Technologies · Systems · Solutions - Dürr

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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).