DOCSLIB.ORG

Tiscali Group Annual Financial Report As at 31 December 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Tiscali Group Annual Financial Report As at 31 December 2016 Tiscali Group Annual Financial Report as at 31 December 2016 _____________________ Issue date 31 December 2016 This report is available on the website www.tiscali.it Tiscali S.p.A. Registered office: SS195 Km 2.3, Sa Illetta, Cagliari, Italy Share Capital EUR 91,200,922.89 Cagliari Companies’ Register and VAT No. 02375280928 Econ. & Admin. - 191784 Relazione finanziaria annuale al 31.12.2016 Table of contents 1 Highlights ..................................................................................................................................................................... 1 2 Alternative performance indicators ......................................................................................................................... 2 3 Directors and Auditors .............................................................................................................................................. 3 4 Report on Operations ................................................................................................................................................ 5 4.1 Tiscali’s position within the market scenario ..........................................................................................................5 4.2 Main results obtained in 2016 ..................................................................................................................................8 4.3 Regulatory background ...........................................................................................................................................11 4.4 Tiscali Shares ...........................................................................................................................................................16 4.5 Relevant events during the financial year ............................................................................................................19 4.6 Analysis of the economic, equity and financial situation of the Group .............................................................26 4.7 Analysis of the income, financial position and cash-flow statement of Tiscali S.p.A. ....................................45 4.8 Assessment of the business as a going-concern and future outlook ...............................................................48 4.9 Other events subsequent to year end ...................................................................................................................52 4.10 Disputes, contingent liabilities and commitments ................................................................................................54 5 Corporate Government and Assets Report .......................................................................................................... 59 5.1 Introduction ...............................................................................................................................................................59 5.2 Corporate Governance Structure ..........................................................................................................................59 5.2.1 General principles ....................................................................................................................................................59 5.2.2 Adopted Model .........................................................................................................................................................60 5.2.3 Company bodies and independent auditors. .......................................................................................................60 5.2.4 Shareholding ............................................................................................................................................................65 5.2.5 Amendments to significant agreements of the Company following a control change ....................................67 5.3 Information on the implementation of the recommendations detailed in the Self-Governing Code .............67 5.3.1 Board of Directors ....................................................................................................................................................67 5.3.2 Shareholders' Meetings ..........................................................................................................................................72 5.3.3 Board of Auditors .....................................................................................................................................................73 5.3.4 Committees established within the Board of Directors and other Governance bodies ..................................74 5.3.5 Internal Control .........................................................................................................................................................75 5.4 Internal controls related to accounting and financial information ......................................................................78 5.4.1 Introduction ...............................................................................................................................................................78 5.4.2 Description of the main features of existing risk management and internal control systems in relation to the financial information process ......................................................................................................................78 5.5 Model of organization, management and control pursuant to Legislative Decree 231/2001 ........................79 5.6 Procedure regarding related-party transactions ..................................................................................................80 5.7 Confidential information and market information. Investor Relations ...............................................................80 6 Consolidated financial statements and explanatory notes ............................................................................... 