EXHIBIT 99.4
Report of the group auditors to the General Meeting of
CT SPORTS HOLDING AG, BAAR
As auditors of the group, we have audited the consolidated financial statements (balance sheet, income statement and notes) ofCT Sports Holding AG for the year ended at31. March 2004.
These consolidated financial statements are the responsibility of the board of directors. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence.
Our audit was conducted in accordance with Swiss auditing standards promulgated by the profession, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the consolidated financial statements. We have also assessed the accounting principles used, significant estimates made and the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the financial position, the results of operations and the cash flows in accordance with the Accounting and Reporting Standards (Swiss GAAP FER). Furthermore, the consolidated financial comply with Swiss law and the company’s articles of incorporation.
We recommend that the consolidated financial statements submitted to you be approved.
Naters, June 2004 | TREUHAND UND REVISIONS AG | |||||||
Auditors in charge | ||||||||
Albert Bass | Mischa Imboden |
Appendix:
- Balance sheet
- Income statement
- Cash Flow Statement
- Notes
1
ANNEX I
Consolidated Balance Sheet
31.03.2004
31.03.2004 | 31.03.2003 | |||
Thousand CHF | Thousand CHF | |||
ASSETS | ||||
Cash and cash equivalents | 1,615 | 877 | ||
Trade receivables | 13,198 | 15,868 | ||
Trade receivables due from related companies | 2,406 | 4,545 | ||
Other receivables | 1,796 | 2,832 | ||
Inventories | 16,064 | 13,611 | ||
Prepaid expenses and accrued income | 1,245 | 1,099 | ||
Other current assets | 799 | 16 | ||
Total current assets | 37,123 | 38,848 | ||
Tangible fixed assets | 9,019 | 7,687 | ||
Intangible fixed assets | 1,208 | 2,565 | ||
Goodwill | 7,103 | 8,642 | ||
Other non current assets | 138 | 576 | ||
Total non-current assets | 17,468 | 19,470 | ||
Total Assets | 54,591 | 58,319 | ||
LIABILITIES AND EQUITY | ||||
Trade payables | 5,257 | 5,282 | ||
Related companies payables | 2,280 | 848 | ||
Shareholder payables | 2,719 | 2,257 | ||
Other accounts payables | 891 | 1,343 | ||
Financial short term loans | 9,188 | 6,827 | ||
Accrued expenses / severance indemnities | 5,663 | 7,126 | ||
Total current liabilities | 25,998 | 23,683 | ||
Long term debt | 12,015 | 17,929 | ||
Shareholder Loans | 20,027 | 20,027 | ||
Shareholder Loans (subordinated) | 2,224 | 2,224 | ||
Deferred income taxes / taxes payables | -1,987 | -2,006 | ||
Total non current liabilities | 32,279 | 38,174 | ||
Total liabilities | 58,277 | 61,857 | ||
Share capital | 5,000 | 5,000 | ||
Minority Interest (M-CZE) | 41 | 41 | ||
Translation adjustments | -535 | -421 | ||
Retained earnings | -8,159 | -8,377 | ||
Net result of the year | -33 | 218 | ||
Total equity | -3,686 | -3,539 | ||
Total Liabilities and Equity | 54,591 | 58,319 |
2
ANNEX II
Consolidated Income Statement
01.04.2003 - 31.03.2004
2003 / 2004 | 2002 / 2003 | |||
Thousand CHF | Thousand CHF | |||
Net sales | 92,752 | 87,357 | ||
Cost of sales | -58,906 | -54,145 | ||
Gross Profit | 33,846 | 33,212 | ||
Selling Expenses | -12,444 | -12,005 | ||
Warehouse and Shipping | -2,421 | -2,281 | ||
General & Administrative Expenses | -11,270 | -12,414 | ||
Other operating expenses | -1,191 | -1,450 | ||
Operating expenses | -27,326 | -28,150 | ||
Profit from operations | 6,520 | 5,062 | ||
