Tiscali 2013 Annual Report Download - page 105

Download and view the complete annual report

Please find page 105 of the 2013 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 194

  • 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
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
105
Financial instruments
Fair value
The following tables show the valuations respectively at 31 December 2013 and at 31 December
2012, of financial instruments present as of the balance sheet date:
31 December 2013
Book value
Fair value
(EUR 000)
Secured bank loans
131,791
131,180
Unsecured bank loans
11,940
11,940
Payables for financial leases
57,950
50,749
31 December 2012
Book value
Fair value
(EUR 000)
Secured bank loans
132,253
103,136
Unsecured bank loans
6,327
6,327
Payables for financial leases
58,713
49,149
The fair value of the financial instruments as indicated above was determined using the discounted
cash flow method and taking as reference the market interest rates, in addition to contractual spreads
(where applicable).
Stock options
There are no stock option or share incentive plans outstanding.
Disputes, contingent liabilities and commitments
During the normal course of its business, the Tiscali Group is involved in a number of legal and
arbitration proceedings, as well as being subject to tax assessments.
A summary of the main proceedings to which the Group is a party, is presented below.
Disputes
Vereniging van Effectenbezitters/ Stichting Van der Goen WOL Claims dispute
In July 2001, the Dutch association Vereniging van Effectenbezitters and the Stichting VEB-Actie WOL
foundation, which represent a group of around 10,000 former minority shareholders of World Online
International NV (hereinafter “WOL”), summonsed WOL (currently 99.5% owned by Tiscali) and the
financial institutions tasked with the stock market listing of the Dutch subsidiary, disputing, in
particular, the incomplete and incorrect nature, as per Dutch law, of certain information contained in