Tiscali 2008 Annual Report Download - page 138

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TISCALI S.P.A. – FINANCIAL STATEMENTS AND EXPLANATORY NOTES
137
DETAILED STATEMENT OF SHAREHOLDERS’ EQUITY ITEMS Summary of uses in
EUR (000) the last 3 accounting periods
Amount Utilisation Available Available Available Loss Other
options portion portion portion coverage
with no with tax
tax effect effect
Share capital 308,273 -----
Share premium reserve 990,857 A,B 990,857 - - 123,775 -
Stock option reserve 3,841
Reserve for treasury shares (6,187)
Accumulated losses and losses for the period (1,142,687) -----
Total 154,096 990,857 - - 123,775 -
Utilisation options – Key:
A For share capital increases
B For loss coverage
C For distribution to shareholders
Other non-current liabilities (note 19)
EUR (000) 31.12.2008 31.12.2007
Payables to Group companies 3,108 1,792
Other payables 515
Total 3,623 1,792
The balance of Other non-current liabilities concerns financial
payables to Group companies for EUR 3 million, represented by
Tiscali Italia S.p.A..
The analysis of financial payables to Group companies is as follows:
EUR 000 31.12.2008 31.12.2007
Tiscali Motoring S.r.l. - 69
Tiscali Italia S.p.A. 3,092 509
Tiscali Services S.p.A. - 927
Quinary S.p.A. - 268
Tiscali International Network S.p.A. - 3
Tiscali International Network BV - -
Tiscali International Network SA 16 16
Total 3,108 1,792
Note that financial payables to Tiscali International Network B.V.
(EUR 0.5 million) have been reclassified as payables to third
parties due to the preliminary agreement of the purchase/sale of
the activities reached in February 2009. Please see the
comments to note 7.5.16 for greater details.
The break down by maturity of Other non-current liabilities is as
follows:
EUR 000 31.12.2008 31.12.2007
1-5 years 3,623 1,792
beyond 5 years - -
Total 3,623 1,792
Liabilities for pension obligations and staff severance
indemnities (note 20)
The table below shows the period movements:
EUR (000) 31.12.2007 Increases Decreases Other changes 31.12.2007
Staff severance indemnity 345 261 (318) (17) 271
Total 345 261 (318) (17) 271
The staff severance fund, which includes the indemnities accrued
chiefly in favour of employees, amounts to EUR 0.3 million.
In accordance with national regulations and laws, the amount due
to each employee is accrued depending on the service provided
and has to be immediately disbursed when the employee leaves
the company. At the end of the work relationship, the amount due
is calculated pursuant to Italian statutory and employment
legislation, on the basis of the duration of the employment
relationship itself and the taxable remuneration of each employee.
The liability is annually adjusted in compliance with the official
cost-of-living index, and with the interest envisaged by law. It is not
associated with any condition or period of accrual, or with any
obligation of financial borrowing; therefore, there are no assets
serving the provision. In compliance with IAS 19, the provision
was recorded under “Plans with defined benefits”.
The main actuarial hypotheses used for the valuation are
presented below:
Financial assumptions
Inflation rate: 2.25%
Discount rate 6%
Demographic assumptions:
Mortality: ISTAT 2002 M/F mortality
tables with reference also to
SIM 2002 and SIF 2002