We make our customers successful. - Oerlikon Barmag

21 Related parties
Notes to the consolidated financial statements
In the years 2003 and 2002 there were no transactions or balances with related parties, except as noted in Section 5 on pages 99 to 102
of the Corporate Governance Report.
22 Contingent liabilities 31.12.03 31.12.02
Discounted notes 317 250
Guarantees in favor of third parties 9 964 13 534
Others 990 1 054
Total contingent liabilities 11 271 14 838
The management and employees of Saurer are committed to complying
with local laws and regulatory requirements in the course of
their business activities. As of the date of this report, Saurer is not
23 Financial instruments
At December 31 the following types of financial instruments were held:
involved in any litigation and is not aware of any pending litigation
which could have a material impact on the consolidated financial
statements.
2003 2002
Currency related Contract Positive Negative Contract Positive Negative
instruments
Forward foreign
amount fair values fair values amount fair values fair values
exchange rate contracts
Over the counter
146 931 10 691 –345 73 884 3 908 –159
currency options 13 478 – –13 2 578 – –74
Cross currency swaps
Total of currency
9 286 – –86 8 254 – –439
related instruments 169 695 10 691 –444 84 716 3 908 –672
Interest rate swaps 29 029 50 –601 – – –
The positive and negative fair values are included in the balance
sheet in other receivables and payables respectively.
All of the currency related instruments mature within one year.
Interest rate swaps with a contract amount of approximately
EUR 25 million in connection with a sale and leaseback transaction
run until 2010. The contract amount indicates the volume of
business outstanding at the balance sheet date and does not
represent amounts at risk.
The table below shows the movements in the hedging reserve in shareholders’ equity in respect of cash flow hedges:
2003 2002
Balance as at January 1 1 589 –1 367
Changes in fair value 9 936 2 707
Realized gains or losses transferred to the income statement –2 707 1 367
Deferred tax effect –2 342 –1 118
Foreign currency translation 48 –
Balance as at December 31 6 524 1 589
71