Annual Report 2002 - Agfa

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Miscellaneous liabilities can be presented as follows: 20. Miscellaneous liabilities MILLION EUROS 2002 2001 Tax liabilities 59 50 Payroll liabilities 49 82 Liabilities for social expenses 33 36 Accrued interest on liabilities 5 7 Liabilities from the acceptance of drafts - 2 Other miscellaneous liabilities 103 113 TOTAL 249 290 Tax liabilities include not only Group companies’ own tax liabilities, but also taxes withheld on behalf of third parties. Liabilities for social expenses include, in particular, social insurance contributions that had not been paid over at closing date. Other miscellaneous liabilities comprise numerous individual items such as guarantees, commissions to customers, liabilities under cash management, etc. A. Current 21. Provisions MILLION EUROS Environmental Trade-related Taxes Other Total Provisions at December 31, 2001 10 161 46 163 380 Change in consolidation scope - - 1 - 1 Provisions made during the year 9 137 44 126 316 Provisions used during the year (1) (154) (15) (108) (278) Provisions reversed during the year (1) (8) (2) (14) (25) Translation differences (2) (16) (6) (10) (34) Transfers - (2) (7) 29 20 Provisions at December 31, 2002 15 118 61 186 380 Provisions for trade-related commitments include subsequent payments to customers relating to goods and services purchased in the accounting period, such as customer bonuses or rebates in kind or in cash, warranty liabilities, agents’ commissions and impending or anticipated losses on purchase or sales contracts. Other provisions relate mainly to provisions set up for restructuring expenses (note 6). Other provisions moreover include provisions for litigation, claims and negative outcome of commitments. Agfa annual report 2002 78
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21. Provisions continued B. Non-current MILLION EUROS Environmental Other Total Provisions at December 31, 2001 50 7 57 Provisions made during the year - - - Provisions used during the year - - - Provisions reversed during the year (13) - (13) Translation differences (7) - (7) Transfers - - - Provisions at December 31, 2002 30 7 37 The Group is subject to numerous environmental requirements in various countries in which it operates, including those governing air and wastewater emissions, the management of hazardous materials and spill prevention and cleanup. In order to comply with applicable standards and regulations, the Group has made significant expenditures and set up provisions. Provisions for environmental protection relate to future relandscaping, landfill modernization and the remediation of land contaminated by past industrial operations. Provisions for environmental protection moreover include provisions for litigations with respect to environmental contamination. The non-current provisions are recorded on a discounted basis. The discounted amounts with regard to environmental requirements will be paid out over the period of remediation of the relevant sites, which is expected to be two years. 22. Derivative financial instruments Exposure to currency, interest rate and credit risk arises in the normal course of the Group’s business. Derivative financial instruments are used to reduce the exposure to fluctuations in foreign exchange rates and interest rates. While these are subject to the risk of market rates changing subsequent to acquisition, such changes are generally offset by opposite effects on the items being hedged/covered. Foreign currency risk Recognized assets and liabilities Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Group incurs foreign currency risk on sales, purchases and borrowings that are denominated in a currency other than the company’s local currency. The currencies giving rise to this risk at December 31, 2002 are primarily US Dollar and Pounds Sterling. Such risks may be naturally covered when a receivable in a given currency is matched by one or more payables having the same amount, and having an equivalent term, in the same currency. They may also be managed by the use of derivative financial instruments. 79 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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