Tiscali 2012 Annual Report Download - page 15
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Annual financial report as at 31 December 2012
Date File Name Status Page
-
Annual Report as at 31
December 2012 15
CONSOLIDATED INCOME STATEMENT
31 December
2012
31 December
2011 (*)
Change
Revenues 233.8 267.6
(33.8)
Other income 2.4 3.9 (1.5)
Purchase of materials and outsourced
services 133.3 169.3 (36.0)
Payroll and related costs 34.5 38.0 (3.6)
Other operating costs / (income) (2.1) (7.5) 5.4
Adjusted Gross Operating Result (EBITDA) 70.5 71.7 (1.2)
Write-downs of receivables from customers 26.3 35.8 (9.5)
Gross Operating Result (EBITDA) 44.2 35.9 8.3
Restructuring costs, provisions for risk
reserves and write-downs 1.6 2.1 (0.5)
Amortisation/depreciation 42.8 55.1 (12.4)
Operating result (EBIT) (0.2) (21.3) 21.1
Net financial income (charges) (13.2) (15.1) 1.9
Pre-tax result (13.4) (36.4) 23.0
Income taxes (2.5) (1.8) (0.7)
Net result from operating activities (on-
going) (15.9) (38.2) 22.3
Result from assets disposed of and/or
destined for disposal - 0.1 (0.1)
Net result (15.9) (38.1) 22.2
Minority interests - - -
Group Net Result (15.9) (38.1) 22.2
(*) note that, with respect to the balances published in the Annual Financial Report as at 31 December 2011, reclassifications
were made to the cost items included in the Ebitda, for the purpose of providing a fuller comparative representation with respect
to the previous year
Tiscali Group revenues during 2012 came to EUR 233.8 million, down by 12.6% with respect to the
balance of EUR 267.6 million in 2011. The change, EUR 33.8 million, is essentially attributable to the
following factors:
• a reduction of EUR 21.5 million (-11%) in revenues for the “Access and VOIP” segment
essentially due to the drop in the number of customers;
• a rise of EUR 2.5 million (+11.7%) in revenues for the Media segment thanks to the additional
volumes of traffic registered on the network websites;
• a reduction of EUR 12.1 million (drop of 45.3%) in analogue voice revenues mainly due to the
reduction in the volume of wholesale services for EUR 9.7 million. This decrease was the
result of the Group’s strategic choice, laid down by the low margins on wholesale.
During 2012, internet access and voice services – the Group’s core business – represented around
81% of total turnover.
Costs for purchases of materials and services totalling EUR 133.3 million, decreased EUR 36 million
with respect to last year. This decrease was attributable in part to the reduction in volumes determined
by the decrease in the number of customers (and consequent reduction in Telecom line rental costs),
and in part to the positive effect deriving from the commercial agreements entered into with the main