Tiscali 2012 Annual Report Download - page 104
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Annual financial report as at 31 December 2012
Date File Name Status Page
-
Annual Report as at 31
December 2012 104
Commitments and other guarantees
A breakdown of guarantees given during 2012 is shown in the table below.
(EUR 000) 31 December 2012 31 December 2011
Guarantees given to third parties (sureties) 244,066 237,793
Commitments 1,400 2,500
Total 245,466 240,293
Sureties given mainly refer to the guarantee given for the loans granted by financial institutions as part
of the restructuring of the Group’s debt carried out during the year 2009.
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 95.3 million, carried out
by the subsidiary Tiscali Italia S.p.A., and the amount of EUR 26 million for guarantees given mainly
by the parent company for credit facilities and leasing to the subsidiary Tiscali Italia S.p.A..
In addition to the sureties given to third parties there are also other sureties including the most
significant ones in favour of the Janna consortium to guarantee commitments undertaken when
subscribing the share capital increase for EUR 1.2 million, in favour of the Inland Revenue for EUR 0.5
million and in favour of Telecom Italia Spa for EUR 10 million to guarantee contractual commitments.
The item commitments includes EUR 1.4 million for the maintenance of credit facilities granted to the
subsidiary Tiscali Italia S.p.A..
One-off transactions
Pursuant to Consob Resolution No. 15519 dated 27 July 2006, there were no significant non-recurrent
transactions during 2012.
Transactions with related parties
Dealings with non-consolidated Group companies
The Group has no significant dealings with non-consolidated companies.
Dealings with other related parties
During the year, the Tiscali Group had a number of dealings with related parties, under conditions
considered normal on the respective reference markets, taking into account the characteristics of the
goods and services provided.
The table below summarises the balance sheet and income statement values recorded in the Tiscali
Group’s consolidated financial statements at 31 December 2012 arising from transactions with related
parties.
The most significant balances, at 31 December 2012, summarized by supplier of the services, are as
follows: