Annual Report 2002 - Agfa
Annual Report 2002 - Agfa
Annual Report 2002 - Agfa
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Key Figures Balance sheet<br />
(MILLION EUROS) <strong>2002</strong> 2001<br />
Non-current assets 1,174 1,233<br />
Working capital<br />
Inventories<br />
(MILLION EUROS)<br />
Working capital<br />
Trade Receivables<br />
(MILLION EUROS)<br />
Inventories 948 1,055<br />
Trade receivables 959 1,125<br />
123 128<br />
84<br />
75<br />
Other current assets 635 581<br />
Cash and cash equivalents 145 224<br />
Deferred charges and taxes 298 309<br />
Total assets 4,159 4,527<br />
1,055 948<br />
2001 <strong>2002</strong><br />
days of<br />
inventories<br />
1,125 959<br />
2001 <strong>2002</strong><br />
days of<br />
trade receivables<br />
The reduction in net financial debt, which went hand in hand with the improvement<br />
in the result and the decrease of working capital also led to lower financial charges.<br />
The non-operating result consequently fell from minus 120 million Euros to<br />
minus 97 million Euros and income before taxes rose to 296 million Euros.<br />
After deduction of taxes, minority interest and the share of results of associated<br />
companies, a net result of 194 million Euros was achieved in <strong>2002</strong><br />
(previous year: -288 million Euros).<br />
Horizon on track<br />
One of the larger Horizon projects implemented in <strong>2002</strong> concerned the streamlining<br />
of <strong>Agfa</strong>’s fragmented printing plate manufacturing. The project entails making<br />
the various European plants specialise in well-defined product lines or serve a specific<br />
geographic market.<br />
This includes the transfer of all Lithostar plate production from Wiesbaden (Germany)<br />
to Pont-à-Marcq (France), a step which was partially completed in <strong>2002</strong>.<br />
Another important project concerned the consolidation of <strong>Agfa</strong>’s global production units<br />
for medical x-ray film, which reflects the market shift from medical film screen systems to<br />
dry hardcopy systems and the need to increase production efficiency worldwide. As a<br />
result, production in Brevard, North Carolina was terminated at the end of <strong>2002</strong>.<br />
Simplifying <strong>Agfa</strong>’s complex flow of goods and invoices is also one of the priorities of the<br />
Horizon plan. By creating a centralised invoicing unit in Europe and organising direct<br />
delivery from the factory to the customer, these flows are made more efficient and less<br />
expensive. This model was introduced in Denmark in April <strong>2002</strong> and is now operational<br />
in Benelux, the United Kingdom, Scandinavia and Italy. The rest of Europe will follow<br />
in 2003.<br />
11<br />
<strong>Agfa</strong> annual report <strong>2002</strong>
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