PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial Statements 187Tax liabilities refer to liabilities arising from value added tax amounting to € 9,849 k(previous year: € 2,071 k) as well as liabilities arising from wage and church tax of€ 6,578 k (previous year: € 5,085 k).Deferred income relates in an amount of € 756 k (previous year: € 1,503 k) todeferred future interest income from a specific financing programme of the Italian state(Sabatini funding). It also includes further deferred income from sale-and-lease-backtransactions that resulted in finance lease arrangements and for which gildemeisteris the lessee.34 contingenciesand other financialobligationsNo reserves were set up for the following contingent liabilities, which are recognised attheir notional amounts, since the risk of utilisation is estimated as not very probable:contingencies 31 Dec. 2010 31 Dec. 2009€ k € kGuarantees 10,675 7,114Warranties 1,360 1,828Other contingencies 4,307 7,70716,342 16,649The guarantees primarily include advance payment guarantees at foreign groupcompanies. The rise compared to the previous year arose in particular due to the higherbusiness volume. The decline in other contingencies compared to the previous yearresulted in particular from the reduction of a guarantee in connection with the offer offinancing solutions through leasing.Other financial obligations consist mainly of lease agreements and long-term tenancyagreements. In operating lease agreements, the beneficial owner of the leased items isthe lessor, which means risks and rewards are borne by the lessor.The total minimum lease payments from permanent tenancy and lease agreements(finance lease arrangements and operating lease arrangements) are as set out below bydue dates. The agreements have terms from two to fourteen years and some includeoptions to extend or purchase options.total face value of future minimum lease payments 31 Dec. 2010 31 Dec. 2009€ k € kDue within one year 20,017 21,104Due within one and five years 25,842 25,778Due in more than five years 6,321 6,36752,180 53,249consolidated financialstatements