Tiscali 2008 Annual Report Download - page 59

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58
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES
31.12.2008 31.12.2007
OPERATING ACTIVITIES
Net result from operating activities (261,358) (153,835)
Adjustments for:
Portion of results of equity investments carried at equity 101 10
Depreciation of tangible assets 61,551 58,377
Amortization of intangible fixed assets 114,595 104,367
Provisions to inventory writedown allowance 1,446 -
Writedown of intangible fixed assets 19,727 -
Writedown of tangible fixed assets 3,121 -
Writedown of goodwill -68,262
Capital gains (Losses) on disposal of non-current assets – tangible (2,109) (1,485)
Capital gains (Losses) on disposal of non-current assets – intangible 3-
Increases in provisions for risks and restructuring charges 18,957 -
Increases in provisions for receivable writedowns 34,327 27,332
Fair value of financial instruments 24,819 -
Personnel costs relating to stock options 7,607 9,969
Current income taxes 792 (890)
Deferred income taxes 64,092 (17.305)
Financial income 2,604 90,683
Financial charges 74,978 -
Gains/Losses deriving from the disposal of subsidiaries net of taxation -(120,716)
Cash flows generated by operating activities before changes in working capital 165,252 64,769
(Increase)/Decrease in trade and sundry assets (23,336) (53,570)
(Increase)/Decrease in inventories 221 (6,672)
Increase/(Decrease) in trade and sundry liabilities 42,703 1,560
Cash flows generated by operating activities 184,839 6,087
Net change in risk provisions (1) (9,435)
Payment of risk and other provisions (19,151) -
Net change in provision for staff severance indemnities 8(342)
Use of receivable writedown allowance (22,255) -
CASH FLOWS GENERATED BY OPERATING ACTIVITIES 143.441 (3,690)
INVESTMENT ACTIVITIES
Purchases of property, plant and machinery (61,308) (103,311)
Net increases in other intangible fixed assets (112,994) (90,183)
Change in Goodwill -(392)
Change in tangible fixed assets (1,237) 7,587
Change in intangible fixed assets 5,415 2,887
Change in financial assets and equity investments carried at equity 5,392 (6,110)
Purchases of subsidiaries -(269,403)
Payments deriving from the disposal of subsidiaries -282,140
CASH FLOWS USED IN OPERATING ACTIVITIES (164,733) (176,785)
6.3 Consolidated Cash Flow Statement EUR (000)