Tiscali 2008 Annual Report Download - page 136

Receivables from customers (note 14)
EUR (000) 31.12.2008 31.12.2007
Receivables from customers 24,283 45,523
Writedown provision for losses (500) (500)
Total 23,783 45,023
At 31 December 2008, receivables from customers totalled EUR
24 million, including receivables from Group companies of EUR
19.5 million and from third party customers for EUR 4.7 million.
Trade receivables due from Group companies are detailed below:
EUR (000) 31.12.2008 31.12.2007
Quinary SpA - 122
Tiscali Deutschland Gmbh - 4,151
Tiscali Business Gmbh - 505
Tiscali Gmbh - 10,405
Tiscali Espana SLU 314 315
Tiscali UK Ltd 9,382 22,185
Tiscali UK Holdings Ltd 774 774
Tiscali International Network BV - 1,715
Tiscali International Network SpA - 137
Tiscali Italia S.p.A. 9,113 2,733
Tiscali Services S.p.A. - 526
Total 19,583 43,568
Note that trade receivables due from Tiscali International
Network B.V. (EUR 2.4 million) and Tiscali International Network
S.p.A. (EUR 0.1 million) have been reclassified as receivables
from third parties due to the preliminary agreement for the
disposal of the activities reached in February 2009. Please see
the comments to note 7.5.16 for greater details.
The book value of trade receivables, in view of conditions
regulating services provided by the Group, is approximate to
their fair value. Please also note that the Receivables from
customers will be due within 12 months and do not present
overdue balances for significant amounts.
The Breakdown of Receivables from customers by maturity is
as follows:
EUR (000) 31.12.2008 31.12.2007
Within 12 months 23,783 45,023
Between 1 and 5 years - -
Beyond 5 years - -
Total 23,783 45,023
Other Receivables and other Current Assets (note 15)
EUR (000) 31.12.2008 31.12.2007
Other receivables 2,349 1,291
Accrued income 9 25
Prepaid expense 63 233
Total 2,421 1,549
Other receivables at 31 December 2008 amounted to EUR 2.3
million and include advance payments to suppliers for EUR 1.1
million as well as receivables from the tax authorities falling
due within twelve months.
Prepaid expense of EUR 0.06 million includes prepaid
insurance and leasing costs.
Other current financial assets (note 16)
Other current financial assets at 31 December 2008 totalled
EUR 2.6 million and refer to the amounts restricted in order to
support the guarantees given within the sphere of the disposal
of the Group’s German assets in 2007.
Cash and cash equivalents (note 17)
At the end of 2008, cash and cash equivalents totalled EUR 1.3
million and include the company’s liquidity, essentially held in
bank current accounts. Reference should be made to the report
on operations for a detailed analysis of the financial position.
Shareholders’ equity (note 18)
EUR (000) 31.12.2008 31.12.2007
Share capital 308,273 212,207
Share premium reserve 990,857 902,492
Stock option reserve 3,841 886
Reserve for purchase of treasury shares (6,187) -
Accumulated losses and losses for the period (1,142,688) (185,383)
Total 154,096 930,201
Following the loss reported in 2008 equating to EUR 981.324
million, accumulated losses at 31 December 2008 amounted
to EUR 1,142,688 million.
The shareholders’ equity at 31 December 2008 was therefore
reduced to EUR 154.096 million, compared with the EUR
930.021 million at 31 December 2007; therefore the case
envisaged by Article 2446 of the Italian Civil Code arose,
involving a reduction in the share capital by more than a third.
The Directors called the General Shareholders’ Meeting for the
appropriate measures.
Changes in shareholders’ equity items are detailed in the
relevant table, to which reference should be made.
The number of shares representative of the Group’s share
capital rose from 424,413,163 at 31 December 2007 to
616,545,485 at 31 December 2008, due to:
•the issue of 149,792,880 ordinary shares with a par value
of EUR 0.50 each for the share capital increase resolved
in August 2007, carried out in February 2008 with the aim
TISCALI S.P.A. – FINANCIAL STATEMENTS AND EXPLANATORY NOTES
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