Annual Report 2002 - Agfa

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS MILLION EUROS 2002 2001 14. Inventories Raw material and supplies 145 185 Work in process, finished goods and goods purchased for resale 794 862 Advance payments 9 8 TOTAL 948 1,055 Accumulated write-downs on Inventories decreased with 23 million Euros during 2002 (2001: increase 24 million Euros). The cost of Inventories recognized as an expense in the income statement were as follows: MILLION EUROS 2002 2001 Cost of raw materials, supplies and goods purchased for resale 1,485 1,644 Cost of services purchased 68 72 TOTAL 1,553 1,716 MILLION EUROS 2002 2001 15. Other receivables and other assets Receivables under finance leases 462 430 Claims for tax refunds 84 73 Accrued interest on loans receivable 3 2 Short term loans receivable 1 6 Other 80 69 TOTAL 630 580 Lease agreements in which the other party, as lessee, is to be regarded as the economic owner of the leased assets give rise to accounts receivable in the amount of the discounted future lease payments. These receivables amounted to 477 million Euros as of December 31, 2002 and will bear interest income until their maturity dates of 72 million Euros. As of December 31, 2002 the write-downs on the receivables under finance leases amounted to 15 million Euros. The receivables under finance leases are as follows: Agfa annual report 2002 68
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. Other receivables and other assets continued MILLION EUROS 2002 2001 Total future payments Unearned Present value interest Total future payments Unearned Present value interest income income Not later than one year 208 37 171 182 34 148 Between one and five years 339 35 304 314 34 280 Later than five years 2 - 2 2 - 2 TOTAL 549 72 477 498 68 430 The Group leases out its commercial equipment under finance leases via Agfa Finance (i.e. Agfa Finance Brussels N.V. and its subsidiaries) and its entities in North America, i.e. Agfa Corporation (USA) and Agfa Inc. (Canada). At the inception of the lease, the present value of the minimum lease payments amounts to at least 95% of the fair value of the leased assets. This principle applies to all of the leases concluded with the entities referred to above. The leases concluded with Agfa Finance typically run for a non-cancellable period of four years. Its portfolio mainly (85%) relates to the business segments Consumer Imaging and Grafic Systems. The contracts generally foresee an option to purchase the leased equipment after that period at a price which generally lies between 2% and 5% of the gross investment at the inception of the lease. Sometimes, the fair value of the leased asset is paid back by means of a purchase obligation for consumables at a value higher than its market value, in such a way that this mark-up is sufficient to cover the amount initially invested by the lessor. In these types of contracts the mark-up and/or the lease term can be subject to change. Agfa Finance offers its products via its subsidiaries in Australia, France, Italy and Poland and its branches in Europe (Spain, Switzerland, Benelux, Germany, UK and the Nordic countries) and Japan. As of December 31, 2002 the present value of the total future lease payments amounted to 309 million Euros. The leases offered by Agfa Corporation mainly (83%) relate to the business segments Consumer Imaging and Graphic Systems. About 45% of leases offered by Agfa Corporation have a lease term of 60 months with a one dollar purchase option at the end of the term. The remaining portion of the finance leases have an average term between 54 and 60 months. The options at the end of these contracts are to purchase, to renew or to return the leased equipment at a value which is expected to be the fair value at the date the option becomes exercisable. As of December 31, 2002 the present value of the total future lease payments amounted to 161 million Euros. Agfa Inc. started its lease business in May 2000. Agfa Inc. primarily (74%) offers lease contracts related to equipment of the business unit Informatics which belongs to the business segment Technical Imaging. The average lease term for these contracts is 48 months. At the end of the lease term, there is a purchase option for 1 Canadian Dollar on all the lease contracts. As of December 31, 2002 the present value of the total future lease payments amounted to 7 million Euros. 69 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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Group Sales 2002 MILLION EUROS Sale
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Annual Report 2002 - Agfa

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