Financial Statements 2009 - Manutencoop

provision for benefits due on the termination of employmentthis provision, covering leaving incentives and redundancy costs, amounted to euro 3,839 thousand asof 31 december 2008 due, in the main, to the redundancy provisions recorded in 2008 by mp facilitys.p.a.the provision as of 31 december 2008 was utilised in full during 2009 and a further provision of euro7,250 thousand was recorded in relation to the reorganisation of the group.in particular, following the acquisition by manutencoop facility management s.p.a. of the altair groupon 23 december 2008, the management of the parent Company immediately launched a project forthe early integration of the new business, given the scale of the acquisition made, in order to releasethe available synergies as soon as possible.following the start of work to merge a number of the group’s principal companies (mfm s.p.a., altairifm s.p.a., gestin facility s.p.a. and teckal s.p.a. in particular) and the centralisation of certain strategicfunctions within one operational holding company, further major synergies were identified in termsof the elimination of duplicated organisations and functions, and the optimisation of the managementstructure via the reduction of employment levels.the restructuring plan was implemented during the second half of 2009 via the start of assisted redundancyprocedures, negotiations with the trade unions and individual negotiations with a certainnumber of employees. this plan involved recognising provisions for restructuring totalling euro 7,250thousand.employee bonusesthe changes in 2009 comprise utilisations of euro 587 thousand, new provisions for employee bonusesof euro 860 thousand, mainly reflecting an estimate of the amount payable based on the resultsachieved by management, and a reclassification of euro 555 thousand.19. loans and other current fInancIal lIabIlItIesthe Non-current loans and Loans and other current financial liabilities captions reflect borrowing frombanks and financial institutions, as well as from consortium partners, and the amounts due from otherproviders of finance that have been recorded in the consolidated financial statements in accordancewith lease accounting methodology, as well as other current financial payables that do not incur interestcharges, such as amounts due for the purchase of equity investments and lines of business, anddividends payable.loans are analysed below:(in thousands of Euro) 31 december 2009short and lonG term effective expiry date within 1 year between 1 beyond 5 yearsrate %and 5 yearseuribor 3mbnp loan - mfm+spread23/12/2014 21,000 82,987euribor 3mbnp loan - altair group+spread23/12/2014 11,901 48,388euribor 3mC.C.f.s. loan - mfm+spread29/07/2013 30,000euribor 3municredit loan - teckal+spread31/12/2013 4,715 15,784euriborbanco s.geminiano e s.prospero loan - so3m+spread30/06/2013 11,264 18,946investire partecipazioni mortgage - so 4% 31/12/2010 140unicredit loan - Cofam 1,63% 31/12/2010 64b.pop. Vr mortgage - sicura groupbank loans - sicura groupeuribor 3m+spreadeuribor 3m+spread22/10/2012 29 6015/04/2013 273 443banca bo - solar panels - duC gestione 5,50% 16/12/2028 15 70 410finance lease obligationsoverdrafts, advances and hot moneyloans from consortium membersmanutencoop intercompany accounteuribor 3m+spreadeuribor 3m+spreadeuribor 3m+spreadeuribor 3m+spread2009-2015 1,040 1,762 53a richiesta 81,09981 202a richiesta 476Commercial paper 4,05-5,60% mar-2010 3,850loan from Calyon 31/03/2010 8,334amounts collected for Calyon 15/01/2010 6,968due to factoring companies 1,565due on the purchase of investments/lines of business 4,960Contingent payables following the purchaseof investments/lines of businessfinancial liabilities at fair valuethrough the income statementtotal loans and othercurrent fInancIal lIabIlItIes14,135 10,105117172,026 208,747 463180 - Consolidated finanCial statements as of 31 deCember 2009 - aCCounting poliCies and explanatory notes Consolidated finanCial statements as of 31 deCember 2009 - aCCounting poliCies and explanatory notes - 181