Financial Information - Uralita

FINANCIAL INFORMATION ANNUAL REPORT 2006
The remaining applications or plant closures
relate to the materialization of provisions for
write-downs made in 2005 to adjust the Group’s
capacity to market demand.
8. NON-CURRENT ASSETS HELD FOR
SALE
This heading mainly relates to land and
buildings not used for business that the Group
intends to sell. The movement in this heading in
2006 and 2005 was the following:
promissory notes with final maturity of 2009.
These promissory notes were sold without
recourse to financial institutions in 2006 and
were derecognized in the balance sheet as all
the risks associated with the credit sold were
transferred in the sale.
9. INVENTORIES
The detail of this heading at 31 December 2006
and 2005 is the following:
THOUSANDS OF EUROS 2006 2005
OPENING BALANCE
Transfers of property, plant
and equipment
Disposals (Note 17.5)
Reassignment of the value
of the land of
Fibrocementos NT, S.A.
(Note 7) and other
57,014 7,854
3,810 9,042
(50,430) (3,042)
- 43,160
THOUSANDS OF EUROS 2006 2005
Commercial inventories
Raw materials and
other supplies
Finished goods and
work in process
TOTAL
6,651 9,114
33,233 33,652
49,402 50,103
89,286 92,869
CLOSING BALANCE
10,394 57,014
10.TRADE AND OTHER RECEIVABLES
The main disposal in 2006 related to the land on
which Fibrocementos NT, S.A. conducts its
business. The land was sold for €82 million,
producing a capital gain over the carrying
amount of €25,918 thousand (see Note 17.5).
The capital gain is presented net of related
transaction costs, including those derived from
the commitment assumed to lease the land
during three years (until 2008) for use by the
buyer of the company’s production business
(see Note 7). Of the total sale price, €67,337
thousand was deferred in three instalments via
At 31 December 2006 and 2005, a number of
consolidated companies had signed a contract
with “GC Compass Spain 1, Asset Securitization
Fund”, managed by Gesticaixa and authorised
by the Spanish Securities Exchange
Commission, for the assignment of collection
rights. The Group has a contract with this entity
to administer the rights until final settlement to
collection from customers. Pursuant to this
contract, Group companies transfer each month
the rights to collection from customers that meet
certain requirements. Collection rights
transferred in 2006 and 2005 amounted to
157