Tiscali 2001 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2001 Tiscali annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 174

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174

73
Net fixed assets as at December 31, 2001 amounted to EUR 386mn and increased with
respect to the previous FY. Total value, before depreciation, was about EUR 368mn. The
increase is mainly linked to extension of the consolidation area and investments made
during the FY.
Line item "Land and buildings" includes in the main real estate owned by Tiscali Denmark
SA - 100% of which is controlled indirectly - for a total net value of about EUR 53mn.
Transfer of the real estate was finalised in February 2002.
Line item "Industrial and commercial equipment" mainly includes specific and network
equipment, such as routers, servers and telephone exchanges which constitute the main
part of fixed assets.
The column "Other changes", refers as far as the cost of material fixed assets is
concerned, to the de-consolidation of some Companies of the Liberty Surf Group, while as
regards amortisation, it refers to increments in the consolidation area.
III - LONG-TERM INVESTMENTS
Analysis of long-term investments:
Participations in non-consolidated subsidiary and affiliated Companies as at December 31,
2001 amounted to about EUR 12mn. This value is mainly made up of the stake held by the
Parent Company Tiscali SpA in non-consolidated subsidiaries, including SurfEU.com Ltd,
under liquidation, posted for an amount of EUR 8.5mn, and Connect Software, posted for
an amount of EUR 1mn.
Participations in other Companies mainly consist of minority shareholding valued at cost,
of Tiscali SpA for EUR 4.7mn, Tiscali International BV for EUR 12.7mn (including First
Market Communication for EUR 9.1mn), Tiscali Finance for EUR 12.5mn mainly pertaining
to the former Andala SpA, renamed H3G SpA, of which Tiscali Finance holds 0.3%.
The significant reduction in "Receivables from others" is due to the write off of anticipated
future capital increase which was posted in 2000 in Tiscali Finance regarding Andala SpA.
12.31.2001 12.31.2000 CHANGE
Participations in
Non-consolidated subsidiary and affiliated Companies 12,448 27,178 (14,730)
Other Companies 30,552 14,858 15,694
Receivables
From others 2,564 19,720 (17,156)
Other long-term investments 104 (104)
Total 45,564 61,860 (16,296)
Consolidated Financial Statements