Tiscali 2008 Annual Report Download - page 38

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Current assets
Current assets at 31 December 2008 amounted to EUR 258.1
million, essentially lower with respect to 31 December 2007
(EUR 389.2 million). Receivables due from customers, at 31
December 2008, amounted to EUR 176.8 million, compared
with the EUR 164.4 million at 31 December 2007. Other
receivables and other current assets, amounting to EUR 46.8
million, in particular include accrued income on access services
rendered, prepaid service costs, together with sundry
receivables, including VAT credits.
Liabilities
Non-current liabilities
Non-current liabilities at 31 December 2008 amounted to EUR
229.7 million, compared with a figure of EUR 786.6 million at
31 December 2007.
The figure includes both the items pertaining to the financial
position, in relation to which see the following section, and the
other non-current liabilities, including the amount due to the
former shareholders of VNIL for a total of EUR 71.3 million,
the provision for risks and charges for EUR 25.4 million and
payables to suppliers for the purchase of long-term usage rights
on transmission capacity (IRU) for EUR 8.1 million.
Current liabilities
Current liabilities amounted to EUR 949.1 million at 31
December 2008 (compared with EUR 606.3 million at 31
December 2007). They mainly include the current portion of
the financial payables, payables to suppliers, together with
accrued expenses pertaining to the purchase of access services
and line rentals, the provision for staff severance indemnities,
the provision for risks and charges and the provision for taxation.
The change is attributable to the repayment of the bridging
loan by means of the income, for EUR 150 million, emerging
from the share capital increase and the reclassification at short-
term, at 31 December 2008, of the long-term financial debt,
as more fully explained in the following section
Financial
Situation
on this page.
Reconciliation between the statutory financial
statements of the parent company
and the consolidated financial statements
As required by CONSOB Communication No. DEM/6064293
dated 28 July 2006, the following table links the period result
and the shareholders’ equity of the Group, with the corresponding
values of the parent company.
EUR (000) 31 december 2008
Net profit (loss) Shareholders’ equity
Shareholders’ equity and net profit (loss) as per Tiscali S.p.A. (981,324) 154,096
Shareholders’ equity and net profits (loss)
of the consolidated companies net of minority interests (231,333) 327,144
Book value of consolidated equity investments - (1,452,429)
Writedown of equity investments recorded
in the Parent Company’s financial statements 953,885 953,885
Elimination of the provision for the coverage
of losses of investee companies recorded
in the Parent Company’s financial statements 17,240 36,058
Reversal of the goodwill recorded in the financial
statements of consolidated investee companies - (422,112)
Recording of Group goodwill - 438,824
Other (1,192) (4,644)
Shareholders’ equity and net profit (loss) for the
year pertaining to the Parent Company’s shareholders (242,724) 10,823
Shareholders’ equity and net profit (loss) pertaining
to minority shareholders (28,365) (6,046)
Shareholders’ equity and net profit (loss)
as per consolidated financial statements (271,090) 4,777
Financial situation
At 31 December 2008, the Tiscali Group could count on total cash
and cash equivalents totalling EUR 24.2 million, against net financial
debt, at the same date, of EUR 601.1 million (EUR 636.5 million
at 31 December 2007 referring to just operating activities).
EUR (mln) 31.12.2008 31.12.2007
A. Cash 24.2 134.2
B. Other cash equivalents 12.7 16.3
C. Securities held for trading - -
D. Cash and cash equivalents (A) + (B) + (C) 36.9 150.5
E. Current financial receivables 5.3 12.1
F. Non-current financial receivables 1.4 -
G. Current bank payables 510.0 176.2
H. Current portion of non-current debt - -
I. Other current financial payables (*) 21.4 19.5
J. Current financial debt (G) + (H) + (I) 531.4 195.7
K. Net current financial debt (J) – (E) – (F) – (D) 487.7 33.1
L. Non-current bank payables - 450.1
M. Bonds issued - 43.8
N. Other non-current payables (**) 113.4 109.5
O. Non-current financial debt (L) + (M) + (N) 113.4 603.4
P. Net financial debt (K) + (O) 601.1 636.5
(*) includes leasing payables
(**) includes leasing payables and payables due to shareholders
REPORT ON OPERATIONS
37