Annual report - Viscofan

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VISCOFAN 2006 ANNUAL REPORT<strong>Viscofan</strong>, S.A.Statements of Profit and Loss for the years ended 31 December 2006 and 2005(Expressed in thousands of Euros)Expenses 2006 2005Operating expensesMaterials consumed (note 8) 50,127 51,310Personnel expenses (note 19) 28,978 26,421Amortisation and depreciation (notes 5 and 6) 8,525 10,245Changes in trade provisions (notes 8 and 9) (350) (51)Other operating expensesExternal services 30,136 18,783Local taxes 658 722Other management expenses, current (note 4(o)) 334 1,150118,408 108,580Operating profit 8,684 1,845Financial expensesInterest and similar expenses (note 20) 1,317 1,086Changes in provisions for investments (7) 7Exchange losses 1,278 1,2832,588 2,376Net financial income 11,028 3,630Profit on ordinary activities 19,712 5,475Extraordinary losses and expensesChanges in provisions for tangible and intangible assets andown shares (notes 5,6 and 7) 397 (32,872)Losses on fixed assets and own shares - 767Extraordinary expenses 88 53485 (32,052)Net extraordinary income - 33,370Profit before income tax 19,703 38,845Income tax (note 17) (1,131) 4,536Profit for the year 20,834 34,309146
Income 2006 2005Operating incomeNet sales (note 18) 126,432 109,549Increase in stocks of finished products and work in progress 346 341Other operating income 314 535127,092 110,425Financial incomeDividends (note 14) 12,377 4,419Other interest and similar income 460 449Exchange gains 779 1,13813,616 6,006Extraordinary profit and incomeProfit on sale of fixed assets 11 2Extraordinary income 426 1,251Capital grants taken to income (note 11) 39 65476 1,318Net extraordinary expense 9 -The accompanying notes form an integral part of the annual accounts for 2006.147
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Annual Report 2006
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VISCOFAN ANNUAL REPORT 2006Letter f
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In 2006, our initiatives, results a
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Milestones of Company history1975 1
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Financial highlightsViscofan’s pe
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Board of DirectorsChairmanDirectors
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Corporate strategyThe market in art
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consistent with the value our produ
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497.220052006374.783.657.446.626.7
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CasingsThe casings market showed a
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Performance bygeographical regionRe
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Preserved vegetables (IAN Group)In
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Today, Viscofan has twenty strategi
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Workforce evolution4.2132.9863.4442
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programme of control and monitoring
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applied throughout the production p
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Registro Mercantil de Navarra (Regi
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Directors' payThe articles of assoc
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Share price performance in 20061701
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CellulosePlastic casingsCellulose c
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VISCOFAN 2006 ANNUAL REPORTAnnual c
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B.1.10. Disclose, in aggregate term
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B.1.16. Indicate whether the role o
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If applicable, name the person(s) c
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B.1.31. Disclose any holdings of co
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The Audit Committee was created und
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company and company directors or ex
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With regard to market risk and risk
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Article 22(c) of the Rules and Regu
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1.- There were approved the balance
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E. 11. Indicate if the company is a
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Viscofan’s business andfinancial
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Consolidated income statements for
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Consolidated statements of changes
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3.2. Comparison of informationThe c
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Potential tax benefits from tax los
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Replacements of property, plant and
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4.7. Leases(a) Finance leases:The G
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Derivative financial instruments ar
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Recoverable amounts are calculated
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the accrued expense, an asset is re
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Current and deferred tax is recogni
Page 97 and 98: At 31 December 2006 the Group compr
Page 99 and 100: Amounts recognised at the date of a
Page 101 and 102: 8. Other Intangible AssetsDetails o
Page 103 and 104: Details of non-current deferred tax
Page 105 and 106: Spain have open to inspection by th
Page 107 and 108: (b) Merger reservesThese reserves d
Page 109 and 110: At 31 December 2006 and 2005 detail
Page 111 and 112: The Group also contracts exchange r
Page 113 and 114: Pension liabilities comprise define
Page 115 and 116: 19. Trade payables, Other Payables
Page 117 and 118: Canadian Pound Czech PolishUS Dolla
Page 119 and 120: The table below shows interest accr
Page 121 and 122: The average headcount of the Group
Page 123 and 124: Details of remuneration by director
Page 125 and 126: 30. Subsequent EventsOn 30 January
Page 127 and 128: The Viscofan Group ends 2006 with f
Page 129 and 130: Operations with the board of direct
Page 131 and 132: ActivityRegistered officesManufactu
Page 135 and 136: Geographical segments Europe North
Page 137 and 138: Changes inTranslationconsolidated31
Page 139 and 140: IncorporacionesTranslationconsolida
Page 141 and 142: Retained earningsLegal Special Volu
Page 143: Viscofan’s business andfinancial
Page 147: Shareholders’ Equity and Liabilit
Page 151 and 152: 4. Significant Accounting Principle
Page 153 and 154: (h) Compensation for termination of
Page 155 and 156: 5. Intangible AssetsDetails and mov
Page 157 and 158: At 31 December 2006 plant and machi
Page 159 and 160: 9. DebtorsDetails at 31 December 20
Page 161 and 162: During 1999 this revaluation was in
Page 163 and 164: The Company has credit and discount
Page 165 and 166: 16. Other CreditorsDetails at 31 De
Page 167 and 168: During the year deductions of Euros
Page 169 and 170: 22. Information Relating to the Dir
Page 171 and 172: The legally required cash flow stat
Page 173 and 174: Furthermore, the installation of ne
Page 177 and 178: Reserves1996Special Merger Voluntar
Page 179 and 180: Sources 2006 2005Funds generated fr
Page 181 and 182: United StatesVISCOFAN USA Inc.50 Co
Page 184: www.viscofan.com
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Annual report - Viscofan

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