PDF, 3.2 MB - Pfleiderer AG

11. Financial liabilities
12. Other short-term
accruals
13. Capital leases
The Company’s short-term loan liabilities are made up as follows:
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Other short-term liabilities and short-term portion
of long-term loans 13,129 49,294
Capital leasing 511 522
Total 13,640 49,816
The average interest rate following interest hedging is about 6 percent p.a.
Other short-term liabilities and short-term portion of long-term loans include 2,428 thousand
euros owed to related companies.
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Accruals for obligations to employees 27,944 18,678
Accruals for the production area 3,050 268
Accruals for sales and marketing 112 0
Miscellaneous accruals 23,730 7,792
Total 54,836 26,738
The change in the accrual for obligations to employees mainly relates to an increase in the
accruals for management bonuses and social plan obligations. The increase in the accruals
relates in the amount of 5,164 thousand euros to the Rheda-Wiedenbrück site. The increase in
the accruals for the production area mainly relates to obligations assumed as a result of the
acquisition of an MDF-production location from “Hornitex Werke Nidda Kunststoff- und Holzwerkstoffplatten
GmbH & Co. KG”. The increase under the miscellaneous accruals is mainly due to
provisions for the Rheda-Wiedenbrück site.
The Company entered into lease agreements in 1998 and 1999 for wood-processing machines
for the Polish site and for technical facilities, which are treated as capital leases. Furthermore,
automobile leasing agreements exist at a German site, which are also regarded as capital leases
because of their wording. The future minimum lease payments from lease commitments as of
December 31, 2004 are:
‘000 euros
2005 524
2006 16
Total minimum lease payments 540
Less: Imputed interest 29
Present value of minimum lease payments 511
Less: Short-term portion 496
Long-term portion of lease commitments 15
87
FINANCIAL STATEMENTS/NOTES PFLEIDERER GROUP