Notes to the financial statements
37. Trade and Other Payables, Accruals and Deferred Income, and Other Liabilities
37.1 Trade and Other Payables, Accruals and Deferred Income
| PLN '000 | Dec 31 2010 |
Dec 31 2009 (restated) |
|---|---|---|
| Trade payables | 1,832,545 | 893,737 |
| Liabilities to the state budget other than corporate income tax | 759,184 | 670,275 (1) |
| Special accounts | 21,871 | 19,054 |
| Salaries and wages payable | 13,052 | 17,346 |
| Accrued expenses | 137,281 | 112,558 |
| Deferred income, including: | 48,315 | 46,195 |
| - subsidies | 40,012 | 40,343 |
| - other | 8,303 | 5,852 |
| Investment liabilities | 139,530 | 109,708 |
| Liabilities towards insurers | 22,201 | 15,717 |
| Other liabilities | 26,938 | 58,194 |
| Liabilities related to assets held for sale | 173 (2) | - |
| Total | 3,001,090 | 1,942,784 |
| Non-current portion | 40,141 | 52,130 |
| Current portion | 2,960,776 | 1,890,654 |
| Liabilities related to assets held for sale | 173 | - |
(1) The value of public charges other than corporate income tax as at December 31st 2009 was presented net of fuel charge of PLN 22,644 thousand incurred in relation to imported diesel oil and fuel sales. The fuel charge wrongly paid on fuel sales and diesel oil imports was reimbursed to the Company by the customs office by the end of 2010.
(2) Relates to PLASTEKOL Organizacja Odzysku S.A. (see Note 22).
Transactions with related undertakings are presented in Note 39.1.
Trade payables do not bear interest and are, as a rule, settled on a 3–60 day basis. Other liabilities do not bear interest, and their average payment period is three months. The amount resulting from the difference between VAT receivable and VAT payable is paid to the relevant tax authorities on a monthly basis. Interest payable is usually settled on a monthly basis during a financial year.
Pursuant to Art. 8 of the Excise Duty Act of December 6th 2008 (Dz. U. No. 3, item 11/2008), a tax liability arises e.g. at the moment of taking harmonised excise goods out of a bonded warehouse. The Parent Undertaking and some other Group companies operate registered bonded warehouses, in which harmonised excise goods are subject to suspended-excise-tax procedure and may be the object of the actions provided for in the Excise Duty Act.
37.2 Other Financial Liabilities
| PLN '000 | Dec 31 2010 | Dec 31 2009 |
|---|---|---|
| Negative valuation of derivative financial instruments: | 279,807 | 236,371 |
| - commodity swaps (raw materials and petroleum products) | 3,517 | - |
| - futures (CO2 emissions) | 463 | 675 |
| - currency forward and spot contracts | 41,654 | 12,798 |
| - forward rate agreements (FRAs) | 340 | - |
| - interest rate swap (IRS) | 227,897 | 219,720 |
| - currency swap | 5,936 | 3,178 |
| Lease liabilities | 74,255 | 83,149 |
| Total financial liabilities | 354,062 | 319,520 |
| Non-current liabilities | 179,096 | 300,389 |
| Current liabilities | 174,966 | 19,131 |
As at December 31st 2010, negative valuation of financial instruments related to mandatory hedging agreements over which an assignment was created as security for the credit facility referred to in Note 34 amounted to PLN 120,822 thousand (December 31st 2009: PLN 159,689 thousand).
37.3 Finance Lease Liabilities
| PLN '000 | Minimum lease payments | Present value of minimum lease payments | ||
|---|---|---|---|---|
| Dec 31 2010 | Dec 31 2009 | Dec 31 2010 | Dec 31 2009 | |
| Up to 1 year | 21,115 | 24,700 | 2,696 | 2,845 |
| From 1 to 5 years | 86,070 | 114,101 | 32,774 | 23,822 |
| Over 5 years | 51,762 | 74,222 | 38,785 | 56,482 |
| Total | 158,947 | 213,023 | 74,255 | 83,149 |
| Less future finance charges | (84,692) | (129,874) | - | - |
| Present value of minimum lease payments | 74,255 | 83,149 | 74,255 | 83,149 |
| Non-current portion | 71,559 | 80,304 | ||
| Current portion | 2,696 | 2,845 | ||
Rolling stock is the largest category of assets used by the Group under finance leases.
This is a translation of a document originally issued in Polish
The notes to the financial statements, presented on following pages, are their integral part.
