We make our customers successful. - Oerlikon Barmag
We make our customers successful. - Oerlikon Barmag
We make our customers successful. - Oerlikon Barmag
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Notes to the consolidated financial statements<br />
5 Financial income (expense) 2003 2002<br />
Income (expense) from marketable securities<br />
Realized gains (losses) 175 136<br />
Unrealized gains (losses) –6 128<br />
Total income (expense) from marketable securities 169 264<br />
Interest expense from 21 ⁄ 4% convertible bond 2000–2005 (Note 13) –4 064 –5 498<br />
Interest expense from pension plans (Note 15) –8 174 –6 290<br />
Other interest expense –4 624 –9 755<br />
Interest income 2 044 4 263<br />
Income (expense) from investments 444 81<br />
Expenses from foreign exchange differences (net) –1 015 –4 270<br />
Gain (loss) on repurchases of convertible bond (Note 13) –533 3 285<br />
Other financial income (expense) net –2 018 –63<br />
Total financial income (expense) –17 771 –17 983<br />
Interest expense relating to the 21 ⁄ 4% convertible bond 2000–<br />
2005 is shown as for an equivalent loan without conversion rights,<br />
in accordance with IAS 32. The gain (loss) on repurchase of con-<br />
6 Income taxes 2003 2002<br />
Current income taxes –14 880 –15 318<br />
Deferred income taxes –6 836 –1 440<br />
Total income taxes –21 716 –16 758<br />
Using the maximum tax rate of 24.0% (2002: 24.2 %) at the company's<br />
headquarter location (Saurer Ltd., Arbon, Switzerland) applied<br />
to the profit before tax of EUR 70.2 million (2002: EUR 51.4<br />
vertible bond represents the difference between the liability value<br />
repurchased and the cash price paid (see details in Note 13).<br />
million), an expected tax charge of EUR 16.9 million (2002: EUR<br />
12.4 million) results. The effective tax charge differs from the<br />
expected tax charge for the following reasons:<br />
Profit before taxes 70 235 51 370<br />
Maximum tax rate 24.0% 24.2%<br />
Expected tax charge –16 856 –12 432<br />
Variance due to differing local tax rates –5 859 –4 897<br />
–22 715 –17 329<br />
Effect of expenses not accepted for tax purposes (including amortization of goodwill) –2 238 –9 122<br />
Prior year taxes –1 565 –1 374<br />
Effect of tax losses 2 950 17 440<br />
Effect of changes in tax rate –962 491<br />
Other influences 2 814 –6 864<br />
Effective tax charge –21 716 –16 758<br />
Effective tax rate 30.9% 32.6%<br />
61
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