Annual Report 2002 - Agfa

Net Financial Debt
(MILLION EUROS)
(32)%
Balance sheet
The Apollo project was launched in Graphic Systems to increase the sales efficiency.
Starting from an enhanced customer segmentation, a more targeted sales approach was
developed. Within the European region alone this resulted in a significant improvement
in profitability. It was consequently decided to start similar projects in the other regions
and in the other business groups.
At the end of 2002, total assets amounted to 4,159 million Euros, compared with
4,527 million Euros in the previous year.
842 573
2001 2002
Non-current assets
Non-current assets decreased 4.8% to total 1,174 million Euros.
Intangible assets increased 53 million Euros to a large extent because of the acquisition
of Mitra at the beginning of the year. Property, plant and equipment on the other hand
decreased 108 million Euros as a result of the depreciation of the dollar and of sales of
real estate.
Working capital
Current assets amounted to 2,717 million Euros, a fall of 289 million, thanks to the
successful efforts to reduce working capital.
Agfa had set itself ambitious targets for reducing its working capital by a total of
500 million Euros by the end of 2003. After the successful reduction of stocks and trade
receivables in 2001, the Group recorded further progress and has already exceeded this
goal by the end of June 2002. Consequently, Agfa increased its target and aimed to reduce
its working capital with a total of 750 million Euros compared to mid 2001,
the reference point.
At the end of 2002, this target was also already exceeded, partially thanks to the
depreciation of the dollar. Inventories amounted to 948 million, a decrease of 107 million
Euros compared to end 2001.
Trade receivables fell again by 166 million in comparison with the end of 2001 and stand
at 959 million Euros.
Since June 2001, a total reduction of 760 million Euros has been recorded for the sum of
inventories and trade receivables.
Financial debt
Thanks to the substantial improvement in operating results and the significant reduction
in working capital, net financial debt decreased by 269 million Euros to 573 million Euros
at the end of the year.
Shareholders’ equity
At the end of 2002 shareholders’ equity amounted to 1,383 million Euros against
1,267 million the previous year.
Agfa annual report 2002
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