Tiscali 2013 Annual Report Download - page 69

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
69
Group’s share in the results of the associated companies as well as those jointly controlled as from the
date when significant influence commenced until the moment this influence ceases to exist. If the
Group’s share of the losses of the associated company exceeds the book value of the equity
investment, steps are taken to write off the value of the equity investment and the portion of the
additional losses is only recorded if the Group is obliged to be responsible for them.
Unrealized profits and losses deriving from transactions with associated companies or those jointly
controlled, are eliminated against the value of the Group’s investment in the companies.
With regard to transactions which concern interests in companies which are already subsidiaries, in
the absence of a specific Standard or interpretation on the subject and referring to the provisions
contained in IAS 8 “Accounting policies, changes in accounting estimates and errors”, the Group has
applied the following accounting approaches, identifying two types of transactions:
acquisitions/disposals of interests in companies which are already subsidiaries: in the event
of acquisitions, the Group pays the minority shareholders a cash amount or a consideration
in new shares, thereby resulting in simultaneous elimination of related minority interests
and recording of Goodwill equating to the difference between the purchase cost of the
interests and the book value of the assets and liabilities acquired proportionally; in the event
of disposal, the difference between the transfer value and the corresponding book value in
the consolidated financial statements is recorded in the income statement (so-called Parent
entity extension method);
intragroup transfer of interests in subsidiary companies, which lead to a change in the
shareholding: the interests transferred are recorded at historic cost and the gain or loss
emerging from the transfer is reversed in full. The shareholders’ equity of minority
shareholders that do not directly participate in the transaction, is adjusted to reflect the
change with a corresponding counter-effect on the shareholders’ equity pertaining to the
shareholders of the Parent Company without recording any goodwill and without producing
any effect on the result and the total shareholders’ equity.
Changes in the consolidation area
The consolidation area of the Group includes the financial statements of Tiscali S.p.A. (parent
company) and the companies the latter directly or indirectly controls starting from the date on which it
was acquired and until the date on which control ceases. These consolidated subsidiaries are listed
below and in the note List of subsidiaries included in the consolidation area.
There were no changes in the consolidation area during 2013.
Company name
Registered
Offices
Investment
held by
Forecast statutory values as at
31 December 2013 (€/000)
% direct
investment
% G
inve
Share
Capital
Shareholders’
equity
Net
result
Tiscali S.p.A.
Italy
Parent
Company
92,023
61,101
(778)
n.a.
Tiscali Italia S.p.A.
Italy
Tiscali
S.p.A.
34,800
20,192
2,779
100.0%
Veesible S.r.l.
Italy
Tiscali Italia
S.p.A.
600
499
(73)
100.0%
Indoona S.r.l.
Italy
Tiscali Italia
S.p.A.
10
10
(3)
100.0%
Istella S.r.l.
Italy
Tiscali Italia
S.p.A.
10
8
(5)
100.0%
Tiscali Finance SA (in liquidation) (*)
Luxemburg
Tiscali
S.p.A.
125
(30)
(6)
100.0%
Tiscali Financial Services SA (*)
Luxemburg
Tiscali
S.p.A.
31
(3,826)
(133)
100.0%
Tiscali Deutschland Gmbh (*)
Germany
Tiscali
S.p.A.
555
(34,500)
(342)
100.0%