Tiscali 2003 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 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

8383
Liabilities
A) Shareholders' equity
Statement of changes in shareholders' equity
The table below sets out changes in shareholders' equity.
Changes in shareholders’ equity, especially the figures listed in the “increases” column, refer to capital increases carried out by
the parent Company during the year.
In addition, EUR 152.3 million of the share premium reserve was used to cover losses made in 2002, as approved at the extraor-
dinary shareholders’ meeting of Tiscali S.p.A. held on 30 April 2003.
Changes to the currency translation reserve were chiefly due to fluctuations in the EUR/GBP exchange rate; the figure includes
intragroup exchange rate losses of around EUR 30 million, generated on loans granted to the Group’s UK, South African and
Danish subsidiaries in respect of future capital increases.
The decrease in subsidiaries' undistributed profits (losses) and other reserves is attributable to losses not covered by the share
premium reserve pertaining to indirectly-owned subsidiaries.
The table below shows related figures for the parent Company and Group.
SHAREHOLDERS’ EQUITY 31.12.2002 INCREASES TRANSFERS EXCH. RATE 31.12.2003
DIFFERENCE
Total shareholders’ equity
Share capital 180,867 3,593 - - 184,460
Share premium reserve 1,632,896 26,086 (152,297) - 1,506,685
Revaluation reserve - - - - -
Currency translation reserve (28,613) - - (3,571) (32,184)
Subsidiaries’ undistributed profits (losses) carried forward (575,977) 19,532 (440,848) - (997,293)
Profit (loss) for the year (593,145) (242,448) 593,145 - (242,448)
Total 616,028 (193,237) - (3,571) 419,220
Minority interests 16,309 (9,973) - - 6,336
Total 632,337 (203,210) - (3,571) 425,556
31.12.2003 31.12.2002
NET SHAREHOLDERS’ NET SHAREHOLDERS’
PROFIT EQUITY PROFIT EQUITY
Tiscali S.p.A. (114,535) 1,576,612 (152,297) 1,661,466
Elimination of effects of transactions between
consolidated companies, after tax adjustments:
- Cancellation of write-downs of holdings in subsidiaries 60,438 21,925 935 -
Effects of the change in/harmonisation of Group accounting
policies, after tax adjustments:
- Application of financial method for assets leased from third parties (11,332) 18,734 (330) 19,064
- Valuation at equity of companies recorded on the balance sheet at cost -- (9,054) (8,627)
Book value of consolidated equity investments -(1,425,228) - (2,072,766)
Shareholders’ equity and net profit of consolidated companies (118,425) (277,224) (373,674) 567,765
Allocation of differences to the assets of consolidated companies --- -
and related depreciation and amortisation: --- -
- Consolidation goodwill (72,063) 504,401 (127,613) 540,987
Effect of other adjustments: --- -
- Group restructuring and other adjustments 13,469 - 68,888 (91,861)
BALANCE FROM THE CONSOLIDATED ACCOUNTS - Group (242,448) 419,220 (593,145) 616,028
BALANCE FROM THE CONSOLIDATED ACCOUNTS - minorities (3,534) 6,336 376 16,309
BALANCE FROM THE CONSOLIDATED ACCOUNTS (245,982) 425,556 (592,769) 632,337