We make our customers successful. - Oerlikon Barmag

Notes (CHF)
Saurer Ltd. – Notes to the financial statements
Explanation to the financial statements
Saurer shareholders participate legally in Saurer Ltd., which controls the companies listed on page 73. The consolidated financial
statements are of primary importance economically. The statutory financial statements of Saurer Ltd. are in this context to be viewed as
a supplement.
1 Other income
Other income includes a gain of CHF 8.1 million from repurchasing the 21 ⁄4% convertible bond, which to a large extent was deferred
in prior year.
2 Extraordinary income
A liquidation dividend of CHF 1.4 million was received from IBSI Progiciels & Systemes SA, France. This amount was previously written off.
3 Other expenses
Other expenses include foreign exchange losses in the amount of CHF 9.7 million on USD-denominated loans held with group companies
as well as a loss of CHF 0.4 million from writing down an investment.
4 Development of shareholders’ equity
General Reserve for Unappropriated
Share capital reserves treasury shares retained earnings Total
Balance as at 1.1.2002 192 875 000 61 904 473 124 840 000 185 978 114 565 597 587
Net income for the year 2002 15 061 758 15 061 758
Transfer to reserve for treasury shares 10 300 000 –10 300 000 –
Balance as at 31.12.2002 192 875 000 61 904 473 135 140 000 190 739 872 580 659 345
Net income for the year 2003 12 550 251 12 550 251
Capital repayment –15 430 000 –15 430 000
Transfer from reserve for treasury shares –34 010 000 34 010 000 –
Balance as at 31.12.2003 177 445 000 61 904 473 101 130 000 237 300 123 577 779 596
5 Authorized and conditional capital
See note 17 on page 68.
6 Contingent liabilities 31.12.03 31.12.02
Guarantees
The guarantees are given in favor of Saurer subsidiary companies.
564 489 000 447 811 000
7 Treasury shares
Treasury shares are held by Saurer Ltd. and a subsidiary company. Details of treasury shares (including purchases and sales) are shown in
Note 17 on page 68.
8 Significant shareholders
See section 1.2 on page 88 of the Corporate Governance Report.
9 Investments
See page 73.
10 Convertible bond
See Note 13 on pages 64 and 65.
83