Annual Report 2003 - Kardex

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32 FINANCIAL INFORMATION REGARDING THE KARDEX REMSTAR GROUP Notes to the consolidated financial statements 14: Financial assets 14a: Summary 31.12.2003 31.12.2002 TCHF Retirement plan assets (see note 14b) 752 612 Deferred tax assets 4 509 4 559 Other financial assets 999 1 184 Total 6 260 6 355 14b: Retirement plan assets The following actuarial assumptions were used in determining retirement plan assets (variations reflect the different parameters in the various operating segments and countries of the Group): DE UK % Discount rate Expected rate of return 5.8 5.4 on plan assets 5.3 7.8 Rate of salary progression 2.3 4.5 Increases in benefits 2.0 2.3 Pensions schemes with Assets in excess Assets below TCHF Fair value of plan assets 31 715 8 943 Projected benefit obligation (30 216) (9 690) Difference capitalized 1 499 (747) Previous year Retirement plan assets 1 214 (602) recognized, net 752 Previous year 612 15: Goodwill and other intangible assets Net book value TCHF 31.12.2003 31.12.2002 Goodwill 78 355 79 478 Development costs 6 720 6 110 Licenses, patents, rights 960 1 167 Software 2 215 2 472 Other intangible assets 83 73 Total 88 333 89 300 Accumulated amortization of goodwill and other intangible assets amounts to TCHF 33 364 (previous year TCHF 23 397). The purchase of the 40% minority interest in the Stow Group generated goodwill worth TCHF 597 in 2003. 16: Accrued liabilities and deferred revenue 31.12.2003 31.12.2002 TCHF Deferred revenue 8 231 6 369 Accrued income taxes Accrued personnel 4 788 3 571 expenses 4 153 3 680 Accrued restructuring costs 1 445 0 Other accrued liabilities 9 736 10 066 Total 28 353 23 686 17: Long-term debt and other non-current liabilities 31.12.2003 31.12.2002 TCHF Long-term financial debt 63 480 64 577 Long-term lease obligations 6 200 5 711 Other long-term obligations 6 674 10 742 Total 76 354 81 030 The maturity of portions of the long-term financial debt depends on the loan covenants agreed with the creditors. In addition to the long-term lease obligations, the amount of TCHF 1 379 (previous year TCHF 1 245) is included in other accounts payable related to current lease obligations.
Maturities of long-term debt: 31.12.2003 31.12.2002 TCHF Between 1 and 2 years 13 692 19 541 Between 2 and 3 years 15 596 8 332 Between 3 and 4 years 5 554 7 846 Between 4 and 5 years 6 797 4 936 Over 5 years 34 715 40 375 Total 76 354 81 030 Long-term debt is denominated in the following currencies: 31.12.2003 31.12.2002 TCHF Australian dollars 50 81 Chinese yen 1 626 1 821 Euros 70 504 73 925 Swiss francs 3 815 4 794 US dollars 313 409 Other currencies 46 0 Total 76 354 81 030 FINANCIAL INFORMATION REGARDING THE KARDEX REMSTAR GROUP 18: Provisions 31.12.2003 31.12.2002 TCHF Deferred taxes 8 247 7 346 Warranties, guarantees 902 1 142 Retirement benefits 4 396 3 757 Various 1 397 3 927 Total 14 942 16 172 The “various” provisions comprise provisions for offbalance-sheet transactions, process risks and other foreseeable future commitments. 19: Changes in shareholders’ equity At December 31, 2003, share and participation capital consisted of 375 000 bearer shares and 425 000 participation certificates, each of par value CHF 100. Note Share Participation Capital Earnings Total sharecapital capital reserves reserves holders’ TCHF equity Balance at January 1 st, 2002 37 500 42 450 86 394 (11 742) 154 602 Conversion differences (6 782) (6 782) Net profit 3 007 3 007 Balance at December 31 st, 2002 37 500 42 450 86 394 (15 517) 150 827 Conversion differences 5 484 5 484 Hedging transactions 21b (2 443) (2 443) Net profit after minority interests 8 080 8 080 Balance at December 31 st , 2003 37 500 42 450 86 394 (4 396) 161 948 33
Page 1 and 2: Annual Report 2003 The Far East get
Page 3 and 4: KEY FIGURES Kardex Remstar Group CH
Page 5 and 6: Five-year summary KEY FIGURES Karde
Page 7 and 8: Ladies and Gentlemen A glance at th
Page 9 and 10: of measures that will lead to incre
Page 11 and 12: Dynamic Storage and Retrieval Syste
Page 13 and 14: dilutes the sense of loyalty that u
Page 15 and 16: Industrial Automation and Conveyor
Page 17 and 18: early as possible, has short decisi
Page 19 and 20: Static Storage Systems Division STO
Page 21 and 22: ay shelving system. The remaining 1
Page 23 and 24: Special-Purpose Handling Systems Di
Page 25 and 26: and customized conveying systems. f
Page 27 and 28: Under intangible assets, goodwill d
Page 29 and 30: TCHF ASSETS FINANCIAL INFORMATION R
Page 31 and 32: 1: Accounting principles GENERAL IN
Page 33 and 34: RETIREMENT BENEFITS Most Group comp
Page 35: 12: Inventories 31.12.2003 31.12.20
Page 39 and 40: 25: Currency exchange rates Average
Page 41 and 42: FINANCIAL INFORMATION REGARDING THE
Page 43 and 44: CHF ASSETS FINANCIAL INFORMATION RE
Page 45 and 46: INVESTMENTS FINANCIAL INFORMATION R
Page 47 and 48: FINANCIAL INFORMATION REGARDING KAR
Page 49 and 50: TASKS OF THE BOARD OF DIRECTORS The
Page 51 and 52: Richard Flury 1942, Swiss citizen,
Page 53 and 54: Shareholders’ participation right
Page 55 and 56: KARDEX REMSTAR COMPANIES AND DISTRI
Page 57 and 58: The Group publishes Annual Reports

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