Interest Expenses | -3,384 | -3,678 | ||
Other Expenses / Income | -2,899 | -868 | ||
Taxes | -270 | -298 | ||
Net result of the Year | -33 | 218 |
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ANNEX III
Consolidated Balance Sheet
31.03.04
M-Group | M-Group | CT Sports | Sum | Elimination | Sum | Cap. Cons. | Sum | |||||||||
EURO | CHF | CHF | CHF | CHF | CHF | CHF | CHF | |||||||||
ASSETS | ||||||||||||||||
Cash | 955 | 1,489 | 126 | 1,615 | 0 | 1,615 | 0 | 1,615 | ||||||||
Trade Receivables | 8,464 | 13,198 | 0 | 13,198 | 0 | 13,198 | 0 | 13,198 | ||||||||
Receivables related persons | 1,543 | 2,406 | 1,011 | 3,417 | -1,011 | 2,406 | 0 | 2,406 | ||||||||
Other Receivables | 1,152 | 1,796 | 0 | 1,796 | 0 | 1,796 | 0 | 1,796 | ||||||||
Inventory | 10,302 | 16,064 | 0 | 16,064 | 0 | 16,064 | 0 | 16,064 | ||||||||
Accrued Income | 798 | 1,244 | 0 | 1,244 | 0 | 1,244 | 0 | 1,244 | ||||||||
Other Current Assets | 512 | 798 | 0 | 798 | 0 | 798 | 0 | 798 | ||||||||
Total Current Assets | 23,726 | 36,997 | 1,137 | 38,134 | -1,011 | 37,123 | 0 | 37,123 | ||||||||
Investments | 0 | 0 | 6,606 | 6,606 | 0 | 6,606 | -6,606 | 0 | ||||||||
Loan CT Sports - M. Int. | 0 | 0 | 22,465 | 22,465 | -22,465 | 0 | 0 | 0 | ||||||||
Tangible fixed Assets | 5,784 | 9,019 | 0 | 9,019 | 0 | 9,019 | 0 | 9,019 | ||||||||
Intangibles and Goodwill | 2,218 | 3,459 | 0 | 3,459 | 0 | 3,459 | 0 | 3,459 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 4,853 | 4,853 | ||||||||
Other Non Current Assets | 88 | 137 | 0 | 137 | 0 | 137 | 0 | 137 | ||||||||
Total Non Current Assets | 8,090 | 12,615 | 29,071 | 41,686 | -22,465 | 19,221 | -1,753 | 17,468 | ||||||||
Total Assets | 31,816 | 49,612 | 30,208 | 79,820 | -23,476 | 56,344 | -1,753 | 54,591 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Trade Payables | 3,368 | 5,252 | 5 | 5,257 | 0 | 5,257 | 0 | 5,257 | ||||||||
Related Companies Payables | 1,462 | 2,280 | 0 | 2,280 | 0 | 2,280 | 0 | 2,280 | ||||||||
Shareholder Payables | 649 | 1,011 | 2,719 | 3,730 | -1,011 | 2,719 | 0 | 2,719 | ||||||||
Other accounts Payables | 572 | 891 | 0 | 891 | 0 | 891 | 0 | 891 | ||||||||
Financial short term loans | 5,892 | 9,188 | 0 | 9,188 | 0 | 9,188 | 0 | 9,188 | ||||||||
Severance indemnities | 359 | 560 | 0 | 560 | 0 | 560 | 0 | 560 | ||||||||
Accrued Expenses | 3,226 | 5,030 | 73 | 5,103 | 0 | 5,103 | 0 | 5,103 | ||||||||
Total current liabilities | 15,527 | 24,212 | 2,797 | 27,009 | -1,011 | 25,998 | 0 | 25,998 | ||||||||
Long term debt | 7,705 | 12,015 | 0 | 12,015 | 0 | 12,015 | 0 | 12,015 | ||||||||
Shareholder Loans | 0 | 0 | 20,027 | 20,027 | 0 | 20,027 | 0 | 20,027 | ||||||||
Shareholder Loans (PP) | 14,408 | 22,467 | 2,224 | 24,691 | -22,465 | 2,226 | 0 | 2,226 | ||||||||
Income taxes payable | 110 | 172 | 0 | 172 | 0 | 172 | 0 | 172 | ||||||||
Deferred income taxes | -1,385 | -2,160 | 0 | -2,160 | 0 | -2,160 | 0 | -2,160 | ||||||||
Minority Participation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Total non current liabilities | 20,838 | 32,493 | 22,251 | 54,744 | -22,465 | 32,279 | 0 | 32,279 | ||||||||
Total Liabilities | 36,365 | 56,705 | 25,048 | 81,753 | -23,476 | 58,277 | 0 | 58,277 | ||||||||
Share Capital | 1,221 | 2,000 | 5,000 | 7,000 | 0 | 7,000 | -2,000 | 5,000 | ||||||||
Translation Adjustments M-Group | -1,402 | -2,186 | 0 | -2,186 | 0 | -2,186 | 2,186 | 0 | ||||||||
Translation Adjustments Consolid. | 0 | -396 | 0 | -396 | 0 | -396 | -139 | -535 | ||||||||
Minority interest | 28 | 41 | 0 | 41 | 0 | 41 | 0 | 41 | ||||||||
