Tiscali 2001 Annual Report Download - page 43
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35
Report on Operating Performance
Parent Company balance sheet results
Total non-current assets fell by EUR 126mn, mainly because of the adjustment of
subsidiary Companies' values, which was not offset by an increase in value from new
acquisitions.
The net financial position was negative to the tune of EUR 6.5mn. This item, shown in
detail in the Parent Company's Financial Statements, was affected by the acquisition
campaign, which continued in 2001. This also led to negative net working capital of EUR
-347mn. However, the negative value is almost entirely wiped out when considered net of
inter-group positions (assets and liabilities), dropping to EUR -6mn.
Tiscali considers this to be a temporary situation, since it was caused by the concentration
of liquid assets in subsidiary Companies, and is thus set to be absorbed as the Group
restructuring process nears completion, as well as by the positive effects of the expected
growth in revenues. Net working capital at Group level is in fact positive, at EUR 253mn.
Parent Company investments
During 2001, the Company's main investments consisted were effected through leasing
and operating leases. Capital expenditure were mainly related to the acquisition of new
routers, servers and switching exchanges in order to increase service capacity for future
needs. Fixed assets increased by about EUR 12mn. The Company also invested in
intangible assets, including software purchase and development, as part of the plan to
unify the Group's whole technological platform and billing procedures, and with the aim
also of providing new services, including the new Tiscali 10.0 package. Intangible assets
went up by EUR 29mn.
(in EUR mn)
2000 2001 % CHANGE
Non-current Assets 2,293.5 2,166.9 -6%
Current Assets 150.6 219.9 46%
Total Assets 2,444.1 2,386.8 -2%
Shareholders' Equity 2,287.4 1,793.0 -22%
Risk and Staff Severance Funds 13.2 24.8 87%
Liabilities 143.5 569.0 297%
Total Liabilities and Shareholders' Equity 2,444.1 2,386.8 -2%