Tiscali 2013 Annual Report Download - page 96

Download and view the complete annual report

Please find page 96 of the 2013 Tiscali annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 194

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
96
The table below shows the reconciliation between the net financial position drawn up on the basis of
the Consob communication and the net financial position as show in the Report on operations.
(EUR mln)
31 December
2013
31
December
2012
Consolidated net financial debt
191.6
186.5
6.4
Other cash equivalents and non-current financial receivables
6.9
198.5
192.9
Consolidated net financial debt prepared on the basis of Consob
communication No. DEM/6064293 dated 28 July 2006.
Financial indebtedness comprises:
- amounts owed to banks mainly in relation to the loan agreement signed on 2 July 2009
following the Group debt restructuring (“Group Facilities Agreement “ - or GFA);
- amounts for financial leasing contracts mainly in relation to the sale and lease back agreement
stipulated for the Cagliari office (Sa Illetta).
Payables to banks
- Current bank payables, amounting in total to EUR 143.7 million, relate to the Group Facility
Agreement and to current bank payables for current account overdrafts.
The amount owed to banks represented by the GFA loan was as follows as at 31 December 2013:
Tranche A: nominal residual amount of EUR 82.5 million ( maturing on 3 July 2014);
Tranche B: nominal residual amount of EUR 20.5 million ( maturing in 2015);
The liability is recorded in the consolidated financial statements at amortised cost.
During 2013, all the due dates envisaged by the GFA loan agreement were observed and EUR 7.5
million paid by way of repayment of the principal portion.
The following table summarizes the main elements of the loan.
Loan
Amount
Year of
maturity
Financial institution
Borrower
Guarantor
Facility A
Facility B
EUR 82.5
million (*)
EUR 20.5
million (*)
2014
2015
Intesa Sanpaolo London
BG Master Fund Plc
SVP Capital Funding Lux
Silver Point Lux Plat Sarl
Sothic Cap
Deutsche Bank London
Tiscali UK
Holdings Ltd
Tiscali S.p.A.
Tiscali Italia S.p.A.
Tiscali International BV
Tiscali Financial
Services SA
(*) nominal amounts as at 31 December 2013 excluding capitalised interest.
The loan agreement also provides for: