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Note 14. Accrued expenses and other payables

Accrued expenses and other payables consist of the following:

 December 31,
Personnel related items21,89823,657
Deferred revenue8,4096,198
Financing related items3,1061,059
Total accrued expenses and other payables47,61544,791

Personnel related items comprise accrued management bonuses, accrued vacation days, accrued wage tax, social securities and pension premiums. Deferred revenue consists of the revenue relating to the undelivered elements of the arrangements. This part of revenue is deferred at their relative selling prices until delivery of these elements. Financing related items as of December 31, 2015 comprises the accrual for settlement of shares repurchased. Other include accruals for VAT and other taxes and down payments from customers.