83 6.1 Income Statement ....................................................................................................................................................83 6.2 Comprehensive Income Statement .......................................................................................................................84 6.3 Statement of Assets and Liabilities .......................................................................................................................85 6.4 Cash Flow Statement ..............................................................................................................................................87 6.5 Net Assets Variations ..............................................................................................................................................89 6.6 Income statement pursuant to deliberation Consob No.15519 dated July 27, 2006 .....................................90 6.7 Balance sheet pursuant to deliberation Consob No.15519 dated July 27, 2006 ............................................91 6.8 Explanatory Notes ...................................................................................................................................................92 6.9 Considerations regarding business continuity and foreseeable development of the management .............93 7 Tiscali SpA – Accounting Statements and Explanatory Notes ....................................................................... 156 7.1 Income statement ..................................................................................................................................................156 7.2 Comprehensive income statement ......................................................................................................................157 7.3 Financial and economic results ...........................................................................................................................158 7.4 Statement of changes in shareholders’ equity (EUR) .......................................................................................159 Relazione finanziaria annuale al 31.12.2016 7.5 Cash Flow Financial statement ............................................................................................................................160 7.6 Explanatory notes ..................................................................................................................................................160 8 Glossary ................................................................................................................................................................... 197 9 Reports ..................................................................................................................................................................... 205 1 Highlights Income statement (*) (**) 2016 – 2015 – 2016 – after 2015 – after before before IFRS 5 IFRS 5 IFRS 5 IFRS 5 reclass. reclass. reclass. reclass. (EUR mln) Revenue 207.2 196.9 202.1 192.6 Adjusted Gross Operating Result (EBITDA) 41.5 38.4 56.2 53.5 Gross Operating Result (EBITDA) 30.1 27.1 39.1 36.4 Operating profit (35.5) (28.4) (1.9) (2.1) Statement of financial position 31 December 31 31 December 2016 December 2015 2015 (EUR mln) Total assets 291.8 290.5 Net Financial Debt (186.7) (165.6) Net Financial Debt as per Consob (191.0) (173.1) Shareholders' equity (167.6) (121.4) Investments 56.7 38.1 Operating figures 31 December 31 31 December 2016 December 2015 2015 (000) Total number of Clients 697.1 686
Load more

Recommended publications
  • 2. the Communications Sector in Italy
    2. The communications sector in Italy 2. The communications sector in Italy 2.1. Telecommunications In a picture of progressive deterioration of the macroeconomic situation, the trend of contraction of the telecommunications market, on both fixed and mobile network, already observed for some years, was confirmed in 2011. In this context, the elements which best qualify the Italian telecommunications market, show no substantial change in 2011 compared to the last two years. These elements can be summed up as follows: i) the expenditure of families and companies in telecommunications services continues to fall, with a slight acceleration compared to 2010; ii) the reduction in the prices of telecommunications services to both private and business customers, on both fixed and mobile networks, is constant; iii) the contraction in voice calls on dial-up network continues, with a reduction of 11.7% in the number of minutes consumed, while voice traffic from the mobile network has increased by another 10% in the last year; iv) the spread of broadband services on fixed and mobile network has produced further growth in income deriving from data services; v) there is still growth, but with indications of the saturation of the relative market, in the virtual mobile telephony compartment; vi) with regard to the competitive situation, the erosion of Telecom Italia's total market share continues; vii) in last autumn, an auction was held for the assigning of the usage rights of the frequencies in the 800, 1,800, 2,000 and 2,600 MHz bands, which led to a total commitment of the mobile operators for € 3.9 billion; viii) on the other hand, the reduction in investments in infrastructures is confirmed;9 ix) The gross profit of the sector is substantially stable, also thanks to the continuous restructuring and cost containment actions carried out by the telecommunications companies.
    [Show full text]
  • 15-GEN-2016 Diffusione 11/2015: 141.637 Da Pag
