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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
Saurer Ltd. – Proposal to the General Meeting of Shareholders Appropriation of retained earnings (CHF) Retained earnings brought forward 190 739 872 Net income for the financial year 2003 12 550 251 Transfer from reserve for treasury shares 34 010 000 Unappropriated retained earnings 237 300 123 The Board of Directors proposes to the General Meeting of Shareholders that the unappropriated retained earnings be carried forward to new account. 84
Page 1 and 2:
LIVING SAURER. THE ANNUAL REPORT 20
Page 3 and 4:
The business year 2003. 9 Financial
Page 5 and 6:
THE BUSINESS YEAR 2003. 9
Page 7 and 8:
Asian markets in particular, led by
Page 9 and 10:
tion, teams made up of members from
Page 11 and 12:
concentrated mainly on Turkey. To a
Page 13 and 14:
Saurer generates 70% of its textile
Page 15 and 16: Outlook. This year it is especially
Page 17 and 18: A company is more than its balance
Page 19 and 20: The internationality and the perfor
Page 21 and 22: Our economic strength provides us w
Page 23 and 24: FINANCIAL REPORT 2003.
Page 25 and 26: Management’s discussion of result
Page 34 and 35: Consolidated income statement for t
Page 36 and 37: Consolidated cash flow statement fo
Page 38 and 39: Organization and business activity
Page 40 and 41: Provisions are set up for current l
Page 42 and 43: By division (continued) Notes to th
Page 44 and 45: Notes to the consolidated financial
Page 54 and 55: 21 Related parties Notes to the con
Page 56 and 57: Share % share Consol- Company Locat
Page 58 and 59: MULTIPLE YEAR COMPARISON.
Page 60 and 61: Balance sheet (EUR 000) 31.12.03 31
Page 62 and 63: Multiple year comparison Balance sh
Page 64 and 65: Saurer Ltd. - Income statement for
Page 68 and 69: Report of the statutory auditors to
Page 70 and 71: 88 Saurer Textile Solutions H. Fisc
Page 72 and 73: egarding the number of shares eligi
Page 74 and 75: Group, Tiengen (1975 to 1980). Chie
Page 76 and 77: 3.3 Cross-involvement. There is no
Page 78 and 79: The CEO as Delegated Member regular
Page 80 and 81: 4.2 Education, professional backgro
Page 82 and 83: Saurer does not issue stock to empl
Page 84 and 85: 5) Options held as of December 31,
Page 86 and 87: 6.5 Registrations in the share regi
Page 88 and 89: ADDRESSES WORLDWIDE.
Page 90 and 91: Addresses worldwide. Company Addres
Page 92 and 93: SHARE STATISTICS.
Page 94: Imprint. Publisher: Saurer Ltd. Con
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