27. OTHER PAYABLES

Other payables may be broken down as follows:

(in thousands of euro)
 
  		12/31/2011 12/31/2010
Total Non-current Current Total Non-current Current
Trade and other accrued liabilities and deferred income 87,554 16,829 70,725 85,180 6,930 78,250
Tax payables 66,434 13,972 52,462 70,811 17,171 53,640
Payables to employees 210,060 101 209,959 127,411 74 127,337
Payables to social security and welfare institutions 69,273 16,588 52,685 50,252 11,130 39,122
Dividends payable 408 - 408 1,125 - 1,125
Other payables 247,062 6,490 240,572 110,258 6,359 103,899
  680,791 53,980 626,811 445,037 41,664 403,373

 

Current payables to employees (euro 209,959 thousand; euro 127,337 thousand at December 31, 2010) include the amounts payable to employees and euro 77,136 thousand for the 2009-2011 longterm bonus plan, including euro 20,106 thousand as the provision for the year included in “Personnel expense” (note 32). In 2010 this payable, which totalled euro 57,847 thousand, was classified in “Employee benefit obligations – other benefits” since the bonus was not yet vested.

Other current payables (euro 240,572 thousand) include:

  • payables for the purchase of property, plant and equipment totalling euro 121,197 thousand (euro 48,131 at December 31, 2010). The increase from the previous period closely matches the growth in capital expenditure by the Group, mainly at companies in China, Mexico, Turkey and Brazil;
  • payable of euro 57,860 thousand to Sibur Holding for the remaining portion of the price for the purchase of the Russian companies OJSC Kirov Tyre Plant and LLC Amtel-Russian Tyres in December 2011;
  • payable for the contingent consideration (“earn out”) to be paid to Sibur Holding for the acquisition of the aforementioned companies in Russia, estimated to be euro 10,000 thousand;
  • payables of euro 8,266 thousand for income withholding tax owed by the Tyre Business;
  • euro 5,918 thousand for advances from customers;
  • payables of euro 4,427 thousand to agents, professionals and consultants;
  • euro 1,678 thousand for advances paid by the European Union to the Tyre Business for research projects.

For other current and non-current payables, the carrying amount is considered approximate to the fair value.