Tiscali 2014 Annual Report Download - page 36

Annual financial report as at 31 December 2014
Date
File Name
Status
Page
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Annual Report as at 31
December 2014
36
 the ability to refinance the last instalment of the debt as per the Restructuring Agreements
falling due in 2017;
as well as the achievement of the envisaged growth objectives, on the basis of the matters indicated
above, believe that the positive conclusion of the Group restructuring and recapitalisation process is
reasonable, so as to be able to proceed with the implementation of the 2015-2018 Plan, thereby
permitting over the long-term the achievement of a balanced equity, financial and economic situation.
In conclusion, the Directors - analysing the aspects already achieved within the sphere of the process
aimed at permitting the Group to achieve a situation of economic, equity and financial balance over
the long-term, acknowledge that as of the current date, and as already indicated in the financial
statements relating to 2013, uncertainties remain relating to events or circumstances which could lead
to significant doubts as to the Group’s ability to continue operating on the basis of the assumption of a
going-concern. However, after making the necessary checks and after assessing the uncertainties
found in light of the factors described above, taking into account the matters envisaged by the
Restructuring Agreements with regard to the Group recapitalisation and debt restructuring transaction,
they have the reasonable expectation that it is possible to achieve a financial structure for the Group in
line with the expected cash flows and that the Group has adequate resources to continue operations
in the near future and therefore have adopted the going-concern assumption when preparing these
financial statements.
This assessment is naturally the result of a subjective opinion, which has compared - with respect to
the events indicated above - the degree of probability of their occurrence with the opposite situation. It
must be noted that the prognostic opinion underlying the decision of the Board, is liable to be
contradicted by the evolution of events. Precisely because it is aware of the intrinsic limits of its
decision, the Board of Directors will constantly monitor the evolution of the factors taken into
consideration (as well as any other additional circumstance which takes on significance), so as to be
able to promptly adopt the necessary measures, also in terms of recourse to the procedures
envisaged by the law for business crisis situations.
One-off transactions
Pursuant to Consob Resolution No. 15519 dated 27 July 2006, it is hereby disclosed, in particular, that
during 2014 specific debt positions were written off following agreements with suppliers for a total of
EUR 2.4 million. Provisions were also made for charges relating to tax assessments defined during the
year for a total of EUR 2.4 million.
Atypical and/or unusual operations
Pursuant to Consob Communication dated 28 July 2006, it is hereby specified that during 2014 the
Company did not enter into any atypical and/or unusual transactions, as defined by said
Communication.
Transactions with related parties
During the year, the Tiscali Group had a number of dealings with related parties, under conditions
considered normal on the respective reference markets, taking into account the characteristics of the
goods and services provided.
Related parties with whom transactions were concluded in 2014 included: