Tiscali 2012 Annual Report Download - page 181

Independent auditors’ report
pursuant to Articles 14 and 16 of Italian Legislative Decree No. 39 dated 27 January 2010
To the shareholders of
Tiscali S.p.A.
6. We have carried out an audit on the statutory 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. 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.
7. Our audit was made in accordance with the audit standards and criteria recommended by Consob.
In accordance with such standards we planned and performed our audit to obtain every element
necessary in order to determine whether the statutory 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 statutory financial statements, whose balances are presented
for comparative purposes, please refer to our report dated 20 April 2012.
8. In our opinion, the statutory financial statements of Tiscali S.p.A. 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
Tiscali S.p.A. for the year ended as of that date.
9. By way of disclosure, the following aspects are pointed out, more fully dealt with in the
explanatory notes:
c. as indicated in the section “Assessment of the business as a going-concern and business
outlook“, Tiscali S.p.A. closed the statutory financial statements with a loss of EUR 3.1 million
and shareholders’ equity of EUR 61.9 million; it is the parent company of a Group (the “Tiscali
Group”) which closed 2012 with a consolidated loss of EUR 15.9 million and negative
consolidated shareholders’ equity of EUR 145.9 million; furthermore, at 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.