Tiscali 2009 Annual Report Download - page 159

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Tiscali Group: Annual Report 2009
158
11.4 Cash flow statement
CASH FLOW STATEMENT 31-Dec 31-Dec
2009 2008
(EUR)
OPERATIONS
Net result for the period (248,253,760) (981,324,220)
Adjustments for:
Depreciation of tangible assets 42,048 70,494
Amortisation of intangible assets 304,618 304,618
Write-down of equity investments 123,067,103 954,694,587
Provisions for losses in subsidiaries - 19,639,918
Provisions for funds at risk 407,000 -
Release of funds previously in provisions 121,113,867 (1,481,422)
Capital losses (gains) on the disposal of equity investments (3,418,169) 250,000
Revenues paid in kind (4,862,824) -
Non monetary charges to staff severance fund 163,982 -
Stock Option costs 263,809 2,481,207
(11,172,326) (5,364,818)
(Increase)/Decrease in receivables 9,921,679 (217,923)
Increase/(Decrease) in payables to suppliers (6,778,194) 4,730,196
Net changes in the provisions for risks and charges (485,207) -
Net changes in the staff severance indemnity fund (232,640) (73,608)
Changes in other liabilities (35,647,359) (128,021,345)
Changes in other assets 301,244 (872,303)
(32,920,477) (124,454,983)
NET CASH FROM OPERATIONS (44,092,803) (129,819,801)
INVESTMENT ASSETS
- Changes in other financial assets (115,380,972) (8,235,744)
- Purchases of tangible fixed assets - 2,099
- Purchases of intangible fixed assets - -
- Payments for the sale of financial fixed assets 4,244,982 (342,508)
NET CASH USED FOR INVESTMENT ASSETS (111,135,990) (8,576,153)
FINANCIAL ASSETS
Changes in financial assets - -
Increase (decrease) in other non-current liabilities (36,861) (1,541,835)
Changes in shareholders’ equity 156,091,902 139,128,061
NET CASH ARISING FROM /(USED IN) FINANCIAL ASSETS 156,055,041 137,586,226
Changes in assets disposed of and held for sale 231,336 -
NET INCREASE/(DECREASE) IN NET CASH AND CASH EQUIVALENTS 1,057,584 (809,730)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR 1,373,247 2,182,977
CASH AND CASH EQUIVALENTS 2,430,831 1,373,247