PDF, 1.2 MB - Pfleiderer AG

136 being focused: being better
(5) Liabilities Dec. 31, 2002 Dec. 31, 2001
(6) Contingent liabilities
(7) Other financial obligations
(8) Derivative financial
instruments
‘000 euros ‘000 euros
Liabilities to banks 20,839 64,415
Financial liabilities 20,839 64,415
Trade accounts payable 6,610 511
Liabilities to affiliated companies 208,238 71,451
Liabilities to companies, in which investments are held 0 3,985
Other liabilities 331 296
of which for taxes (150) (101)
of which for social contributions (39) (41)
Other liabilities 215,179 76,243
236,018 140,658
The liabilities mature within one year at maximum.
The significant increase in liabilities to affiliated companies is due to refinancing
following losses incurred from the sales of Pfleiderer Bauelemente GmbH & Co. KG and of the
operative business of Pfleiderer Dämmstofftechnik International GmbH & Co. KG. As of
December 31, 2002, liabilities to affiliated companies comprised 208.1 million euros from
financing (2001: 71.3 million euros).
Pfleiderer AG is liable for bills of exchange totaling 119 thousand euros.
Pfleiderer AG has assumed sureties and letters of comfort amounting to 370.6 million
euros.
Pfleiderer AG has assumed a guarantee for interest swap transactions concluded by
subsidiaries. The interest swaps are based on collaterals totaling 107.9 million euros.
Pfleiderer AG has assumed liabilities from warranties totaling 6.4 million euros.
Obligations from lease and rent agreements concluded by Pfleiderer AG were valued at
0.3 million euros (annual amount) as of cut-off date.
Derivative instruments were only used by Pfleiderer AG to secure risks from currency and
interest items arising from operative business, and were based on the underlying transaction.
Accruals of 128 thousand euros were formed to cover expected exchange rate losses from
the purchase of 6 million US dollars (5.7 million euros at the balance sheet date). Unrealized
profits from the sale of GBP and CHF were not charged to the subsequent accounting year
(7.1 million euros as of balance sheet date/profit of 63 thousand euros).