Tiscali 2003 Annual Report Download - page 79

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8181
Tax credits relate mainly to deferred tax assets recorded at the year-end (EUR 51.6 million) that relate to past losses generated
by Group companies. Specifically, the figure refers to Tiscali’s Dutch and South African subsidiaries, Tiscali BV (EUR 48.9 mil-
lion) and Tiscali PTY (EUR 2.5 million). As stated in the section on accounting policies, the deferred tax assets recorded refer
only to subsidiaries that generated taxable income in 2003.
There are no receivables due after more than 5 years.
III – Short term financial assets
These break down as follows.
The item "other financial assets” breaks down as follows:
• EUR 39.1 million relate to term deposits in respect of disputes, and guarantees in respect of loans granted to Group com-
panies; specifically, some EUR 21.4 million was earmarked for a dispute with Jean Philippe Illiesco de Grimaldi and Illiesco
de Grimaldi & Co (please see Report on operations for details);
• EUR 12.5 million in deposits on leasing and other contracts;
• EUR 0.5 million in fixed-income securities;
• EUR 8.8 million of VAT refunds applied for and received by the parent Company in January 2004;
• EUR 4.7 million of tax credits on parent Company dividends;
• EUR 3.9 million of IRPEG tax credits transferred to subsidiaries by the parent Company under the provisions of art. 43 ter
of the presidential decree of 29.09.73 and subsequent amendments. Part of these credits were used to offset taxes in January
and February; these amounts have therefore been recorded as financial assets.
IV – Cash and cash equivalents
Cash and cash equivalents fell from EUR 209.5 million at end-2002 to EUR 203.5 million at end-2003. The item covers cash,
current accounts and negotiable money market instruments. At end-2003 the figure included EUR 77.8 million held by Tiscali
Finance S.A. as a result of a bond issue carried out in September 2003, net of around EUR 70 million used to redeem part of
the bond maturing in July 2004.
SHORT TERM FINANCIAL ASSETS 31.12.2003 31.12.2002 CHANGE
Other financial assets 69,038 124,187 (55,149)
Total 69,038 124,187 (55,149)
CASH AND CASH EQUIVALENTS 31.12.2003 31.12.2002 CHANGE
Bank and post office deposits 203,544 209,564 (6,020)
Cheques -3 (3)
Cash and other negotiable instruments - 3 (3)
Total 203,544 209,570 (6,026)