Tiscali 2007 Annual Report Download - page 86

It should be noted that the sum of the prepaid taxes record-
ed in total is within the limits of the financial statement bal-
ance of EUR 106.6 million, as in the opinion of Tiscali S.p.A.
directors and on the basis of the current business plan there
are no reasonable assumptions justifying a higher recording,
in particular considering the time factor.
The following table illustrates total previous tax losses
deductible by the Tiscali Group and divided by year of expiry,
together with deductible temporary differences. The same
table illustrates the prepaid taxes with separate indication of
those which, for the reasons stated above, were not recog-
nised to accounts.
The tax losses correspond to those recorded in tax returns and,
for 2007, to taxable income calculations.
These losses relate to the parent company and Italian sub-
sidiaries (EUR 599.6 million), Tiscali International BV and Dutch
subsidiaries (EUR 155.8 million less confirmed adjustments)
and to subsidiaries operating in the UK (EUR 1,020.2 million).
Tax losses with not indefinite maturities relate to Italian com-
panies and in particular, with regard to maturities in 2008, to
tax losses to be utilised exclusively against parent company
taxable income.
16. Operating assets disposed of and/or assets held
for sale
This note provides information on the result of operating assets
disposed of and those held for sale, mainly comprising non-
strategic equity investments in subsidiaries, as well as details
on activities referring to those equity investments held for sale
and of the liabilities directly related to the same outstanding
as of the reference date.
16.1 Result of assets disposed of
Asset disposals during the year
At the end of February 2007, the disposal of the German assets
(BTC and BTB) was concluded. The transaction involved the sale
of the BTC customer base and the sale of the BTB customer
base and assets.
In February 2007, the Spanish affiliated company, Tiscali Tele-
comunicaciones, was disposed of.
In June 2007, the sale of the Dutch assets to KPN Telecom
was finalized. This was achieved thanks to the approval of the
sale by the Dutch antitrust authority.
In July 2007, the disposal of the assets in the Czech Repub-
lic took place.
Greater details on disposals are included in the Report on operations.
The period result of assets disposed of and/or destined to be
disposed of includes the period result and the capital gains on
disposal relating to the assets disposed of (the Netherlands,
Germany, Spain, the Czech Republic).
EUR (000) 31.12.2007 31.12.2006
Gross capital gains (Losses) deriving from disposal
of subsidiaries and/or asset disposals 199,227 -
Cancellation of goodwill and writedown
of other assets destined to be disposed of (101,969) (71,000)
Other charges/release of provisions relating to disposals (13,794) (9,490)
Period result of subsidiaries disposed
of and/or destined to be disposed of (4,952) 3,540
Result from assets disposed of and/or destined to be disposed of 78,511 (76,950)
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES AT 31 DECEMBER 2007
85
EUR (000) Total Year of expiry (*)
at 31.12.2007 2008 2009 2010 Beyond 2010 Indefinite
Total previous tax losses 1,603,950 178,684 123,468 16,751 319,616 965,431
Deductible temporary differences 171,654 81,515 53,888 10,170 23,539 2,544
Total tax losses and deductible temporary differences 1,775,604 260,199 177,356 26,921 345,155 967,975
Total deferred tax assets (at the theoretical average tax rate of 28%) 490,275
Deferred tax assets recognised 106,634
Deferred tax assets not recognised 383,642
(*) For temporary differences this is the year of utilisation/deduction