Tiscali 2001 Annual Report Download - page 82

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74
C) WORKING CAPITAL
I - INVENTORIES
Analysis of inventories:
As of December 31, 2001, the total value of inventories was about EUR 17.8mn, consisting
mainly of network equipment, consumables, telephone cards, goods for resale for
merchandising activities and modems which, in the 2000 financial statements, were
posted as finished products and merchandise. The notable increase is due to the entry in
the consolidation area of the French Company Intercall SA which, operating in the
telephone sector, has a stock of telecommunication equipment for resale or loan for use.
II - RECEIVABLES
Receivables are broken down as follows:
INVENTORIES 12.31.2001 12.31.2000 CHANGE
Raw materials, supplies and consumables 16,796 1,109 15,687
Work in progress and semi-finished products 679 40 639
Work in progress to order 136 697 (561)
Finished products and merchandise 2,603 (2,603)
Advance payments 241 1,572 (1,331)
Total 17,852 6,021 11,831
Receivables from customers totalled EUR 245mn. They accrued from the sale of Internet
services, mainly consisting of the invoicing of network access services, reverse
interconnection traffic, advertising revenues and business to business and telephone
services provided by the Group. The sharp increase recorded in receivables from
customers is mainly linked to the enlargement of the consolidation area and the growth of
business.
Receivables are posted at their presumed realisable value by means of an "ad hoc"
reserve for bad debts.
RECEIVABLES 12.31.2001 12.31.2000 CHANGE
From customers 245,327 119,381 125,946
From non-consolidated subsidiary and affiliated Companies 659 19,419 (18,760)
From others 101,557 46,691 54,866
Total 347,543 185,491 162,052