Annual Report 2010 - Frauenthal Holding AG

122 Annual Report 2010
Consolidated Financial Statements Frauenthal Holding Group 2010
long-term borrowings include EUR 612,000 secured by collateral (31 Dec. 2009: EUR 5,457,000). The collateral pledged for
liabilities includes EUR 379,000 (2009: EUR 379,000) in bank balances pledged by Porzellanfabrik Frauenthal as security for
liabilities. This relates to a passbook which was pledged to Ceram Liegenschaftsverwaltungs GmbH under the shareholder
agreement concluded in connection with the demerger and disposal of the insulator business in 2001. It is highly unlikely
that recourse will be made to the collateral. As at the end of the reporting period the Pol-Necks subsidiary in Poland had
EUR 233,000 (2009: EUR 500,000) in outstanding borrowings which were secured by collateral. There is collateral to a total
value of EUR 2,924,000 (2009: EUR 5,078,000), which consists of inventories, land, and other assets pledged by this company.
Of this, EUR 122,000 (2009: EUR 500,000) relates to inventories, EUR 416,000 (2009: EUR 1,100,000) to land, EUR
294,000 (2009: EUR 1,000,000) to investment loads and EUR 2,092,000 (2009: EUR 2,500,000) to the production plant,
which has insurance cover.
The bank borrowings include EUR 570,000 (2009: EUR 611,000) in finance lease liabilities, of which EUR 277,000 (2009:
EUR 269,000) have maturities of over five years, and EUR 212,000 (2009: EUR 263,000) maturities of between one and five
years, while EUR 81,000 (2009: EUR 79,000) are current.
“Other liabilities” were up by EUR 1,751,000 year on year as at the end of the reporting period. The main reason for the
increase was higher tax liabilities. The table below shows the changes as compared to the comparative period.
Employee liabilities 14,373 14,301 72
Tax liabilities 6,035 4,340 1,695
Liabilities in respect of investment grants 1,807 1,832 -25
Suppliers‘ credit balances 504 1,100 -596
Accruals 219 592 -373
Prepayments 0 412 -412
Warranty liabilities and damages 255 360 -105
Introduction fund 467 0 467
Sundry other liabilities 2,420 1,392 1,028
other liabilities 26,080 24,329 1,751
Apart from payroll and employee benefit expense for December 2010, “Employee liabilities” mainly relate to accruals for unused
leave. Two companies had liabilities arising from investment grants at the end of the reporting period. The Portuguese
subsidiary Styria Impormol had liabilities of EUR 1,659,000 (2009: EUR 1,659,000) and Styria Federn GesmbH, Judenburg
liabilities of EUR 149,000 (2009: EUR 174,000) in respect of investment grants. As in the previous year, the suppliers’ credit
balances are almost completely attributable to the Wholesale Plumbing Supplies Division.
The comparative amounts as at 31 December 2009 were as follows:
EUR ’000 2010
2009 Change