Annual report - Viscofan

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VISCOFAN 2006 ANNUAL REPORT<strong>Viscofan</strong>, S.A.Details of foreign currency investments at 31 December 2006 are as follows:Thousandsof EurosUS Dollars 101,174Czech Crowns 18,001Serbian Dinar 11,311Pounds Sterling 1,841Polish Zloty 447None of the group or associated companies are listed on the stock exchange.132,7748. StocksDetails at 31 December 2006 are as follows:Thousandsof EurosGoods for resale 966Raw materials and other supplies 6,776Finished products 3,840Semi-finished products 3,83015,412Provisions (635)14,777Changes in the provision for obsolescence during 2006 are as follows:Thousandsof EurosBalance at 1 January 2006 941Allowance for the year 4,263Recoveries for the year (4,569)Balance at 31 December 2006 635The total cost of materials consumed in 2006 was as follows:Thousandsof EurosRaw and other materials consumed and goods for resaleNet purchases 50,576Change in stocks (449)Details of purchases made from group companies are shown in note 14.50,127156
9. DebtorsDetails at 31 December 2006 are as follows:Thousandsof EurosTrade debtors 19,070Group companies 20,272Sundry debtors 288Personnel 12Public entities 3,84643,488Provisions for bad debts (99)43,389Details of balances receivable in foreign currencies are as follows:Thousandsof EurosTrade debtors 16,119Group companies 9,55325,672Debtor balances with public entities include the following:Thousandsof EurosNavarra Regional Government, VAT 152Tax authorities, income tax (note 17) 363Tax authorities, deductions pending application (note 17) 1,703Tax authorities, loss carryforwards pending offset (note 17) 1,6283,846157
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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
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At 31 December 2006 the Group compr
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Amounts recognised at the date of a
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8. Other Intangible AssetsDetails o
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Details of non-current deferred tax
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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 and 148: Shareholders’ Equity and Liabilit
Page 149 and 150: Income 2006 2005Operating incomeNet
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: At 31 December 2006 plant and machi
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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