Annual report - Viscofan

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VISCOFAN 2006 ANNUAL REPORT<strong>Viscofan</strong>, S.A.14. Balances and Transactions with Group CompaniesBalances due to group companies at 31 December 2006 are expressed in Euros and the following currencies:In thousands ofcorresponding currencyThousandsof EurosEuros - 11,972US Dollars 264 20412,176Transactions carried out with group companies during the year ended 31 December 2006 are as follows:Thousandsof EurosIncomeSales and services rendered 57,373Dividends 12,377Other operating income 37ExpensesMaterials consumed 29,948Other operating expenses 48915. Trade CreditorsTrade creditors at 31 December 2006 comprise balances in respect of purchases or services rendered.This balance includes approximately Euros 1,163,191 in US Dollars.162
16. Other CreditorsDetails at 31 December 2006 are as follows:Thousandsof EurosPublic entities 2,252Other debts 4,677Salaries payable 1,9908,919Details of balances due to public entities at 31 December 2006 are as follows:Thousandsof EurosVAT and personal income tax 21Social security 697Other items 317German tax authorities,income tax (note 17) 1,2172,252Details of other debts are as follows:Thousandsof EurosPurchases of fixed assets 797Current portion of loans received (note 13) 1,197Other creditors 2,6834,67717. TaxationThe Company presents annual income tax returns. The standard rate of tax is 35%, which may be reduced by certain credits.163
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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
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(b) Merger reservesThese reserves d
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At 31 December 2006 and 2005 detail
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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 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: The Company has credit and discount
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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