We make our customers successful. - Oerlikon Barmag

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Consolidated cash flow statement for the years ended December 31, (EUR 000) Cash flow from operating activities Note* 2003 2002 Profit before taxes 70 235 51 370 Depreciation and amortization 78 189 79 344 Changes in net working capital 18 –26 007 16 235 Other non-cash items 3 041 –5 850 Interest (income) expense (net) 14 818 17 280 Interest received 2 417 4 281 Interest paid –6 890 –12 520 Income taxes paid –10 778 –5 141 Cash flow from operating activities 125 025 144 999 Cash flow from investing activities Acquisition of investments (net) 19 –10 453 –1 538 Loans (granted) repaid (net) –1 453 2 069 Capital expenditure for tangible fixed assets –50 913 –49 571 Capital expenditure for intangible assets –530 –2 338 Capital grants received 1 020 – Sale (purchase) of marketable securities (net) 4 824 –3 984 Proceeds from sale of fixed assets 12 795 15 417 Cash flow from investing activities –44 710 –39 945 Cash flow from financing activities Increase (decrease) in debt financing (net) –42 996 –103 541 Repurchase of 21 ⁄4% convertible bond 2000–2005 –16 216 –29 246 Dividends and net capital repayments to minority shareholders –348 –2 327 Sale (purchase) of treasury shares (net) 8 207 –4 909 Capital repayment to the shareholders of Saurer Ltd. –9 350 – Cash flow from financing activities –60 703 –140 023 Foreign exchange differences on cash –5 251 –2 455 Net increase (decrease) in cash 14 361 –37 424 Cash as at January 1 91 092 128 516 Cash as at December 31 105 453 91 092 * For details see notes to the consolidated financial statements, pages 58–72. These are an integral part of the consolidated financial statements. 53
Consolidated statement of shareholders’ equity Foreign Retained Capital currency earnings and Share and legal translation Hedging Treasury net income (EUR 000) Balance as at 1.1.2002 as capital reserves reserve reserve shares for the period Total originally reported Adjustment for goodwill 119 813 129 543 22 954 –1 367 –80 681 231 526 421 788 (IAS 21 revised) –4 794 –2 182 –6 976 Balance as at 1.1.2002 restated 119 813 129 543 18 160 –1 367 –80 681 229 344 414 812 Net profit 33 466 33 466 21 ⁄4% convertible bond 2000–2005 –3 135 3 135 – Movements in cash flow hedges 2 956 2 956 Foreign currency translation –15 730 –15 730 Change in treasury shares 7 021 177 –4 702 –7 405 –4 909 Balance as at 31.12.2002 119 813 133 429 2 607 1 589 –85 383 258 540 430 595 Capital repayment –9 585 –519 754 –9 350 Net profit 47 200 47 200 21 ⁄4% convertible bond 2000–2005 –1 544 1 544 – Movements in cash flow hedges 4 887 4 887 Foreign currency translation –13 716 48 –13 668 Change in treasury shares –21 330 1 025 21 031 7 481 8 207 Balance as at 31.12.2003 110 228 110 555 –10 603 6 524 –63 598 314 765 467 871 In 2003 the carrying value of goodwill has been adjusted in accordance with IAS 21 (revised), which allows goodwill to be translated to the group's reporting currency at current exchange rates. Previously, goodwill was translated and fixed in the group’s reporting currency at the date of acquisition of foreign subsidiaries. From January 1, 2005 this accounting treatment will no longer be permissible under IAS 21 (revised). This change has been shown as an adjustment to the value of shareholders’ equity as at January 1, 2002, and all comparative figures have been adjusted accordingly. The total amounts booked to equity in 2003 excluding capital transactions and profit for the period were EUR –574 (2002: EUR –17 683). The capital and legal reserves may not be freely distributed. Distribution of the retained earnings is subject to certain restrictions, since the retained earnings of the subsidiaries have first to be distributed to Saurer Ltd. in accordance with statutory and fiscal 54 regulations, before they are at the disposal of the shareholders’ meeting of Saurer Ltd. Foreign currency translation adjustments arise from changes in the exchange rates used to translate the opening equity and net result of group companies that report in currencies other than the Euro, as well as foreign exchange differences on long-term intercompany loans of an investment nature. Share capital and treasury shares are denominated in Swiss Francs and translated to Euros at historical exchange rates. The proposal of the Board of Directors for the appropriation of the retained earnings of Saurer Ltd. is presented on page 84. Details of the movement in the hedging reserve are shown in Note 23. For share statistics see page 111. For details of treasury share transactions see Note 17.
Page 1 and 2: LIVING SAURER. THE ANNUAL REPORT 20
Page 3 and 4: The business year 2003. 9 Financial
Page 5 and 6: THE BUSINESS YEAR 2003. 9
Page 7 and 8: Asian markets in particular, led by
Page 9 and 10: tion, teams made up of members from
Page 11 and 12: concentrated mainly on Turkey. To a
Page 13 and 14: Saurer generates 70% of its textile
Page 15 and 16: Outlook. This year it is especially
Page 17 and 18: A company is more than its balance
Page 19 and 20: The internationality and the perfor
Page 21 and 22: Our economic strength provides us w
Page 23 and 24: FINANCIAL REPORT 2003.
Page 25 and 26: Management’s discussion of result
Page 34 and 35: Consolidated income statement for t
Page 38 and 39: Organization and business activity
Page 40 and 41: Provisions are set up for current l
Page 42 and 43: By division (continued) Notes to th
Page 44 and 45: Notes to the consolidated financial
Page 54 and 55: 21 Related parties Notes to the con
Page 56 and 57: Share % share Consol- Company Locat
Page 58 and 59: MULTIPLE YEAR COMPARISON.
Page 60 and 61: Balance sheet (EUR 000) 31.12.03 31
Page 62 and 63: Multiple year comparison Balance sh
Page 64 and 65: Saurer Ltd. - Income statement for
Page 66 and 67: Notes (CHF) Saurer Ltd. - Notes to
Page 68 and 69: Report of the statutory auditors to
Page 70 and 71: 88 Saurer Textile Solutions H. Fisc
Page 72 and 73: egarding the number of shares eligi
Page 74 and 75: Group, Tiengen (1975 to 1980). Chie
Page 76 and 77: 3.3 Cross-involvement. There is no
Page 78 and 79: The CEO as Delegated Member regular
Page 80 and 81: 4.2 Education, professional backgro
Page 82 and 83: Saurer does not issue stock to empl
Page 84 and 85: 5) Options held as of December 31,
Page 86 and 87:
6.5 Registrations in the share regi
Page 88 and 89:
ADDRESSES WORLDWIDE.
Page 90 and 91:
Addresses worldwide. Company Addres
Page 92 and 93:
SHARE STATISTICS.
Page 94:
Imprint. Publisher: Saurer Ltd. Con
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We make our customers successful. - Oerlikon Barmag

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