APC 2004 Annual Report Download - page 128
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126
Note 11: Other borrowings
Other borrowings at December 31, 2004 include com-
mercial paper issued on the market by Schneider
Electric SA on behalf of the Group in the amount of
60 million and accrued interest on bonds of 10.4
million (35.8 million in 2003). The reduction in
accrued interest was due to the redemption of a bond
issue at maturity on April 14, 2004.
Short-term bank loans and overdrafts and other debt
of 2.2 million include bank overdrafts of 0.1 million
and miscellaneous debts of 2.1 million.
Note 12: Accrued taxes
and payroll costs
2004 2003
Accrued taxes 964.6 108.9
Accrued payroll costs 331.1 200.6
Total 1,295.7 309.5
The income tax benefit for 2004 breaks down
as follows:
2004 group relief gain 23,946.8
Other 637.9
Income tax benefit 24,584.7
The tax expense of 4,156 thousand recognized in the
Statement of Income mainly corresponds to long-term
capital gains tax on intra-Group transactions and a tax
receivable related to the tax group recorded as an
expense.
Timing differences are not material.
Note 13: Other liabilities
Other liabilities can be analyzed as follows:
2004 2003
Amounts due to companies
in the tax group - 25,038.2
Accrued expenses 1,069.2 1,155.5
Reimbursement of the
précompte
equalization tax - 23,105.8
Current account advances
and other 1,099.4 12,628.5
Total 2,168.6 61,928.0
Note 14: Maturities of receivables and payables
Total Due within Due in 1 Due beyond
1 year to 5 years 5 years
Non-current assets
Advances to subsidiaries and affiliates 2,973,190.7 2,521,570.0 448,439.4 3,181.3
Other investments 189,921.3 - - 189,921.3
Current assets
Accounts receivable - trade 228.1 228.1 - -
Other accounts receivable 148,621.8 4,385.2 144,236.6 -
Marketable securities 87,046.3 49,460.3 37,586.0 -
Prepaid expenses 855.8 373.1 482.7 -
Debt
Bonds 1,200,000.0 - 1,200,000.0 -
Other borrowings 70,437.0 70,437.0 - -
Amounts payable to subsidiaries and affiliates 13.4 - 13.4 -
Short-term bank loans and overdrafts
and other debt 2,191.0 72.7 2,118.3 -
Accounts payable - trade 936.8 936.8 - -
Accrued taxes and payroll costs 1,295.7 1,295.7 - -
Other liabilities 2,168.6 1,204.0 964.6 -