Tiscali 2008 Annual Report Download - page 80

INCOME STATEMENT OF THE OPERATING ASSETS HELD FOR SALE AND SOLD
EUR (000) 31.12.2008 31.12.2007
Revenues 31,361 94,281
Operating result (4,270) (8,398)
Pre-tax result (5,231) (10,023)
Net result (5,342) (10,844)
At 31 December 2008, assets held for sale were represented
by TiNet. The comparative figure at 31 December 2007 did
not by contrast include assets held for sale.
ASSETS
EUR (000) 31.12.2008 31.12.2007
Non-current assets 38,326 -
Current assets 18,469 -
Assets held for sale 56,795 -
LIABILITIES
EUR (000) 31.12.2008 31.12.2007
Non-current liabilities 3,203 -
Current liabilities 19,071 -
Liabilities directly related to assets held for sale 22,274 -
Earnings (Losses) per share (note 13)
The earnings per share from operating assets and those disposed
of amount to EUR (0.43); this amount was calculated by dividing
the net earnings for the year attributable to the ordinary
shareholders of the Parent Company, equating to EUR
(242,724,450), by the average weighted number of ordinary
shares in circulation during the year, equating to 560,984,490.
The earnings per share from operating assets amounts to EUR
(0.42), calculated by dividing the operating assets, amounting to
EUR (232,992,355) by the average weighted number of ordinary
shares in circulation during the year, equating to 560,984,490.
The potential shares deriving from the stock option conversions
had an anti-diluting effect and therefore have not been considered
in the calculation of the result per share.
The diluted earnings per share, from operating assets and those
disposed of, has been calculated by dividing the net earnings
attributable to the ordinary shareholders of the Parent Company
and the result from operating activities, by the average weighted
number of ordinary shares in circulation during the year.
Goodwill (note 14)
(EUR 000) 31.12.2007 Increases Decreases Exchange 31.12.2008
differences
Italy -----
UK 515,022 - - (76,198) 438,824
515,022 - - (76,198) 438,824
•partial reversal of the prepaid taxes recorded at 31
December 2007 on Tiscali International BV for EUR 23.8
million;
•reversal of net deferred taxes recorded in the UK subsidiaries
for EUR 40.3 million.
Operating assets disposed of and/or assets held
for sale (note 12)
On 3 February 2009, the Tiscali Group announced the decision
to enter into a purchase/sale agreement with BS Private Equity
S.p.A. and BS Investimenti SGR, relating to the assets of the
Tiscali International BV Group, a Tiscali S.p.A. subsidiary which
offers customers worldwide wholesale IP-MPLS connectivity
services via a global network which covers 3 continents and
has more than 100 points of presence.
On 15 November 2008, the assets of Quinary S.p.A. were
disposed of.
The Result for the period from assets disposed of and/or
destined to be disposed of includes the period result and the
capital gains/losses on disposal relating to the assets disposed
of and/or held for sale (Quinary and TiNet).
An analysis of the result from assets disposed of and/or destined
to disposed of is presented in the following table:
(EUR 000) 31.12.2008 31.12.2007
Gross capital gains (Losses) deriving from disposal
of subsidiaries and/or asset disposals (700) 199,227
Cancellation of goodwill and writedown
of other assets destined to be disposed of (3,691) (101,969)
Other charges/release of provisions relating to disposals (13,794)
Period result of subsidiaries disposed
of and/or destined to be disposed of (5,342) (10,844)
Result from assets disposed of and/or destined to be disposed of (9,732) 72,619
Gross capital gains (losses) deriving from disposals amount to
EUR 0.7 million and refer to the disposal of Quinary S.p.A.,
which took place on 19 November 2008.
The cancellation of goodwill and writedowns of other assets
destined to be disposed of include the registration of the writedown
of the assets of Tiscali International Network for EUR 3.7 million.
This writedown was made in order to reflect the impact on the
income statement of the disposal of the Group, envisaged
during the second quarter of 2009.
Just the Period result of assets disposed of and/or destined to
be disposed of, presenting a negative balance of EUR 5.3
million, is indicated below.
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CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES