Tiscali 2003 Annual Report Download - page 124

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126126
“Payables to Group Companies” mainly relate to Tiscali International BV. This item (EUR 503.1 million) has increased by EUR
80.4 million since 2002, consisting of financial payables transferred by Tiscali Finance S.A. to Tiscali International BV (EUR 26.6
million); EUR 47.6 million deriving from loans made by Tiscali International BV to Tiscali S.p.A.; and EUR 6.2 million from Group
restructuring operations including the transfer and acquisition of receivables/payables among subsidiaries. The increase was fully
offset by decreases following the transfer of receivables (owed to the parent Company by companies owned directly or indirectly
by Tiscali International BV) to Tiscali International BV.
DPAYABLES TO TAX AUTHORITIES
“Payables to the Treasury” relate to advance withholding tax in respect of personal income tax (IRPEF).
PAYABLES TO SOCIAL SECURITY AGENCIES
“Payables to social security organisations” mainly relate to employer contributions due and the related taxes deducted at source
on behalf of employees and self-employed contractors.
OTHER PAYABLES
“Payables to directors” include emoluments.
“Payables to employees” comprise EUR 2.4 million for wages accrued in 2003 but paid in 2004, and EUR 2.5 million for holi-
day due but not taken.
The “other payables” item includes payables of EUR 2.5m in respect of the acquisition of EU.net AG, Tiscali Internet Ltd and
Home.se AB during the year, which are to be paid for in newly-issued shares in Tiscali S.p.A.. The necessary shares were issued
in the first few months of 2004.
31.12.2003 31.12.2002 CHANGE
Payables to the Treasury for advance withholding tax 1,917 848 1,069
Other taxes payable -41(41)
1,917 889 1,028
31.12.2003 31.12.2002 CHANGE
Payables to the INPS (national social security organisation) 1,890 607 1,283
Payables to other social security organisations 251 312 (61)
2,141 919 1,222
31.12.2003 31.12.2002 CHANGE
Payables to directors (emoluments) 517 585 (68)
Payables to employees (accrued holiday pay) 5,021 1,744 3,277
Other payables 2,728 5,268 (2,540)
8,266 7,597 669