We make our customers successful. - Oerlikon Barmag

Notes to the consolidated financial statements
9 Inventories 31.12.03 31.12.02
Raw materials 109 990 102 968
Work in process 155 049 106 253
Finished goods 68 672 81 766
Total 333 711 290 987
Customer payments on account –126 500 –72 018
Total inventories (net) 207 211 218 969
10 Financial assets 31.12.03 31.12.02
Non-consolidated investments 3 099 4 036
Loans 5 228 4 418
Capitalized pension surplus (Note 15) 4 750 9 625
Other financial assets 3 041 2 890
Total financial assets 16 118 20 969
11 Property, plant and equipment 2003 2002
Land and Machinery and
Prepayments,
assets under
buildings equipment construction Total Total
Cost
Balance as at January 1 439 749 883 472 13 268 1 336 489 1 414 152
Additions 4 856 36 976 9 081 50 913 49 571
Disposals –29 915 –73 469 – –103 384 –94 317
Transfers – 13 146 –13 146 – –
Change in scope of consolidation 4 733 –19 644 – –14 911 –2 990
Foreign currency translation –13 499 –27 722 –425 –41 646 –29 927
Balance as at December 31 405 924 812 759 8 778 1 227 461 1 336 489
Accumulated depreciation
Balance as at January 1 –231 625 –674 455 – –906 080 –935 740
Depreciation –8 361 –61 412 – –69 773 –72 214
Disposals 26 839 69 020 – 95 859 84 274
Change in scope of consolidation – 20 998 – 20 998 321
Foreign currency translation 7 602 19 161 – 26 763 17 279
Balance as at December 31 –205 545 –626 688 – –832 233 –906 080
Property, plant and equipment, net
Balance as at January 1 208 124 209 017 13 268 430 409 478 412
Balance as at December 31 200 379 186 071 8 778 395 228 430 409
Value of leased assets 30 818 4 601 – 35 419 29 136
Insured values 621 762 1 144 988 – 1 766 750 1 994 853
Assets pledged as collateral 81 496 84 144
Saurer owns a number of industrial sites and office buildings which
are no longer necessary for its operations. The value of these properties
is largely dependent on their future use, and for this reason
it is not possible to make a reliable estimate of their fair value.
However, based on market estimates, the proceeds from the possible
sale of these properties are expected to be in excess of their
book values.
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