Annual Report 2003 - Kardex

Under intangible assets, goodwill declined by CHF 1.1
million net. This item also includes the purchase of the
remaining 40% at Stow International in Belgium. There
was a minimal change in the book value of fixed assets,
which now stands at CHF 98.9 million.
The proportion of liabilities in the balance sheet total rose
slightly from 64.3% to 65.0%. As a result of robust growth
in AFT’s project business, total current liabilities rose by
CHF 26.6 million or 14.6% while total non-current liabilities
fell by CHF 5.9 million or 6.1%.
Interest-bearing net indebtedness rose by CHF 8.1 million
(8.4%) to CHF 104.6 million.
The reduction in minority interests reflects the 100%
takeover of the Stow Group. Positive changes in parity,
among other things, caused shareholders’ equity to rise
by CHF 11.1 million or 7.4% to CHF 161.9 million (previous
year CHF 150.8 million) in 2003. The balance sheet total
was up by CHF 27.5 million to CHF 463.0 million.
CASH FLOW STATEMENT
Depreciation and amortization of goodwill rose by 7.0%
from CHF 18.4 million the previous year to CHF 19.6 million.
The negative development in net working capital,
caused mainly by project-related operations, led to an
operating cash inflow of CHF 14.1 million. This was CHF
25.4 million or 64% less than in the previous year.
The Group’s conservative investment policy is reflected in
a reduction in capital expenditure from CHF 13.8 million
(2002) to CHF 7.1 million (2003). Despite the flow of funds
from the sale of the premises in the UK, free cash flow was
down slightly at minus CHF 450 000. The Group was thus
unable to reduce its debt to the same extent as in 2002.
Cash and cash equivalent, including marketable securities,
were down markedly and stood at CHF 23.1 million
on December 31, 2003, compared with CHF 35.0 million
a year earlier.
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