Tiscali 2009 Annual Report Download - page 47
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Tiscali Group: Annual Report 2009
46
Equity and financial position
CONSOLIDATED BALANCE SHEET (in abridged form) 31 December 09 31 December 08
(EUR mln)
Non-current assets 239.6 890.9
Current assets 188.9 258.1
Assets held for sale - 56.8
Total Assets 428.6 1,205.8
Group shareholders’ equity (67.0) 10.8
Shareholders’ equity pertaining to minority shareholders - (6.0)
Total Shareholders’ equity (67.0) 4.8
Non-current liabilities 239.3 229.7
Current liabilities 255.4 949.1
Liabilities directly related to assets held for sale 0.9 22.3
Total Liabilities and Shareholders’ equity 428.6 1,205.8
Balance sheet assets and liabilities show lower figures than those in the previous year, due mainly to the
change in the consolidation area following the sale of Ti Net and Tiscali UK.
Assets
Non-current assets
Non-current assets amounted to EUR 239.6 million at 31 December 2009, significantly lower than the
figure recorded at 31 December 2008, equal to EUR 890.9 million.
This was mainly due to the change in the consolidation area and the write-back of prepaid taxes recorded
for Tiscali International BV amounting to EUR 10.5 million. In particular, it should be noted that goodwill,
standing at EUR 438.8 million in December 2008, was fully written back (and included in the recalculation
of the capital loss from the sale of Tiscali UK) given it concerns the UK subsidiaries.
The extension of the unbundling network and subsequent operating investments relating to the connection
and activation of new ADSL customers generated fresh investments during the year of around EUR 40.8
million, including EUR 25.8 million for investments in intangible assets and around EUR 15.0 million for
investments in tangible fixed assets. Investments relate entirely to Tiscali Italia S.p.A..
Current assets
At 31 December 2009 current assets amounted to EUR 188.9 million, substantially lower than at 31
December 2008 (EUR 258.1 million). Customer receivables stood at EUR 112.2 million at 31 December
2009, compared with EUR 176.8 million at 31 December 2008. Other receivables and sundry current
assets, equal to EUR 27.1 million, included in particular accrued income on access services provided,
prepaid expenses for service costs, together with sundry receivables, including VAT credits.