Tiscali 2003 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 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

51
Parent Company: operating performance
In 2003, the parent Company reported value of production of EUR 180 million, an increase of 28% on the previous year, with
growth in all business areas. In particular, access revenues rose by 44% versus the previous year, as 50% of dial-up traffic swit-
ched to the single national number (702), and the broadband (ADSL and satellite) customer base expanded significantly. Voice
revenues also recovered, following a relaunch of the retail services.
Tiscali S.p.A. made an EBITDA loss of EUR 7.6 million in 2003, although this was a marked improvement on the EUR 30.2 mil-
lion loss posted the previous year.
At the bottom line, the parent Company made a net loss of EUR 114.5 million, after posting substantial amortisation, deprecia-
tion and write-down charges. However, this was also an improvement on the 2002 figure of EUR -152.3 million. The growth pro-
spects confirmed by the parent Company’s performance in early 2004 point to further improvements in both gross and net profit
this year.
The table below shows key profit and loss account figures.
Sales breakdown: parent Company
Access
Access revenues came in at EUR 99.8 million (+44% versus 2002), representing 48% of total revenues.
The increase compared to the previous year was driven by growth in ADSL user numbers and migration to a single national num-
ber (702) in the narrowband segment, as this generates substantially higher revenues (instead of receiving kickbacks from incum-
51
REPORT ON PARENT COMPANY’S OPERATIONS
IN EUR MILLIONS 2003 2002 % CHANGE
Revenues 180.3 140.8 +28%
Operating costs (187.9) (171.0) +10%
EBITDA (7.6) (30.2) -75%
Depreciation, amortisation and provisions (66.0) (65.0) +2%
EBIT (73.6) (95.2) -23%
Financial income (charges) (2.3) 33.2 -107 %
Extraordinary income (charges) 3.2 (19.0) +117%
Write-downs (41.8) (71.3) -41%
Profit (loss) before tax (114.5) (152.3) -25%
Tax ---
Net profit (114.5) (152.3) -25%
REVENUES (IN EUR MILLIONS) 2003 2002 % CHANGE
Access 99.8 67.4 +44%
Portal 14.0 20.0 -30%
B2B 8.4 6.5 +30%
Voice 29.5 20.6 +43%
Other 28.6 26.3 +9%
Total 180.3 140.8 +28%