E_mg_GB_03_vorne-29_3_04

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110 Future minimum lease payments for operating and capital leases with an original or residual life of more than one year are reported separately and explained under ‘Other financial obligations’. At December 31, 2003, they were spread over future years as follows: Capital Operating Lease Lease Year Ending December 31 t ’000 t ’000 2004 10,688 93,642 2005 11,045 87,084 2006 7,748 64,137 2007 5,498 53,353 2008 4,990 47,317 Thereafter 44,967 217,167 Total minimum lease payments 84,936 562,700 Less amounts representing interest 26,403 Present value of obligations under capital lease 58,533 Future lease payments receivable of a74.719 million will be earned from non-callable sub-leases – largely operating leases – over a period of up to eleven years. None of these revenues are attributable to Dynamit Nobel. 3) Inventories 12/31/2003 12/31/2002 u ’000 t ’000 Raw materials and supplies 180,675 199,283 Work in process 240,746 295,764 thereof relating to long-term contracts (57,704) (75,855) Finished goods and merchandise 235,967 245,800 Advances to suppliers 36,054 36,019 Advances received from customers – 75,426 – 148,255 Total 618,016 628,611 Dynamit Nobel’s companies hold total inventories of a299.919 million (prior year: a300.303 million). Inventories are valued in accordance with the lower-of-cost-or-market rule and market conditions taken into consideration in terms of replacement costs, realizable values or realizable values less a profit margin. 4) Receivables and Other Assets Receivables and other assets were as follows at the balance sheet date: 12/31/2003 12/31/2002 u ’000 t ’000 Gross trade receivables 1,022,972 976,745 Other receivables and other assets 420,539 419,426 Total 1,443,511 1,396,171
MANAGEMENT SHARE STRATEGY SPECIAL SECTION MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION Consolidated Balance Sheets • Statements of Income • Statements of Cash Flows • Statements of Changes in shareholders’ Equity • Fixed Assets Schedule • Notes • Independent Auditors’ Report Receivables and other assets of a277.138 million (prior year: a248.399 million) are attributable to Dynamit Nobel. Trade receivables comprise the following: 12/31/2003 12/31/2002 u ’000 t ’000 Gross trade receivables 835,660 737,669 Less valuation allowance – 90,004 – 51,935 745,656 685,734 Unbilled receivables from long-term contracts 2,681,998 2,263,350 net of advance payments received – 2,404,682 – 1,972,339 277,316 291,011 Total 1,022,972 976,745 Other receivables and other assets are composed as follows: 12/31/2003 12/31/2002 u ’000 t ’000 Receivables from affiliated companies 65,005 67,298 Less valuation allowance – 30,727 – 40,775 34,278 26,523 Receivables from associated and related companies 21,531 27,872 Less valuation allowance – 10,808 – 10,033 10,723 17,839 Other receivables and other assets 439,527 457,308 Less valuation allowance – 63,989 – 82,244 375,538 375,064 Total 420,539 419,426 Other receivables and other assets include receivables from tax authorities of a76.918 million (prior year: a89.012 million), financial derivatives of a51.437 million (prior year: a43.480 million) and assets held for sale amounting to a31.134 million (prior year: a0 million). Assets held for sale essentially consist of the assets sold in the project company Daimlerstrasse GmbH & Co. KG, Frankfurt am Main. At the balance sheet date, mg planned to sell 68% of the capital stock in this project company to third parties (for further information see Note 25) ‘Subsequent Events’). This proportion of its assets is therefore reported as ‘assets held for sale’. The same applies to the company’s divested liabilities, which are reported as ‘liabilities held for sale’ (for further information see Note 11) ‘Liabilities’). 111
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“2003 was a year of transition fo
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Consolidated Key Figures 2003 RESUL
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Creating freedom for action CONTENT
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MANAGEMENT SHARE STRATEGY SPECIAL S
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zation As the world’s population
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The pharmaceutical industry will co
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Milk Last year, over 160 million co
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The MODUL tablet press produced by
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For a technology-driven organizatio
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Key Figures for the mg Group RESULT
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