E_mg_GB_03_vorne-29_3_04

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106 Balance Non-Core Activities Consoli- Sheet t ’000 At 12/31/2003 solvadis Boiler Plant DN GEA dated Figure Intangible assets 56,092 2,408 21 – Property, plant and equipment Investments and long-term 34,785 5,573 1,679 1,330 financial assets 7,178 579 – – Inventories 72,671 7,810 13,136 175 Receivables and other assets 232,101 121,047 – 1,889 Cash and cash equivalents 5,883 3,786 – 985 Sundry assets 17,268 1,545 – 200 Assets from discontinued operations 425,978 142,748 14,836 4,579 – 121,990 466,151 Provisions and accrued liabilities 137,154 52,921 1,616 3,015 Liabilities 159,313 89,609 – 1,583 Sundry liabilities 2,340 4,144 – – Liabilities from discontinued operations At 12/31/2002 298,807 146,674 1,616 5,128 – 22,568 429,657 Intangible assets 56,255 2,160 156 – Property, plant and equipment Investments and long-term 31,821 5,735 4,633 8,119 financial assets 19,662 628 – – Inventories 89,000 7,432 13,469 5,406 Receivables and other assets 213,688 82,552 – 15,654 Cash and cash equivalentsl 8,803 2,347 – 1,155 Sundry assets 16,479 1,298 432 786 Assets from discontinued operations 435,708 102,152 18,690 31,120 – 30,739 556,931 Provisions and accrued liabilities 117,702 34,701 2,652 3,595 Liabilities 179,318 65,612 1,901 8,203 Sundry liabilities 2,296 2,490 – 404 Liabilities from discontinued operations 299,316 102,803 4,553 12,202 – 10,488 408,386
MANAGEMENT SHARE STRATEGY SPECIAL SECTION MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION Consolidated Balance Sheets • Statements of Income • Statements of Cash Flows • Statements of Changes in shareholders’ Equity • Fixed Assets Schedule • Notes • Independent Auditors’ Report H) Restructuring In 2003, the Executive Board of mg technologies ag took the decision to focus the mg Group’s strategy on specialty mechanical engineering and plant engineering. The chemicals activities at Dynamit Nobel and solvadis were put up for sale. The proceeds from their sale will be used to pay down the mg Group’s debt and to strengthen its remaining operations. The strategic refocus will also involve a comprehensive restructuring of the remaining activities. The restructuring program includes a portfolio optimization for Lurgi and Lurgi Lentjes, which form part of the industrial plant engineering business; the dismantling of redundant holding-company structures; and the implementation of various initiatives to improve efficiency. In order to improve the earnings situation and risk position of Lurgi and Lurgi Lentjes, those businesses with poor profitability and weak market positions will be sold. In the future, Lurgi will focus on extending its market and technology leadership in the fields of methanol, gas-to-chemicals, and food, which includes activities such as bio-fuels and renewable resources. Lurgi is already a market and technology leader in the supply of technologies used to produce methanol. Almost 60 percent of global methanol production is based on Lurgi’s technology. By contrast, its refinery technology, chemicals and pharmaceuticals businesses are to be sold. This restructuring will particularly affect its former Life Science activities. Once its portfolio has been optimized, Lurgi Lentjes will focus on the cleaning of waste gases and contaminated air for process industries and desulfurization systems for power plants. The denitrification and dedusting technologies for waste incineration and power plant engineering, which currently belong to the flue-gas cleaning business, are to be discontinued. Overall, the Executive Board of mg technologies ag expects that these portfolio adjustments will cut approximately five hundred jobs in these two segments. The decision to streamline the mg Group’s structure in the wake of its strategic refocus started to be implemented last year in the form of preparations to dismantle the holding companies of the Lurgi and Lurgi Lentjes subgroups. There are also plans to merge Lurgi Energie und Entsorgung GmbH, Ratingen, Germany, and Lentjes Shared Services GmbH, Düsseldorf, Germany, with Lurgi Lentjes AG, Düsseldorf, in 2004. In addition, measures aimed at merging GEA’s holding company with the mg Group’s holding company in Frankfurt am Main were initiated at the beginning of 2004 (for further information see Note 25) ‘Subsequent Events’). Headcount at the mg Group’s holding company in Frankfurt had been cut to 92 by December 31, 2003 (prior year: 128). The target is to reduce the total number of employees at both holding companies to less than 100 by the time the merger has been completed. Costs of a121.535 million were incurred in 2003 (prior year: a7.530 million) for measures adopted as part of mg’s strategic refocus for its continued operations: these included the restructuring and reorganization of the industrial plant engineering business, the early termination of contracts with executive directors, the dismantling of redundant holding-company structures, and the improvement of efficiency. These costs are shown separately in the statements of income (see Note 18) ‘Restructuring Costs’). Restructuring costs of a8.392 million (prior year: a680,000) were incurred for its discontinued operations. These are included in ‘Profit/loss on discontinued operations’. 107
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“2003 was a year of transition fo
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Consolidated Key Figures 2003 RESUL
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Creating freedom for action CONTENT
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MANAGEMENT SHARE STRATEGY SPECIAL S
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zation As the world’s population
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The pharmaceutical industry will co
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Milk Last year, over 160 million co
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The MODUL tablet press produced by
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For a technology-driven organizatio
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MANAGEMENT AKTIE STRATEGIE SONDERTE
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Key Figures for the mg Group RESULT
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