Tiscali 2007 Annual Report Download - page 98
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CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES AT 31 DECEMBER 2007
97
30.3 Liabilities for finance leases (m/l term)
The item Liabilities for finance leases (EUR 79.5 million) includes
payables to
leasing
companies based on finance lease agreements.
The increase of EUR 63.5 million compared with the figure in
December 2006 (EUR 15.9 million) is essentially attributable to
the sale & lease back transaction on the Sa Illetta headquarters
(Cagliari) while the residual portion concerns the rise in lease
agreements. The residual balance is attributable to lease agree-
ments on network equipment, servers and other equipment used
directly in the production process.
Finance leases
The reconciliation between the total of the minimum payments
due for leasing as of the balance sheet date and the current value
for each of the periods considered, is presented below.
Operating leases
The payments for leasing and sub-leasing recorded in the income
statement are presented in the table below.
EUR (000) 31.12.2007 31.12.2006
Minimum payments due for leasing 68,238 49,970
Subleasing payments 589 364
69,827 50,334
Total commitments relating to payments due from operating lease
transactions which cannot be cancelled, are presented in the fol-
lowing table.
EUR (ml) 31.12.2007 31.12.2006
Less than 1 year 33,821 28,181
Between 1 and 5 years 41,988 49,436
More than 5 years 22,625 33,398
98,433 111,015
The breakdown of leasing between the various categories of intan-
gible and tangible assets is presented below.
EUR (000) Minimum payments due Current value of minimum payments due
31.12.2007 31.12.2006 31.12.2007 31.12.2006
Less than 1 year 24,971 14,986 19,502 12,304
Between 1 and 5 years 49,858 14,935 79,467 15,917
More than 5 years 55,242 - - -
130,071 29,920 98,969 28,221
Less future financial charges (31,102) (1,700) - -
Current value of minimum payments 98,969 28,221 98,969 28,221
Included in the balance sheet
Payables due to current finance leases 19,502 12,304
Payables due to non-current finance leases 79,467 15,917
98,969 28,221