Technologies · Systems · Solutions - Dürr

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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
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 and 10: Letter from the Chairman of the Boa
Page 11 and 12: Board of Management of Dürr AG Ste
Page 13 and 14: Report of the Supervisory Board The
Page 15: Report of the Supervisory Board Mem
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
Page 61 and 62: Amounts in €m Total incoming 2004
Page 63 and 64: Amounts in €m 2004 2003 Total inc
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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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Technologies · Systems · Solutions - Dürr

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