21. Accrued expenses
2012 2011
EUR'000 EUR'000
----------------------------------------------------- -------- --------
Rents and ancillary rent costs 343 280
Repayment of grants and subsidies including interest
thereon 21,302 -
Contract volume penalties 1,529 3,850
Other accrued expenses 1,832 2,459
----------------------------------------------------- -------- --------
Current accruals 25,006 6,589
----------------------------------------------------- -------- --------
Non--current accruals 142 131
----------------------------------------------------- -------- --------
Total accruals 25,148 6,720
----------------------------------------------------- -------- --------
22. Provisions
Movement in provisions is shown below:
Onerous
Warranty Restructuring contract
provisions costs provision Total
----------------------------------------------
EUR'000 EUR'000 EUR'000 EUR'000
---------------------------------------------- ------------ -------------- ----------- --------
Provisions brought forward 236 - 17,859 18,095
Unwinding of discount factor - - 1,325 1,325
Charged / (credited) to the Income Statement (177) 5,242 41,963 47,028
Exchange differences - - (2,088) (2,088)
Utilised (26) - (7,012) (7,038)
---------------------------------------------- ------------ -------------- ----------- --------
Provisions carried forward 33 5,242 52,047 57,322
---------------------------------------------- ------------ -------------- ----------- --------
Onerous
Warranty Restructuring contract
provisions costs provision Total
----------------------------------------------
EUR'000 EUR'000 EUR'000 EUR'000
---------------------------------------------- ------------ -------------- ----------- --------
Short term element 33 5,242 18,284 23,559
Long term element - - 33,763 33,763
---------------------------------------------- ------------ -------------- ----------- --------
Provisions carried forward 33 5,242 52,047 57,322
---------------------------------------------- ------------ -------------- ----------- --------
Warranty provisions unwind over a year from the date of sale,
per the terms of the warranty agreement with customers.
Restructuring cost provision is for the costs of the announced
Group restructure.
The onerous contract provision is an allowance for the loss
arising on the difference between raw material costs under these
contracts and the anticipated selling price of the Group's end
product. This is discussed further in note 1. This provision will
unwind over the length of the contracts, between one and three
years.
23. Deferred grants and subsidies
The grants from governmental institutions are bound to specific
terms and conditions. The Group is obliged to observe retention
periods of five years for the respective assets in the case of
investment subsidies as well as of five years for assets under
investment grants, and to retain a certain number of jobs created
in conjunction with the underlying assets. In cases of breach of
the terms, the grants received must be repaid. In the past, the
grants received were subject to periodic audits, which were
concluded without significant findings or adjustments.
The planned reduction in headcount for 2013 has triggered
repayment of certain grants, which are now presented as accruals
(see note 21).
The deferred grants and subsidies in the year under review
consist of the following:
As at 31 December
-------------------
2012 2011
EUR'000 EUR'000
--------------------- --------- --------
Investment subsidies - 12,746
Investment grants 210 12,511
--------------------- --------- --------
210 25,257
--------------------- --------- --------
Current portion 210 2,831
Non--current portion - 22,426
--------------------- --------- --------
210 25,257
--------------------- --------- --------
24. Current tax liabilities
As at 31 December
-------------------
2012 2011
EUR'000 EUR'000
--------------- --------- --------
United Kingdom - -
Germany 13 325
Japan - 74
--------------- --------- --------
13 399
--------------- --------- --------
Current tax liabilities comprise both corporation and other
non--VAT tax liabilities, calculated or estimated by the Group
companies as well as corresponding taxes payable abroad due to
local tax laws, including probable amounts arising on completed or
current tax audits.
25. Other current liabilities
As at 31 December
-------------------
2012 2011
EUR'000 EUR'000
-------------------- --------- --------
VAT liability 99 598
Payroll liabilities 170 70
Other liabilities 260 85
-------------------- --------- --------
529 753
-------------------- --------- --------
26. Deferred revenue
Where appropriate the Group enters into long--term contracts
with its customers and may request payment deposits from them ahead
of the supply of goods. At 31 December 2012, such deposits amounted
to EUR3.3 million from one customer (2011: EUR18.1 million from
three customers).
As at 31 December
-------------------
2012 2011
EUR'000 EUR'000
------------ --------- --------
Current 3,348 10,082
Non-current - 8,039
------------ --------- --------
3,348 18,121
------------ --------- --------
27. Pension surplus/benefit
The obligation relates to fixed post retirement payments for two
employees and includes benefits for surviving spouses granted in
2005. The plan will be fully funded upon retirement of the
employees by insurance contracts held and paid in by the Group. In
case of insolvency the benefits have been ceded to the employees
directly. Therefore the fair value of the insurance contracts has
been treated as a plan asset. The scheme is not significant to the
Group.
28. Share capital
2012 2011
EUR'000 EUR'000
-------------------------------------------- -------- --------
Allotted, called up and fully paid
416,725,335 ordinary shares of 2 pence each 12,332 12,332
-------------------------------------------- -------- --------
At 31 December 2012, 10,834,000 shares were held by the EBT
(2011: 10,834,000). The market value of these shares was EUR1,524k
(2011: EUR566k).
Summary of rights of share capital
The ordinary shares are entitled to receipt of dividends. On
winding up, their rights are restricted to a repayment of the
amount paid up to their share in any surplus assets arising. The
ordinary shares have full voting rights.
29. Share-based payment plans
The Group established the PV Crystalox Solar PLC EBT on 18
January 2007, which has acquired, and may in the future acquire,
the Company's ordinary shares for the benefit of the Group's
employees.
The Group currently has three share incentive plans in operation
which are satisfied by grants from the EBT.
PV Crystalox Solar PLC Performance Share Plan (PSP)
This plan was approved by shareholders at the 2011 AGM under
which awards are made to employees, including executive directors,
consisting of a conditional right to receive shares in the Company.
The awards will normally vest after the end of a three year
performance period, to the extent that performance conditions are
met.
No awards were made during 2012.
On 26 May 2011 awards over up to 3,038,454 ordinary shares were
granted to key senior employees including the three executive
directors. These awards are subject to achieving growth in both
total shareholder return and earnings per share in the performance
period ending on 31 December 2013.
PV Crystalox Solar PLC Executive Directors Deferred Share
Plan
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