Tiscali 2008 Annual Report Download - page 139

Download and view the complete annual report

Please find page 139 of the 2008 Tiscali annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 173

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173

TISCALI S.P.A. – FINANCIAL STATEMENTS AND EXPLANATORY NOTES
138
Disability: INPS 1998 M/F disability
tables
Resignation: 4% from 20-65 years
Advance payments: 2% from 18-65 years
Retirement: 65 for men and 60
for women, with maximum
length of service of 40 years
Provisions for risks and charges (note 21)
The table below shows the period changes:
EUR (000) 31.12.2007 Increases Decrease 31.12.2008
Provision for risks and charges
regarding employees disputes 1,835 110 (184) 1,762
Provision for coverage
of losses on investee companies 20,118 17,240 (1,299) 36,059
Provision for restructuring charges - 2,400 . 2,400
Other minor provisions 109 - (109) -
Total 22,062 19,750 (1,591) 40,220
The Provision for coverage of losses on investee companies
comprises:
EUR (000) 31.12.2007 Increases Decrease 31.12.2008
Quinary S.p.A. 1,299 - (1,299) -
Tiscali Finance SA 18,744 11,397 - 30,141
Tiscali Deutschland Gmbh - 5,843 5,843
Energy Byte S.r.l. in liquidation 38 - 38
Tiscali Motoring S.r.l. in liquidation 38 - - 38
Total 20,118 17,240 (1,299) 36,059
The provision for restructuring charges was established during
the year to cover the process for the overhaul of the
organizational structure launched in December 2008, now
close to completion.
.
Payables to banks and other lenders (note 22)
EUR (000) 31.12.2008 31.12.2007
Payables to banks and other lenders:
Payables to banks 627 2,169
Total 627 2,169
The item only refers to bank overdrafts necessary for covering
operating cash requirements.
Payables to suppliers (note 23)
EUR (000) 31.12.2008 31.12.2007
Trade payables to third parties 10,929 11,818
Trade payables to Group companies for materials and services 11,148 32,182
Total 22,077 43,999
Trade payables to third party suppliers relate mainly to payables
for professional consulting services provided.
It should be mentioned that Trade payables are payable within
twelve months and it is considered that their book value is
approximate to their fair value as of the balance sheet date.
Trade payables to Group companies are detailed below:
EUR (000) 31.12.2008 31.12.2007
Tiscali International BV - 7,960
Tiscali Business Gmbh - 546
Tiscali Gmbh - 109
Tiscali Espana SL 5 5
Tiscali UK Ltd 7,956 18,362
Tiscali Italia S.p.A. 3,187 2,179
Tiscali Services S.p.A. - 2,140
Quinary S.p.A. - 7
Tiscali International Network BV - 873
Total 11,148 32,182
Note that trade payables to Tiscali International Network B.V.
(EUR 0.8 million) have been reclassified as payables to third
parties due to the preliminary agreement for the sale of the
activities reach in February 2009.
Other current liabilities (note 24)
EUR (000) 31.12.2008 31.12.2007
Accrued expenses 15 36
Deferred income 2 308
Other payables to Group companies 45,753 234,270
Other payables to third parties 5,112 3,885
Total 50,883 238,499
The item Other payables to Group companies refers to the
financial payable to the company Tiscali International B.V., a
sub-holding company of the Tiscali Group, due during the year.
The outstanding loan agreement does not envisage the
charging of interest expense (interest-free loan).
The item Other payables mainly includes payables to the tax
authorities for VAT totalling EUR 1.8 million, for withholdings
on employee wages and due to welfare and social security
institutions for approximately EUR 1 million, payables to
employees for EUR 1.3 million and other payables for a total
of EUR 1 million, of which EUR 0.8 million due to Directors for
emoluments.