Tiscali 2009 Annual Report Download - page 50

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Net of the amount subscribed by shareholder Renato Soru through the conversion of the debt by said party
due to the company, equal to EUR 31.4 million (including interest), the revenue effectively collected from
the share capital increase amounted to EUR 148.5 million, plus EUR 8.5 million from the sale of un-opted
rights.
Income from the share capital increase was used on 1 December 2009 for the repayment of the D1 Facility,
amounting to EUR 135.5 million (amount includes interest accrued at 18 November 2009) and for the
repayment of debt due to ex VNL shareholders for EUR 11.7 million.
The D2 Facility, equal to EUR 42.3 million including interest accrued at 18 November 2009 was instead
written off by Lenders on 1 November 2009 in line with the provisions of the debt restructuring agreements
signed on 2 and 3 July 2009 and comprehensively detailed in the share capital increase Information
Prospectus available on the company’s website www.tiscali.it, in the Investors section.
Finally, it should be noted that, prudentially, the net financial position does not include the time deposit
relating to the sale of Tiscali UK, amounting to EUR 31.4 million at 31.12.09 and could be released in two
tranches in June and December 2010.
For the purpose of consistency with the information contained in previous reports, the table shown above
includes VAT credits in financial receivables and guarantee deposits among other cash equivalents. For
completeness, we have shown below the reconciliation of the above financial position with the financial
position prepared in light of Consob Communication no. DEM/6064293 of 28 July 2006.
31 December 09 31 December 08
EUR (mln)
Consolidated net financial debt 211.2 601.1
Other cash and cash equivalents and current and
non-current financial receivables 13.2 15.3
Consolidated net financial debt prepared
on the basis of Consob communication no.
DEM/6064293 del 28 July 2006 224.4 616.4
7.6 Events subsequent to the end of the year
Tiscali Italia S.p.A. : new organisation for customer support activities
On 7 January 2010, Tiscali announced its decision, as part of its relaunch programme on the Italian market,
also through an improvement in the quality of customer support and administrative services and optimisation
in the use of internal resources, to continue with the insourcing of said activities. Insourcing of pre- and
post-sales support is one of the critical factors of success in the telecommunications sector and also allows
savings in terms of costs.
Report on operations