Tiscali 2013 Annual Report Download - page 103
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Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
103
Other current liabilities (note 30)
(EUR 000)
31 December 2013
31 December 2012
Accrued expenses
3,337
3,163
Deferred income
38,837
37,133
Other payables
26,417
22,450
Total
68,592
62,746
Accrued expenses refer to charges for staff and costs for professional consultancy.
Deferred income mainly refers to:
- the capital gain on disposal relating to the Sale & Lease back transaction on the Sa Illetta
property, amounting to around EUR 17 million which is released pro-rata depending on the
duration of the lease agreement;
- the deferral of the revenues deriving from the sale of transmission capacity pertaining to future
periods, for around EUR 10.3 million;
- the deferral of the revenues for the activation of the ADSL and VoIP services in relation to the
non-pertinent portion, for around EUR 11.5 million.
The item other payables, EUR 26.4 million, essentially includes:
- the balance of VAT payable for EUR 11.4 million.
- payables to the tax authorities and social security institutions for around EUR 8.2 million;
- amounts for the employees for EUR 1.3 million;
- payables relating to the ministerial grants concerning the Italian subsidiary for EUR 4.6 million;
- amounts due for IRAP and other taxes with regard to the Italian subsidiary for EUR 0.6 million;
Financial instruments
Financial risk management objectives
The Group’s Corporate Treasury division provides business services, co-ordinates access to the local
and international financial markets, and monitors and handles the financial risk associated with Group
operations by means of internal risk reports which analyse the exposures by degree and magnitude of
the risk. These risks include market risks (inclusive of currency risks, fair value interest rate risks and
price risks), credit risks and risks in cash flow interest rates.
Risk management linked with interest rate
Group policy is to maintain a correct ratio between fixed-rate debt and floating-rate debt.
Consequently, the company does not feel that the risk related to fluctuating interest rates is significant
and therefore has not entered into any risk hedging transactions.