Tiscali 2009 Annual Report Download - page 150
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149
Tiscali S.p.A. Financial Statements 2009
10.
Tiscali S.p.A.
Financial Statements 2009
10.1 Analysis of the income statement, balance sheet and cash flow statement for Tiscali S.p.A.
Foreword
The statements presented below have been drawn up on the basis of the statutory financial statements at
31 December 2009, to which reference should be made. In this connection, note that the 2009 statutory
financial statements represent the separate financial statements of the Parent Company Tiscali S.p.A.
and have been prepared in observance of the International Accounting Standards (“IFRS”) issued by the
International Accounting Standards Board (“IASB”) as approved by the European Union, as well as the
instructions issued by way of implementation of Section 9 of Italian Legislative Decree No. 38/2005. The
IFRS are understood to include all the reviewed international accounting standards (“IAS”) and all the
interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”), previously
known as the Standing Interpretations Committee (“SIC”).
Income statement
31 December 2009 31 December 2008
(EUR 000)
Value adjustment on equity investments (Other write-down) (123,065) (954,695)
Net financial income (charges) 4,771 (1,915)
Revenues from services and other income 10,764 17,425
Payroll and related, service and other operating costs (12,286) (24,275)
Other write-downs (128,700) (17,351)
Income taxes (185) (263)
Result from assets disposed of and/or destined for disposal 447 (250)
Net result (248,254) (981,324)
The shareholding value adjustments mainly cater for the devaluation of the shareholding in World Online
International N.V in the amount of EUR 122.6 Million (compared with EUR 954 million in the previous year).
Net financial income, positive to the tune of EUR 4.8 million, refer to the positive effect of the debt waiver
(Facility D2) on the part of the Senior Financial Bodies of EUR 42.3 million previously borne by Tiscali UK
Holdings Ltd and then passed on to Tiscali S.p.A. This positive effect has been partly offset by the waiver by
the intercompany financial loan towards Tiscali UK Holdings in the amount of EUR 37.5 million generated
by the passing-on transaction referred to above.