Retained earnings | -4,624 | -6,905 | -61 | -6,966 | 0 | -6,966 | -1,193 | -8,159 | ||||||||
Net result of the Year | 228 | 353 | 221 | 574 | 0 | 574 | -607 | -33 | ||||||||
Total Equity | -4,549 | -7,093 | 5,160 | -1,933 | 0 | -1,933 | -1,753 | -3,686 | ||||||||
Total Liabilities and Equity | 31,816 | 49,612 | 30,208 | 79,820 | -23,476 | 56,344 | -1,753 | 54,591 |
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ANNEX IV
Consolidated Income Statement
2003 / 2004
M-Group | M-Group | CT Sports | Sum | Consolid. | Sum | |||||||
EURO | CHF | CHF | CHF | CHF | CHF | |||||||
Net Sales | 59,958 | 92,752 | 0 | 92,752 | 0 | 92,752 | ||||||
Cost of Sales | -38,079 | -58,906 | 0 | -58,906 | 0 | -58,906 | ||||||
Gross Profit | 21,879 | 33,846 | 0 | 33,846 | 0 | 33,846 | ||||||
Selling Expenses | -8,044 | -12,444 | 0 | -12,444 | 0 | -12,444 | ||||||
Warehouse and Shipping | -1,565 | -2,421 | 0 | -2,421 | 0 | -2,421 | ||||||
General and Administrative Exp. | -6,847 | -10,592 | -71 | -10,663 | -607 | -11,270 | ||||||
Other Operating Expenses | -770 | -1,191 | 0 | -1,191 | 0 | -1,191 | ||||||
-17,226 | -26,648 | -71 | -26,719 | -607 | -27,326 | |||||||
4,653 | 7,198 | -71 | 7,127 | -607 | 6,520 | |||||||
Financial Expenses IC | -1,011 | 1,011 | 0 | 0 | 0 | |||||||
Financial Expenses Other | -2,144 | -2,306 | -1,079 | -3,385 | 0 | -3,385 | ||||||
Other Income/Expenses IC | -367 | 367 | 0 | 0 | 0 | |||||||
Other Income/Expenses | -2,109 | -2,896 | -3 | -2,899 | 0 | -2,899 | ||||||
Taxes | -172 | -266 | -4 | -270 | 0 | -270 | ||||||
228 | 353 | 221 | 574 | -607 | -33 | |||||||
Minorities | 0 | 0 | 0 | 0 | 0 | |||||||
Net Result of the Year | 228 | 353 | 221 | 574 | -607 | -33 |
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ANNEX V
Cash flow statement
in 1'000 CHF
2003 / 2004 | ||||
Cash receipts | Cash payments | |||
Net sales | 92,752 | |||
Cost of sales | -58,906 | |||
Operating expenses (without depreciations) | -20,824 | |||
Interest expenses | -3,385 | |||
Other expenses | -2,899 | |||
Taxes | -270 | |||
Changes in receivables | 2,670 | |||
Changes in inventories | -2,453 | |||
Changes in accrued income | -146 | |||
Changes in other receivables and current assets | 253 | |||
Changes in trade payables | -25 | |||
Changes in other payables | -452 | |||
Changes in accrued expenses and deferred taxes | -1,443 | |||
95,675 | -90,803 | |||
Cash flow operating activities | 4,872 | |||
Investments / disposals in fixed assets | -4,500 | |||
— | -4,500 | |||
Cash flow investing activities | — | -4,500 | ||
Changes in accounts receivables related companies | 2,139 | |||
Changes in shareholder and related companies payables | 1,894 | |||
Changes in short and long term loans | -3,553 | |||
Changes in shareholder loans | — | |||
Adjustments Equity | — | -114 | ||
4,033 | -3,667 | |||
Cash flow financial activities | 366 | |||
Total cash receipts and payments | 99,708 | -98,970 | ||
Increase of Cash | 738 | |||
Changes in Cash | 31.03.04 | 31.03.03 | ||
Cash and cash equivalents | 1,615 | 877 | ||
Increase of Cash | 738 |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General
The consolidated financial statements are based on the following documents:
¨ | Consolidated financial statements of Marker Group as of 31.03.2004 |
¨ | Financial statement of CT Sports Holding as of 31.03.2004 |
2. Consolidation Principles
2.1 Period of consolidation
01.04.2003 – 31.03.2004 / The companies close their books at 31st of March.
