PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG
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11. Other short-term accruals<br />
12. Capital leases<br />
13. Long-term liabilities<br />
consolidated financial statements notes pfleiderer ag 93<br />
Dec. 31, 2002 Dec. 31, 2001<br />
‘000 euros ‘000 euros<br />
Accruals for personnel liabilities 17,180 20,514<br />
Accruals for production 3,913 5,112<br />
Accruals for sales and marketing 3,130 4,160<br />
Other accruals 7,311 3,585<br />
31,534 33,371<br />
In 1998 and 1999, the Company entered into lease agreements for wood-processing<br />
machinery for its Polish sites and for technical plant at its sites in the USA. These lease agreements<br />
have been treated as capital leases. The future minimum lease payments from lease<br />
agreements as of December 31, 2002 are:<br />
2003<br />
‘000 euros<br />
668<br />
2004 657<br />
2005 454<br />
Minimum lease payment, total 1,779<br />
less calculated interest 216<br />
Cash value of minimum lease payments 1,563<br />
less short-term part 564<br />
Long-term part of leasing obligations 999<br />
The Company also finances itself by taking up long-term loans, generally based on variable<br />
EURIBOR or LIBOR rates. The average interest rate for these loans in fiscal 2002 was approximately<br />
6 percent (2001: under 6 percent). Variable interest payments are adequately hedged<br />
using interest swaps.
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