Tiscali 2014 Annual Report Download - page 113
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Annual financial report as at 31 December 2014
Date
File Name
Status
Page
-
Annual Report as at 31
December 2014
113
Accrued expenses mainly refer to charges for staff.
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 15 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 8.7 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 15.2 million.
The item other payables, EUR 30 million, essentially includes:
- the balance of VAT payable for EUR 12.4 million.
- payables to the tax authorities and social security institutions for around EUR 8.6 million;
- amounts for the employees for EUR 1.5 million;
- payables relating to the ministerial grants concerning the Italian subsidiary for EUR 2.7 million;
- payables for AGCOM sanctions and IMU fine for EUR 1.9 million;
- amounts due for IRAP and other taxes with regard to the Italian subsidiaries for EUR 3.3
million.
Financial instruments
Financial risk management objectives
The Group’s Corporate Treasury division provides business services, co-ordinates access to the
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
In relation to the outstanding debt, mainly fixed rate, the Company does not feel that the risk related to
fluctuating rates is significant, therefore it has not entered into any risk hedging transactions.
Handling of the liquidity risk
The following table considers the maturity of the financial investments for the next five years with
particular indication of the amounts to be paid in 2014.
The cash flows shown in the table refer to the nominal amounts due on outstanding loans: