|
| (in
TEUR) |
2003 |
2002 |
|
|
|
|
|
| Outstanding bank
guarantees concerning contracts with customers |
172,333 |
108,532 |
|
| Other contingent
liabilities |
6,621 |
7,520 |
|
|
|
|
|
other.htm
other.xls (Download size=17408 Bytes):
According to several contracts the customer is entitled to hold retention until the end of the warranty period. In order to redeem these retentions bank guarantees were submitted to the customer. In addition, other bank and company guarantees were issued as guarantees for advance and progress payments from customers. The management believes that the provisions for warranties and the shown liabilities are sufficient. No additional financial outflows from these guarantees are expected. In some cases Andritz has similar retention agreements with suppliers. In order to settle these retentions Andritz receives bank guarantees from the suppliers.
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