Tiscali 2003 Annual Report Download - page 122

Download and view the complete annual report

Please find page 122 of the 2003 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 147

  • 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

124124
B) Reserves for risks and charges
Provisions made to the item “write-down provisions (equity investments)”, which was previously called “provisions for risks and
future liabilities, relate to write-downs of equity investments to their book value on the balance sheet.
Amount used totalled EUR 13.7 million, as the risks relating to previous years were deemed to no longer apply (the funds were
recorded on the profit and loss account as extraordinary income).
Amounts used and recorded under “other changes” refer to the restatement of a proportion of the provisions used to reduce the
value of equity investments.
The remaining provisions as of 31 December 2003 relate to the holdings in Quinary S.p.A. (EUR 2.2 million), Tiscali Finance S.A.
(EUR 18.7 million), Gilla Servizi Telecomunicaz. S.r.l. (EUR 0.8 million) and other minor investments (EUR 0.7 million).
C) Staff severance indemnity reserve
This provision corresponds to all amounts due to employees under current laws.
D) Payables
BALANCE PROVISIONS (AMOUNTS USED) OTHER BALANCE
31.12.2002 CHANGES 31.12.2003
Write-down provisions (equity investments) 54,319 13,640 (13,742) (31,843) 22,374
Other risk provisions 383 761 (81) - 1,063
54,702 14,401 (13,823) (31,843) 23,437
BALANCE PROVISIONS (AMOUNTS OTHER BALANCE
31.12.2002 USED) CHANGES 31.12.2003
Manual workers 16 9 - - 25
Office staff 2,570 1,365 (186) - 3,749
Senior managers 366 153 (60) - 459
2,952 1,527 (246) - 4,233
31.12.2003 31.12.2002 CHANGE
to banks 63,766 44,119 19,647
to other lenders 26 1,919 (1,893)
to suppliers 111,892 100,692 11,200
to subsidiaries and affiliated companies 539,398 554,160 (14,762)
to tax authorities 1,917 889 1,028
to social security agencies 2,141 919 1,222
other payables 8,266 7,597 669
727,406 710,295 17,111