Tiscali 2003 Annual Report Download - page 119

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121121
Receivables from subsidiaries posted as long-term receivables are to be used by the parent Company to boost the shareholders’
equity of certain subsidiaries, by converting them into capital increases and/or covering their losses. In particular, this relates to
receivables of EUR 17.3 million from Tiscali GmbH, which is indirectly controlled by Tiscali S.p.A. via Tiscali Deutschland GmbH.
Financial receivables of EUR 80 million from Tiscali International BV, recorded as of 31 December 2002 in respect of the subsi-
diary Line One, related to the acquisition of Springboard Internet Services Ltd in 2001, and were transferred to Tiscali
International BV as part of the process to rationalise intercompany dealings.
Financial receivables of EUR 9.5 million from Wanadoo Belgium N.V. relate to the acquisition of the Company in 2003 via
Belgian Company Tiscali NV, which is indirectly controlled by Tiscali S.p.A.. The sale by Wanadoo International S.A. of Wanadoo
Belgium to Tiscali generated a financial receivable in respect of Wanadoo Belgium, to be exchanged for newly-issued Tiscali sha-
res. The receivable was transferred to Tiscali International N.V. after the end of the year.
Of the financial receivables of EUR 10.2 million from Tiscali España SL, EUR 9.9 million relates to the acquisition by the Spanish
subsidiary of the Internet and fixed-line business of the Vodafone Group in Spain, which trades under the name of Airtelnet. After
the acquisition, Tiscali España took on the EUR 9.9 million debt in respect of the vendor Airtel Movil S.A. and in January 2003,
Airtel Movil received a contribution in kind in the form of shares in Tiscali S.p.A..
Trade receivables relate to the billing of Group companies for IT, and housing and hosting services carried out by the holding
Company, as well as to the passing on of costs incurred by Tiscali S.p.A. on behalf of Group companies.
Other receivables
Other receivables break down as follows:
The item “tax credits on dividends” includes tax credits resulting from the payment of dividends the previous year by ITS
International Technology Services S.r.l., which was acquired that year. The reduction compared to 2002 is due to the transfer of
part of the receivable to subsidiaries.
“VAT refunds receivable” include: at 31 December 2003, the amount of EUR 15.5 million relating to refunds requested in 2002
(EUR 13.8 million) and 2003 (EUR 1.2 million). The remaining EUR 0.5 million relates to interest on VAT receivables. The Company
received the sum of EUR 8.8 million in January 2004, and in early 2004 applied for a further refund of EUR 8.2 million.
TRADE RECEIVABLES
EUR/000 BALANCE BALANCE
31.12.2003 31.12.2002
receivable within one year
withholding taxes 458 436
receivables from the Treasury for contributions under Law 388 - 572
receivables from employees 134 15
receivables from others 28 33
tax credits on dividends 4,688 9,019
VAT refunds receivable 15,497 13,834
VAT receivables 14,728 6,751
other receivables 7,715 2,651
43,248 33,311
receivable after one year
deposits 328 293
328 293
43,576 33,604