Tiscali 2003 Annual Report Download - page 112

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114114
CHANGES DURING THE YEAR
The changes in each holding during the year are shown in the table below.
With regard to the changes that took place in 2003 versus the previous year, increases totalled EUR 13.7 million, while decrea-
ses totalled EUR 96 million, comprising disposals (EUR 8.9 million), write-downs (EUR 41.8 million) and other changes (EUR
45.3 million). Other changes break down as EUR 13.5 million relating to a reduction in the share capital of Excite Italia BV, and
EUR 31.8 million in respect of the reallocation of the portion of reserves for risks and future liabilities recorded in the accounts
the previous year to cover charges relating to shareholdings. In the 2003 accounts, the latter amount relates to Tiscali Deutschland
GmbH (EUR 16.8 million) and World Online International N.V. (EUR 15.0 million).
As indicated in the section on accounting policies above, equity investments are recorded at cost and written down in the event
of a permanent loss of value, as required by the Italian civil code. The balance sheet value of shareholdings, including cases where
these figures are higher than those obtained by valuing the shareholdings using the equity method, are still representative of their
value, as they take into account the goodwill attached to each holding.
31.12.2003 31.12.2002
OTHER COMPANIES COST WRITE-UPS (DOWNS) B/S VALUE COST WRITE-UPS (DOWNS) B/S VALUE
Crs4 126 - 126 126 - 126
Consorzio Green Management - - - 5 (5) -
Mix S.r.l. 1 - 1 1 - 1
Tiscali Int.l Network S.p.A.
(ex Nets Broadband S.p.A.) 33 - 33 34 - 34
160 - 160 166 (5) 161
BALANCE WRITE-UPS BALANCE
31.12.2002 INCREASES (DISPOSALS) (DOWNS) OTHER CHANGES 31.12.2003
SUBSIDIARIES
Best Engineering S.p.A. 1,290 - - - - 1,290
Energy Byte S.r.l. - - - - - -
Excite Italia BV 30,648 3,398 (2,776) (5,000) (13,500) 12,770
EUnet Edv und Internet Dienstleistung - 2,101 (2,101) - - -
Home Se AB - 550 (550) - - -
Ideare S.p.A. 2,998 - - - - 2,998
Informedia S.r.l. - - - - - -
Liberty Surf Group S.A. 518,929 - - - - 518,929
Tiscali Business Services S.p.A. (ex Nextra) - 1,252 - - - 1,252
Quinary S.p.A. 11,096 - - (10,000) - 1,096
STS Studi Tecnologie e Sistemi S.r.l. 3,228 - (1,937) - - 1,291
Tiscali Armement Sarl 892 - (892) - - -
Tiscali Datacomm AG (ex Datacomm AG) 40,322 3,474 - (26,784) - 17,012
Tiscali Deutschland GmbH (ex Nikoma) 53,166 - - - (16,779) 36,387
Tiscali Finance S.A. 125 - - - - 125
Tiscali Motoring S.r.l. (ex Motorcity S.p.A.) 500 - - - - 500
Tiscali Telecomunicaciones S.A. 125 - - - - 125
World Online International N.V. 1,409,034 2,300 - - (15,064) 1,396,270
Andaledda S.p.A. 88 15 - - - 103
Connect Softwer Inc 1,027 - - - - 1,027
G.S.T. Gilla Servizi Telecomunicaz. S.r.l. 45 - - - - 45
Tiscali Czech Republic Sro 39 - - - - 39
Tiscali Internet Limited - 598 (598) - - -
Tiscali ITS S.r.l. 1,593 - - - - 1,593
2,075,145 13,688 (8,854) (41,784) (45,343) 1,992,852