Tiscali 2012 Annual Report Download - page 85

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Annual financial report as at 31 December 2012
Date File Name Status Page
-
Annual Report as at 31
December 2012 85
31 December 2012 50,532 40,939 1,816 1,486 94,773
The tangible fixed assets mainly concern the operating subsidiary Tiscali Italia S.p.A. and are
analysed as follows.
The item “Property”, amounting to EUR 50.5 million, mainly relates to the Cagliari headquarters (Sa
Illetta), which was subject to a Sale & Lease back financial transaction in 2007.
Plant and equipment (EUR 40.9 million) includes specific network equipment such as routers, DSLAM,
servers, and transmission devices installed at the LLU sites. The EUR 2.6 million total increase
reflects the investments concerning the development of the network infrastructure. The increase
comprises EUR 1.3 million of plant reclassified from the category “Other tangible assets in course of
construction and prepayments” relating to costs for transmission equipment and DSLAM installed as
part of the project for developing the network which started to be depreciated during 2012.
As illustrated in the section “Format and content of the accounting statements”, during 2012 the
Directors reviewed the estimate of the useful life of transmission equipment from 5 to 7 years. This
review led to a reduction during 2012 in the depreciation charge on tangible fixed assets equal to EUR
1.5 million.
“Other tangible assets”, whose balance amounts to EUR 1.8 million, include furniture and furnishings,
electronic and electromechanical office equipment as well as motor vehicles.
The item Tangible assets in course of construction and prepayments whose balance comes to EUR
1.5 million, includes modems in inventory destined to be loaned out free-of-charge to customers.
Equity investments (note 15)
The following table presents the list of equity investments as at 31 December 2012:
Forecast statutory values as at 31
December 2012
Company name Registered
Offices Investment held by
Share
Capital
Shareholders’
equity
Net
result
%
investment
Tiscali S.p.A. Italy Parent Company 92,020 61,940 (3,115) n.a.
Tiscali Italia S.p.A. Italy Tiscali S.p.A. 34,800 18,536 (14,170) 100.0%
Veesible S.r.l. Italy Tiscali Italia S.p.A. 600 582 (23) 100.0%
Indoona S.r.l. Italy Tiscali Italia S.p.A. 10 8 (2) 100.0%
Istella S.r.l. Italy Tiscali Italia S.p.A. 10 8 (2) 100.0%
Tiscali Contact S.r.l.
(merger via incorporation as of 7 May 2012) Italy Tiscali Italia S.p.A. () 100.0%
Tiscali Finance SA (in liquidation) (*) Luxemburg Tiscali S.p.A. 125 (24) (4) 100.0%
Tiscali Financial Services SA (*) Luxemburg Tiscali S.p.A. 31 (3,693) (149) 100.0%
Tiscali Deutschland GmbH (*) Germany Tiscali S.p.A. 555 (34,158) (342) 100.0%
Tiscali GmbH (*) Germany
Tiscali Deutschland
Gmbh 26 (147,997) (1,563) 100.0%
Tiscali Business GmbH (*) Germany Tiscali Business UK Ltd 2,046 (208,917) (2,072) 99.5%
Tiscali Verwaltungs GmbH (*) Germany
Tiscali Deutschland
Gmbh 25 (22) (2) 100.0%
Tiscali Holdings UK Ltd (*) UK Tiscali S.p.A. 59 (290,927) (7,164) 100.0%
World Online International Nv (*)
The
Netherlands Tiscali S.p.A. 115,519 99.5%
Tiscali International Bv (*)
The
Netherlands
World Online
International Nv 115,469 276,859 3,507 99.5%
Wolstar B.V. (in liquidation) (*)
The
Netherlands Tiscali International Bv 49.7%
Tiscali International Network B.V (*) The Tiscali International Bv 18 15,923 496 99.5%