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122Conergy AG I Annual Report 2010Certain other requirements do apply during the term ofthe agreement. Among other things, these requirementscrimp the ability of the Conergy Group to provideassets as collateral, sell assets, participate in jointventures, acquire additional companies or businessunits, incur additional debt, make loans, provide guarantees,incur leasing liabilities or undertake specificrestructuring measures. Any noncompliance with thesestipulations – or if the financial figures agreed uponare not reached – may trigger an extraordinary right oftermination on the lenders’ part, which would givethem the right to call the loan immediately The lendersalso have other customary rights to terminate, for example,if a German or other significant subsidiary filesfor insolvency.28. Trade accounts payableTrade accounts payable generally have short residuallives. The carrying amounts essentially correspond tothe fair values of these liabilities.EUR million 31.12.2010 31.12.2009Liabilities arising from salary or wage settlement foremployees include, among others, obligations to personnel,such as, for example, charges for variable andindividual one-off payments, vacation claims as wellas other personnel costs.An amount of EUR 9.2 million (previous year:EUR 22.7 million) in liabilities to the tax authority primarilyconcerns import VAT liabilities due within one year.The miscellaneous other liabilities in the amount ofEUR 2.0 million (previous year: EUR 1.9 million) cover amultitude of elements in subsidiaries, each of which byitself is immaterial.30. Reporting on financial instrumentsThe Conergy Group’s risk management system forcredit risks, liquidity risks and individual market risks(i.e. interest rate risks, currency risks and other pricerisks) is described in note 5 as well as in the risk reportof the management report.Trade payables 161.7 116.5ThereofAdvance payments received 12.2 6.712.2 6.729. Other liabilitiesEUR million 31.12.2010 31.12.2009Other liabilities 30.1 46.0ThereofLiabilities arising from salaryfor employees 12.3 8.9Liabilities to the tax office 9.2 22.7Accrued expense 3.3 9.1Deferred income 2.8 2.6Liabilities related to socialsecurity 0.6 0.5Purchase price liabilities inconnection with the acquisitionof companies – 0.3Miscellaneous other liabilities 1.9 1.9Non-current 2.0 2.5
123Top quality – from a single sourceManagement Board and Supervisory BoardGroup Management ReportNotes |Consolidated Financial StatementsFurther InformationDisclosures on financial instruments by categoryThe following table shows both the carrying amountsand the fair values of the individual financial assetsand liabilities for each individual category of financialinstruments and reconciles them with the correspondingbalance sheet item. In contrast to the previous year,this additionally entails allocating financial assets andliabilities to two classes to improve the representations,specifically, “measured at amortised cost” and“measured at fair value”. As the balance sheet item“other assets” contains both financial instruments andnon-financial assets (e.g. receivables from the tax officeor prepaid expenses and accrued income), the columnentitled “non-financial assets” serves to provide thenecessary reconciliation.Carrying amounts and fair values of financial instruments31.12.2010Measuredat amortised costMeasuredat fair valueNon-financialassetsEUR million Carrying amount Fair value Carrying amount Carrying amountCarrying amountshown in thebalance sheetTrade accounts receivable 103.2 – – – 103.2Loans and receivables 103.2 103.2 – – 103.2Financial assets 6.2 – – – 6.2Loans and receivables 6.2 6.2 – – 6.2Available-for-sale financialassets – – – – –Held-to-maturity investments – – – – –Derivatives with a hedgingrelationship – – – – –Financial instruments heldfor trading – – – – –Other assets 37.5 – – 27.3 64.8Loans and receivables 37.5 37.5 – – 37.5Non-financial assets – – – 27.3 27.3Cash and cash equivalents 36.7 – – – 36.7Loans and receivables 36.7 36.7 – – 36.7Financial assets, total 183.6 – – – 183.6Thereof: Loans and receivables 183.6 – – – 183.6Borrowings 290.6 – 1.0 – 291.6Measured at amortised cost 290.6 290.6 – – 290.6Derivatives with a hedgingrelationship – – – – –Liabilities held for trading – – 1.0 – 1.0Trade accounts payable 161.7 – – – 161.7Measured at amortised cost 161.7 161.7 – – 161.7Financial liabilities, total 452.3 – 1.0 – 453.3
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