Technologies · Systems · Solutions - Dürr

112
28.Trade payables, tax
liabilities and other
liabilities
€ 45,088 thousand (2003: € 104,672 thousand) of the liabilities to banks are in US dollars and
€ 430 thousand (2003: € 792 thousand) in pounds sterling. The remaining share is generally
payable in euros.
In the 2004 reporting period, interest expenses totaled around € 26,790 thousand (2003: € 24,819
thousand); no interest expenses were recognized in the 2004 and 2003 reporting periods. The
weighted average interest rate for short-term liabilities to banks as of December 31, 2004, was
5.41% (2003: 4.35%).
Besides the syndicated loan, the Company has bilateral lines of credit for working capital as
well as further loans with various banks. These loans have terms of between one and 16 years
and are charged interest once every three or six months (between 3.75% and 6.95% p.a. or the
three-month or six-month EURIBOR plus a customary bank margin). An amount of € 15,242 thousand
is secured by mortgages (2003: € 16,570 thousand).
Trade payables, tax liabilities and other liabilities break down as follows:
Amounts in €k
Term Term
Total Short Total Medium Long
Billings in excess of costs on
uncompleted contracts 218,748 218,399 349 349 –
(2003) (352,919) (345,284) (7,635) (7,635) –
Trade payables 297,935 297,749 186 185 1
(2003) (328,370) (328,258) (112) (112) –
Tax liabilities 6,973 6,681 292 292 –
(2003) (6,117) (5,871) (246) (246) –
Trade payables to associates 5,081 5,081 – – –
(2003) (5,804) (5,804) – – –
Other liabilities 137,427 129,766 7,661 7,661 –
(2003) (183,174) (168,862) (14,312) (14,312) –
December 31, 2004 666,164 657,676 8,488 8,487 1
(December 31, 2003) (876,384) (854,079) (22,305) (22,305) –
Other liabilities mainly contain tax liabilities which do not relate to income taxes of € 16,372 thou-
sand (2003: € 30,592 thousand), liabilities relating to social security of € 12,507 thousand
(2003: € 13,488 thousand), liabilities to employees of € 48,718 thousand (2003: € 45,101 thousand),
obligations from restructuring measures of € 7,382 thousand (2003: € 21,378 thousand), derivative
financial instruments of € 2,511 thousand (2003: € 16,945 thousand) as well as a purchase price
obligation from the purchase of shares in Schenck Australia Pty. Ltd., North Ryde (Australia), of
€ 1,800 thousand.