 |
 |
|
|
 |
|
|
|
|
|
Consolidated Balance Sheets
|
ASSETS
|
|
|
|
|
|
|
|
As at
December 31,
|
|
|
|
|
2002
|
2003
|
|
(In millions)
|
Note
|
EUR
|
EUR
|
|
Fixed assets and financial assets
|
|
|
|
|
Intangible assets
|
» 12)
|
|
|
|
|
Goodwill
|
|
895
|
623
|
|
|
Other intangible assets
|
|
116
|
137
|
|
|
|
|
1,011
|
760
|
|
Tangible assets
|
» 12), » 13)
|
|
|
|
|
Land and water areas
|
|
85
|
80
|
|
|
Buildings
|
|
350
|
329
|
|
|
Machinery and equipment
|
|
343
|
336
|
|
|
Other tangible assets
|
|
31
|
28
|
|
|
Assets under construction
|
|
82
|
37
|
|
|
|
|
891
|
810
|
|
Financial assets
|
|
|
|
|
|
Shareholdings and other securities
|
» 15)
|
51
|
44
|
|
|
Own shares
|
» 15)
|
1
|
1
|
|
|
Loans receivable
|
» 18)
|
20
|
37
|
|
|
Accounts receivable
|
» 18)
|
5
|
2
|
|
|
Other long-term investments
|
» 16), » 18)
|
26
|
10
|
|
|
|
|
103
|
94
|
|
Total fixed and financial assets
|
|
2,005
|
1,664
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Inventories
|
|
|
|
|
|
Materials and supplies
|
|
186
|
169
|
|
|
Work in process
|
|
281
|
275
|
|
|
Finished products
|
|
352
|
299
|
|
|
|
|
819
|
743
|
|
Receivables
|
» 18)
|
|
|
|
|
Accounts receivable
|
|
836
|
719
|
|
|
Cost and earnings of projects under construction
in excess of billings
|
» 17)
|
174
|
269
|
|
|
Loans receivable
|
|
5
|
5
|
|
|
Accrued income and prepaid expenses
|
|
201
|
88
|
|
|
Deferred tax asset
|
» 10)
|
98
|
145
|
|
|
Other receivables
|
|
60
|
53
|
|
|
Other short-term investments
|
|
11
|
7
|
|
|
|
|
1,385
|
1,286
|
|
Cash and cash equivalents
|
|
190
|
130
|
|
Total current assets
|
|
2,394
|
2,159
|
|
|
|
|
|
|
|
Total assets
|
|
4,399
|
3,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY AND LIABILITIES
|
|
|
|
|
As at
December 31,
|
|
|
|
|
2002
|
2003
|
|
(In millions)
|
Note
|
EUR
|
EUR
|
|
Shareholders' equity
|
» 19)
|
|
|
|
|
Share capital
|
|
232
|
232
|
|
|
Share premium reserve
|
|
14
|
14
|
|
|
Legal reserve
|
|
227
|
228
|
|
|
Cumulative translation differences
|
|
(60)
|
(76)
|
|
|
Reserve for own shares
|
|
1
|
1
|
|
|
Other reserves
|
|
202
|
202
|
|
|
Retained earnings
|
|
698
|
681
|
|
|
Net income (loss) for the financial year
|
|
65
|
(258)
|
|
Total shareholders' equity
|
|
1,379
|
1,024
|
|
|
|
|
|
|
|
Minority interests
|
|
10
|
6
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Long-term debt
|
» 20)
|
|
|
|
|
Bonds
|
|
713
|
695
|
|
|
Loans from financial institutions
|
|
233
|
183
|
|
|
Pension loans
|
|
38
|
29
|
|
|
Other long-term debt
|
|
36
|
50
|
|
|
|
|
1,020
|
957
|
|
Other long-term liabilities
|
|
|
|
|
|
Accrued expenses
|
» 21), » 24)
|
126
|
134
|
|
|
Deferred tax liability
|
» 10)
|
25
|
22
|
|
|
Other long-term loans
|
|
1
|
5
|
|
|
|
|
152
|
161
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Current portion of long-term debt
|
|
50
|
17
|
|
|
Other interest bearing short-term debt
|
» 22)
|
283
|
295
|
|
|
Advances received
|
|
141
|
147
|
|
|
Accounts payable
|
|
321
|
282
|
|
|
Billings in excess of cost and earnings of
projects under construction
|
» 17)
|
84
|
41
|
|
|
Accrued expenses and deferred income
|
» 23), » 24)
|
873
|
818
|
|
|
Other current liabilities
|
|
86
|
75
|
|
|
|
|
1,838
|
1,675
|
|
Total liabilities
|
|
3,010
|
2,793
|
|
|
|
|
|
|
|
Total shareholders' equity and liabilities
|
|
4,399
|
3,823
|
|
|
|
|
|
|
Annual Review
