Tiscali 2001 Annual Report Download - page 136

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128
Tiscali Reseaux SA (formerly Tiscali France SA)
The increase of EUR 33mn in the value of Tiscali France SA participation is linked to the
waiver, by the Parent Company, of part of its credit towards the same subsidiary in order to
recapitalise it.
In March 2002, the Company Tiscali France, which incorporated through a merger its three
subsidiaries A Telecom Enterprise SA, was transferred to Libertysurf Group. Thus the
shareholding was written down by EUR 124mn in order to align its value to the transfer
value of EUR 5mn.
During 2001, Tiscali France SA was renamed "Tiscali Reseaux SA".
Tiscali Deutschland GmbH (formerly Nikoma GmbH)
This Company, taken over in 2000 by means of the issue of new shares, was written down
for about EUR 214mn in order to align its value to the average quotation of Tiscali stock as
at January 2002, which was substantially lower than quotation at acquisition date.
World Online International NV
The increase, of EUR 57.6mn, is linked to the acceptance of late subscriptions of the public
exchange offer launched in November 2000 and covering the whole of World Online
shares.
Tiscali, which as at December 31, 2000 held 96.5% of World Online stock, at the end of the
exchange period held about 99.5%.
The shareholding was written down by EUR 401mn in order to align its value to the average
quotation of Tiscali stock as at January 2002, which was substantially lower than quotation
at acquisition date.