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Portugal Telecom SGPS, S.A . (PT)
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PT » Topics » 36. Accrued expenses

This excerpt taken from the PT 6-K filed Apr 7, 2009.
37           Accrued expenses

 

As at 31 December 2008 and 2007, this caption consists of:

 

Euro

 

 

 

2008

 

2007

 

Supplies and external services

 

255,597,326

 

256,280,710

 

Interest expense (i)

 

154,308,452

 

188,695,831

 

Vacation pay and bonuses

 

107,776,432

 

107,293,868

 

Discounts to clients

 

47,812,293

 

53,500,672

 

Other (ii)

 

81,662,243

 

35,279,847

 

 

 

647,156,746

 

641,050,928

 

 

(i) As at 31 December 2008 and 2007, this caption included (a) Euro 20.9 million and Euro 44.7 million (Note 42), respectively, related to the interest component of the exchange rate and interest rate derivatives contracted by Vivo, and (b) Euro 8.5 million and Euro 13.7 million (Note 42), respectively, related to the fair value of interest rate and exchange rate derivatives held for trading by several Group companies. (ii) As at 31 December 2008, this caption included Euro 43.3 million related to the fair value of the exchange rate derivatives held for trading by Portugal Telecom (Note 42), which as at 31 December 2007 were classified as a non-current liability (Euro 46.5 million).

 

This excerpt taken from the PT 20-F filed Mar 27, 2009.

37. Accrued expenses

        As at 31 December 2008 and 2007, this caption consists of:

 
   2008   2007  

Supplies and external services

     255,597,326     256,280,710  

Interest expense(i)

     154,308,452     188,695,831  

Vacation pay and bonuses

     107,776,432     107,293,868  

Discounts to clients

     47,812,293     53,500,672  

Other(ii)

     81,662,243     35,279,847  
           

    647,156,746     641,050,928  
           
(i)
As at 31 December 2008 and 2007, this caption included (a) Euro 20.9 million and Euro 44.7 million (Note 42), respectively, related to the interest component of the exchange rate and interest rate derivatives contracted by Vivo, and (b) Euro 8.5 million and Euro 13.7 million (Note 42), respectively, related to the fair value of interest rate and exchange rate derivatives held for trading by several Group companies.

(ii)
As at 31 December 2008, this caption included Euro 43.3 million related to the fair value of the exchange rate derivatives held for trading by Portugal Telecom (Note 42), which as at 31 December 2007 were classified as a non-current liability (Euro 46.5 million).
This excerpt taken from the PT 6-K filed Apr 18, 2008.

37.       Accrued expenses

 

As at 31 December 2007 and 2006, this caption consists of:

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Supplies and external services

 

256,280,710

 

299,237,991

 

Interest expense (i)

 

188,695,831

 

196,902,460

 

Vacation pay and bonuses

 

107,293,868

 

111,835,095

 

Discounts to clients

 

53,500,672

 

39,057,657

 

Other

 

35,279,847

 

33,184,329

 

 

 

641,050,928

 

680,217,532

 

 

175


 

(i)             As at 31 December 2007 and 2006, this caption included (a) Euro 44.7 million and Euro 58.5 million (Note 42), respectively, related to the fair value of the interest component of the exchange rate and interest rate derivatives contracted by Vivo, and (b) Euro 13.7 million and Euro 11.2 million (Note 42), respectively, related to the fair value of exchange rate and interest rate derivatives contracted by several Group companies.

 

This excerpt taken from the PT 20-F filed Mar 28, 2008.

37. Accrued expenses

        As at 31 December 2007 and 2006, this caption consists of:

 
   2007
   2006
Supplies and external services   256,280,710   299,237,991
Interest expense(i)   188,695,831   196,902,460
Vacation pay and bonuses   107,293,868   111,835,095
Discounts to clients   53,500,672   39,057,657
Other   35,279,847   33,184,329
   
 
    641,050,928   680,217,532
   
 
      (i)
      As at 31 December 2007 and 2006, this caption included (a) Euro 44.7 million and Euro 58.5 million (Note 42), respectively, related to the fair value of the interest component of the exchange rate and interest rate derivatives contracted by Vivo, and (b) Euro 13.7 million and Euro 11.2 million (Note 42), respectively, related to the fair value of exchange rate and interest rate derivatives contracted by several Group companies.

F-95

Portugal Telecom, SGPS, SA

Notes to the Consolidated Financial Statements (Continued)

As at 31 December 2007

(Amounts stated in Euros, except where otherwise stated)

This excerpt taken from the PT 6-K filed Oct 16, 2007.

