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This excerpt taken from the SYT 20-F filed Mar 16, 2005. Off-balance sheet finance At December 31, 2004, non-recourse factoring amounted to US$7 million (2003: US$6 million: 2002: US$14 million). Under these arrangements, Syngenta has no liability under the factored principal, but pays interest at a commercial rate until the underlying debtor has either settled or has been declared insolvent. Syngenta has no other off-balance sheet financing transactions or arrangements. F-60 |
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