Tiscali 2013 Annual Report Download - page 14
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Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
14
WOL settlement agreement signed
On 7 August 2013, the Dutch company belonging to the Tiscali Group, World Online International NV
(“WOL”) entered into a settlement agreement with the financial institutions, on the basis of which the
same financial institutions waive all compensatory action vis-à-vis WOL relating to the transactions
carried out by them with the shareholders’ associations (for further details see the section “Disputes,
contingent liabilities and commitments” in the explanatory notes to these financial statements). In
accordance with the afore-mentioned agreement, on 19 September 2013 the Tiscali Group made a
disbursement of EUR 1.8 million.
Renewal of the solidarity pact
The new agreement was signed with the Trade Union Representations on 21 November, effective as
from 22 November 2013 until 21 November 2015. This agreement involves 821 Company employees.
3.5 Analysis of the Group economic, equity and financial position
Introduction
Founded in 1998, Tiscali is one the leading alternative telecommunications operators in Italy.
Thanks to a cutting edge network based on IP technology, Tiscali provides its customers with a wide
range of services, from broadband and narrowband internet access, together with more specific and
hi-tech products. This offer also includes voice services (VOIP and CPS), and portal and mobile
telephone services, thanks to the service supply agreement reached with Telecom Italia Mobile
(MVNO).
The Group offers its products to consumer and business customers on the Italian Market, mainly via
five business lines:
(i) “Access”, in Broadband modes (LLU, Bitstream), inclusive of VoIP and mobile telephone services
(so-called MVNO);
(ii) Narrowband;
(iii) “Voice”, inclusive of traditional telephone traffic services (CS and CPS) and Wholesale;
(iv) Business services (so-called B2B), which include VPN, Hosting, domain connection and leased
line services, provided to companies and, lastly,
(v) Media and value added services, which include media, advertising and other services.
Main risks and uncertainties to which Tiscali S.p.A. and the Group are exposed
Risks relating to the general economic situation
The Group’s economic, equity and financial position is affected by several factors which constitute the
macro-economic scenario – such as, for example, variations in GDP (Gross Domestic Product),
investor confidence in the economic system and interest rate trends. The progressive weakening of