Tiscali 2007 Annual Report Download - page 135

Download and view the complete annual report

Please find page 135 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

rated by the 100% disposal of the equity investment in Tiscali
Services S.p.A. on 6 December as already mentioned in the
commentary to the item equity investments.
The financial receivables due from Group companies are de-
tailed below:
EUR (000) 31.12.2007 31.12.2006
Energy Byte S.r.l 112 111
Quinary SpA 328 235
Tiscali International Network SpA 663 0
Tiscali Motoring Srl 351 387
Tiscali Telecomunicaciones SA - 1
Tiscali Italia S.p.A. 31,948 3,892
Tiscali Services S.p.A. 19,421 -
Tiscali Media Srl 321 153
53,144 4,779
16. Receivables from customers
EUR (000) 31.12.2007 31.12.2006
Receivables from customers 45,523 42,221
Writedown provision for losses (500) -
Total 45,023 42,221
At 31 December 2007, receivables from customers totalled EUR
45 million, including receivables from Group companies of EUR
43.6 million and from third party customers of EUR 1.4 million.
The book value of trade receivables, in view of conditions re-
gulating services provided by the Group, is approximate to
their fair value.
Trade receivables due from Group companies are detailed
below:
EUR (000) 31.12.2007 31.12.2006
Quinary SpA 122 32
Tiscali Deutschland Gmbh 4,151 12,755
Tiscali International BV - 125
Tiscali Business Gmbh 505 9,305
Tiscali Gmbh 10,405 -
Tiscali B.V. - 1,140
Tiscali Espana SLU 315 315
Tiscali UK Ltd 22,185 10,320
Tiscali UK Holdings Ltd 774 774
Tiscali International Network BV 1,715 973
Tiscali International Network SpA 137 137
Tiscali Italia S.p.A. 2,733 4,198
Tiscali Services S.p.A. 526 173
Total 43,568 40,249
17. Other Receivables and other Current Assets
EUR (000) 31.12.2007 31.12.2006
Other receivables 1,291 12,848
Accrued income 25 -
Prepaid expense 233 249
Total 1,549 13,097
Other receivables at 31 December 2007 amounted to EUR 1.5
million. The net decrease with respect to the previous year of
EUR 11.5 million, includes EUR 7 million for the VAT credit re-
bate in March 2007.
Prepaid expense of EUR 0.2 million includes prepaid insurance
and leasing costs.
The book value of the items included in this account group is re-
presentative of their fair value.
18. Other current financial assets
Other current financial assets at 31 December 2007 totalled
EUR 2.5 million and refer to the amounts restricted in order to
support the guarantees given within the sphere of the disposal
of the Group’s German assets.
19. Cash and cash equivalents
At the end of 2007, cash and cash equivalents totalled EUR
2.2 million and include the company’s liquid resources, essen-
tially held in bank current accounts. Reference should be
made to the report on operations for a detailed analysis of the
financial position.
20. Shareholders’ equity
EUR (000) 31.12.2007 31.12.2006
Share capital 212,207 212,207
Share premium reserve 902,492 948,017
Stock option reserve 886 -
Retained earnings (185,383) (207,066)
Total 930,201 953,157
Changes in 2007 in shareholders’ equity items are detailed in
the relevant table, to which reference should be made.
The number of shares representing the Parent Company’s
share capital amount to 424,413,163, unchanged with re-
spect to last year.
On 31 August 2007, a share capital increase was resolved for
a total of EUR 150 million, equating to
149,792,880
shares;
this share capital increase was carried out and fully sub-
TISCALI S.P.A. – SINANCIAL STATEMENTS AT 31 DECEMBER 2007
134