Tiscali 2007 Annual Report Download - page 108

Download and view the complete annual report

Please find page 108 of the 2007 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 165

  • 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
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165

The most significant balances, at 31 December 2007, summa-
rized by supplier of the services, are as follows:
44. remuneration of the directors, statutory auditors
and executives with strategic responsibility
The remuneration due to the directors and statutory auditors of
Tiscali SpA in relation to the performance of their functions, in
other Group companies as well, is presented below:
EUR (000) 2007 2006
Directors 1,977 1,202
Statutory Auditors 202 201
Total remuneration 2,179 1,403
The total value of the cost incurred in 2007 for the remunera-
tion due to executives with strategic responsibility amounted to
EUR 6.3 million. This liability includes the following amounts:
3the figurative cost of the stock option plans granted to a num-
ber of Group executives for around EUR 3.4 million;
3the Group’s contributions to public and corporate welfare funds
for EUR 0.1 million.
The costs indicated above refer to Executives with strategic respon-
sibility already present in 2006 and still in service.
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES AT 31 DECEMBER 2007
107
Income statement balance Note December 2007 December 2006
EUR (000) (Group) (Group)
Shardna 100
Interoute 2 (557) (248)
Leadsatz GmbH 3 (620) 0
Andalas SA 4 (1,934) (1,429)
Francesco Bizzarri 5 (69) 0
Borghesi e Colombo Associati Srl 6 (770) 0
Studio Racugno 7 (59) 0
Balance sheet balance Note December 2007 December 2006
EUR (ml) (Group) (Group)
Shardna 1 331 331
Interoute 2 (76) 11
Leadsatz GmbH 3 (7) 0
Andalas SA 4 (30,086) (30,730)
Francesco Bizzarri 5 (25) 0
Borghesi e Colombo Associati Srl 6 (270) 0
Studio Racugno 7 (23) 0
(1) Shardna S.p.A. is a company invested in by the majority shareholder Renato Soru. The dealings, maintained by the Parent Company, relate to the sub-letting of the Tiscali offices in the
suburbs of Cagliari.
(2) Interoute is a group entirely owned by the Sandoz Family Foundation, a Tiscali shareholder. The costs incurred during the year refer to purchases made by Tiscali Italia S.p.A. in relation to
dark fibre and related maintenance.
(3) Leadsatz GmbH: company with which an outsourcing agreement has been entered into for the Portal area of the German subsidiaries subject to disposal. Mr. J. Maghin, director of Lead-
satz GmbH was also, during 2007, minority shareholder of Ishtari Gmbh (company invested in by Tiscali Deutschland Gmbh).
(4) As indicated in the explanatory notes, the shareholder Andalas Limited granted a loan in 2004 bearing interest at market rates. The loan agreement explicitly envisages subordination with
respect to the other debts of the Tiscali Group.
(5) Mr. F. Bizzarri, member of Tiscali Spa’s Board of Directors, has stipulated an IPTV consultancy contract with the Parent Company and with the subsidiary Tiscali Italia S.p.A..
(6) Studio Borghesi e Colombo Associati Srl: the director Arnaldo Borghesi, member of Tiscali S.p.A.’s Board of Directors, provides Tiscali S.p.A. with consultancy services as part of extraordi-
nary finance transactions.
(7) Studio Racugno: the director Gabriele Racugno, member of Tiscali S.p.A.’s Board of Directors, provides Tiscali Italia S.p.A. and Tiscali Service S.p.A. with legal and out-of-court assistance
mainly concerning financial and intellectual property contractual matters.