Dividends

For 2004 a dividend of EUR 1.40 per outstanding share is proposed by the Managing Board. The dividend for 2003 of EUR 12,889 thousand which is equal to EUR 1.00 per share was proposed by the Managing Board and has been resolved at the 97th ordinary shareholders’ meeting on 30 March 2004. The dividend has been paid to the shareholders on 8 April 2004.

On 16 February 2005 the Managing Board authorised the consolidated financial statements for the year ended 31 December 2004 according to IFRS. On 16 February 2004 the management authorised the consolidated financial statements for the year ended 31 December 2003 according to IFRS to be issued to its Supervisory Board. The Supervisory Board is made up solely of non-executives and includes representatives of employees. The consolidated financial statements were presented for information purposes only to the Supervisory Board and subsequently acknowledged by the meeting of shareholders. The Supervisory Board and the meeting of shareholders acknowledged the consolidated financial statements.

Currency translation adjustment

Equity and shareholder loans in foreign currency are not hedged against currency risks because the investments are considered to be permanent and the conversion to the reporting currency is not planned. Exceptions are made for planned disposal of investments or planned repayments of shareholder loans.