iesy Repository GmbH - Irish Stock Exchange

COURTESY TRANSLATION FROM THE GERMAN LANGUAGE
FOR INTERPRETATION, THE GERMAN TEXT SHALL PREVAIL
KABELNETZ NRW HoldCo GmbH, Cologne
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR FISCAL YEAR 2003—(CONTINUED)
Also within the scope of restructuring ish NRW, liabilities due to key vendors were also restructured. It was agreed
with these vendors to convert ish NRW liabilities of current trade liabilities to long-term notes payable of €100 million,
which are stated on the balance sheet under other liabilities. Furthermore, the due dates for payments in the amount of €24
million were extended. These are included in trade accounts payable.
Of the long-term notes in the amount of €100 million, a tranche of €25 million bears interest at 3% over LIBOR and
ranks pari passu with the non-elevated tranche of €518,273k under the Senior Credit Facility. The remaining amount of €75
million bears interest at 3.5% over LIBOR and ranks after all other secured liabilities. The long-term notes payable are due
upon the earlier October 1, 2006 or of the sale of ish NRW or refinancing (“Exit Event”). Notes amounting to a minimum of
€25 million are to be paid in October 2005, if no Exit Event has occurred by this date.
The liability of €24 million shown under trade liabilities ranks pari passu with the Term Facility and also bears interest
at 3.5% over LIBOR. The liabilities are due upon the earlier October 1, 2006 or of the sale of ish NRW or refinancing (“Exit
Event”).
The long-term notes payable and the trade accounts payable with extended due dates are also secured by the entire
fixed and current assets of ish NRW.
Other Liabilities
Other liabilities include €1,592k which relates to accrued interest from finance loans due after the balance sheet date.
Deferred Income
Income of €58,221k is deferred for payments received from customers for cable TV services to be provided after
December 31, 2003.
Revenues
Cable TV fees 332,454
Program fees and other revenues 37,481
354
€000
369,935
Revenues from cable TV fees include monthly or annual fees to be paid by direct subscribers and strategic customers.
In addition to these recurring payments, one-off customer fees are also included in revenues.
Program fees and other revenues are generated from fees for the use of the broadband cable network for national and
regional/local programs by program providers. Digital content revenues are also included in the program fees and other
revenues. Revenues recognized in this context in the fiscal year comes to €9,481k. These fees relate to the feeding in and
broadcasting of digital TV programs. The income is received via Deutsche Kabel Services GmbH & Co. KG (“DKS”), a
KDG group company. DKS operates the digital platform of the broadband cable network of KDG. Costs incurred in
connection with the digital platform are included in the cost of purchased services (€10,420k).