2.2 Accounting Principles, Valuation
The companies use the same principles of valuation. The consolidated financial statements give a true and fair view of the financial position, the results of operations and the cash flows.
2.3 Foreign Currency Translation Method
The consolidated financial statements are made in CHF (Fr.) At the balance sheet date, monetary assets and liabilities are converted into CHF at year-end rate. Share capital is converted at historical exchange rate. Income statements are converted at average-exchange rate. Exchange differences arising from the conversion of foreign currency financial statements are charged to equity under the item Translation Adjustments.
Exchange rates used
1 EURO = CHF | Balance sh. | Income st. | ||
2002/03 | 1.4758 | 1.4649 | ||
2003/04 | 1.5594 | 1.5471 |
2.4 Contributed Companies
Company | Capital Share | Interest | ||||
CT Sports Holding AG, Baar (CH) | T-Fr. | 5’000 | Parent Comp. | |||
Marker International GmbH, Baar (CH) | T-Fr. | 2’000 | 100% | |||
Marker-Group | Capital Share | Interest | ||||
Marker International GmbH, Baar (CH) | T-Fr. | 2’000 | Parent company | |||
Marker Deutschland, Eschenlohe (D) | T-EUR | 2’556 | 100% | |||
Marker Cze, Kostelec (CZE) | T-CZK | 400 | 95% | |||
Marker Canada Ltd., Quebec (CAN) | T-CDN | 2’250 | 100% | |||
Marker USA Inc., Salt Lake City (USA) | T-USD | 1 | 100% | |||
Marker Japan Co. Ltd., Tokio (J) | T-JEN | 300’000 | 100% |
2.5 Consolidation
In-full elimination of intragroup receivables and payables, income and expenses and all other relevant intragroup transactions, including group dividends, write-downs, and revaluation of
7
consolidated investments, unrealised profits and losses, resulting from intragroup transactions, are offset.
3. Further informations
At April 19th 2002 CT Sports Holding AG bought the 15% shares of MKR Holdings Inc. (Investments in Marker International GmbH).
In 2002 / 03 Marker Japan had a capital decrease of T-YEN 399’000 and an increase of T-YEN 200’000. So the common stock changed from T-YEN 499’000 into a new amount of T-YEN 300’000.
A part of the production has been transferred in 2002 / 03 to the newly founded subsidiary, Marker CZE in Kostelec. MCZE is a 95% subsidiary of Marker Germany. The capital share is T-CZE 400, additional paid in capital T-CZE 15’600.
