Annual Report 2002 - Agfa

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AGFA-GEVAERT GROUP CONSOLIDATED STATEMENTS OF CASH FLOW MILLION EUROS NOTE 2002 2001 Cash and cash equivalents at beginning of year 223 220 Operating result 393 (264) Current tax expense (70) (17) Depreciation, amortization and impairment losses 270 434 Changes in fair value of derivative financial instruments (8) 9 Movement in long-term provisions (76) 91 (Gains) / losses on retirement of non-current assets 12 (27) (27) Gross cash provided by operating activities 482 226 Decrease /(Increase) in inventories 70 282 Decrease /(Increase) in trade accounts receivable 125 223 Increase / (Decrease) in trade accounts payable (17) 52 Movement in short-term provisions 14 (61) Movement in other working capital (63) 16 Net cash provided from operating activities 611 738 Cash outflows for additions to intangible assets 11 (41) (26) Cash outflows for additions to property, plant and equipment 12 (126) (160) Cash inflows from disposals of intangible assets 11 1 1 Cash inflows from disposals of property, plant and equipment 12 58 50 Cash outflows for equity and debt instruments (72) (36) Cash outflows for acquisitions 4 (178) (65) Interests and dividends received 48 45 Net cash used in investing activities (310) (191) Dividend payments to stockholders 17 (32) (63) Net issuances of debt (261) (336) Interest paid (87) (106) Other financial inflows /(outflows) 4 (40) Net cash provided by / (used in) financing activities (376) (545) Change in cash and cash equivalents due to business activities (75) 2 Change in cash and cash equivalents due to change in consolidation scope 1 - Change in cash and cash equivalents due to exchange rate movements (8) 1 Cash and cash equivalents at end of year 16 141 223 Agfa annual report 2002 40
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. Significant accounting policies (a) Statement of compliance Agfa-Gevaert N.V. (“the Company”) is a company domiciled in Belgium. The consolidated financial statements of the Company comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associated entities. The consolidated financial statements were authorized for issue by the Board of Directors on March 25, 2003. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and with the Standing Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, as in effect at the closing date. They comply, in all material aspects, with the 7 th European Union’s Directives on consolidation of financial statements. The application by the Company of the IFRSs, instead of Belgian Accounting Standards, has been approved by the Banking and Finance Commission on July 6, 1999. (b) Basis of preparation The consolidated financial statements are presented in Euro, rounded to the nearest million. The consolidated financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: derivative financial instruments and investments classified as available-for-sale. Recognized assets and liabilities that are hedged are stated at fair value in respect of the risk that is hedged. The accounting policies have been consistently applied by Group enterprises and are consistent with those used in the previous year. (c) Consolidation principles Subsidiaries Subsidiaries are those enterprises controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date that control effectively ceases. 41 Agfa annual report 2002
Page 1 and 2: annual report 2002
Page 3 and 4: Share of Group Sales 2002 BY BUSINE
Page 5 and 6: Letter to the shareholders Dear sha
Page 7 and 8: Board of Management (February 25, 2
Page 9 and 10: Group Sales 2002 MILLION EUROS Sale
Page 11 and 12: Key Figures Balance sheet (MILLION
Page 13 and 14: Operating Cash Flow (MILLION EUROS)
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Page 31 and 32: Corporate Governance Apart from the
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AGFA-GEVAERT GROUP CONSOLIDATED STA
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AGFA-GEVAERT GROUP CONSOLIDATED STA
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Annual Report 2002 - Agfa

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