Tiscali 2014 Annual Report Download - page 103
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Annual financial report as at 31 December 2014
Date
File Name
Status
Page
-
Annual Report as at 31
December 2014
103
indications of IAS 39, the Group had taken steps to reclassify the entire financial debt for the GFA
under current liabilities (item H).
The table above has been drawn up in light of Consob Communication No. DEM/6064293 dated 28
July 2006
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
2014
31
December
2013
Consolidated net financial debt
192.6
191.6
6.9
6.9
Other cash equivalents and non-current financial receivables
199.5
198.5
Consolidated net financial debt prepared on the basis of
Consob communication No. DEM/6064293 dated 28 July
2006
Financial indebtedness comprises:
- bank payables mainly represented by the new Restructuring Agreements signed on 23
December 2014, relating to the restructuring of the financial debt deriving from the contract
entitled “Group Facilities Agreement”, in turn entered into on 3 July 2009.
- 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
Bank payables, amounting in total to EUR 145.9 million, relate to the Group Facility Agreement as
redefined by the Restructuring Agreements entered into on 23 December 2013 and to current bank
payables for current account overdrafts.
The amount owed to banks represented by the senior loan deriving from the new Restructuring
Agreements was as follows as at 31 December 2014 (face values of the debt):
Tranche A1: nominal residual amount of EUR 42.4 million ( maturing in November 2015);
Tranche A2: nominal residual amount of EUR 38.2 million ( maturing in September 2017);
Tranche B: nominal residual amount of EUR 54.4 million ( maturing in September 2017).
The liability is recorded in the consolidated financial statements at amortised cost.
On 3 January 2014, cash interest on the senior debt was paid for EUR 0.5 million.
At the same time as the signing of the new Restructuring Agreements, on 23 December 2014, EUR 5
million were paid in principal and EUR 0.4 million in interest.