    Dati rilevati dagli Enti certificatori o autocertificati Tiratura 11/2015: 195.317 15-GEN-2016 Diffusione 11/2015: 141.637 da pag. 25 Lettori Ed. II 2015: 957.000 foglio 1 / 2 Quotidiano - Ed. nazionale Dir. Resp.: Roberto Napoletano www.datastampa.it Dati rilevati dagli Enti certificatori o autocertificati Tiratura 11/2015: 195.317 15-GEN-2016 Diffusione 11/2015: 141.637 da pag. 25 Lettori Ed. II 2015: 957.000 foglio 2 / 2 Quotidiano - Ed. nazionale Dir. Resp.: Roberto Napoletano www.datastampa.it Dati rilevati dagli Enti certificatori o autocertificati Tiratura 11/2015: 142.594 15-GEN-2016 Diffusione 11/2015: 77.281 da pag. 20 Lettori Ed. II 2015: 473.000 foglio 1 / 2 Quotidiano - Ed. nazionale Dir. Resp.: Alessandro Sallusti www.datastampa.it Dati rilevati dagli Enti certificatori o autocertificati Tiratura 11/2015: 142.594 15-GEN-2016 Diffusione 11/2015: 77.281 da pag. 20 Lettori Ed. II 2015: 473.000 foglio 2 / 2 Quotidiano - Ed. nazionale Dir. Resp.: Alessandro Sallusti www.datastampa.it RASSEGNA WEB ANSA.IT Data pubblicazione: 14/01/2016 ANSA ENGLISH EDITIONS Mediterraneo NuovaEuropaHiQPdf Evaluation 01/14/2016 Follow us: Click & Go to Business Search ANSA.it General News Politics Business Science&Technology LifeStyle Sport Vatican World Photo Jubilee TRENDING ANSA.it English Business Wind-3 merger creates 33.8% market share Wind-3 merger creates 33.8% market share PosteMobile growth doubled, to reach 3.4% market share Redazione ANSA MILAN 14 January 2016 16:23 NEWS Suggerisci Facebook LATEST NEWS Twitter 18:08 A gentleman's fashion
    [Show full text]
  • Italian Guidelines About Wind Turbine Sound: How to Improve Them And
    Italian guidelines about wind turbine sound: PO. ID How to improve them and make them work better C001 Martina Repossi Alerion Clean Power S.p.A. – Milan (Italy) Abstract Critical topics about Italian landscape Wind turbines can produce unwanted sound (referred to as noise) during operation. The nature of sound As a matter of facts, Italian population density, at 197 inhabitants per square kilometre (ISTAT Report, 2013), depends on wind turbine design. Propagation of the sound is primarily a function of distance, but it can also be is higher than that of most Western European countries. However, the distribution of the population is widely affected by turbine placement, surrounding terrain, and atmospheric conditions. uneven. The most densely populated areas are the Po Valley (that accounts for almost a half of the national In Italy, unlike other European countries, we don’t have specific legislation about windmills sound population) and the metropolitan areas of Rome and Naples, while vast regions such as the Alps and measurement and noise limits from Law no.447 are not functional for noise verifical for wind farms. Public Apenins highlands, the island of Sardinia and the plateaus of Basilicata are very sparsely populated. health is an essential Constitutional right (art.32 from Italian Constitution: "la Repubblica tutela la salute come Besides that, Italian landscape is full of protected areas in order to guarantee environmental conservation. The fondamentale diritto dell'individuo e interesse della collettività”) and disagreements related to wind farms noise consequence is that designers need to adapt wind farms layouts to these constraints, also because most are actually recurring.
    [Show full text]
  • Prospectus Dated 12 March 2013 KONINKLIJKE KPN N.V
    Prospectus dated 12 March 2013 KONINKLIJKE KPN N.V. (Incorporated in The Netherlands as a public limited company with its corporate seat in The Hague) €1,100,000,000 Perpetual Capital Securities £400,000,000 Capital Securities due 2073 ______________________________________ Issue Price: 99.478% per cent. in respect of the Euro Securities 99.326% per cent. in respect of the Sterling Securities ______________________________________ The €1,100,000,000 Perpetual Capital Securities (the Euro Securities) and the £400,000,000 Capital Securities due 2073 (the Sterling Securities, and together with the Euro Securities, collectively referred to as the Securities, and each referred to as a Tranche) will be issued by Koninklijke KPN N.V. (the Issuer) on 14 March 2013 (the Issue Date). The offering of the Euro Securities and Sterling Securities is referred to as the Offering. The Euro Securities will bear interest on their principal amount from (and including) the Issue Date to (but excluding) 14 September 2018 (the First Euro Reset Date) at a rate of 6.125 per cent. per annum, payable annually in arrear on 14 September in each year, except that the first payment of interest, to be made on 14 September 2013, will be in respect of the period from (and including) the Issue Date to (but excluding) 14 September 2013 and will amount to €30.88 per €1,000 in principal amount of the Euro Securities. Thereafter, unless previously redeemed, the Euro Securities will bear interest from (and including) 14 September 2018 to (but excluding) 14 September 2023 at a rate per annum which shall be 5.202 per cent.
    [Show full text]
  • Tiscali's Board of Directors Approves First-Half 2005 Results Revenues Up
    Tiscali’s Board of Directors approves first-half 2005 results Revenues up 11% on 1H04, to EUR 353.7 million 330,000 new ADSL subscribers, bringing the total to 1.4 million Sharp increase in profitability: Gross Operating Profit (EBITDA)* at EUR 52.4 million (15% on revenues), more than doubled compared to 1H04 (EUR 20 million, 6% on revenues) Earnings before tax (EBT)* positive for EUR 59.6 million vs a loss of EUR 123.3 million in 1H04 * Tiscali Group’s financial results and historical figures given for comparison purposes in this press release were prepared in accordance with IAS/IFRS international accounting principles, and are shown on a like-for-like basis for the Group’s perimeter, including Italy, UK, Germany, The Netherlands, Czech Republic and TiNet IP . For further details on the application of IAS/IFRS principles, please refer to the half-year report available at the company's registered office and on its website http://investors.tiscali.com/tiscali/ The Board of Directors of Tiscali has approved today the Group’s first-half results to 30th June 2005. 1H05 results Revenues of EUR 353.7 million were up 11% on the first six months of 2004 (EUR 318.8 million). Growth in revenues was driven mainly by the access segment, which accounted for 74% of the Group’s revenues (EUR 262.6 million). In this segment, there was a marked change in the revenues mix compared to 1H04, with a significantly higher contribution from broadband services (56%) than dial-up (narrowband) services. There were 330,000 new broadband customers in the first half, which brought the total number of ADSL subscribers at 30 June 2005 to around 1.4 million (an increase of 34% on 31 December 2004): over 250.000 were receiving unbundled services.
