Capital Reserves

CUSTOMER PROJECTS

GLOBAL SERVICES/ACTIVITIES

CONSOLIDATED FINANCIAL STATEMENTS 2005 OF THE ANDRITZ GROUP

Independent Auditors' Report

Consolidated Balance Sheet

Consolidated Income Statement

Consolidated Cash Flow Statement

Consolidated Statement of Shareholders' Equity

Notes to the Consolidated Financial Statements

B. Summary of significant Accounting Policies

Other Contingencies

C. Acquisitions

D. Accounting and Valuation Principles

Intangible Assets

Property, Plant and Equipment

Financial Assets and Investments in associated Companies

Finished Goods, Work in Progress, Raw Materials

Construction Contracts

Trade Accounts Receivable

Marketable Securities

Cash and Cash Equivalents

Capital Reserves

Retained Earnings

Other Accounting and Valuation Principles

Foreign currency

Employee Benefits

F. Contingencies

G. Notes to the Consolidated Balance Sheet

H. Notes to the Consolidated Income Statement

I. Segment Information

J. Notes to Consolidated Cash Flow Statements

K. Financial Instruments

N. Contingent Liabilities

O. Related Party Transactions

P. List of Consolidated Subsidiaries

REPORT OF THE SUPERVISORY BOARD OF ANDRITZ AG

ADDITIONAL INFORMATION

LEGAL INFORMATION

D. Accounting and Valuation Principles		CONSOLIDATED FINANCIAL STATEMENTS 2005 OF THE ANDRITZ GROUP

Capital Reserves		Notes to the Consolidated Financial Statements

Capital Reserves

Capital Reserves are created in accordance with Austrian requirements and include share premium amounts.