Tiscali 2001 Annual Report Download - page 88

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BALANCE OTHER BALANCE
12.31.2000 PROVISIONS (USE) CHANGES 12.31.2001
Office workers 1,146 1,519 (248) 2,417
Executives 18 177 (21) 174
Total 1,164 1,696 (269) 2,591
80
C) STAFF SEVERANCE INDEMNITY RESERVE
The table below displays the changes which occurred during the financial year:
This item, mainly referred to the Parent Company and the other Italian Companies,
consists of the staff severance fund.
D) PAYABLES
ANALYSIS OF PAYABLES
The item "bonds" (EUR 375mn) includes bonded loans contracted by Tiscali Finance in the
last six months of 2000 and by Tiscali International BV to fund the acquisition of Telinco
UK. The loan contracted by Tiscali Finance is in the amount of EUR 250mn, and foresees
lump-sum repayment after five years. The loan contracted by Tiscali International, of EUR
125mn, is posted among short-term payables and is repayable by the end of the FY,
although it may be renewed. Interest accrues on the basis of Euribor plus spread. Swap
contracts have been stipulated to cover rate fluctuation risk.
Other short-term financing is mainly referred to the capital quota of the debt deriving from
reclassification of financial leasing contracts in accordance with I.A.S. principle 17 covering
financial leasing contracts.
12.31.2001 12.31.2000 CHANGE
Bonds 375,294 380,932 (5,638)
Due to banks 30,362 16,380 13,982
Other short-term financing 63,445 44,042 19,403
Down payments 663 114 549
Trade accounts payable 352,114 213,278 138,836
Due to non-consolid. subsidiaries & affiliated Companies 101,121 1,182 99,939
Taxes payable 31,136 53,456 (22,320)
Due to social security institutions 6,675 1,278 5,397
Other payables 71,926 22,372 49,554
Total 1,032,736 733,034 299,702
12.31.2001 12.31.2000 CHANGE
Other short-term financing 63,445 44,042 19,403