbH
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Fully automated vehicle painting pr
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Independent auditors’ report Inde
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Consolidated financial statements o
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4. New accounting standards 5. Cons
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7. Changes in the consolidated grou
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9. Discontinued operations Consolid
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10. Accounting and measurement prin
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Investments in associates Financial
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Cash and cash equivalents Borrowing
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Dependence on a few customers Use o
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15. Other investment income/loss 16
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Amounts in €k Impairment test for
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21.Trade receivables Consolidated f
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Nature and purpose of reserves Divi
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29. Segment reporting Paint Systems
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31. Contingent liabilities 32. Othe
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Credit risk Currency risk Interest
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36. Other notes Subsequent events G
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Property, plant and equipment Amoun
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Italy Olpidürr S.p.A. Novegro di S
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Financial calendar for 2005 April 2
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