Annual Report 2010 - Savatech

ANNUAL REPORT 2010 ∂ FINANCIAL REPORTOther short-term financial liabilities in the amount of€31,152 thousand represented a liability from increasein capital with an investment in kind on the part ofSava d.d. until its entry in the register of companies(note 2.5.3.).Short-term operating liabilitiesShort-term operating liabilities in the amount of€12,689 thousand represented:• Trade payables within the Group totalling €574thousand.• Trade payables out of the Group totalling €8,615thousand.• Liabilities arising from advances totalling €236thousand.• Other liabilities totalling €3,264 thousand.2.7% out of total trade payables out of the Grouphave matured already.Other short-term operating liabilities mostlyrepresented liabilities to the state, liabilities for salariesand wages, and various liabilities. Other short-termoperating liabilities have not matured yet.2.4.12SHORT-TERM ACCRUED COSTS ANDDEFERRED REVENUESShort-term accrued costs and deferred revenuesinclude accrued costs arising from contracts.2.4.13ESTIMATING FAIR VALUESInterest-bearing loans and borrowingsThe fair value is estimated as a discounted valueof expected cash flows from the principal and theinterest, whereby the effective interest rate equals thecontracting interest rate, which is variable.Short-term receivables and liabilitiesFor receivables and liabilities with a remaining life ofless than one year, the notional value is deemed toreflect the fair value.Fair values of financial instruments€ in thousands31/12/2010 31/12/2009Book value Fair value Book value Fair valueSecurities available for sale 0 0 0 0Long-term receivables 0 0 0 0Short-term receivables 17,832 17,832 17,320 17,320Approved loans 12,756 12,756 11,302 11,302Cash and cash equivalents 4,722 4,722 2,549 2,549Long-term loans 0 0 0 0Issued bonds 0 0 0 0Short-term loans 47,852 47,852 11,780 11,780Short-term operating liabilities 12,689 12,689 9,876 9,8762.4.14NET SALES REVENUESTable of net sales revenues€ in thousands2010 2009Net sales revenues from products 90,346 69,589Net sales revenues from services 1,208 1,476Net sales revenues from rents 0 0Net sales revenues from merchandise 2,608 2,121Total net sales revenues 94,162 73,18668