Tiscali 2001 Annual Report Download - page 74
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66
When an asset is purchased in the course of the financial year, depreciation of said
asset for that year is reduced across the board by 50 percent. This accounting
Plant and machinery
- plant and machinery in general 20%
- specific plant and machinery 20%
- other plant and machinery 20%
Industrial and commercial equipment
- network equipment and other specific equipment 20%
- other machines 12%
Other assets
- office automation and furnishings 20%
- other assets 20%
shareholders' equity of the subsidiary/affiliated Companies. Amounts in excess, if
any, not attributable to single entries in the assets of Companies included in the
consolidation appear as adjusting entries in the consolidated shareholders' equity,
or, if the necessary prerequisites are present, are shown in the assets in line item
"Consolidation difference"; this account is amortized over the period during which it
is expected to produce economic benefits, for a maximum of ten years.
Costs of maintenance and improvement of third party assets are shown in the line
item "Other intangible assets" and are amortized systematically either over the
period of estimated future use, or that shown in the leasing contract, whichever is
the shorter.
Non-current assets whose market value at the end of the financial year is durably
lower than their cost depreciated by means of the above criteria, are written down
until the value shown corresponds to their market value. If the reasons which
determined said loss in value cease to apply, the cost is then written back.
g) Fixed assets and depreciation
Fixed assets are recorded at purchase or production cost, including any ancillary
charges.
Depreciation is calculated with reference to cost, in a manner consistent with the
possibility of residual use.
The posting of financial leasing operations for capital equipment is based on the
interpretation of applicable legislation, i.e. leasing payments are posted according
to the reference period in which they occur.
Routine maintenance expenses are wholly debited to the profit and loss statement.
Maintenance expenses of an incremental nature are attributed to the asset to which
they refer and are amortized based on the possibility of residual use of said asset.
Following is a summary of depreciation rates, which remain unchanged with respect
to the previous FY and are substantially in line with those of the Parent Company
and are as follows: