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The balance sheet as of 31.12.2003 shows the following major changes in comparison with 31.12.2002: Net liquidity (cash and cash equivalents plus marketable
securities, minus interest-bearing borrowings) decreased to 55.0 MEUR (31.12.2002: 102.6 MEUR). This is - besides the extraordinarily high reference value of last year - mainly due to the purchase of Fiedler, IDEAS, and Acutest. In the Fiedler acquisition,
Andritz assumed some bank debt. In addition, work in progress at some of the larger orders exceeded advance payments of customers, having a temporary negative effect on net liquidity; this should level off in the course of 2004. With
an equity ratio of 24.0% as of 31.12.2003 (24.5% as of 31.12.2002), the Andritz Group has a solid and balanced financial structure. The slight decline in comparison with the value on 31.12.2002 is essentially due to exchange rate differences resulting
from the increase of the Euro against the US dollar.
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