Tiscali 2009 Annual Report Download - page 49

Tiscali Group: Annual Report 2009
48
Financial situation
As at 31 December 2009, the Tiscali Group could count on cash and cash equivalents of EUR 16.2 million,
against a negative net financial position of EUR 211.2 million at the same date (EUR 601.1 million at 31
December 2008 relating solely to operating activities).
Notes 31 December 09 31 December 08
EUR (mln)
A. Cash (1) 16.2 24.2
B. Other cash equivalents 0.6 12.7
C. Securities held for trading --
D. Cash and cash equivalents (A) + (B) + (C) 16.8 36.9
E. Current financial receivables 6.4 5.3
F. Non-current financial receivables (2) 12.7 1.4
G. Current bank payables (3) 13.6 510.0
H. Current portion of non-current debt (4) 10.9 -
I. Other current financial payables (*) (5) 10.8 21.4
J. Current financial debt (G) + (H) + (I) 35.3 531.4
K. Net current financial debt (J) – (E)- (F) – (D) (0.7) 487.7
L. Non-current bank payables (6) 152.9 -
M. Bonds issued - -
N. Other non-current payables (**) (7) 59.0 113.4
O. Non-current financial debt (L) + (M) + (N) 211.8 113.4
P. Net financial debt (K) + (O) 211.2 601.1
On 3 July the company sold its assets in the UK for GBP 236 million. Proceeds from the sale were used for the
partial repayment of the financial debt to Senior Lenders (roughly GBP 180 million),and the payment of debts to the
management of Tiscali UK (around GBP 8 million).
Net of the partial repayment of the debt to Senior Lenders for EUR 207 million, the residual debt, equal to
EUR 332.8 million, was restructured for a nominal amount of EUR 158.5 million (roughly EUR 164 million
including interest accrued at 31 December 2009) and the remainder, called the D1 and D2 Facility, for
a nominal EUR 174.3 million (EUR 177.8 million including interest accrued at 18 November 2009) and
was subject to repayment (D1 Facility) and write-off (D2 Facility) following the first share capital increase,
launched on 12 October 2009 and concluded with almost 100% of subscriptions from the market and
shareholder Renato Soru on 11 November 2009. The share capital increase was concluded with the
subscription of roughly 1,799,819,371 shares for a value of EUR 179,981,937.
(*) includes leasing payables
(**) includes leasing payables and payables due to shareholders
(1) Includes EUR 8.5 million deriving from the sale of un-opted rights.
(2) Includes receivables due from the purchaser of Ti Net Group (Talia) for the deferred component of the price and interest-bearing time
deposit established upon the request of a pool of lenders that took part in the financial Sale & lease-back transaction.
(3) Includes the bank payables of Tiscali Italia S.p.A. and Tiscali S.p.A. totalling EUR 13.6 million.
(4) This item includes the short-term component equal to EUR 10.8 million relating to debt to Senior Lenders.
(5) Includes EUR 5.6 million of leasing in Italy.
(6) The entire amount of EUR 152.9 million relates to the long-term component of debt to Senior Lenders, restructured from 3 July 2009, for
a nominal amount of EUR 158.5 million plus interest from 3 July 2009 to 31 December 2009. The short-term component, equal to EUR
10.8 million, is shown in the item “Current portion of non-current debt”.
(7) Includes the Sale & lease back Sa Illetta debt for EUR 58.9 million.