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8. Financial assets
9. Other fixed assets
10. Short-term liabilities
The breakdown and development of financial assets are presented in the analysis of Group
fixed assets.
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Shares in affiliated companies 538 1,602
Equity investments 45 56
Loans to companies in which equity investments are held 0 169
Other loans 17,042 391
Total 17,625 2,218
The other loans include an interest-bearing loan of 10,000 thousand euros to the purchaser of
the Poles & Towers Europe Business Unit. A further 5,289 thousand euros relates to an interestbearing
loan to a former affiliated company that was sold in 2003, which is being redeemed as
scheduled.
Other fixed assets amount to 2,143 thousand euros in the year under review (2003: 5,561 thousand
euros). An interest-bearing loan of 5,289 thousand euros (2003: 4,846 thousand euros) to
a former affiliated company that was reported here in the previous year was reclassified to the
other loans included in the financial assets.
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Payments on account received on orders 12,598 8,346
Trade payables 75,085 69,701
Liabilities to affiliated companies 592 5,502
Miscellaneous 34,783 36,745
Total 123,058 120,294
Payments on account received in the fiscal year mainly comprise payments on account of
8 million euros for an infrastructure project abroad.
Miscellaneous other short-term liabilities are made up as follows:
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Financial derivatives 9,864 12,116
Other taxes 546 1,463
Corporate income tax 4,633 1,800
Wages and salaries 4,916 5,332
Withheld social security contributions 4,509 5,139
Withheld wage and church tax 3,532 3,968
Payments received on sold receivables 0 1,269
Value added tax 848 454
Other personnel liabilities 123 24
Miscellaneous 5,812 5,180
Total 34,783 36,745
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