Tiscali 2001 Annual Report Download - page 38
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Group balance sheet result
30
At end-December 2001, total non-current assets stood at EUR 1,302.7mn, a fall of EUR
54.6mn on 2000.
This fall was mainly due to goodwill write-downs carried out as a consequence of the
restructuring process.
Current assets decreased by 43%, mainly because of a reduction in cash, which was used
in 2001 to face operating losses, Group restructuring costs, investments in infrastructure
and fixed assets, and for some of the acquisitions made during the year. The Tiscali Group
had total cash of EUR 547.8mn at December 31, 2001. Its net financial position stood at
EUR 212mn, against EUR 1,032mn at end-2000.
Consolidated shareholders' equity was down 50%, mainly because of the net loss posted
in 2001. Liabilities went up by EUR 318mn, mainly because of the EUR 138.8mn increase in
trade payables caused by the increased size of the business, and because of payables to
non-consolidated subsidiaries and affiliated Companies, which rose by EUR 99.9mn on
2000. These last arose from the corporate restructuring process.
Group investments
During 2001 the Group made investments totalling EUR 259mn, net of consolidation
differences.
Investments in intangible assets amounted to EUR 140mn, while investments in fixed
assets stood at EUR 118mn.
Investments in intangible assets consisted mainly of software licence purchases and
development of new products and applications. Of the latter, it's worth mentioning Tiscali
10.0 a new-generation Internet technology product offering access to all Tiscali
communication services through a single subscription and log-in. Tiscali 10.0 was
launched in Italy in October 2001, and will be extended to other European countries this
year. Investments in intangible assets also included the purchase of bandwidth over a
number of years (IRUs, or Indefeasible Rights of Use).
Investments in fixed assets related mainly to the purchase of equipment and technical
instruments for developing network infrastructure.
Specifically, during the year the Group completed the development of its international and
national networks by acquiring routers and bandwidth, connecting the various POPs of its
international and national networks.
(in EUR mn)
2000 2001 % CHANGE
Non-current Assets 1,357.3 1,302.7 -4%
Current Assets 1,671.1 957.9 -43%
Total Assets 3,028.4 2,260.5 -25%
Shareholders' Equity 2,224.4 1,107.9 -50%
Risk and Severance Pay Funds 11.9 42.1 253%
Liabilities 792.1 1,110.4 40%
Total Liabilities and Net Sh. Equity 3,028.4 2,260.5 -25%