Annual Report 2002 - Agfa

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The reconciliation of Cash and cash equivalents with its corresponding balance sheet items can be presented as follows: 16. Cash and cash equivalents MILLION EUROS 2002 2001 Marketable securities and other instruments 12 2 Cash on hand, demand deposits and checks 133 222 * Total Cash and cash equivalents as reported in the Balance Sheet 145 224 Accounts receivable under cash management agreements (reported in the balance sheet as Other receivables) - 3 Liabilities under cash management agreements (reported in the balance sheet as Miscellaneous liabilities) (4) (7) Revaluation financial assets available-for-sale - 3 Total Cash and cash equivalents as reported in the Cash Flow Statement 141 223 * Included is an amount of 97 million Euros that has been deposited into an escrow account in relation to the acquisition of Mitra Inc. This amount represented a portion of the purchase price of Mitra Inc. (note 4). The various components of Shareholders’ Equity and the changes therein from December 31, 2001 to December 31, 2002 are presented in the Consolidated Statements of Shareholders’ Equity. 17. Shareholders’ equity Capital stock The issued capital of the Company as of December 31, 2002 amounts to 140 million Euros, represented by 140,000,000 fully paid ordinary shares without par value. Reserve for own shares The reserve for the Company’s own shares comprises the cost of the Company’s shares held by the Group. At December 31, 2002 the Group held 768,400 (2001: 150,000) of the Company’s shares (note 18 B). Revaluation reserve In order to manage the price risk on its Long Term Incentive Plan (tranche n° 2) the Company deposited 10.2 million Euros, pledged in favour of an investment banker. This available-for-sale financial asset was revalued to fair value with cumulative changes taken into the revaluation reserve (note 18 B). The revaluation reserve moreover comprises the revaluation of our investment in Medivision Medical Imaging Ltd. (December 31, 2002: -2 million Euros). Agfa annual report 2002 70
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 17. Shareholders’ equity continued Hedging reserve The Group has designated forward exchange contracts as ‘cash flow hedges’ of its foreign currency exposure related to forecasted purchases of commodities over the following 9 months. The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized directly in equity (December 31, 2002: - 3 million Euros) (note 22). In order to manage its interest rate exposure, the Group has designated interest rate swaps as ‘cash flow hedges’. The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized directly in equity (December 31, 2002: - 1 million Euros) (note 22). Translation differences Translation differences comprise all foreign exchange differences arising from the translation of the financial statements of foreign operations that are not integral to the operations of the Company, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Minority interest The change in minority interest (December 31, 2002: 3 million Euros, December 31, 2001: 1 million Euros) is mainly due to the capital increase in Identis S.A. (minority interest: 42.23 %). Dividends At March 3, 2003 a dividend of 69.6 million Euros (0.50 Euro per ordinary share) has been recommended by the Board of Directors, but has not yet been approved by the General Assembly of Shareholders of Agfa-Gevaert N.V. and is therefore not provided for. 18. Employee benefits A. Liabilities for post-employment and long-term benefit plans Agfa-Gevaert Group companies maintain retirement benefits in most countries in which the Group operates. These plans generally cover all employees and generally provide benefits that are related to an employee’s remuneration and years of service. The Group also provides post-retirement medical benefits in the US and long-term benefit plans in Germany. These benefits are accounted for under IAS 19 (revised 1998) and are treated as post-employment and long-term benefit plans. At December 31, 2002 the Group’s total net liability for post-employment and long-term benefit plans amounted to 843 million Euros (879 million Euros at December 31, 2001), comprised as follows: MILLION EUROS Dec. 31, 2001 Dec. 31, 2002 Net liability for material countries 606 604 Net liability for termination benefits 236 207 Net liability for non-material countries 37 32 Total net liability 879 843 The principle for determining the Group’s material countries is based on the level of IAS 19 pension expense. Material countries represent more than 90% of the Group’s total IAS 19 pension expense. 71 Agfa annual report 2002
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Annual Report 2002 - Agfa

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