Annual Report 2002 - Agfa

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Movement in temporary differences during 2002 MILLION EUROS Dec. 31, 2001 Recognized in income Credited to equity Adjustment deferred tax assets against goodwill Translation differences Dec. 31, 2002 (Note 11) Intangible assets 37 11 - 8* - 56 Property, plant and equipment (94) (1) - - 4 (91) Investments - - - - 1 1 Inventories 47 (9) - - (5) 33 Receivables (3) 32 - - (1) 28 Provisions 114 (16) - - (5) 93 Employee benefit plans 22 6 - - (8) 20 Other current assets & other liabilities (2) 8 1 - (3) 4 9. Income taxes continued Deferred tax assets and liabilities related to temporary differences 121 31 1 8 (17) 144 Loss carry-forwards 113 (61) - - (6) 46 Excess tax credits 23 1 - - (2) 22 Deferred tax assets/liabilities 257 (29) 1 8 (25) 212 * When the acquisition of the Autologic group was initially accounted for, no deferred tax assets of the acquiree were recognized as the recognition criteria were not satisfied. In 2002, the Group recognized the deferred tax asset, amounting to 8 million Euros, as it had become probable that future taxable profit would allow the deferred tax asset to be recovered. Personnel expenses in 2002 amounted to 1,462 million Euros compared to 1,477 million Euros in 2001. The breakdown of personnel expenses is as follows: 10. Personnel expenses MILLION EUROS 2002 2001 Wages and Salaries 1,176 1,194 Social Expenses 286 283 1,462 1,477 The average number of employees in equivalent heads for 2002 amounted to 20,221 (2001: 21,130). Classified per corporate function, this average can be presented as follows: 2002 2001 Manufacturing/Engineering 7,370 8,250 R & D 1,635 1,676 Sales & Marketing 7,370 7,007 Administration 3,846 4,197 20,221 21,130 Agfa annual report 2002 64
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11. Intangible assets MILLION EUROS Acquired concessions, industrial property rights, similar rights assets and licenses Acquired goodwill Advance payments to acquire intangible thereunder Gross carrying amount December 31, 2001 186 501 5 692 Exchange differences (19) (88) - (107) Acquisitions - 178 - 178 Adjustment to goodwill Autologic - (8) - (8) Additional goodwill Mitra - 12 - 12 Capital expenditures 24 4 1 29 Retirements (12) (8) - (20) Transfers 4 - (3) 1 assets Total Gross carrying amount December 31, 2002 183 591 3 777 Accumulated amortization, write-downs and impairment losses December 31, 2001 104 185 - 289 Exchange differences (13) (30) - (43) Acquisitions - - - - Amortization and write-downs during the year 32 48 - 80 Impairment loss during the year - 14 - 14 Retirements (11) (8) - (19) Transfers - - - - Accumulated amortization, write-downs and impairment losses December 31, 2002 112 209 - 321 Net carrying amount December 31, 2001 82 316 5 403 Net carrying amount December 31, 2002 71 382 3 456 On January 3, 2002, the Company acquired 92.9% of the shares of Mitra Inc. for 193 million Euros. The recognized goodwill, which amounted to 178 million Euros, is being amortized over 15 years. On November 1, 2002 the Company acquired the remaining 7.1% of the shares of Mitra Inc. for 12 million Euros. The additional goodwill which amounted to 12 million Euros is being amortized over 15 years. In 2002, the Group recognized an impairment loss of 14 million Euros on its Talk Technology business (cash-generating unit). Expected discounted cash flows associated with the Talk Technology business were insufficient to recover its entire carrying value. The cash-generating unit’s value in use has been calculated using a discount rate of 8%. Exchange differences arise from translating opening and closing values of foreign companies’ figures at the respective exchange rates. 65 Agfa annual report 2002
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annual report 2002
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Share of Group Sales 2002 BY BUSINE
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Letter to the shareholders Dear sha
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Board of Management (February 25, 2
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Group Sales 2002 MILLION EUROS Sale
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Key Figures Balance sheet (MILLION
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Annual Report 2002 - Agfa

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