Tiscali 2009 Annual Report Download - page 186
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185
Demographic assumptions:
Mortality: ISTAT 2002 M/F mortality tables with reference also to SIM 2002 and SIF 2002
Disability: INPS 1998 M/F disability tables
Resignation: 3.50% from 20-65 years
Advance payments: 3% from 20-65 years
Retirement: 65 for men and 60 for women, with maximum length of service of 40 years
Provisions for risks and charges (note 20)
The table below shows the period movements:
31 Dec
2008
Increases Decreases Other
variations
31 Dec 2009
(EUR 000)
Provision for employment risks and
charges 1.762 - (91)
1,510
3,180
Hedge fund to cover subsidiaries 36,059 115,526 (137,619) (13,891) 75
Provision for restructuring charges 2,400 - (394) (2,006) -
Other provisions for risks and
charges - 407 -
-
407
Total 40,220 115,933 (138,104) (14,387) 3,662
Il Fondo copertura perdite partecipate risulta così composto:
31 Dec
2008
Increases Decreases Other
variations
31 Dec 2009
(EUR 000)
World Online International N.V. - 115,526 (115,526) --
Tiscali Finance SA 30,141 - (22,093) (8,048) -
Tiscali Deutschland Gmbh 5,843 - - (5,843) -
Other minority shareholdings 75 - -75
Total 36,059 115,526 (137,619) (13,891) 75
The Provision for restructuring charges, formed in the previous year to face up to the process of revising
the organisational structure, has been used in the amount of EUR 0.4 million, reconverted in the amount of
EUR 1.5 million in the Provision for employment risks and charges and released into the income statement
for the difference being the reorganisation process that is now complete.
The changes in the provision hedge losses in subsidiaries of EUR 115.5 million is attributable to the value
adjustment of the shareholding in World Online International N.V on the net accounting assets after the sale of
the assets of the English company Tiscali UK Ltd (which took place in July 2009). In the course of the following
months, the said increase was entirely used for waiving the financial loans made to the Tiscali UK Holdings Ltd
company, in the amount of EUR 135.5 million and connected to the transfer of funds from the equity increase,
whilst the excess balance from the waiver of EUR 19.9 million was debited to the income account.
Tiscali S.p.A. Accounting Statements and Explanatory Notes