COMMENTS ON THE CONSOLIDATED ANNUAL ACCOUNTS
The capital expenditure can be applied to the divisions as follows:
(in millions)
2000 EUR 20,3 3,8 2,7 0,6 27,4
1999 EUR 17,5 4,8 5,8 0,2 28,3
1998 EUR 17,0 2,3 2,3 0,8 22,4
1997 EUR 11,4 1,5 2,4 0,4 15,7
1996 EUR 8,3 0,7 2,0 11,0
Net capital expenditure 1994-2001 has evolved as follows (in millions) 2001 2000 EUR EUR Land and buildings 3,5 5,1 Plant / machinery 10,0 19,8 Furniture / vehicles 0,8 1,5 Leasing 0 0,2 Fixed assets under construction 12,8(7) 0,8 Total capital expenditure on tangible assets 27,1 27,4(6) Acquisitions / participating interest 7,1(11) 0,7(10)
1999 EUR 4,4 10,0 0,6 9,2 4,1(1) 28,3(5) 4,5(9)
1998 EUR 4,4 8,4 1,0 0,4 8,2(1) 22,4(4) 14,1(8)
1997 EUR 6,2 8,4 1,0 15,6(3) -
1996 EUR 2,1 8,3 0,6 11,0(2) 0,1
Coating Division Apparel Division Processing Division Group services Total
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
2001 EUR 21,2 5,3 0,6 0,4 27,5
The fixed assets under construction concern mainly the spinning mill in Mouscron, which was started up end 2000. Investment in the "transfer coating" in Mouscron. Balance of the "transfer coating" in Mouscron and commencement of the investment in the weaving mill in Mouscron. Investment in the Coatex building in Poperinge and in the "direct coating" in Saint Frères. Balance of the weaving mill in Mouscron and commencement of the investment in the spinning mill and in the central dispatching unit, both located in Mouscron. Investment in the spinning mill and in the central dispatching unit, both located in Mouscron. Extension of the Processing Division building in Bornem. Investments following the fire in theCoating Division in Ardooie in January 1999. Balance of the investment in the spinning mill. Investment in a new production unit in Tunisia, commencement of the investment in the extension of the plant in Ardooie (New production unit for Veranneman Technical Textiles and Research & Development Centre). Investment in doubling the capacity of the spinning mill Sioen Fibres (5,3 million EUR), the new transfer coating line in Sioen Fabrics (2,2 million EUR) and the R&D centre at Sioen n.v. in Ardooie (5,3 million EUR). TIS n.v. and Sungintex Veranneman Technical Textiles n.v. Mullion manufacturing Ltd. Sioen Nordifa s.a., SIP Protection s.a.s., Vidal Protection s.a.s., Inducolor s.a.
The company owns all the land it uses for its operations, with the exception of Saint Frères, where a commercial lease agreement is used.
Working capital (1) In 2001, the working capital rose in line with the turnover by 15,5% to 116,5 million EUR, compared to an increase of 24,6% last year. The amounts receivable within one year knew a similar increase of 14,67%. The share in the total assets decreased and amounted to 26,5% (27,3% in 2000). The stocks increased slightly more than in equal proportion to the turnover (22%), because of the fact that the vertical integration (spinning mill – weaving mill - coating) was extended further. The contribution to the total assets stayed roughly unchanged at 25,1% (against 24,2% in 2000). The share of the balance entry ‘trade liabilities within 1 year’ on the passive side remained at a low level, namely 8,4% (w.r.t. 8,3% previous year). This was reflected in the increase in the short-term financial liabilities to 25,7 million EUR.
Equity At December 31, 2001, the share capital of Sioen Industries n.v. was divided into 21.391.070 ordinary no-par-value shares. Both the capital and the number shares was unchanged during 2001.
(1) Working capital = current assets (investments and cash at bank and in hand excluded) - non-financial debts payable within one year - accrued charges and deferred income.
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