Tiscali 2008 Annual Report Download - page 83
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and the launch of the new mobile telephone project.
In addition, the item other fixed assets includes around EUR 7
million in intangible assets in process of formation and advance
payments pertaining to the Italian subsidiary Tiscali Italia S.p.A.
mainly representing costs for the development of the mobile
telephone management platform for EUR 2 million and EUR 4.4
million relating to the purchase of transmission capacity (IRU).
Total writedowns, with a net value of EUR 15.6 million (of which
EUR 17 million on the historic cost and EUR 1.4 million on
the accumulated amortisation) mainly concern the assets of
Tiscali Italia S.p.A. and were carried out following the decision
to interrupt the IPTV service. Specifically, software has been
written down for EUR 0.4 million, development costs for EUR
5.8 million, set top boxes for EUR 0.1 million, feasibility studies
for EUR 1.9 million and other intangible assets for a value of
EUR 3 million; the balance also includes EUR 5.8 million
deriving from the recalculation, as per IFRS 39, of the fair value
of the IRU contracts – Indefeasible rights of use – in the initial
measurement stage.
The decreases during 2008 in the various categories of fixed
assets reflect the normal amortisation process and disposals
of fixed assets.
Assets destined to be disposed of include the intangible assets
of the TiNet Group under disposal at 31 December 2008.
The item Exchange differences includes the changes deriving
from the GBP/EURO exchange differences at the time of
conversion of the UK assets from local currency to the reporting
currency for the consolidated financial statements.
Properties, plant and machinery (note 16)
Changes during the year are shown in the following table:
82
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES
Tangible assets Properties Plant and Other Total
EUR (000) machinery assets
HISTORIC COST
1 January 2008 64,230 514,368 22,263 600,862
Increases 5 53,976 7,326 61,308
Decreases - (42) (249) (291)
Assets destined to be disposed of - (30,173) (36) (30,209)
Revaluations/Writedowns - (2,202) (819) (3,021)
Reclassifications - (4,271) (6,380) (2,109)
Exchange differences - (68,651) (2,971) (2,109)
Other ---
-
31 December 2008 64,235 471,548 19,134 554,917
ACCUMULATED DEPRECIATION
1 January 2008 4.344 317.703 6.554 328.601
Increases in depreciation 1,899 58,178 1,474 61,551
Decreases - (55) (244) (299)
Assets destined to be disposed of (16,768) (35) (16,804)
Revaluations/Writedowns - (412) (44) (455)
Reclassifications - (1,596) (5,672) (4,076)
Exchange differences - (50,226) (4,338) (45,888)
Other ----
31 December 2008 6,243 310,016 6,371 322,629
NET VALUE
31 December 2007 59,886 196,665 15,709 272,260
31 December 2008 57,993 161,532 12,763 232,288