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2020 ITF Annual Report and Financial Statements

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NOTES (CONT.) (FORMING PART OF THE FINANCIAL STATEMENTS) 40. Liabilities from financing activities Leases $000 Net debt as at 1 January 2019 (2,521) Cash flows 714 Interest expense (65) Foreign exchange movements (124) Net debt as at 31 December 2019 (1,996) Net debt as at 1 January 2020 (1,996) Adjustment for change in future cash flows (additional rent-free month taken in 2020) 67 Cash flows 541 Interest expense (38) Foreign exchange movements (34) Net debt as at 31 December 2020 (1,460) 41. Olympic loan During the year, the ITF borrowed $3m from the IOC in lieu of Olympic revenues after the postponement of Tokyo 2020. The loan was received in two installments of $2m in September and $1m in December 2020. The loan is interest-free and payable upon receipt of revenues from the rescheduled Olympic Games in 2021, or in the event of a cancellation, by 2024. As the revenues to be received from the rescheduled Olympics are deemed more likely than not to be received in 2021, the loan has been shown as a current liability and any adjustment for amortised cost deemed immaterial. 33

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