We make our customers successful. - Oerlikon Barmag

Notes to the consolidated financial statements
18 Changes in net working capital 2003 2002
(Increase)/decrease in accounts receivable, trade and other –3 333 –38 970
(Increase)/decrease in inventories (net) 5 819 39 331
(Decrease)/increase in accounts payable, trade and other –22 918 19 737
Other changes in net working capital –5 575 –3 863
Total changes in net working capital –26 007 16 235
19 Acquisition/divestment of investments
Acquisition of consolidated investments
2003 2002
Accounts receivable 3 179 –
Inventories 1 736 –
Property, plant and equipment 12 354 –
Goodwill 1 869 –
Other assets 2 268 –
Current liabilities –3 433 –
Non-current liabilities –2 376 –
Minority shareholders’ interests 371 –
Net assets acquired 15 968 –
Other (payment installments/refunds for acquisitions made in previous years) 2 564 1 127
Acquisition price 18 532 1 127
Paid in the year under review –18 532 –1 127
Less cash acquired – –
Cash flow from acquisition of consolidated investments –18 532 –1 127
Cash flow from acquisition of non-consolidated investments –686 –675
Cash flow from acquisition of investments –19 218 –1 802
Divestment of consolidated investments
Selling price 9 650 –
Received in the year under review 7 911 –
Less cash divested –446 –
Cash flow from divestment of consolidated investments 7 465 –
Cash flow from divestment of non-consolidated investments 1 300 264
Cash flow from divestment of investments 8 765 264
Net cash flow from acquisition/divestment of investments –10 453 –1 538
The net assets disposed of comprise the following:
Cash 446 –
Accounts receivable 1 487 –
Inventories 2 424 –
Property, plant and equipment 6 267 –
Other assets (including intercompany accounts of Saurer settled from proceeds) 7 939 –
Current liabilities –9 832 –
Minority shareholders’ interests –107 –
Net assets divested 8 624 –
In 2003 Saurer acquired the New Castle Group in the USA and bought
out the remaining minority shareholders of Barmag AG, Germany, as
well as selling Xaloy Europe (the operations of Xaloy in Olten, Switzerland
and Xaloy Czech s.r.o., Czech Republic) and a 51% holding in
S+G Industrieschreinerei GmbH, Germany. In addition, a further in-
stallment was paid for Graziano Trasmissioni CH Ltd (UK) which was
acquired in 2001. In 2002 a refund was received in respect of the
DEMM acquisition, and a payment was made for the Graziano
Trasmissioni CH Ltd. (UK) acquisition.
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