Tiscali 2014 Annual Report Download - page 68

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Annual financial report as at 31 December 2014
Date
File Name
Status
Page
-
Annual Report as at 31
December 2014
68
Provisions for risks and charges
27
1,600
1,863
136,982
64,097
Current liabilities
Payables to banks and other lenders
28
65,351
143,730
Payables for financial leases
28
10,464
4,208
Payables to suppliers
29
91,348
8
94,001
150
Other current liabilities
30
72,611
68,592
239,774
8
310,531
150
Liabilities directly related to assets held for
sale
-
-
Total Liabilities and Shareholders’ equity
207,938
8
222,733
150
5.8 Explanatory Notes
Tiscali S.p.A. is a limited company incorporated under the laws of the Republic of Italy care of the
Cagliari Companies’ Register, with headquarters in Sa Illetta, Cagliari.
The Tiscali Group provides a wide range of services to its customers, both private individuals and
companies, from dial-up and ADSL Internet access, along with high technology content
telecommunications services and solutions.
This offer, which also includes voice services (such as mobile telephony) and portal services, enables
Tiscali to compete effectively with the major operators on the market.
Thanks to its unbundling network (LLU), its range of innovative services and its strong brand, Tiscali
has achieved an important position in the market of Italian telecommunications.
These consolidated financial statements (the financial statements) are drawn up using the Euro as the
reporting currency since this is the currency used to conduct most of the Group’s operations; all the
balances are rounded off to thousands of EUR unless otherwise indicated. Foreign activities have
been included in the consolidated financial statements according to the principles detailed below.
In preparing these financial statements, the directors have adopted the going-concern assumption and
therefore have drafted the financial statements using the standards and policies that are applied to
companies in operation.
The Board of Directors, on 19 March 2015, authorised the publication of these financial statements.
Assessment of the business as a going-concern and future outlook
Events and uncertainties regarding the business continuity
The Tiscali Group closed 2014 with a consolidated loss of around EUR 16.4 million and negative
consolidated shareholders’ equity of EUR 168.8 million. Furthermore, as at 31 December 2014, the
Group had a gross financial debt of EUR 204.3 million and current liabilities greater than current
assets (non-financial) for EUR 108.9 million.
As of 31 December 2013, the consolidated loss amounted to EUR 4.8 million, with negative
consolidated shareholders’ equity of EUR 151.9 million. Furthermore, as at 31 December 2013, the
Group had a gross financial debt of EUR 201.7 million and current liabilities greater than current
assets (non-financial) for EUR 106.5 million.