Tiscali 2013 Annual Report Download - page 25

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Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
25
The above table includes guarantee deposits under other cash equivalents and non-current financial
receivables. The table below provides a reconciliation of the above financial position with the same
statement prepared in accordance with Consob communication No. DEM/6064293 dated 28 July 2006
as shown in the explanatory notes.
(EUR mln)
31 December
2013
31
December
2012
Consolidated net financial debt
191.6
186.5
6.9
6.4
Other cash equivalents and non-current financial receivables
198.5
192.9
Consolidated net financial debt prepared on the basis of
Consob communication No. DEM/6064293 dated 28 July
2006.
3.6 Events subsequent to the end of the year
Payment of interest on the Senior Loan
On 3 January 2014, cash interest on the senior debt was paid for EUR 0.5 million.
Tender for the supply of connectivity services to the Public Administration Authorities (BTB Services)
On 15 May 2014, the opening of the envelopes containing the Bid of the Consip Spa tender (BTB
Services) took place, for the awarding of the connectivity services within the sphere of the Public
Connectivity System (SPC) and Tiscali was the company with the best bid. The tender concerned an
outline “ multi-supplier” contract for the provision of services throughout the whole of Italy for an overall
duration of 7 years.
On conclusion of the tender procedure, which envisages the legal checks on the bids and the
fulfilments for drawing up a final ranking, Tiscali may be awarded a minimum quota of 52% up to a
maximum of 60%.
3.7 Evaluation of the company as a going-concern and future outlook
Events and uncertainties regarding the business continuity
The Tiscali Group closed the financial statements at 31 December 2013 with a consolidated loss of
EUR 4.8 million and negative consolidated shareholders’ equity of EUR 151.9 million. Furthermore, as
at 31 December 2013, the Group had a gross financial debt of EUR 201.7 million and current liabilities
greater than current assets (non-financial) for EUR 106.5 million.
As of 31 December 2012, the consolidated loss amounted to EUR 15.8 million, with negative
consolidated shareholders’ equity of EUR 147.2 million. Furthermore, as at 31 December 2012, the
Group had a gross financial debt of EUR 197.2 million and current liabilities greater than current
assets (non-financial) for EUR 119.6 million.
As from 2009, the Group, after having completed the disposal of Tinet and the UK subsidiaries,
allocating the proceeds of the sale to the repayment of part of the debt, implemented action with the
aim of achieving economic, equity and financial balance over the long term, and launching a phase of
recovery for the sales activities, which has been reflected in the business and financial plan.