0
and signing on fees 15,384 10,727 4,538 12,050
Other debtors 8,153 9.520 9,172 1,702
Provision doubtful debts (1,477) (1,296) (111) (125)
22,060 18,951 13,599 13,627
3. Financial fixed assets
The certificates from Station Amsterdam N.V. (the ArenA) relate to a participation of 20,000
'F' share certificates, with a nominal value of NLG 1,000 each, in the share capital of the
Amsterdam ArenA. This participation of approximately 13% has been valued at historical
cost.
NLG 30,000 has been contributed to the 'Stichting Verzelfstandiging Eredivisie'.
This contribution concerns a loan, part of which will be transferred to the participation
ENV when it is incorporated.
4. Stock
December 31, 1997 June 30, 1997 June 30, 1996 June 30, 1995
NLG '000 NLG '000 NLG '000 NLG '000
Finished goods 194
These stocks relate to the merchandising activities.
5. Receivables
December 31, 1997 June 30, 1997 June 30, 1996 June 30, 1995
NLG '000 NLG '000 NLG '000 NLG '000
Debtors relating to transfer
As at December 31, 1997 debtors include an amount of NLG 5,340,000 which was due
after more than one year (as at June 30, 1997, NLG 4,474,000).
6. Deferred tax assets and liabilities
When the Association started being liable for taxes as of July 1, 1994, the fiscal valuation
of fixed assets exceeded the respective commercial valuations. This higher valuation
relates to transfer and signing on fees of NLG 31.8 million and NLG 13.7 million to tangible
fixed assets. The related deferred tax assets amounted to NLG 15.9 million (35% of
NLG 45.5 million) and is included in equity as at July 1, 1994.
As from July 1, 1994, deferred taxation has also been influenced by the payment of
transfer and signing on fees for non-EU players, which cannot be depreciated fiscally, as
well as by the use of fiscal 'replacement provisions' based on the so called exchange court
rulings. In the pro forma consolidated profit and loss accounts, a tax burden of
approximately 35% has been reported, which results in a tax charge of NLG 34.6 million
for the period from July 1, 1994 to December 31, 1997. As at December 31, 1997, a current
tax liability of approximately NLG 12 million was recognised in the pro forma consolidated
balance sheet. The difference between both of the amounts mentioned is, for the most
part, a result of the revenue as at June 1, 1994 of NLG 15.9 million and the delay of tax
payments entailed in using the 'replacement provision'.