32.    Accrued expenses

        As at 30 June 2007 and 31 December 2006, this caption consists of:

 
   30 Jun 2007
   31 Dec 2006
Exhibition rights   14,537,283   11,832,486
Programming costs   12,340,004   12,451,170
Support services—outsourcing   8,125,500   8,430,849
Vacation pay and bonuses   7,076,154   7,195,168
Advertising   2,375,934   2,803,027
Supplies and external services   1,017,531   1,555,289
Interest to be paid   604,159   2,370,321
Other   3,637,881   4,361,665
   
 
    49,714,446   50,999,975
   
 
This excerpt taken from the PT 6-K filed Oct 4, 2007.

36. Accrued expenses

 

As at 30 June 2007 and 31 December 2006, this caption consists of:

 

117


 

 

 

30 Jun 2007

 

31 Dec 2006

 

 

 

 

 

 

 

Supplies and external services

 

215,898,859

 

299,237,991

 

Interest expense (i)

 

129,018,031

 

196,902,460

 

Vacation pay and bonuses

 

97,930,398

 

111,835,095

 

Discounts to clients

 

47,498,269

 

39,057,657

 

Other

 

43,236,791

 

33,184,329

 

 

 

533,582,348

 

680,217,532

 

 

(i)             As at 30 June 2007 and 31 December 2006, this caption includes (a) respectively Euro 57.3 million and Euro 58.5 million (Note 41) related to the fair value of the interest component of the exchange rate and interest rate derivatives contracted by Vivo, and (b) respectively Euro 13.1 million and Euro 11.2 million (Note 41) related to the fair value of exchange rate and interest rate derivatives contracted by several Group companies. The reduction in this caption as compared to the balance at year-end 2006, is mainly related to the fact that interest expenses related to the Eurobonds issued in the first half of 2005 and on 7 April 1999 (Note 34) are payable in the first half of each year.

 

This excerpt taken from the PT 20-F filed Jun 29, 2007.

36.    Accrued expenses

        As at 31 December 2006 and 2005, this caption consists of:

 
   2006
   2005
Supplies and external services   299,237,991   256,175,923
Interest expense(i)   196,902,460   268,199,421
Vacation pay and bonuses   111,835,095   109,452,606
Discounts to clients   39,057,657   46,055,106
Other   33,184,329   28,038,129
   
 
    680,217,532   707,921,185
   
 
(i)
As at 31 December 2006 and 2005, this caption includes Euro 58.5 million (Note 41) and Euro 72.6 million, respectively, related to the fair value of the interest component of derivative financial instruments contracted by Vivo. As at 31 December 2006, this caption includes Euro 11.2 million (Note 41) related to the fair value of exchange rate and interest rate derivatives contracted by several Group companies. The reduction in this caption in 2006, is mainly related to the interest of the non-convertible bonds issued by PT Finance on February 2001, which were repaid on February 2006 (Note 34).
This excerpt taken from the PT 6-K filed Apr 10, 2007.

36. Accrued expenses

As at 31 December 2006 and 2005, this caption consists of:

    2006    2005 
       
 
Supplies and external services    299,237,991    256,175,923 
Interest expense (i)   196,902,460    268,199,421 
Vacation pay and bonuses    111,835,095    109,452,606 
Discounts to clients    39,057,657    46,055,106 
Other    33,184,329    28,038,129 
       
    680,217,532    707,921,185 
       

(i)
As at 31 December 2006 and 2005, this caption includes Euro 58.5 million (Note 41) and Euro 72.6 million, respectively, related to the fair value of the interest component of derivative financial instruments contracted by Vivo. As at 31 December 2006, this caption includes Euro 11.2 million (Note 41) related to the fair value of exchange rate and interest rate derivatives contracted by several Group companies.


Annual report 2006    99 

Table of Contents

 
The reduction in this caption in 2006, is mainly related to the interest of the non-convertible bonds issued by PT Finance on February 2001, which were repaid on February 2006 (Note 34).
This excerpt taken from the PT 6-K filed Oct 4, 2006.

