Tiscali 2008 Annual Report Download - page 88

Shareholders’ equity pertaining to minority
shareholders (note 26)
The shareholders’ equity pertaining to minority shareholders
changed due to the allocation to minority shareholders of the
period result and due to exchange rate changes.
Non-current financial liabilities (note 27)
(EUR 000) 31.12.2008 31.12.2007
Payables to bondholders - 43,842
Payables to banks and other lenders
Payables to banks - 450,053
Payables to other lenders 30,743 30,086
30,743 480,139
Payables for finance leases (m/l-term) 73,118 79,467
Total 103,861 603,449
The financial position is shown in the table below:
(EUR 000) 31.12.2008 31.12.2007
A. Cash 24,202 134,231
B. Other cash equivalents - -
C. Securities held for trading - -
D. Cash and cash equivalents (A) + (B) + (C) 24,202 134,231
E. Current financial receivables 2,709 7,511
F. Non-current financial receivables 1,436 -
G. Current bank payables 510,012 171,276
H. Current portion of non-current debt - -
I. Other current financial payables (*) 21,399 24,430
J. Current financial debt (G) + (H) + (I) 531,411 195,706
K. Net current financial debt (J) – (E) – (F) – (D) 503,065 53,964
L. Non-current bank payables - 450,053
M. Bonds issued - 43,842
N. Other non-current payables (**) 113,387 109,553
O. Non-current financial debt (L) + (M) + (N) 113,387 603,449
P. Net financial debt (K) + (O) 616,452 657,413
(*) includes leasing payables
(**) includes leasing payables and payables due to shareholders
The above table has been drawn up in light of the Consob
Communication n. DEM/6064293 dated 28 July 2006.
For the evolution of current financial debt, reference should
be made to the comments below.
The standstill period obtained from the banks until June 2009
concerns the payment of interest and principal instalments
on the medium/long-term financial debt (except for leasing
on machinery) and the freezing of the calculation of the
covenants (present in the senior bank debt for EUR 100 million,
not observed at 31 December 2008) and the short-term bank
credit facilities.
On a consistent basis with the standstill agreement and the
process for the renegotiation of the debt underway, steps were
taken to reclassify the medium/long-term financial debt as
short-term debt.
The debt ratio at year end was as follows:
(EUR 000) 31.12.2008 31.12.2007
Net debt (*) (616,452) (657,413)
Shareholders’ equity (**) 4,777 206,970
Debt ratio 129.0 3.2
(*) the debt includes short and medium/long-term borrowing
(**) shareholders’ equity includes all the Group’s capital and reserves
Payables to bondholders (note 27 bis)
As described in the previous note 25 Shareholders’ Equity, the
liability for the convertible bond subscribed by Manage -
ment&Capi tali in December 2007 for a nominal EUR 60 million
at an annual rate of 6.75%, was fully converted into capital on
15 September 2008.
Payables to banks and other lenders (note 28)
Payables to other lenders (EUR 30.7 millions) refer to the loan
bearing interest at market rates, granted in 2004 by the
shareholder Andalas Limited, for EUR 30.2 million. The loan
was raised to support the investments necessary for aiding
growth and in particular the implementation of an unbundling
network infrastructure. On 13 September 2007, this loan was
subordinated with respect to the new loan granted by Banca
Intesa SanPaolo and JP Morgan. That loan expires on 12 March
2015 (180 days after the expiry of the senior debt fixed on 13
September 2014).
Payables for finance leases (m/l-term) (note 29)
The item Liabilities for finance leases (EUR 73.1 million) includes
payables to leasing companies for finance lease agreements.
Finance leases
The reconciliation between the total of the minimum payments
due for leasing as of the balance sheet date and the current
value for each of the periods considered, is presented below.
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CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES