Tiscali 2001 Annual Report Download - page 40

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32
(in EUR mn)
2000 2001 % CHANGE
Revenues 120.9 115.8 (4%)
Operating Expenses (146.3) (138.7) (3%)
EBITDA (25.3) (23.6) (7%)
Depreciation, amortisation & provisions (24.7) (33.2) 34%
EBIT (49.9) (56.1) 12%
Net Financial income (Charges) (1.1) (6.2) 436%
Net Extraordinary Charges (3.8) (978.9)
Write-downs (46.8)
Profit (Loss) Before Tax (101.0) (1.041.2)
Tax
Net Profit/Loss (101.0) (1.041.2)
Parent Company operating performance
The Parent Company generated revenues of EUR 115.8mn, a 4% decline on 2000 resulting
from a drop in voice revenues. This was mainly due to fierce local competition on the voice
services market, and to the Company's greater focus on its core business of Internet
services for private and business customers.
As a matter of fact, emphasise total revenues from Internet-related services rose by 38%,
thanks to the growth of the Italian market and the success of Tiscali's services, which
confirm the Company's leading position in Italy alongside Virgilio-Tin.it and Wind-
Infostrada.
EBITDA in 2001 stood at EUR -23.6mn, largely in line with 2000. Note however that the
2001 result was significantly affected by Tiscali SpA's operating costs related to
international corporate activities, totalling some EUR 14mn. These costs were considerably
less in 2000; their sharp increase in 2001 was due to Tiscali's international expansion.
Therefore, EBITDA, net of holding costs and following the application of the I.A.S. 17
accounting principle, was actually positive for EUR 5.3mn in 2001.
The year closed with net losses of EUR 1,041mn. This loss was mainly due to extraordinary
items of EUR 979mn, following the adjustment of shareholding values as part of the
Group's reorganisation. This is shown in the Parent Company's Notes to the Financial
Statements.