Tiscali 2014 Annual Report Download - page 25

Annual financial report as at 31 December 2014
Date
File Name
Status
Page
-
Annual Report as at 31
December 2014
25
Liabilities
Non-current liabilities
Non-current liabilities as at 31 December 2014 amounted to EUR 137 million, compared with a
balance of EUR 64.1 million as at 31 December 2013 and include both the items pertaining to the
financial position, with reference to which please see the comments made further on, the provision for
risks and charges totalling EUR 1.6 million, the employee severance indemnity for EUR 5.5 million,
and payables to customers for guarantee deposits amounting to EUR 0.4 million.
With regard to the long-term loans, it is hereby disclosed that as at 31 December 2014, the non-
current liabilities included the long-term portion of the financial debt established on the basis of the
Restructuring Agreements and recognised in accordance with the international accounting standards.
The same item presented a zero balance as at 31 December 2013 since, further to failure to observe
the financial covenants envisaged by the GFA loan agreement, the Group had taken steps to
reclassify the entire financial debt for the GFA under current liabilities.
Current liabilities
Current liabilities amounted to EUR 239.8 million as at 31 December 2014 (compared with EUR 310.5
million as at 31 December 2013) and mainly include the current portion of financial payables, the
current portion of the Sa Illetta Sale & Lease back payable, payables to suppliers, together with
accrued expenses pertaining to the purchase of access services and line rental.
The change with respect to the previous year was mainly the result of the classification of the financial
debt as per the GFA, as described in the section related to non-current liabilities.
The Group’s financial position
At 31 December 2014, the Tiscali Group held cash and cash equivalents totalling EUR 4.8 million,
against a net financial debt, at the same date, of EUR 192.6 million (EUR 191.6 million as at 31
December 2013).
(EUR mln)
Notes
31
December
2014
31
December
2013
A. Cash and Bank deposits
4.8
3.1
B. Other cash equivalents
0.0
0.0
C. Securities held for trading
-
-
D. Cash and cash equivalents (A) + (B) + (C)
4.8
3.1
E. Current financial receivables
0.1
0.1
F. Non-current financial receivables
(1)
6.9
6.9
G. Current bank payables
(2)
12.5
11.9
H. Current portion of non-current debt
(3)
52.8
131.8
I. Other current financial payables (*)
(4)
10.6
4.3
J. Current financial debt (G) + (H) + (I)
75.9
148.0