Tiscali 2003 Annual Report Download - page 115

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117117
Tiscali Finance S.A.
The book value of this Company (a Luxembourg-based vehicle used by the Tiscali Group to issue bonds) has been indirectly adju-
sted by EUR 18.7 million, shown under Reserve for risks and charges, accounted or to remedy the negative shareholders’ equity
position, which is currently being resolved.
Tiscali Motoring S.r.l. (EUR 0.5 million)
Although this Company is being wound up, it maintains its value because its auto website is now operational.
Tiscali Telecomunicaciones S.A. (EUR 0.1 million)
The value of this Company, after write-downs booked in previous years, relates to one of the Group’s ISPs in Spain. Although the
shareholders’ equity for the Company is negative, the amount recorded is broadly supported by the independent consultant’s report
on the assets owned in the countries in which the Group is present.
World Online International N.V. (EUR 1,396 million)
This is a sub-holding Company based in the Netherlands, which controls Tiscali Group companies operating in several countries,
including the UK, the Netherlands, Denmark and South Africa.
The book value is given after write-downs following permanent losses of value of EUR 413.4 million booked in 2001, and the
restatement of EUR 15 million relating to an amount previously included in provisions for risks and future liabilities. As of 31
December, no other changes have taken place, and no reasons for further write-downs have arisen, taking into account the trend
in results recorded in recent financial years, and in particular, those set out in the Group’s business plan for the countries in which
legal entities are controlled by World Online International N.V., which is a directly-owned subsidiary of Tiscali S.p.A..
The value of the holding includes goodwill relating to several indirectly-owned subsidiaries, and was confirmed by the indepen-
dent consultancy report.
Andaledda S.p.A. (EUR 0.1 million)
This Company is not operating at present, and is recorded at book value.
GST Gilla Servizi Telecomunicaz.
GST provides call centre services. Its valuation reflects the loss of value following a sustained period of losses. The provisions for
risks and future liabilities contain an amount to cover the Company’s accumulated losses.
Tiscali Czech Republic Sro
This holding relates to a Czech Company that is not operating at present.
Tiscali Internet Ltd
In March 2003 Tiscali S.p.A. acquired the dial-up user base of the Company Dell Product (Europe) BV, from which it also acqui-
red the entire share capital of Tiscali Internet Ltd, for a total of EUR 598,240 paid for in newly-issued Tiscali shares (152,380
shares). At the end of the year, the Company’s share capital was sold to indirectly-owned subsidiary Tiscali UK, at its book value.
Tiscali ITS S.r.l. (EUR 1.6 million)
As part of the plan to spin off the Italian assets and corporate services into other Group Companies, Tiscali ITS is to receive the
Group’s IT assets.