Tiscali 2009 Annual Report Download - page 187
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Tiscali Group: Annual Report 2009
186
The decrease in the amount of the Fund provided during the previous years fir the subsidiary Tiscali
Finance Sa in the amount of EUR 30 million was connected to the conversion of the loan made to the same
subsidiary of EUR 22 million with simultaneous conversion into the depreciation allowance and release of
the difference into the income statement for around EUR 8 million.
A further release into the income statement was made for the entire amount of EUR 5.8 million set aside for
the Tiscali Deutschland Gmbh subsidiary in the previous year. On the 31 December 2009 the circumstances
that had made the provision necessary were lifted and thus the provision was fully released.
Current financial liabilities (note 21)
31 December 2009 31 December 2008
(EUR 000)
Payables to banks 590 627
Total 590 627
The item only refers to bank overdrafts necessary for covering ordinary operating cash requirements.
Payables to suppliers (note 22)
31 December 2009 31 December 2008
(EUR 000)
Trade payables to third parties 12,239 10,929
Trade payables to Group companies for materials
and services 3,060 11,148
15,299 22,077
Trade payables to third party suppliers relate mainly to payables 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:
31 December 2009 31 December 2008
(EUR 000)
Tiscali Espana SLU - 5
Tiscali UK Ltd - 7,956
Tiscali Italia S.p.A. 3,060 3,187
Total 3,060 11,148