Tiscali 2009 Annual Report Download - page 178

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The table below indicates movements in the period for each investment in each subsidiary company.
SUBSIDIARIES Balance
Increases (Disposals)
Revaluations/
Write-downs Decreases
Balance
31-Dec-08 31-Dec-09
(EUR 000)
Energy Byte Srl in liquidation - 460 - (460) - -
Tiscali Deutschland Gmbh - - - - - -
Tiscali Finance SA - 22,093 - - (22,093) -
Tiscali Italia S.p.A. 111,817 141 - - - 111,958
Tiscali Motoring S.r.l. in liquidation - - - - - -
World Online International N.V. 122,605 - - (122,605) - -
Tiscali Int.l Network S.p.A. 1,272 9 (1,281) - - -
Tiscali Financial Services Sa 31 - - - 31
Tiscali UK Holdings Ltd - 172,960 - - (172,960) -
235,725 195,663 (1,281) (123,065) (195,053) 111,989
• Energy Byte Srl in liquidation This shareholding, entirely written off in previous years, has been further
depreciated during the course of the year 2009 in the amount of EUR 0.5 million following loan waivers
made in the closing stages of the liquidation procedures which took place in January 2010.
• Tiscali Deutschland Gmbh Held a significant part of the trading assets of the Tiscali Group in Germany,
coming under Tiscali GmbH, sold in the first months of 2007. During the course of the year 2009 the full
amount of EUR 5.8 million provided as a hedge fund against losses in the previous year was released
because of the non occurrence of the circumstances that had had made the provision necessary.
• Tiscali Finance SA: This was the “vehicle’ used in 2006 for the issue of a convertible bond loan. The
increase that took place during the year in the value of the shareholding refers to the waiver of loans
made by Tiscali S.p.A. to the subsidiary. The value of the shareholding was later depreciated as it was
held by the Directors to no longer be recoverable since the subsidiary itself was placed into liquidation.
• Tiscali Italia S.p.A.: The changes that took place over the year refer to the allocation of the figurative
charge for the Stock Option plans issued to managers employed by the subsidiary company.
• Tiscali Motoring S.r.l: during the month of December 2009 the procedure for the liquidation of the
company which was begun on the 11 July 2003 was completed.
• World Online International N.V.: A sub-holding company registered in Holland under which the Tiscali
Group companies operating in the United Kingdom and the companies in the Ti Net Group came.
Following the sale of the UK subsidiaries (Tiscali UK) and the Ti Net group, the shareholding has been
fully depreciated.
• Tiscali International Network S.p.A. a 60% subsidiary of Tiscali S.p.A. (and 40% owned by the Dutch
company Tiscali International Network B.V. controlled by World Online International N.V.) was in turn
indirectly controlled by Tiscali S.p.A. and sold in May 2009 to the Talia S.r.l. Company for EUR 4.6
million. The sale of the same generated a capital gain for Tiscali S.p.A. in the amount of EUR 3.4 million.
• Tiscali UK Holdings Ltd; On the 26 November 2009, the shares in Tiscali UK Holdings Ltd were sold
for an amount equal to EUR 1 to the Tiscali International BV Company. The changes during the year
involved: (i) The full waiver of the loan made to the English company equal to EUR 135.5 million
generated after the transfer of funds arising from the equity increase and intended for the payment of
the D1 Facility; (ii) a partial waiver, equal to EUR 37.4 million, relating to the loan that arose from the
passing on of the D2 Facility in the amount of EUR 42.3 million. The shareholding in question was later
devalued as the value was held by directors to be irrecoverable.
Tiscali S.p.A. Accounting Statements and Explanatory Notes