Tiscali 2012 Annual Report Download - page 177

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Independentauditors’report
pursuanttoArticles14and16ofItalianLegislativeDecreeNo.39dated27January2010
To the shareholders of
Tiscali S.p.A.
1. We have carried out an audit on the consolidated financial statements, comprising the income
statement, statement of comprehensive income and balance sheet, the cash flow statement, the
statement of changes in shareholders’ equity and the related explanatory notes, of Tiscali S.p.A.
and its subsidiaries (“Tiscali Group") as of and for the year ended 31 December 2012. Tiscali
S.p.A.’ s Directors are responsible for drafting the financial statements in compliance with the
International Financial Reporting Standards adopted by the European Union, as well as the
provisions issued by way of implementation of Article 9 of Italian Legislative Decree No. 38/2005.
We are responsible for the professional opinion expressed on the financial statements, based on our
audit.
2. Our audit was made in accordance with the audit standards and criteria recommended by Consob.
In accordance with such standards and criteria, we planned and performed our audit to obtain every
element necessary in order to determine whether the consolidated financial statements are
materially misstated and if such financial statements, taken as a whole, may be relied upon. An
audit includes examining, on a test basis, evidence supporting the balances and disclosures in the
financial statements, as well as assessing the appropriateness and suitability of the accounting
standards applied and the reasonableness of the estimates made by the directors. We believe that
our audit provides a reasonable basis for our professional opinion.
For the opinion on the previous year’ s consolidated financial statements, whose balances are
presented for comparative purposes, please refer to our report dated 20 April 2012.
3. In our opinion, the consolidated financial statements of the Tiscali Group at 31 December 2012 are
compliant with the International Financial Reporting Standards adopted by the European Union, as
well as the provisions issued by way of implementation of Article 9 of Italian Legislative Decree
No. 38/2005; they have therefore been prepared clearly in all the material aspects and provide a
true and fair view of the financial and equity position, the economic result and the cash flows of the
Tiscali Group for the year ended as of that date.
4. By way of disclosure, the following aspects are pointed out, more fully dealt with in the
explanatory notes:
a. as indicated in the section “Assessment of the business as a going-concern and business
outlook”, the Tiscali Group closed the year with a consolidated loss of EUR 15.9 million and
negative consolidated shareholders’ equity of EUR 145.9 million; furthermore, as of 31
December 2012, the Tiscali Group had a gross financial debt of EUR 197.2 million and current
liabilities greater than current assets (non-financial) for EUR 119.6 million.