Tiscali 2009 Annual Report Download - page 180
Download and view the complete annual report
Please find page 180 of the 2009 Tiscali annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170 -
171 -
172 -
173 -
174 -
175 -
176 -
177 -
178 -
179 -
180 -
181 -
182 -
183 -
184 -
185 -
186 -
187 -
188 -
189 -
190 -
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
 |
 |
179
The cost of capital has been estimated considering the calculation criteria set out in the CAPM
(Capital Asset Pricing Model). In particular, in calculating WACC:
a) The beta coefficient has been valued considering the value of Tiscali over various
time horizons for a period greater than 12 months, and a panel of alternative
operators in Europe adjusted to take account of Tiscali’s financial structure;
b) The spread on risk free credit has been valued in line with the current terms of
indebtedness;
c) The risk premium has been valued within a prudent range with regard to the
current financial market conditions.
(iii) Sensitivity analysis for the results of the impairment test
With reference to the current and expected context and the results of the impairment tests
carried out for the year ended on 31 December 2009, a sensitivity analysis on the estimated
recoverable value using the discounted cash flow method was carried out. It is believed that
the discount rate is a key parameter in estimating the recoverable value; an increase of 1% in
that rate would reduce the positive difference between the estimated recoverable vale and the
book value. In any event that difference would continue to be largely positive.
(iv) (iv) Considerations about the presence of outside indicators of the loss of value
Taking account of the current market position considerations have been made with regard
to the existence of outside indicators of the loss of value with special reference to what has
been expressed in the financial markets. To this end the market capitalisation of the Tiscali
Group does not reveal any items that are at variance with those arising from the impairment
procedure.
Other group companies (“dormant” companies or in liquidation)
With regard to the other subsidiary companies a check of any loss of value of assets has been carried out
by comparing the value of assets by means of comparing the value entered for the shareholding at 31st
December 2009 and the book value of the net accounting assets in the shareholding, which was held
as representative of the recoverable value in consideration of the fact that these are no longer operating
companies (“dormant”) or in liquidation. The checks carried out have not highlighted any losses of value
to report.
Tiscali S.p.A. Accounting Statements and Explanatory Notes