Page 40 - Annual Report 2019

Supervisory Board Report
Group Management Report
Consolidated Financial Statements
Annexes

(16) Provisions

31 Dec. 2019 31 Dec. 2018
Provisions for pensions and similar obligations 10,172 10,421
Excess of plan assets over pension liability -1,272 -1,272
Disclosure of pension provisions 8,900 9,149
Tax provisions 255 870
Other provisions 10,480 11,790
19,635 21,809

Other provisions are mainly obligations towards members of staff, guarantees, legal and consultation
costs as well as outstanding invoices.

(17) Liabilities

31 Dec. 2019 31 Dec. 2018
Liabilities to banks 41,211 51,587
Trade payables 5,573 6,800
Liabilities on bills accepted and drawn 135 134
Liabilities to affiliated companies 6,370 6,179
Other liabilities 1,367 1,296
of which taxes (380) (341)
of which social security (143) (144)
54,656 65,996

Liabilities to affiliated companies include EUR 6,366 thousand (prior year: EUR 6,174 thousand)
to the principal shareholder ERWO Holding AG and other companies of the ERWO affiliated group.
Of that amount, EUR 4,384 thousand (prior year: EUR 4,354 thousand) relates to temporary
working capital loans granted by China-based Zhangjiagang Yangtse Spinning Co. (ZYS) to
Tenowo Huzhou Ltd., which bear interest at current rates. At EUR 162 thousand (prior year:
EUR 205 thousand), liabilities to affiliated companies relate to delivery and service translations
with EUR 1,824 thousand (prior year: EUR 1,620 thousand) with other liabilities.

31 Dec. 2019 31 Dec. 2018
Residual maturity Less than 1 to 5 More than Less than 1 to 5 More than
1 year years 5 years 1 year years 5 years
Liabilities to banks 5,137 36,074 0 10,399 41,188 0
Trade payables 5,573 0 0 6,800 0 0
Liabilities on bills accepted and drawn 135 0 0 134 0 0

Liabilities to affiliated companies 6,370 0 0 6,179 0 0

Other liabilities 1,367 0 0 1,296 0 0

of which taxes (380) (0) (0) (341) (0) (0)

of which social security (143) (0) (0) (144) (0) (0)
18,582 36,074 0 24,808 41,188 0

As a Group, HOFTEX GROUP AG and its subsidiaries are jointly and severally liable for all debts to
their lending banks.

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