Tiscali 2003 Annual Report Download - page 123

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125125
“Payables to banks” relate to EUR 33.5 million in respect of a long-term financing agreement with Banca CIS (Banca Intesa
Group) to be repaid over 10 years at the six-month Euribor rate plus a spread of 1.2 percentage points. The remaining EUR 30.2
million relates to a short-term credit line of EUR 17.2 million and overdrafts.
The increase recorded under “payables to banks” mainly derives from the disbursement of a further tranche of the loan granted
by Banca CIS for the construction of the new headquarters and the purchase of the necessary land.
The total amount of the loan is EUR 35m. During the year, four tranches totalling EUR 23.1m were disbursed in respect of the
stages of work completed. The loan term is 10 years, in addition to an initial 30-month period in which interest only is paid
(although this may be reduced at the request of the borrower), and the land purchased is pledged as a guarantee.
The increase in ”payables to suppliers” is attributable to the substantial capital expenditures made in the new headquarters, and
in plant and technical equipment purchased during the year.
PAYABLES TO SUBSIDIARIES AND AFFILIATED COMPANIES
Intracompany payables break down as follows:
FINANCIAL PAYABLES TRADE PAYABLES
DUE WITHIN DUE AFTER DUE WITHIN DUE AFTER TOTAL
1 YEAR 1 YEAR 1 YEAR 1 YEAR
GROUP COMPANIES
Best Engineering S.p.A. - - 138 - 138
Energy Byte S.r.l - - 93 - 93
Excite Italia BV - - 4,490 - 4,490
Ideare S.p.A. 978 - 898 - 1,876
Informedia S.p.A. - - 64 - 64
Liberty Surf Group S.A. - - 113 - 113
Quinary S.p.A. - - 96 - 96
Tiscali Datacomm AG 1,358 - 107 - 1,465
Tiscali Deutschland GmbH - - 638 - 638
Tiscali Finance S.A. 3,058 - - - 3,058
Tiscali International BV 499,538 - 9,395 - 508,933
Nacamar Ltd - - 31 - 31
Tiscali Business GmbH - - 381 - 381
Tiscali AS ( Norway) - - 116 - 116
Tiscali A/S( Denmark) - - 1,995 - 1,995
Tiscali AB ( Sweden) - - 67 - 67
Tiscali B.V. - - 358 - 358
Tiscali Espana SL - - 203 - 203
Tiscali Oesterreich GmbH - - 28 - 28
Tiscali PTY Ltd - - 77 - 77
Tiscali N.V. - - 197 - 197
Tiscali Telekomunicace Sro - - 83 - 83
Tiscali UK Ltd - - 6,990 - 6,990
Tiscali Motoring S.r.l. 42 - 267 - 309
Tiscali Media S.A. - - 163 - 163
Tiscali Telecomunicaciones S.A. - - 290 - 290
Andaledda S.p.A. 58 - - - 58
Gilla Servizi Telecomunicazioni S.r.l. 422 - 237 - 659
Surfeu.com AG 416 - - - 416
Tiscali I.T.S. S.r.l 1,790 - - - 1,790
Tiscali Access S.A. - - 29 - 29
Tiscali International Network BV - - 595 - 595
Tiscali International Network Spa 278 - 648 - 926
Tiscali Games GmbH - - 887 - 887
Tiscali Business Service S.p.A. 1,500 - 98 - 1,598
S.T.S. S.r.l. - - 16 - 16
World OnLine SAU - - 32 - 32
Freetravel S.p.A. - - 140 - 140
509,438 - 29,960 - 539,398