Tiscali 2007 Annual Report Download - page 138

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At 31 December 2007, the provision for risks and charges to-
talled EUR 22 million and includes provisions for contingent
liabilities and disputes for around EUR 3 million, plus EUR
18.7 million (unchanged since 2006) essentially in relation to
subsidiary Tiscali Finance SA for the portion of the writedown
in excess of the book value.
24. Payables to banks and other lenders
EUR (000) 31.12.2007 31.12.2006
Payables to banks and other lenders:
Payables to banks 2,169 12,419
Total 2,169 12,419
The item only refers to bank overdrafts necessary for covering
operating cash requirements.
25. Payables to suppliers
EUR (000) 31.12.2007 31.12.2006
Trade payables to third parties 11,818 12,012
Trade payables to Group companies for materials and services 32,182 14,836
43,999 26,847
Trade payables to third party suppliers relate mainly to paya-
bles for professional consulting services.
It should be mentioned that Trade payables are for settlement
by the end of the next financial year and it is considered that
their book value is approximate to their fair value.
Trade payables to Group companies are detailed below:
EUR (000) 31.12.2007 31.12.2006
Tiscali International BV 7,960 8,085
Tiscali Business Gmbh 546 546
Tiscali Deutschland Gmbh - 30
Tiscali Gmbh 109 -
Tiscali B.V. - 149
Tiscali Espana SL 5 5
Tiscali UK Ltd 18,362 3,876
Tiscali Italia S.p.A. 2,179 83
Tiscali Services S.p.A. 2,140 1,181
Quinary S.p.A. 7 7
Tiscali International Network BV 873 873
Total 32,182 14,836
26. Other current liabilities
EUR (000) 31.12.2007 31.12.2006
Accrued expenses 36 139
Deferred income 308 306
Other payables 3,885 3,804
Total 4,229 4,249
Deferred income mainly refers to deferrals on portions of re-
venues, not pertaining to the accounting period, while the item
Other payables mainly comprises amounts due to the tax au-
thorities (employee withholdings) and to social security and
welfare institutions for around EUR 1 million, amounts due to
employees for EUR 1.8 million and other payables for a total
of EUR 1 million. Other payables include emoluments due to
Directors for approximately EUR 0.8 million.
27. Guarantees issued and commitments
In dettaglio le garanzie prestate si articolano come segue:
31.12.2007 31.12.2006
GUARANTEES ISSUED TO THIRD PARTIES
Sureties 802,127 317,952
802,127 317,952
OTHER MEMORANDUM ACCOUNTS
Leasing payments falling due - 187
Commitments 8,376 33,347
8,376 33,534
Total 810,503 351,486
Sureties given include EUR 600 million in relation to the gua-
rantee given by the Parent Company for the loans granted by
Banca Intesa San Paolo and JP Morgan as part of the acquisi-
tion of certain Group companies.
The same item includes the surety given by Tiscali S.p.A. to
guarantee the amount of the loan granted for the sale & lease
back transaction on the Sa Illetta property, totalling EUR 74.5
million.
The item commitments includes EUR 6.6 million for the
maintenance of credit facilities granted to the subsidiary Ti-
scali Italia S.p.A..
The same item at 31 December 2006 included the residual
amount of the medium/long-term loan raised with Banca CIS,
transferred to the subsidiary Tiscali Italia S.p.A. in 2005; the Pa-
rent Company Tiscali S.p.A. was bound jointly and severally in its
capacity as guarantor for this loan which was repaid in 2007.
28. Net financial position
As required by Consob Communication dated 28 July 2006,
the Company’s net financial position at 31 December 2007 is
as follows:
TISCALI S.P.A. – SINANCIAL STATEMENTS AT 31 DECEMBER 2007
137