(8) Liabilities

The increase in liabilities to banks was chiefly due to taking up loans secured by borrower’s note.

Liabilities to banks with a total amount of 1.5 million Euro (2002: 1.2 million Euro) were secured by charges on real estate or other security. Only tangible assets were used as security.

The average interest rate on long-term liabilities to banks was 3.42 percent (2002: 4.32 percent).

Other financial debt also includes bills of exchange, all of which are of a short-term nature, and liabilities in connection with finance leases. The average interest rate on these liabilities is 3.71 percent.

The interest rates applicable to partners' accounts vary between 4.0 and 6.0 percent.
 

*) after appropriation of profit for the year

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