Tiscali 2009 Annual Report Download - page 109
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Tiscali Group: Annual Report 2009
108
TiNet Group UK Total
(EUR 000)
Closing price 24,669 213,903 238,572
Deferred price/Escrow 6,308 40,897 47,205
Escrow write-down (including exchange rate change) - (9,481) (9,481)
(A) Total net price 30,977 245,319 276,296
Net shareholders’ equity at the date of sale
including consolidated goodwill/net assets sold 32,668 90,668 123,336
Waived receivables from the companies sold - 390,862 390,862
(B)
Net shareholders’ equity at the date of sale
including consolidated goodwill net of waived
receivables 32,668 481,530 514,198
(A)-(B) Consolidated theoretical capital loss (1,691) (236,211) (237,902)
Remaining debt to VNIL assumed by the Group - (11,730) (11,730)
Additional transaction charges (357) (3,545) (3,902)
Reclassification of translation reserve in income
statement - (101,704) (101,704)
Capital loss reversal allocated at 31.12.08 (Ti Net
Group) 3,691 - 3,691
Total consolidated capital gains/losses 1,643 (353,190) (351,547)
Net cash flow deriving from the sale:
Closing sale price 24,669 213,903 238,572
Net escrow - 31,415 31,415
Cash held by the company sold 368 2,819 3,187
Net cash flow deriving from the sale 25,037 248,137 266,800
The result of assets sold as at the date of sale and assets held for sale at 31 December 2009 is shown in
the table below.
TiNet Group UK Other Total
(EUR 000)
Revenues 13,990 254,079 3 268,072
Gross operating result (EBITDA) 232 39,246 272 39,751
Operating result (2,108) (22,640) 272 (24,477)
Pre-tax result (2,472) (18,586) 272 (20,787)
Net result (2,599) (18,440) 272 (20,768)
At 31 December 2009 the amounts in the balance sheet relating to companies the companies sold, Tiscali
UK and Ti Net Group, were deconsolidated starting from the date of sale.
The balance of liabilities referring to the companies sold amounts to EUR 0.9 million and includes payables
to suppliers following the sales costs charged to Tiscali S.p.A. and Tiscali UK Holdings.