APC 2003 Annual Report Download - page 84

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Consolidated and Parent Company Financial Statements
82
Note 9. Other non-current assets
(
€
millions)
Dec. 31, 2003 Dec. 31, 2002
Net actuarial gains and losses and unamortized
prior service costs (Note 16) 315.6 274.4
Other non-current assets 315.6 274.4
Note 10. Inventories and Work in Process, Net
(
€
millions)
Dec. 31, 2003 Dec. 31, 2002
Raw materials 500.9 565.4
Work in process 257.1 263.4
Semi-finished and finished products 362.2 348.9
Goods 183.6 161.3
Inventories and work in process at cost 1,303.8 1,339.0
Reserves (179.7) (192.5)
Inventories and work in process, net 1,124.1 1,146.5
Note 11. Trade Accounts Receivable, Net
All receivables in this item are due in less than one year.
(
€
millions)
Dec. 31, 2003 Dec. 31, 2002
Accounts receivable 1,470.0 1,572.9
Notes receivable 415.8 359.6
Advances to suppliers 21.2 14.9
Accounts receivable, at cost 1,907.0 1,947.4
Reserves (125.7) (135.1)
Accounts receivable, net 1,781.3 1,812.3
Sold receivables (1) 19.8 21.1
(1) The Group’s main North American subsidiary, Square D Company, has a sale of receivables agreement under which it sells
fractional interests in a pool of eligible short-term trade receivables, in an amount not to exceed
€
198 million ($250 million)
at December 31, 2003. Square D Company sells participating interests in new receivables as existing receivables are collected.
The purchaser’s level of investment is subject to change based on the level of eligible receivables and restrictions on concentrations
of receivables. Receivables of a certain age and uncollectible receivables are not eligible for inclusion in the pool.
Under the terms of the agreement, Square D Company is obligated to pay fees, which approximate the purchaser’s cost of issuing
a comparable amount of commercial paper plus certain administrative costs. Square D Company is contingently liable for
the collection of the receivables sold. Management believes that existing reserves are adequate to cover Square D Company’s
contingent liability under this agreement.