Balance sheet
Cash and cash equivalents
Thousand CHF | 31.03.04 | 31.03.03 | ||
Cash on hand | 39 | 16 | ||
Bank accounts in local currency | 1’576 | 861 | ||
Total | 1’615 | 877 |
Trade receivables
Thousand CHF | 31.03.04 | 31.03.03 | ||
Trade receivables | 13’611 | 16’262 | ||
Reserve for doubtful accounts | -413 | -394 | ||
Total | 13’198 | 15’868 |
Receivables due from related companies
Thousand CHF | 31.03.04 | 31.03.03 | ||
Tecnica Group | 148 | 548 | ||
Völkl Group | 3’109 | 3’964 | ||
Nordica | -948 | 31 | ||
Other related parties | 97 | 2 | ||
Total | 2’406 | 4’545 |
Other receivables
Thousand CHF | 31.03.04 | 31.03.03 | ||
Tax authorities | 1’059 | 1’738 | ||
Severance Payments | 374 | 354 | ||
Consulting | 126 | 341 | ||
Other receivables | 237 | 399 | ||
Total | 1’796 | 2’832 |
8
Inventories
Thousand CHF | 31.03.04 | 31.03.03 | ||
Raw materials | 5’534 | 4’082 | ||
Work in progress | 647 | 1’445 | ||
Finished goods | 10’800 | 8’892 | ||
Reserve for obsolete or slow moving inventory | -917 | -808 | ||
Total | 16’064 | 13’611 |
Prepaid expenses and accrued income
Thousand CHF | 31.03.04 | 31.03.03 | ||
Rent / lease installments | 83 | 69 | ||
Insurance | 90 | 50 | ||
Interests | 181 | 337 | ||
Foreign exchange gains | 580 | 593 | ||
Other | 311 | 50 | ||
Total | 1’245 | 1’099 |
Other current assets
Thousand CHF | 31.03.04 | 31.03.03 | ||
Taxes | 617 | 0 | ||
Other | 182 | 16 | ||
Total | 799 | 16 |
Non current assets
Thousand CHF | 31.03.04 | 31.03.03 | ||
Tangible assets Marker Group | 9’019 | 7’687 | ||
Intangible assets Marker Group | 1’208 | 2’544 | ||
Goodwill Marker Group | 2’250 | 3’182 | ||
Goodwill 15% Marker Group | 4’853 | 5’460 | ||
Other non current assets Marker Group | 138 | 576 | ||
Start up costs CT Sports Holding AG | 0 | 21 | ||
Total | 17’468 | 19’470 |
Related companies payables
Thousand CHF | 31.03.04 | 31.03.03 | ||
Tecnica Group | 1’071 | 317 | ||
Völkl Group | 886 | 496 | ||
Nitro | 307 | 35 | ||
Other related parties | 16 | 0 | ||
Total | 2’280 | 848 |
9
Shareholder payables
Thousand CHF | 31.03.04 | 31.03.03 | ||
H.-D. Cleven | 1’359 | 1’131 | ||
Norfin II | 1’360 | 1’126 | ||
Total | 2’719 | 2’257 |
Other interest free payables
Thousand CHF | 31.03.04 | 31.03.03 | ||
Employees | 309 | 339 | ||
Social security institutions | 189 | 279 | ||
Tax payables | 324 | 226 | ||
Other | 69 | 499 | ||
Total | 891 | 1’343 |
Accrued expenses and deferred income
Thousand CHF | 31.03.04 | 31.03.03 | ||
Accrued expenses Marker Group | 5’589 | 7’079 | ||
Accrued expenses CT Sports Holding AG | 74 | 47 | ||
Total | 5’663 | 7’126 |
Financial debts
Creditor | Short term | Long Term | Total | |||
Key Bank | 101 | 0 | 101 | |||
M&T Bank | 254 | 0 | 254 | |||
Tokio Mitsubishi | 379 | 200 | 579 | |||
Shoko Chukin | 738 | 488 | 1’226 | |||
Hypo Vereinsbank | 455 | 5’925 | 6’380 | |||
Deutsche Bank | 765 | 1’659 | 2’424 | |||
LfA | 0 | 3’409 | 3’409 | |||
Laurentian Bank | 2’326 | 0 | 2’326 | |||
Isomura (Bonds) | 3’503 | 0 | 3’503 | |||
Tauber | 667 | 334 | 1’001 | |||
Total (Thousand CHF) | 9’188 | 12’015 | 21’203 | |||
Previous year | 6’827 | 17’929 | 24’756 |
Shareholder loans
Thousand CHF | 31.03.04 | 31.03.03 | ||
Norfin II - CT Sports Holding AG | 10’014 | 10’014 | ||
H.-D. Cleven - CT Sports Holding AG | 10’014 | 10’014 | ||
Total | 20’027 | 20’027 |
10
Shareholder loans (subordinated)
Thousand CHF | 31.03.04 | 31.03.03 | ||
Norfin II - CT Sports Holding AG | 1’112 | 1’112 | ||
H.-D. Cleven - CT Sports Holding AG | 1’112 | 1’112 | ||
Total | 2’224 | 2’224 |
Deferred income taxes
The tax asset referred to the fiscal benefit due to the losses carried forward in future fiscal periods has been reflected in the consolidated financial statements of Marker Group, as there is a reasonable certainty of realizing fiscal incomes in the near future at Marker Deutschland GmbH. The tax assets value is based on a tax rate of 39%.
