Tiscali 1999 Annual Report Download - page 32

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Available funds increased by ITL 189,527 million from the previous financial year, and comprise the
following line items:
* $As of
31.12.1999 As of
31.12.1998 Change % Change
(Euro)
Bank deposits 100,063,056 2,120,668 97,942,388 4,618.46%
Cash and other negotiable instruments 7,281 67,070 (59,789) (89.15%)
$100,070,337 2,187,738 97,882,599 4,474.14%
The increase of available funds originated from the increase in capital, which was effected in October 1999,
following the placing of shares on Nuovo Mercato.
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Following is a summary of accrued income and deferred charges:
(Euro) 31/12/99 31/12/98 Change % change
Accrued income
Accrued income 1,249 - 1,249
Total accrued income 1,249 - 1,249
Deferred charges:
Leasing and licenses 2,303,829 814,881 1,488,948 182.72%
Rentals 22,656 7,596 15,061 198.28%
Telecom leases 1,703,705 72,716 1,630,989 2242.97%
Outstanding
expenses 2,250,871 2,658 2,248,214 84587.93%
Total deferred charges 6,281,061 897,850 5,383,211 599.57%
Total accrued income and deferred charges 6,282,310 897,850 5,384,460 599.71%
Deferred charges on lease fees are noticeably higher with respect to the previous financial year. They result
from the signing of new contracts during 1999, and the ensuing deferral of lease payments for the “maxi-
fee” according to the matching principle. The increase of deferred charges on Telecom lease payments is to
be attributed to the substantial development of the network and refers to the lease of circuits with advance
invoicing, as established in the interconnection contract.
Outstanding expenses refer to advertising campaigns carried out at the end of the financial year for services
which will be activated in the year 2000.