APC 2005 Annual Report Download - page 90

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88
T
he revaluation difference that arose on the exchange of AXA shares for Finaxa shares was maintained in equity.
Other listed available-for-sale financial investments primarily comprise a diversified portfolio of stocks and bonds.
Unlisted investments include Legrand shares worth 10.1 million at December 31, 2005. Acquired under the
mechanism for exchanging Schneider Electric shares for Legrand shares set up when Schneider Electric sold
Legrand in 2002, these shares were sold back to Legrand SAS in January 2006.
8.2 - Other non current financial assets
Dec. 31, 2005 Dec. 31, 2004
Cost Impairment Net Net
Vendor loan to buyer of Legrand shares (1) 176.8 - 176.8 167.9
Receivable on divestment
of VA Tech Schneider HV GmbH (2) - - - 17.5
Restricted cash on Clipsal acquisition 41.4 - 41.4 35.6
Receivables on investments and loans 14.5 (0.5) 14.0 18.7
Other 57.6 (8.4) 49.2 48.4
Other non current financial assets 290.3 (8.9) 281.4 288.1
(1)
150 million vendor loan granted in 2002, paying interest at 5.5%. The interest is capitalized and the proceeds from any sales of
shares held by the investor will be used to repay the loan, which has been granted for a maximum period of 13 years.
(2) Repaid in January 2005.
Note 9 - Inventories
and work in process
Inventories and work in process changed as follows:
Dec. 31, Dec. 31,
2005 2004
Cost:
Raw materials 739.7 613.7
Work in process 333.2 297.3
Semi-finished
and finished products 579.2 504.8
Goods 211.9 194.8
Inventories and
work in process at cost 1,864.0 1,610.6
Impairment:
Raw materials (97.9) (70.4)
Work in process (21.8) (21.0)
Semi-finished
and finished products (63.9) (54.8)
Goods (43.8) (55.0)
Impairment loss (227.4) (201.2)
Net:
Raw materials 641.8 543.3
Work in process 311.4 276.3
Semi-finished
and finished products 515.3 450.0
Goods 168.1 139.8
Inventories and
work in process, net 1,636.6 1,409.4
During the year, impairment losses on inventory were
recognized in "Cost of sales" for materials, in an
amount of 7.8 million, and in "Selling, general and
administrative expenses" for finished products, in an
amount of 3.9 million, for a total 11.7 million.
Note 10 - Trade
accounts receivable
Dec. 31, Dec. 31,
2005 2004
Accounts receivable 2,204.4 1,772.5
Notes receivable 417.5 396.2
Advances to suppliers 71.4 63.0
Accounts receivable at cost 2,693.3 2,231.7
Impairment (106.6) (96.0)
Accounts receivable, net 2,586.7 2,135.7
The Group’s accounts receivable are generated from
sales to customers operating in a wide range of busi-
nesses and geographic regions. Consequently, the
Group believes that there is no significant concentra-
tion of credit risk.
All trade accounts receivable are due in less than one
year.