Tiscali 2001 Annual Report Download - page 36

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For these reasons, in some countries the Group will act through more than one Company.
The main operations carried out in each country in 2001 are outlined below, indicating the
economic effects of each operation. These effects have been duly eliminated in the
consolidation process where necessary.
Belgium
In December 2001, Tiscali Belgium SA sold its branch Company to World Online Belgium NV
(now renamed Tiscali SA/NV) for EUR 6.7mn, and was then liquidated by its shareholder
Tiscali Belgium Holding SA. The latter was in turn liquidated and closed down.
As part of this operation, Tiscali SpA made an extraordinary write-down of about EUR 46mn,
against the outstanding receivables from Tiscali Belgium Holding SA (previously transferred
by Tiscali Finance SA to Tiscali SpA).
France
In 2001, Liberty Surf Group SA purchased, for about EUR 15.7mn, the Company World Online
France SA (renamed Tiscali Business SA), previously recapitalised by Tiscali International
BV for EUR 55mn (through a waiver of inter-Company receivable).
In November 2001 Liberty Surf Group SA also took over Liberty Surf Telecom SA which, on
December 31, 2001, incorporated by merger Praxitel SA and None Networks SA which had
been fully taken over in November 2001.
Also in 2001, Liberty Surf Telecom SA transferred its B2C operations to Liberty Surf SA,
while World Online France SA (Tiscali Business) transferred its B2C operations to Liberty
Surf SA.
In 2001, Tiscali Reseaux SA (formerly Tiscali France SA), 100% owned by Tiscali SpA,
incorporated by way of a merger its subsidiary A Telecom Enterprise SA, a Company
originating from the earlier merger of its three subsidiaries Taxiphone SA, Trastel SA and
MCI SA.
Tiscali Reseaux SA, recapitalised during 2001 by means of the Parent Company's writing off
receivables of about EUR 33mn, was sold in the first quarter of 2002 to Liberty Surf Telecom
SA for EUR 5mn. To align the value of the subsidiary to this selling price, Tiscali SpA made
a write-down of EUR 124mn.
Germany
In December 2001, Tiscali SpA sold its share of Addcom AG, which it had taken over in March
2001, to Tiscali GmbH, for a total price of about EUR 5.4mn, recording a capital gain of EUR
2.9mn. This was written off in the consolidated accounts.
Tiscali GmbH also purchased SurfEU Germany GmbH for EUR 0.6mn from SurfEU.com Ltd,
a direct subsidiary of Tiscali SpA.
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