2004	2003
	Notes		(in TEUR)	(in TEUR)
Assets
Intangible assets			7,061	4,921
Goodwill			107,561	122,785
Property, plant and equipment			125,390	127,165
Shares in associated companies			2,102	3,022
Investments			12,321	2,340
Fixed and financial assets	1.		254,435	260,233
Deferred tax assets	18.		21,854	18,876
Inventories	2.		139,972	107,714
Advance payments made	3.		14,142	17,334
Trade accounts receivable	4.		201,763	216,702
Cost and earnings of projects under
construction in excess of billings	5.		115,950	107,738
Other receivables	6.		63,314	60,510
Prepayments and deferred charges			4,920	4,224
Marketable securities			63,097	52,705
Cash and cash equivalents			273,939	120,876
Current assets			877,097	687,803
Total assets			1,153,386	966,912
Shareholders' equity and liabilities
Share capital			94,510	94,510
Capital reserves			45,966	45,966
Retained earnings			129,436	92,008
Shareholders' equity			269,912	232,484
Minority interests			7,169	6,616
Bonds			100,000	100,000
Bank loans - non current			5,211	4,486
Provisions - non current	9.		77,800	72,969
Obligation under finance leases - non current			582	919
Non-current liabilities	11.		183,593	178,374
Liabilities for deferred taxes	18.		58,693	50,546
Bank loans - current			11,207	11,104
Obligations under finance leases - current			421	484
Bills of exchange			0	1,550
Trade accounts payable			132,970	104,580
Billings in excess of cost and earnings
of projects under construction	5.		197,832	107,399
Advance payments received			49,564	30,765
Provisions - current	9.		81,823	77,459
Liabilities for current taxes			10,368	16,670
Other current liabilities	12.		149,834	148,881
Current liabilities			634,019	498,892
Total Shareholders' equity and liabilities			1,153,386	966,912

balancesheet.htm

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The following notes to the consolidated financial statements form an integral part of this consolidated balance sheet.