Tiscali 2007 Annual Report Download - page 118

TISCALI S.P.A. – SINANCIAL STATEMENTS AT 31 DECEMBER 2007
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by the Parent Company as from October 2006. The portions of
revenues pertaining to the Group companies were then remitted
to the same and at the same time infraGroup costs totalling EUR
16 million 2007 were recorded in the financial statements of the
Parent Company.
The increase of EUR 12.2 million when compared with last
year, was essentially generated by the rise in revenues from
third parties.
The most significant cost component other than the costs remit-
ted for the Google agreement
, is represented by payroll and re-
lated costs, which amounted to EUR 10 million while other
operating costs include management consultancy services and
professional expenses pertaining to current business operations.
Other writedowns mainly include the provisions to risk reserves
for EUR 1.9 million and writedowns of receivables for EUR 0.9
million.
Taxes payable for the year amounting to EUR 0.1 million are clas-
sified in the item taxes.
Finalcial position
Balance sheet
EUR (000) 31.12.2007 31.12.2006
Non-current assets 1,187,779 1,176,111
Current assets 51,288 55,471
Assets held for sale - -
Total Assets 1,239,067 1,231,582
- -
Shareholders’ equity 930,201 953,157
Total Shareholders’ equity 930,201 953,157
Non-current liabilities 258,469 234,909
Current liabilities 50,397 43,516
Liabilities directly related to assets held for sale - -
Total liabilities and Shareholders’ equity 1,239,067 1,231,582
Activities
Non-current assets
Non-current assets mainly represent controlling equity invest-
ments in the more important Group companies for a total of EUR
1.134 million.
Tangible assets (property, plant and machinery) and other intan-
gible assets total, respectively EUR 0.1 million and EUR 0.6 mil-
lion, while other financial assets total EUR 53 million.
Current assets
Current assets mainly include Receivables from customers for
EUR 45 million (of which EUR 43.5 million due from Group
companies), compared with EUR 42.2 million last year (of
which EUR 40.2 million due from Group companies).
The same item also includes “Other receivables and other cur-
rent assets” totalling EUR 1.5 million, down by EUR 11.5 mil-
lion when compared with last year, EUR 7 million of which
justified by the VAT credit rebate in March 2007.
Liabilities
Non-current liabilities
Non-current liabilities, other than items relating to the finan-
cial position for which reference should be made to the next
note, include provisions for risks and charges of EUR 25 mil-
lion generated from provisions set aside for disputes and con-
tingent liabilities.
Current liabilities
Current liabilities not relating to the financial position are
mainly represented by payables to suppliers of EUR 44 million
(EUR 32 million of which due to Group companies).
Financial position
The Parent Company’s financial position is shown in the table
below:
EUR (000) 31.12.2007 31.12.2006
A. Cash 171 -
B. Other cash equivalents 2,012 152
C. Securities held for trading - -
D. Cash and cash equivalents (A) + (B) + (C) 2,183 152
E. Current financial receivables (*) 4,082 13,097
F. Current bank payables (2,169) (12,419)
G. Current portion of non-current debt - -
H. Other current financial payables - -
I. Current financial debt (F) + (G) + (H) (2,169) (12,419)
J. Net current financial debt (I) – (E) – (D) 4,096 830
K. Non-current bank payables - -
L. Bonds issued - -
M. Other non-current payables to Group companies (236,062) (208,162)
M. Other non-current payables to third parties - -
N. Non-current financial debt (K) + (L) + (M) + (N) (236,062) (208,162)
O. Net financial debt (J) + (O) (231,966) (207,332)
(*) The table presented in note 29, Net financial position, does not include Current financial re-
ceivables
Other non-current payables relate mainly to financial payables to
subsidiary Tiscali International BV, a sub-holding of the Tiscali
Group.