Rolf Group International Financial Reporting ... - Irish Stock Exchange

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Rolf Group Notes to the Consolidated Financial Statements � 31 December 2006 16 Current Income and Other Taxes Payable In thousands of US dollars 2006 2005 Value-added tax 4,332 7,451 Property and other taxes 2,365 1,234 Income tax 14,261 13,843 Current Income and Other Taxes Payable 20,958 22,528 17 Provisions for Liabilities and Charges Note Bonuses Taxes other than on Warranty Total In thousands of US dollars income Carrying amount at 1 January 2006 2,688 9,474 15,275 27,437 Additions (Notes 19 and 23) - 1,552 2,198 3,750 Unwinding of discount (Note 24) - - 477 477 Unused amounts reversed (Notes 21 and 23) (2,688) (3,933) - (6,621) Utilisation - - (2,306) (2,306) Change in estimate (Note 19) - - (9,827) (9,827) Translation to presentation currency - 800 1,100 1,900 Carrying amount at 31 December 2006 - 7,893 6,917 14,810 The above provisions have been classified as follows: In thousands of US dollars 2006 2005 Non-current provisions 6,288 12,149 Current provisions 8,522 15,288 Total provisions 14,810 27,437 Warranty. On Mitsubishi vehicles produced up to 31 December 2003, Group companies gave customers a two year warranty in excess of the one year provided by the manufacturer. Mitsubishi vehicles produced after 1 January 2004 are covered by the manufacturer’s extended three year warranty, and the exposure of Group companies to warranty claims for Mitsubishi vehicles therefore ended on approximately 31 December 2006. On Hyundai vehicles sold up to the end of 2002, Group companies gave customers a warranty of three years in addition to the one year provided by the manufacturer, and thereafter, a warranty of two years in addition to the three years provided by the manufacturer. A provision for these costs has been recognised based on the Group’s past experience of the level and average cost of repairs incurred under the manufacturer’s warranty schemes. The provisions are discounted at the rate of 8.6% per year (31 December 2005 – 9.5%) from the date when they are expected to be used to derive the carrying value in the consolidated balance sheet. Change in estimate after issuing interim statements for the 6 months ended 30 June 2006. The number of Hyundai vehicles sold up to the year ended 31 December 2003 was relatively small, and 2006 was the first year when statistics regarding a sufficient quantity of vehicles were available as to the likely costs to the Group of its extended warranty period, covering the fourth and fifth years after the vehicle was sold. Management therefore reassessed the warranty provision based on the improved quality of the cars since the manufacturer increased its warranty period in 2003 and the current track record of warranty claims incurred on those vehicles. The warranty provision has therefore been decreased by US$ 9,827 since the interim consolidated financial statements for the 6 months ended 30 June 2006 were issued, so that it more closely corresponds to the actual costs expected to be incurred by the Group based on the latest statistics available. F-28 24
Rolf Group Notes to the Consolidated Financial Statements � 31 December 2006 18 Trade and Other Payables In thousands of US dollars 2006 2005 Trade payables 20,888 11,302 Accrued employee benefit costs 23,657 7,402 Accrued liabilities and other creditors 34,286 14,705 Total trade and other payables 78,831 33,409 Trade payables, accrued liabilities and other creditors of US$ 25,477 (2005: US$ 9,481) are denominated in foreign currency, mainly 75 % in US$ (2005: 66% in Euro). 19 Vehicles, Consumables and Services In thousands of US dollars 2006 2005 Vehicles purchased 2,108,944 1,533,534 Change in inventories (70,495) 4,860 Incentives from manufacturers (10,678) (6,548) Spare parts and materials used 187,438 107,844 Warranty expense and customer relations (4,495) 9,787 Other 6,837 8,461 Total vehicles, consumables and services 2,217,551 1,657,938 20 Logistics, Insurance and Advertising In thousands of US dollars 2006 2005 Transportation 43,668 34,359 Customs clearance, storage and related costs 20,746 21,264 Insurance 3,736 5,637 Advertising and promotion 28,712 18,349 Total logistics, insurance and advertising 96,862 79,609 21 Employee Compensation and Benefits In thousands of US dollars 2006 2005 Employee compensation and benefits 115,942 64,170 Bonuses 18,748 2,366 Total employee compensation and benefits 134,690 66,536 Employee compensation and benefits Include statutory social security and pension contributions of US$ 13,821 (2005: US$ 9,532). 22 Office Costs, Business Travel and Services In thousands of US dollars 2006 2005 Professional services 9,244 4,971 Audit fees 682 400 Director’s Remuneration 104 1 Repair and maintenance 3,922 2,524 Rent and utilities 2,199 1,268 Security 1,929 1,119 Travel and motoring 2,706 1,820 Recruitment and training 1,463 1,373 Other services 3,317 1,533 Other 3,596 2,533 Total office costs, business travel and services 29,162 17,542 F-29 25
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U.S.$250,000,000 Colgrade Limited (
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IMPORTANT INFORMATION ABOUT THIS PR
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PRESENTATION OF FINANCIAL AND OTHER
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ENFORCEABILITY OF JUDGMENTS A signi
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OVERVIEW OF ROLF Summary Rolf is a
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OVERVIEW OF THE OFFERING Provisions
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l Limited Liability Company ‘‘R
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of whatever nature imposed, levied,
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RISK FACTORS An investment in the N
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Rolf faces the risk of product liab
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Risks Relating to Rolf’s Financia
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hostage-taking at a school in Besla
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the Currency Control Law and the re
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Underdevelopment of the Russian tax
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In certain circumstances, the Issue
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SELECTED CONSOLIDATED FINANCIAL INF
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Consolidated Cash Flow Data For the
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CAPITALISATION The following table
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For the year ended 31 December 2006
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wholesale prices for most of the mo
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The table below provides a breakdow
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U.S.$9,532 thousand for the year en
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For the year ended 31 December 2006
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Cash flows Operating cash flows bef
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isk, is not involved in any of the
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Established relationship with consu
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The following chart describes the G
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As at 31 December 2006, the Guarant
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The following table gives details o
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Insurance repairs As one of Russia
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Mitsubishi spare parts arrive in Ru
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Spare parts, options and accessorie
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liquidity to further its strategic
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MEMBERS OF THE SENIOR MANAGEMENT TE
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. Closed Joint Stock Company ‘‘
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TRANSACTIONS WITH RELATED PARTIES P
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shall be entitled to accept the leg
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case may be, than those which would
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