Notes to the Financial Statements - Efacec
Notes to the Financial Statements - Efacec
Notes to the Financial Statements - Efacec
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
The non current portion mainly relates <strong>to</strong> <strong>the</strong> discounted value of future payments <strong>to</strong> be made as part of <strong>the</strong> acquisition of<br />
Advanced Control Systems, Inc.<br />
The current amount due <strong>to</strong> Suppliers, whe<strong>the</strong>r for raw materials, subcontracting and o<strong>the</strong>r services or fi xed assets, is almost<br />
entirely due within 90 days, which refl ects <strong>the</strong> normal conditions negotiated with <strong>the</strong> company’s suppliers.<br />
Suppliers<br />
26<br />
31.12.2007 31.12.2006<br />
Suppliers <strong>to</strong> pay - Current<br />
To be paid within 90 days 79.778.480 62.283.496<br />
To be paid in over 90 days 10.130 0<br />
Suppliers balance 79.788.610 62.283.496<br />
31.12.2007 31.12.2006<br />
Fixed Assets Suppliers<br />
Suppliers <strong>to</strong> pay - Current<br />
To be paid within 90 days 2.598.015 1.419.539<br />
To be paid in over 90 days 0 0<br />
Suppliers balance 2.598.015 1.419.539<br />
The credit balances with State and O<strong>the</strong>r Public Entities as at 31 December 2007 and 31 December 2006 were made up as<br />
follows:<br />
15. Bank Debt<br />
31.12.2007 31.12.2006<br />
Income tax 0 0<br />
Value added tax <strong>to</strong> pay 2.931.111 5.259.172<br />
Social security contributions 2.249.188 3.219.556<br />
Personal income tax 1.167.584 1.462.124<br />
O<strong>the</strong>rs 353.068 261.102<br />
6.700.951 10.201.954<br />
As at 31December 2007 and 31 December 2006, borrowings and bank overdrafts, <strong>the</strong>ir average annual interest rates and o<strong>the</strong>r<br />
conditions were as follows:<br />
31.12.2007 31.12.2006<br />
Non Current<br />
Bank loans 22.500.000 27.000.000<br />
Commercial paper 40.000.000 40.000.000<br />
Reimbursable subsidies 1.840.649 1.709.626<br />
O<strong>the</strong>r borrowings 0 247.208<br />
Current<br />
64.340.649 68.956.834<br />
Bank overdrafts 15.533.256 5.603.204<br />
Bank loans 7.594.589 0<br />
Commercial paper 20.000.000 7.000.000<br />
Reimbursable subsidies 389.280 0<br />
O<strong>the</strong>r borrowings 3.302.301 0<br />
46.819.426 12.603.204<br />
Total borrowings 111.160.075 81.560.038<br />
Bank finance<br />
At <strong>the</strong> end of 2007, <strong>the</strong> Group had a loan of 27,000,000 Euro from <strong>the</strong> European Investment Bank, contracted on 16 November<br />
2004. Interest is payable every six months at <strong>the</strong> Euribor rate plus a maximum spread of 0.13%. The fi rst capital repayment will<br />
be made on 15 June 2008 (4,500,000 Euro is already registered in current liabilities), with <strong>the</strong> remaining payments <strong>to</strong> be made<br />
each year up <strong>to</strong> 15 June 2013.