Tiscali 2012 Annual Report Download - page 122

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• has observed all the obligations and due dates envisaged by the financial plan and by the GFA,
having paid the financial institutions, during 2012, a total amount of EUR 7.8 million (of which
EUR 5 million for repayment of the principal and EUR 2.8 million for interest);
• has maintained a cash flow from the operating activities (before the changes in working capital)
in line with the previous year (amounting to around EUR 60 million);
• has reduced its exposure to the suppliers;
• on the basis of the cash flow projections relating to 2013 and the first six months of 2014, no
situations of illiquidity emerge, as there are - as far as it can be estimated today - sufficient
funds for ensuring the operations for a period in any event longer than 12 months;
• during the last quarter of 2012 and the first few months of 2013, achieved a growing trend in the
telecommunications services customer base;
• up-dated the business plan, checking the consistency with the financial requirements
determined by the debt structure (the plan envisaged the repayment of the debt due to the
financial instructions falling due in July 2013 for an amount inclusive of interest of around EUR
8 million, while it hypothesises the rescheduling of the debt falling due as from 2014);
• continued to focus on certain sectors with high growth potential, such as the media sector,
where an increase in revenues was seen of 11.7% when compared with 2011, and on
particularly innovative projects.
Furthermore, the Directors - despite highlighting how the definition of the transaction for the
rescheduling of the financial debt as per the GFA on a consistent basis with the financial profile of the
new 2013-2017 Business Plan is at present merely in the preliminary stages and, therefore, it is not
possible to-date to make a prognostic forecast featuring sufficient detail - deemed it reasonable that, on
the basis of the matters which can be estimated to-date, the Group has a sufficient period of time to
launch and conclude all the measures and activities aimed at reducing and rescheduling said financial
debt in time in accordance with the matters hypothesised by the afore-mentioned business plan, so as
to permit the continuation of implementation of the same.
In conclusion, when analyzing what has already been achieved within the sphere of the process aimed
at enabling the Group to obtain long-term equity, financial and economic equilibrium, the Directors
acknowledge that at present, as already indicated in the 2011 financial statements, uncertainties still
remain, with regards to events and circumstances that may raise considerable doubt on the ability of
the Group to continue to operate under the going-concern assumption, however, after making the
necessary checks and after assessing the uncertainties found in light of the factors described, and
taking into account the period of time available for continuing with the implementation of the measures
aimed at reducing the financial debt and launching all the activities necessary for the rescheduling of
the same by July 2014, they have the reasonable expectation that the Group has adequate resources
to continue operations in the near future and therefore have adopted the going-concern assumption
when preparing the financial statements.