Note 21: Trade payables and other current liabilities
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(€‘000) |
As of December 31, | |||||||
| 2017 | 2016 | |||||||
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Total trade payables |
4,800 | 8,098 | ||||||
|
Other current liabilities |
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|
Social security |
306 | 294 | ||||||
|
Payroll accruals and taxes |
947 | 1,206 | ||||||
|
Other current liabilities |
1,029 | 8 | ||||||
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Total other current liabilities |
2,282 | 1,508 | ||||||
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Trade payables (composed of supplier’s invoices and accruals for supplier’s invoices not yet received at closing) are non-interest bearing and are normally settled on a 45-day terms.
Other current liabilities are non-interest bearing and have an average term of six months. Fair value equals approximately the carrying amount of the trade payables and other current liabilities.
The Other current liabilities include the short-term debts to employees and social welfare and tax agencies.
No discounting was performed to the extent that the amounts do not present payments terms longer than one year at the end of each fiscal year presented.