Management Report

This interim report was drawn up in accordance with the International Financial Reporting Standards (IFRS), and particularly in compliance with IAS 34.

The accounting policies applied in this interim report are identical to those applied in the annual financial statements as of 31 December 2004. The revised IAS 39 applicable as of 01 January 2005 forms an exception here. It has not yet been fully implemented to the extent that the measurement of assets and liabilities classified as "available for sale" is still recognized as income or expense. In the interest of consistent financial reporting, the final decision of the IASB relating to the fair value option is awaited in this point. A decision is expected in mid-2005. The IFRIC 3 Emission Rights was not voluntarily applied ahead of the effective date. In accordance with IAS 38, the allocated emission rights were recognized as intangible assets at cost – at zero on account of the free allocation. As a fair value could not be reliably measured, consumption of the rights was measured at the costs recognized on the assets side.

Due to the utilisation of EDP devices, differences can arise in the addition of rounded totals and percentages.