E_mg_GB_03_vorne-29_3_04

50
Secure financing
Including discontinued operations, the balance sheet on the whole shows that mg’s financing of
its assets is well balanced. Liabilities to banks at the balance sheet date amounted to a843.8 million
(December 31, 2002: a774.1 million); this figure includes a42.4 million for the first-time consolidation
of four variable-interest entities in accordance with FIN 46r. Of these liabilities, a200.3 million
will mature in 2004 and a470.1 million in 2005. Furthermore, the a300.0 million long-term bond
issued by mg technologies finance B.V. will fall due in 2005. The proceeds from the disposal of mg’s
Chemicals division (Dynamit Nobel and solvadis), which is scheduled for 2004, will be used to repay
these liabilities when they fall due. Total liabilities came to a3,068.4 million (December 31, 2002:
a2,926.5 million). This figure includes the liabilities from discontinued operations of a429.7 million
(December 31, 2002: a408.4 million). Cash and cash equivalents (including securities) totaled
a184.1 million at the balance sheet date (December 31, 2002: a229.5 million). The gearing rate
(ratio of net debt to shareholders’ equity) came to 57.7 percent (December 31, 2002: 42.3 percent).
Consolidated Balance Sheets in Short
Assets
adjusted
12/31/2003 12/31/2002
u million t million
Fixed Assets 3,091.0 3,105.9
Non-fixed assets 2,245.7 2,254.3
Assets from discontinued operations 466.1 556.9
Deferred taxes 876.8 748.9
Prepaid expenses 29.7 34.0
Total assets 6,700.3 6,700.0
Liabilities and shareholders’ equity
Shareholders’ equity 1,663.8 1,991.2
Minority interests 41.1 42.0
Provisions and accrued liabilities 1,827.6 1,623.1
Liabilities 2,638.8 2,518.1
Liabilities from discontinued operations 429.7 408.4
Deferred taxes 61.9 66.6
Deferred income 37.4 50.6
Total liabilities excluding shareholders’ equity 5,036.5 4,708.8
Total liabilities and shareholders’ equity 6,700.3 6,700.0