Tiscali 2012 Annual Report Download - page 58

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Annual financial report as at 31 December 2012
Date File Name Status Page
-
Annual Report as at 31
December 2012 58
192,531 197,447
Current liabilities
Payables to banks and other lenders 30 15,869 23,459
Payables for financial leases 30 95 581
Payables to suppliers 31 128,633 422 152,800 346
Other current liabilities 32 62,746 62,795
207,343 422 239,634 346
Liabilities directly related to assets held for sale - -
Total Liabilities and Shareholders’ equity 253,954 422 307,097 346
5.8 Explanatory Notes
Tiscali S.p.A. is a limited company incorporated under the laws of the Republic of Italy at the Cagliari
Companies’ Register.
The Tiscali Group provides a wide range of services to its customers, both private individuals and
companies, from dial-up and ADSL Internet access, along with high technology content
telecommunications services and solutions.
This offer, which also includes voice services (such as mobile telephony) and portal services, enables
Tiscali to compete effectively with the major operators on the market.
Thanks to its unbundling network (ULL), its range of innovative services and its strong brand, Tiscali
has achieved an important position in the market of Italian telecommunications.
These condensed consolidated half-yearly financial statements (the financial statements) are
presented in thousands of Euro (EUR), which is the currency used to conduct most of the Group’s
operations. Foreign activities have been included in the consolidated financial statements according to
the principles detailed below.
In preparing these financial statements, the directors have adopted the going-concern assumption and
therefore have drafted the financial statements using the standards and policies that are applied to
companies in operation.
It is pointed out that, in the income statement and in the related details, reclassifications were made to
the cost items included in the Ebitda for 2011, with respect to the balances published in the Annual
Financial Report at 31 December 2011, for the purpose of providing a fuller comparative
representation with respect to the previous year
5.9 Evaluation of the company as a going-concern and future outlook
Events and uncertainties regarding the business continuity
The Tiscali Group closed the financial statements at 31 December 2012 with a consolidated loss of
EUR 15.9 million and negative consolidated shareholders’ equity of EUR 145.9 million. Furthermore,
as at 31 December 2012, the 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.
As of 31 December 2011, the consolidated loss amounted to EUR 38.1 million, with negative
consolidated shareholders’ equity of EUR 130 million. Furthermore, as at 31 December 2011, the