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NORTEL NETWORKS S.A.
(a Subsidiary of Nortel Networks Limited)
Consolidated Balance Sheets as at December 31
*Seenote3
The accompanying notes are an integral part of these financial statements
183
(thousands of Euros) 2003 2002
As restated*
ASSETS
Current assets
Cash and cash equivalents 74,352 150,419
Accounts receivable (less provisions of 19,324 for 2003, 32,499 for 2002) 113,411 83,955
Inventories — net 66,197 80,070
Receivables from related parties 254,697 234,071
Other current assets 17,469 106,364
Total current assets
526,126 654,879
Long-term receivable from related party
–
140,010
Investments at cost
–
16,176
Plant and equipment — net 184,169 218,121
Goodwill 19,683 –
Intangible assets — net 8,929 3,454
Deferred income taxes — net 47,510 43,268
Other assets
–
6
Total assets
786,417 1,075,914
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Note payable to related party 160 –
Trade and other accounts payable 141,799 91,151
Payables to related parties 32,002 89,326
Pa
y
roll and benefi
t
-related liabilities 68,960 50,809
Contractual liabilities 23,822 37,818
Restructuring 9,224 13,346
Other accrued liabilities 105,739 174,260
Long-term debt due within one year 3,241 3,073
Total current liabilities
384,947 459,783
Other liabilities 9,615 2,837
Long-term deferred income 18,092 17,231
Long-term debt 73,217 76,457
Long-term note payable to related party 70,000 220,000
Total liabilities
555,871 776,308
Minority interest
–
9,757
Commitments (note 13)
SHAREHOLDERS’ EQUITY
Common shares, 0.005 par value — Authorized shares: unlimited;
Issued and outstanding: 91,308,951 for 2003 and 61,308,951 for 2002 456,544 306,544
Additional paid-in capital (26,417) 43,997
Accumulated deficit (199,581) (60,692)
Total shareholders’ equity
230,546 289,849
Total liabilities and shareholders’ equity
786,417 1,075,914