Annual Report 2002 - Roche

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The Group has partially covered its exposure to the conversion of the ‘Sumo’ Japanese yen exchangeable bonds and fully covered its exposure to the ‘LYONs V’ zero coupon US dollar exchangeable notes. This has been achieved using written short put options and purchased long call options at the same strike price, which have the combined effect of a forward purchase with a commitment of 2,971 million Swiss francs to repurchase non-voting equity securities. This is reported within debt at its discounted present value of 2,413 million Swiss francs (see Note 29). These transactions are supported by 673 million Swiss francs of collateral recorded as restricted cash in financial long-term assets (see Note 17). 26. Earnings per share and non-voting equity security All 2001 per share information is restated for the 100 for 1 share split that took place on 4 May 2001 (see Note 25). Basic earnings per share and non-voting equity security 2002 2001 Net income (millions of CHF) (4,026) 3,697 Number of shares (millions) 25 160 160 Number of non-voting equity securities (millions) 25 703 703 Weighted average number of own non-voting equity securities held (millions) (24) (22) Total (millions) 839 841 Basic earnings per share and non-voting equity security (CHF) (4.80) 4.40 Diluted earnings per share and non-voting equity security For the calculation of diluted earnings per share and non-voting equity security, the weighted average number of shares and non-voting equity securities outstanding is adjusted to assume conversion of all dilutive potential shares or non-voting equity securities. 2002 2001 Net income (millions of CHF) (4,026) 3,697 Elimination of interest expense, net of tax, of convertible debt instruments, where dilutive (millions of CHF) – 50 Increase in minority share of Group net income, net of tax, assuming all outstanding Genentech stock options exercised (millions of CHF) – (7) Net income used to calculate diluted earnings per share (millions of CHF) (4,026) 3,740 Weighted average number of shares and non-voting equity securities in issue (millions) 839 841 Adjustment for assumed conversion of convertible debt instruments, where dilutive (millions) – 14 Weighted average number of shares and non-voting equity securities in issue used to calculate dilutive earnings per share (millions) 839 855 Diluted earnings per share and non-voting equity security (CHF) (4.80) 4.37 110 Notes to the Consolidated Financial Statements
28. Minority interests in millions of CHF 2002 2001 29. Debt in millions of CHF 2002 2001 Fair value Fair value reserve: reserve: available- qualifying Equity Currency for-sale cash flow conversion translation 2002 2001 investments hedges options reserve Total Total At beginning of year (1,422) 8 110 (695) (1,999) 440 Changes in fair value (3,226) (16) – – (3,242) (1,066) Recognised in net income 3,808 (17) – – 3,791 (666) Deferred income taxes 13 487 13 – – 500 (367) Minority interests 28 52 8 – – 60 20 Equity component of new convertible debt 29 – – – – – 86 Currency translation gains (losses) – – – (1,752) (1,752) (446) Total (301) (4) 110 (2,447) (2,642) (1,999) At beginning of year 4,894 4,667 Chugai 6 1,362 – Part disposal of Nippon Roche 6 149 – Minority share of Group net income, net of tax (41) 34 Net effect of movements in fair value (charged) credited to equity 27 (60) (20) Net effect of exercise of Genentech stock options and Genentech stock repurchases 5 (751) 120 Dividend payments to minority shareholders (27) – Currency translation effects and other (563) 93 At end of year 4,963 4,894 Of which: Genentech 5 3,227 4,867 Chugai 6 1,706 – Other 30 27 Total minority interests 4,963 4,894 Amounts due to banks and other financial institutions 2,607 3,290 Debt instruments 11,586 14,111 Capitalised lease obligations 138 164 Genentech synthetic leases 911 1,113 Obligation to repurchase own equity instruments 25 2,413 – Other borrowings 64 101 Total debt 17,719 18,779 Less: current portion of long-term debt (amounts due within one year) (3,552) (1,670) Total long-term debt 14,167 17,109 Short-term bank loans and overdrafts 4,631 4,951 Current portion of long-term debt 3,552 1,670 Total short-term debt 8,183 6,621 Notes to the Consolidated Financial Statements 111
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Annual Report 2002 Roche Group Annu
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Group Performance at a Glance Sales
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Roche Group Annual Report and Group
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The sale of the Vitamins and Fine C
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While continuing with the successfu
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in biotechnology. At the beginning
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emain stable. Given the volatility
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Board of Directors as of 1 January
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Executive Committee from 1 January
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persons closely associated with the
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usinesses through targeted acquisit
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Pharmaceuticals Division in brief c
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also posted double-digit gains. Alt
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Western Europe. In November this no
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Transplantation - strong growth for
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ing positive decisions on both fili
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Research and development - substant
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Substantially expanded pipeline Ind
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oncology portfolio, the roll-out of
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Diagnostics Division in brief chang
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Helping to shape the future. Roche
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thing from glucose self-monitoring
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Centralized Diagnostics. Sales by o
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The global roll-out of Cobas TaqMan
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Vitamins and Fine Chemicals Divisio
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division outperformed expectations
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People and the Environment Human re
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worldwide the opportunity to purcha
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Safety and Environmental Protection
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Social Involvement The many faces o
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‘We do not intend to make a profi
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Financial Review Figures reported F
Page 65 and 66: Treasury and Financing During 2002
Page 67 and 68: Operating profit: Double-digit incr
Page 69 and 70: Pharmaceuticals: Operating profit a
Page 71 and 72: Net income in millions of CHF On a
Page 73 and 74: Foreign currency translation effect
Page 75 and 76: The adjusted basis The concept of t
Page 77 and 78: in millions of CHF Reconciliation o
Page 79 and 80: Consolidated balance sheet in milli
Page 81 and 82: Consolidated cash flow statement in
Page 83 and 84: Foreign currency translation Most G
Page 85 and 86: Deferred income tax is provided, us
Page 87 and 88: Provisions Provisions are recognise
Page 89 and 90: Changes effective 1 January 2001 Se
Page 91 and 92: Liquidity risk Group companies need
Page 93 and 94: Total Core Vitamines and Pharmaceut
Page 95 and 96: of which the Group’s majority int
Page 97 and 98: 6. Chugai On 10 December 2001, Roch
Page 99 and 100: The fair value adjustments to inven
Page 101 and 102: Vitamin case Following the settleme
Page 103 and 104: 10. Employee benefits in millions o
Page 105 and 106: The Group operates defined benefit
Page 107 and 108: 12. Financial income (expense), net
Page 109 and 110: Income tax assets and liabilities A
Page 111 and 112: Patents, licences, trademarks 2002
Page 113 and 114: 18. Other long-term assets in milli
Page 115: 25. Equity Share capital At the Ann
Page 119 and 120: The carrying value of the Group’s
Page 121 and 122: 2002 2001 Foreign currency derivati
Page 123 and 124: 33. Cash flow statement in millions
Page 125 and 126: Report of the Group Auditors To the
Page 127 and 128: 1995 1996 1997 c) 1998 1999 2000 20
Page 129 and 130: Additions to property, plant and eq
Page 131 and 132: Number of shares and non-voting equ
Page 133 and 134: Outstanding issues Summarised issue
Page 135 and 136: Balance sheet at 31 December in mil
Page 137 and 138: Participations The major participat
Page 139 and 140: Report of the Statutory Auditors To
Page 141 and 142: 120° 30° 150° 90° 60° 30° 0°
Page 143 and 144: Garden City, 70.000 GBP | Roche Reg
Page 145 and 146: Diagnostics 27% Sales by division 1
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Annual Report 2002 - Roche

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