Equity
Thousand CHF | 31.03.04 | 31.03.03 | ||
Share Capital CT Sports Holding | 5’000 | 5’000 | ||
Minority Interest (M-CZE) | 41 | 41 | ||
Translation Adjustments | -535 | -421 | ||
Retained earnings | -8’159 | -8’377 | ||
Net Result of the Year | -33 | 218 | ||
Equity | -3’686 | -3’539 |
INCOME STATEMENT
Net Sales
Thousand CHF | 2003/04 | 2002/03 | ||
Ski bindings | 65’035 | 64’368 | ||
Inline skates | 587 | 529 | ||
Ski | 11’006 | 10’752 | ||
Parts and accessories | 6’901 | 2’004 | ||
Ski boots | 4’977 | 5’236 | ||
Tennis | 962 | 858 | ||
Trekking | 1’405 | 1’389 | ||
Völkl Snowboards | 923 | 606 | ||
Nitro Snowboards | 796 | 725 | ||
Other | 160 | 890 | ||
Total | 92’752 | 87’357 |
Cost of sales
Thousand CHF | 2003/04 | 2002/03 | ||
Raw material | 28’378 | 25’969 | ||
Finished products | 14’857 | 10’782 | ||
Production costs / overheads | 15’671 | 17’394 | ||
Total | 58’906 | 54’145 |
11
Selling expenses
Thousand CHF | 2003/04 | 2002/03 | ||
Salaries & benefits | 3’286 | 3’043 | ||
Sales commissions | 1’717 | 2’054 | ||
Travel & entertainment | 562 | 599 | ||
Advertising & promotion | 3’572 | 3’100 | ||
Trade shows | 387 | 495 | ||
Endorsements / Competition | 1’044 | 1’166 | ||
Warranty | 774 | 587 | ||
Other | 1’102 | 961 | ||
Total | 12’444 | 12’005 |
Warehouse and shipping
Thousand CHF | 2003/04 | 2002/03 | ||
Rent / lease expense / storage | 916 | 989 | ||
Shipping expenses | 710 | 545 | ||
Other | 795 | 747 | ||
Total | 2’421 | 2’281 |
General & Administrative
Thousand CHF | 2003/04 | 2002/03 | ||
Salaries & Benefits | 3’926 | 4’274 | ||
Travel and entertainment | 190 | 280 | ||
Insurance | 213 | 240 | ||
Product liability expense | 475 | 549 | ||
Rent / lease expense | 851 | 968 | ||
Consulting fees / services | 1’629 | 1’842 | ||
Depreciation | 2’000 | 2’252 | ||
Depreciation Goodwill 15% Marker Group | 607 | 607 | ||
Other | 1’379 | 1’402 | ||
Total | 11’270 | 12’414 |
Other operating expenses
Thousand CHF | 2003/04 | 2002/03 | ||
Research & development / other | 1’191 | 1’450 | ||
Total | 1’191 | 1’450 |
Financial expenses
Thousand CHF | 2003/04 | 2002/03 | ||
Marker Group | -2’306 | -2’598 | ||
CT Sports Holding AG | -1’078 | -1’080 | ||
Total | -3’384 | -3’678 |
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Other income / expenses
Thousand CHF | 2003/04 | 2002/03 | ||
Marker Group (personnel dismissions / losses from asset sales because of transfer to Marker CZE) | -2’896 | -1’489 | ||
CT Sports Holding AG (exchange differences) | -3 | 621 | ||
Total | -2’899 | -868 |
Taxes
Thousand CHF | 2003/04 | 2002/03 | ||
Taxes Marker Group | -266 | -293 | ||
Taxes CT Sports Holding AG | -4 | -5 | ||
Total | -270 | -298 |
OTHER NOTES
SPECIAL REMARKS
At the moment this audit report was finished, the auditors of Marker Canada couldn’t give a final opinion of their work because of a pending receipt of a waiver from the Company’s bankers for breach of financial covenants. The financial statements of Marker Canada have been prepared on the assumption that the Company will be successful in obtaining such a waiver. We expect no material changes in the financial statements because of this aspect.
POST CLOSING EVENTS
There are no remarks to make.
COMMITMENTS
The Group is committed with the following lease payments under operating leasing or under other rental contracts:
Year | Amount | |
2004 / 2005 | 1’786 | |
2005 / 2006 | 1’518 | |
2006 / 2007 | 1’251 | |
2007 / 2008 | 883 | |
2008 / 2009 | 878 | |
Thousand CHF | 6’316 |
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