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CONSOLIDATED FINANCIALSTATEMENTS
BarryCallebaut
Annual Report2010/11
21 Trade payables and other currentliabilities
as of August 31, 2011 2010
in thousands of CHF
Trade payables 415,342 460,442
Accrued wagesand social security 59,810 75,854
Related parties 1,845 3,531
Accrued expenses 38,219 52,586
Liability put option over existing non-controlling interest – 31,188
Other payables 116,961 81,288
Payables representing financial liabilities 632,177 704,889
Fair value of hedged firm commitments (note 14) 3,151 41,755
Other taxes and payables to governmental authorities 21,839 19,752
Deferred income – 3,141
Other liabilities 24,990 64,648
Total trade payables and other currentliabilities 657,167 769,537
As disclosed in notes 9and 12, the Group participates in aprogram where receivables are
sold to a financial institution and derecognized from the balance sheet. Amounts payable
to the financial institution amounted to CHF 14.9 million as of August 31, 2011 (2010: CHF
22.8 million), consisting of the balance of receivables collected before the next rollover date
of CHF 41.2 million (2010: CHF 44.2 million), less discounts on receivables sold of CHF 26.3
million (2010: CHF 21.4 million). These amounts are included in other payables.
Other payables also consist of outstanding ledger balances with commodity brokers.
To support Barry Callebaut’sgeographic expansion and to further strengthen its footprint in
fast-growing emerging markets such as Asia, the Group signed an agreement to acquire the
remaining 40% stake inBarry Callebaut Malaysia Sdn Bhd, Malaysia as foreseen in the
initial agreement under the title of aput and call option. As aresult of the put option agreement,
the Group had not recorded any non-controlling interest. Instead, aliability on the
remaining 40% non-controlling interest in Barry Callebaut Malaysia Sdn Bhd had been
recognized previously. The remaining 40% non-controlling interest was acquired in April
2011 for CHF 37.7 million, with the related liability derecognized at the same time.
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