Tiscali 2008 Annual Report Download - page 120

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TISCALI S.P.A. – FINANCIAL STATEMENTS AND EXPLANATORY NOTES
119
31.12.2008 31.12.2007
OPERATIONS
Net result for the period (981,324,220) (23,841,599)
Adjustments for:
Depreciation of tangible assets 70,494 85,839
Amortisation of intangible assets 304,618 304,618
Writedown of equity investments 954,694,587 15,423,432
Accumulated losses on investee companies 19,639,918 -
Release of provisions previously set aside (1,481,422) -
Capital gains (losses) on the disposal of equity investments 250,000 156,000
Stock Option costs 2,481,207 885,707
(5,364,818) (6,986,003)
(Increase)/Decrease in receivables (217,923) (2,801,555)
Increase/(Decrease) in payables to suppliers 4,730,196 17,151,932
Net changes in the provisions for risks and charges - (4,284,902)
Net changes in the staff severance indemnity provision (73,608) (55,710)
Changes in other liabilities (128,021,345) 27,880,229
Changes in other assets (872,303) 11,548,237
(124,454,983) 49,438,231
NET CASH FROM OPERATIONS (129,819,801) 42,452,228
INVESTMENT ACTIVITIES
- Changes in other financial assets
(8,235,744) (30,643,367)
- Purchases of tangible fixed assets
2,099 (8,763)
- Purchases of intangible fixed assets
- (5,176)
- Payments for the sale of financial fixed assets
(342,508) 486,017
NET CASH USED IN INVESTING ACTIVITIES (8,576,153) (30,171,289)
FINANCIAL ACTIVITIES
Changes in financial assets - -
Increase (decrease) in other non-current liabilities (1,541,835) -
Changes in shareholders’ equity 139,128,061 -
NET CASH ARISING FROM /(USED IN) FINANCIAL ACTIVITIES 137,586,226 -
Changes in assets disposed of and held for sale
NET INCREASE/(DECREASE) IN NET CASH AND CASH EQUIVALENTS (809,730) 12,280,939
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR 2,182,977 (12,266,622)
CASH AND CASH EQUIVALENTS 1,373,247 14,317
8.4 Cash Flow Statement EUR