Tiscali 2014 Annual Report Download - page 200

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Despite highlighting how the achievement of a situation of equity, economic and financial
balance for the Group over the long-term is subordinate to significant uncertainties linked to
the achievement of the results envisaged in the 2015-2018 Plan, and therefore the realisation
of the forecasts and the assumptions contained therein relating, in general, to the evolution
of the telecommunications market and the accomplishment of the growth objectives set (in a
market context characterised by strong competitive pressure) and in particular: (i) to the
positive conclusion of the Share Capital Increase for EUR 42.4 million and the consequent
repayment of Facility A1; (ii) the final awarding of the Consip Tender; (iii) the transfer of the
Leasing Agreements by the envisaged deadlines or alternatively the redefinition of the debt
repayment plan as already agreed with the leasing companies; and (iv) the ability to
refinance the final instalment of the debt as per the Restructuring Agreements falling due in
2017; the Directors believe that the positive conclusion of the Group restructuring and
recapitalisation process is reasonable, so as to be able to continue with the implementation
of the 2015-2018 Plan permitting the achievement of a situation of equity, financial and
economic balance over the long-term.
In conclusion, the Directors acknowledge that as of the current date, and as already indicated
in the financial statements relating to 2013, uncertainties remain relating to events or
circumstances which could lead to significant doubts as to the Group’s ability to continue
operating on the basis of the assumption of a going-concern. However, after making the
necessary checks and after assessing the uncertainties found in light of the factors described
above, taking into account the matters envisaged by the Restructuring Agreements with
regard to the Group recapitalisation and debt restructuring transaction, they have the
reasonable expectation that the Group has adequate resources to continue operations in the
near future and therefore have adopted the going-concern assumption when drawing up the
financial statements;
b. as indicated in the section Disputes, contingent liabilities and commitments, in August 
a settlement agreement was signed the Settlement Agreement concluding the disputes
brought by certain associations and foundations representing the former minority
shareholders of the Dutch subsidiary World Online International NV WOL. The
Settlement Agreement does not include the compensation requests amounting in total to EUR
111 million, made by the Stichting Van der Goen WOL Claims foundation representing 28
shareholders or those entitled who brought legal proceedings, served on 19 June 2014, vis-à-
vis WOL and the financial institutions tasked with the listing of said WOL. Also supported by
the assessments of their legal advisors, the Directors believe that the risk of losing is not
probable as things stand.