34. Accrued expenses

As at 30 June 2006 and 31 December 2005, this caption consists of:

   
30 Jun 2006 
31 Dec 2005 
     
 
Interest expense (i)   140.556.587    268.199.421 
Supplies and external services    219.713.433    241.189.983 
Vacation pay and bonuses    111.193.173    109.452.606 
Discounts to clients    39.306.277    46.055.106 
Commissions    22.433.181    14.985.940 
Other    31.451.584    28.038.129 
     
    564.654.235    707.921.185 
     

(i)     
As at 30 June 2006 and 31 December 2005, this caption includes Euro 67,756,645 (Note 39) and Euro 72,568,555 respectively, primarily related to the fair value of the interest component of derivative financial instruments contracted by Vivo. The reduction in this caption in the first half of 2006, as compared to the year end 2005, is mainly related to accrued interest regarding the three new Eurobonds issued in the first half of 2005 and the Eurobond issued on 7 April 1999 (Note 32), which mature in the first half of each year.
 
This excerpt taken from the PT 20-F filed Apr 21, 2006.

34. Accrued Expenses

As at 31 December 2005 and 2004, this caption consists of:

 

     2005    2004

Interest expense (i)

    268,199,421    157,356,454

General and administrative expenses

    241,189,983    234,526,433

Vacation pay and bonuses

    109,452,606    121,051,331

Discounts to clients

    46,055,106    36,987,839

Commissions

    14,985,940    18,609,545

Other

    28,038,129    32,356,668
         
   707,921,185    600,888,270
         
(i) In 2005, this caption includes Euro 72,568,555 related with the fair value of the interest component of derivative financial instruments contracted by Vivo (Note 39). The increase in this caption in 2005, as compared to the previous year, is mainly related to accrued interest regarding the three new Eurobonds issued in the first half of 2005 (Note 32).
This excerpt taken from the PT 6-K filed Apr 12, 2006.

34. Accrued Expenses

As at 31 December 2005 and 2004, this caption consists of:

    2005    2004 
     
 
Interest expense (i)   268,199,421    157,356,454 
General and administrative expenses    241,189,983    234,526,433 
Vacation pay and bonuses    109,452,606    121,051,331 
Discounts to clients    46,055,106    36,987,839 
Commissions    14,985,940    18,609,545 
Other    28,038,129    32,356,668 
     
    707,921,185    600,888,270 
     

(i) In 2005, this caption includes Euro 72,568,555 related with the fair value of the interest component of derivative financial instruments contracted by Vivo (Note 39). The increase in this caption in 2005, as compared to the previous year, is mainly related to accrued interest regarding the three new Eurobonds issued in the first half of 2005 (Note 32).

This excerpt taken from the PT 6-K filed Oct 4, 2005.

34.Accrued Expenses

As at 30 June 2005 and 31 December 2004, this caption consists of:

    June 30, 2005    December 31, 2004 
     
 
General administrative expenses    229,197,279    234,010,983 
Interest expense (i)   171,201,123    157,094,702 
Vacation pay and bonuses    129,964,280    120,849,761 
Discounts to clients    38,584,688    36,987,839 
Commissions    17,673,651    18,609,545 
Other    17,592,027    32,295,192 
     
    604,213,048    599,848,022 
     

(i)     
This caption includes 64,867,384 euros related with the fair value of the interest component of derivative financial instruments contracted by Vivo (Note 39), and the remaining is related with interests not yet paid.
 
CONSOLIDATED REPORT - FIRST HALF 2005    95 

This excerpt taken from the PT 20-F filed Jun 30, 2005.

15.   Accrued Expenses

        This caption consists of:

 
   2004
   2003
General and administrative expenses   233,682,857   163,585,775
Interest expense   155,511,043   176,139,490
Vacation pay and bonuses   120,849,761   109,396,438
Discounts to clients(1)   36,987,839   58,818,100
Commissions   18,609,545   18,770,926
Contribution to PT-ACS   4,908,757   6,841,810
Interest on unpaid taxes (Note 32.a))   1,116,083   1,157,276
Other(2)   66,844,507   54,684,798
   
 
    638,510,392   589,394,613
   
 
(1)
This caption comprises discounts to clients related to sole volume discount, granted to the major fixed live clients. These discounts are accounted as a reduction of the related revenues.

(2)
As of December 31, 2004 this caption includes an accrual of approximately Euro 41 million corresponding to the fair value of certain cross-currency swaps which are not hedging any specific risk, asset or liability (Note 3.p)).

F-42

EXCERPTS ON THIS PAGE:

6-K
Apr 7, 2009
20-F
Mar 27, 2009
6-K
Apr 18, 2008
20-F
Mar 28, 2008
6-K
Oct 16, 2007
6-K
Oct 4, 2007
20-F
Jun 29, 2007
6-K
Apr 10, 2007
6-K
Oct 4, 2006
20-F
Apr 21, 2006
6-K
Apr 12, 2006
6-K
Oct 4, 2005
20-F
Jun 30, 2005

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