Tiscali 2013 Annual Report Download - page 16
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Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
16
Risks associated with dealings with employees and suppliers
Group employees are protected by various laws and/or collective labour contracts which ensure they
have, via local and national delegations, the right to be consulted with regard to specific matters,
including therein downsizing or the closure of departments and the reduction of the workforce. These
laws and/or collective labour contracts applicable to the Group and its suppliers could influence its
flexibility when strategically redefining and/or repositioning its activities. Tiscali’s ability and that of its
suppliers to make staff cuts or take other measures, even temporary, to end the employment
relationship is subject to government authorisations and the consent of trade unions. Trade union
protests by workers could negatively affect the company’s activities.
Risks associated with the turnover of management and other human resources with key roles
The Group’s future depends greatly on the ability of its executives to manage it effectively. The loss of
the services of an executive director, a first level manager and other key resources without adequate
replacement, as well as the inability to attract and retain new and qualified personnel, could therefore
have a negative impact on the Group’s prospects, activities and economic and financial results.
Risks associated with business continuity
For further information please refer to section 3.7 “Evaluation of the company as a going-concern and
future outlook”.
Risks associated with disputes and contingent liabilities
For further information please refer to the section “On-going disputes, contingent liabilities and
commitments”.
Economic position
(EUR mln)
CONSOLIDATED INCOME STATEMENT
2013
2012
Restated*
Change
Revenues
223.4
233.8
(10.4)
Other income
2.1
2.4
(0.3)
Purchase of materials and outsourced
services
128.5
133.3
(4.8)
Payroll and related costs
34.6
34.4
0.3
Other operating costs / (income)
(4.7)
(2.1)
(2.6)
Adjusted Gross Operating Result (EBITDA)
67.1
70.6
(3.5)
Write-downs of receivables from customers
14.6
26.3
(11.7)
Gross Operating Result (EBITDA)
52.4
44.3
8.2
Restructuring costs, provisions for risk
reserves and write-downs
3.4
1.6
1.8
Amortisation/depreciation
39.8
42.8
(3.0)
Operating result (EBIT)
9.3
(0.1)
9.4
Net financial income (charges)
(13.2)
(13.2)
(0.0)
Pre-tax result
(3.9)
(13.3)
9.3