Annual report (20-F) - Ono

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Group only records profits realized at the year end, while foreseeable risks and potential losses are recorded as soon as they are identified. Revenues are derived, mainly, from the sale of telecommunications and cable television services to residential and business customers and from network interconnection with other operators. Such revenues are recognized only when persuasive evidence of a sales arrangement exists, the related services have been rendered, the sales price to the customer is fixed and determinable and collectibility is reasonably assured. 4. Short term investments Euro thousand 2004 2003 Short term investments in subsidiaries (1) 2 202 2 202 Margin calls under swap agreements — 19 556 Option — 4 349 Other short term investments 9 475 5 197 Provisions (2 202) (6 551) Total short term investments, net 9 475 24 753 (1) Investments in Madrid Sistemas del Cable, S.A. and Sevilla Sistemas del Cable, S.A. are excluded from consolidation and fully provided for as of December 31, 2004 and 2003. a) Margin calls under swap agreements According to the swap agreements subscribed in prior years, under certain circumstances the Group was committed to advance margin calls to its swap counterparties. As of December 31, 2003 the balance of margin calls made amounted to euro 19.6 million. The agreements expired in April 2004 and therefore the advance payments were cancelled (see note 13). b) Option In June 2003 the Group purchased a euro call / USD put option with the strike at USD 1.1729 per euro 1.00 on April 29, 2004 to cap the potential cash loss that the Group could face on maturity of the crosscurrency swap agreements. As of December 31, 2003 the remaining portion of the option was euro 4.3 million, which was fully provided for according to its market value. In April 2004 this option was paid off on maturity (see note 13). c) Other short term investments It mainly comprises short term cash deposits as guarantee of part of the state subsidies (see note 11.e). 5. Accounts receivable Euro thousand 2004 2003 Receivables from related parties (see note 20) 1 995 841 Accounts receivable and other debtors 46 866 57 242 Tax receivables (see note 18) 18 524 25 228 Less: Allowance for doubtful accounts (13 243) (30 451) Total accounts receivable, net 54 142 52 860 F-11
6. Start-up costs Euro thousand Balance at 12.31.2002 Additions Amortizations Disposals Balance at 12.31.2003 Leasehold improvements, net 9 093 1 603 (4 127) (768) 5 801 Stock issuance costs, net 4 673 4 (1 698) (13) 2 966 Total start-up costs 13 766 1 607 (5 825) (781) 8 767 Euro thousand Balance at 12.31.2003 Additions Amortizations Disposals Balance at 12.31.2004 Leasehold improvements, net 5 801 1 075 (3 110) — 3 766 Stock issuance costs, net 2 966 5 876 (2 104) (276) 6 462 Total start-up costs 8 767 6 951 (5 214) (276) 10 228 7. Intangible assets Euro thousand Balance at 12.31.2002 Additions Disposals Transfers Balance at 12.31.2003 Cost Goodwill 128 248 — — 260 128 508 Franchise acquisition costs 11 955 173 — — 12 128 Broadcast rights 3 682 2 286 (5 968) — — Computer software 32 393 3 289 (60) — 35 622 Finance leases 6 309 — — (4 647) 1 662 Other intangible assets 1 113 7 (240) — 880 Total cost 183 700 5 755 (6 268) (4 387) 178 800 Amortization Goodwill (13 453) (6 445) — (260) (20 158) Franchise acquisition costs (6 448) (273) 298 (145) (6 568) Computer software (20 539) (6 187) 13 — (26 713) Finance leases (3 127) (1 710) — 3 357 (1 480) Other intangible assets (759) (135) 48 145 (701) Total amortization (44 326) (14 750) 359 3 097 (55 620) Provisions — (1 737) — — (1 737) Total intangible assets, net 139 374 (10 732) (5 909) (1 290) 121 443 F-12
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SECURITIES AND EXCHANGE COMMISSION
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“RGUs” are revenue generating u
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CONTENTS Clause Item 1. Identity of
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PART I Item 1. Identity of Director
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Reconciliation between EBITDA and n
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The table below shows the high and
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significant qualifications and exce
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• consolidate our brand in the ma
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operating and financial performance
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the products and services we offer
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• our ability to access the finan
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In March 2005, Cableuropa performed
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Our Strategy experience with cable
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We offer the following bundled serv
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Digital Television The introduction
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annual revenue of around €1 milli
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them are trained in our specific in
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• Andalucía Cluster. The Andaluc
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• Television line-up. Sogecable h
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In accordance with the General Law
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Telecommunications further requires
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Obligations According to the releva
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second telephony lines. The network
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Address Current Use Size (square me
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Address Current Use Size (square me
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The following are the key factors a
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The following table sets forth reve
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The following table sets forth cert
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total revenues to 28.6% for the yea
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Net Extraordinary Income/(Expense)
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needed before commercial launch of
Page 63 and 64: Net cash provided by financing acti
Page 65 and 66: A number of these contracts are sub
Page 67 and 68: All decisions regarding our busines
Page 69 and 70: Leopoldo Calvo-Sotelo became an ind
Page 71 and 72: Audit and Compliance Committee GCO
Page 73 and 74: E. Share Ownership Currently none o
Page 75 and 76: The shareholders’ agreement provi
Page 77 and 78: Dividend and Liquidation Rights Pay
Page 79 and 80: • the aggregate increases approve
Page 81 and 82: As security for the senior bank fac
Page 83 and 84: The Indentures also provide for eve
Page 85 and 86: par value shares and subject to adj
Page 87 and 88: Where interest has been paid under
Page 89 and 90: the avoidance of double taxation. H
Page 91 and 92: possible application of the passive
Page 93 and 94: a sale, exchange, retirement or dis
Page 95 and 96: The table below shows the variable
Page 97 and 98: Item 16C. Principal Accountant Fees
Page 99 and 100: No. 333-10976)). (Now superseded.)
Page 101 and 102: Form F-4 (File No. 333-109976)). 4.
Page 103 and 104: INDEX TO THE CONSOLIDATED FINANCIAL
Page 105 and 106: CABLEUROPA, S.A.U. AND SUBSIDIARIES
Page 107 and 108: CABLEUROPA, S.A.U. AND SUBSIDIARIES
Page 109 and 110: Other subsidiaries: Company Name He
Page 111 and 112: d) Foreign exchange rate options Fo
Page 113: Had the life of this debt not been
Page 117 and 118: ) Finance leases Computer hardware
Page 119 and 120: 9. Financial assets Euro thousand B
Page 121 and 122: The detail of short and long term d
Page 123 and 124: Cancellation in 2003 of MBCF relate
Page 125 and 126: (e) State Subsidies Starting in 200
Page 127 and 128: Options granted under the Phantom P
Page 129 and 130: (c) Reserves (accumulated losses) i
Page 131 and 132: (c) The movement in deferred tax as
Page 133 and 134: In 2004, 2003 and 2002, the Group
Page 135 and 136: Transactions Services received Serv
Page 137 and 138: Euro thousand 2004 2003 Audit servi
Page 139 and 140: Euro thousand 2004 2003 2002 Change
Page 141 and 142: Reconciliation of net profit / (los
Page 143 and 144: Management of the Group considered
Page 145 and 146: (n) Start-up costs. Under Spanish G
Page 147 and 148: Amortization expense related to int
Page 149: (h) Leases The group leases certain
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Annual report (20-F) - Ono

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