    [Show full text]
  • Report of the Technical Consultation to Develop International Guidelines on Bycatch Management and Reduction of Discards Adopted on 10 December 2010 in Rome
    FAO Fisheries and Aquaculture Report No. 957 FIRO/R957 (En) ISSN 2070-6987 Report of the TECHNICAL CONSULTATION TO DEVELOP INTERNATIONAL GUIDELINES ON BYCATCH MANAGEMENT AND REDUCTION OF DISCARDS Rome, 6–10 December 2010 Copies of FAO publications can be requested from: Sales and Marketing Group Office of Knowledge Exchange, Research and Extension Food and Agriculture Organization of the United Nations E-mail: [email protected] Fax: +39 06 57053360 Web site: www.fao.org/icatalog/inter-e.htm Copies of FAO publications can be requested from: Sales and Marketing Group FAO Fisheries and Aquaculture Report No. 957 FIRO/R957 (En) Report of the TECHNICAL CONSULTATION TO DEVELOP INTERNATIONAL GUIDELINES ON BYCATCH MANAGEMENT AND REDUCTION OF DISCARDS Rome, 6–10 December 2010 FOOD AND AGRICULTURE ORGANIZATION OF THE UNITED NATIONS Rome, 2011 The designations employed and the presentation of material in this information product do not imply the expression of any opinion whatsoever on the part of the Food and Agriculture Organization of the United Nations (FAO) concerning the legal or development status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. The mention of specific companies or products of manufacturers, whether or not these have been patented, does not imply that these have been endorsed or recommended by FAO in preference to others of a similar nature that are not mentioned. The views expressed in this information product are those of the author(s) and do not necessarily reflect the views of FAO. ISBN 978-92-5-106764-2 All rights reserved.
    [Show full text]
  • ELENCO TELEFONIA FISSA E MOBILE Con PEC Per Internet
    MINISTERO DELLO SVILUPPO ECONOMICO COMUNICAZIONI Direzione Generale per i Servizi di Comunicazione Elettronica, di Radiodiffusione e Postali Viale America, 201 – 00144 ROMA Elenco delle autorizzazioni generali di cui al decreto legislativo 1 agosto 2003 n. 259 per il servizio di installazione e fornitura di reti pubbliche di comunicazione elettronica e per l’espletamento del servizio telefonico accessibile al pubblico (ex licenze individuali d.m. 25 novembre 1997) 03/07/2018 Sig la Num Rete - Im ero Provi Voce - Società Indirizzo Cap Città Regione Tipo di provvedimento Data Partita Iva PEC pie d’ord ncia Mobil gat ine e o 10993 S.r.l. Via Pontaccio, 20121 Milano (MI) Lombardia Autorizzazione generale per servizio 13/06/2008 14 telefonico accessibile al pubblico. G 350 13212040151 [email protected] AREA DI COPERTURA: Regione Lombardia. Voce 12H AG Hardturmstrasse 08005 Zurich Svizz Lombardia Autorizzazione generale per 10/01/2017 , 201 era l'installazione e fornitura di una rete G 588 pubblica di comunicazione [email protected] elettronica. AREA DI COPERTURA: Settimo Milanese. Rete 2 S.r.l. Loc. Ponte alla 52100 Arezzo (AR) Toscana Autorizzazione generale per servizio 05/08/2013 Chiassa, 330 telefonico accessibile al pubblico. AREA DI COPERTURA: Comune di DIGITALMEDIAITALIAS Z 437 01986800512 Arezzo, Monte Savino, Castiglion [email protected] Fiorentino, Cortona, San Giovanni Valdarno, Montevarchi Voce 2BITE S.r.l. Via Saragat, 24 67100 L'Aquila (AQ) Abruzzo Autorizzazione generale per servizio 14/03/2016 di installazione e fornitura di una rete pubblica di comunicazione M 551 01610050666 [email protected] elettronica. AREA DI COPERTURA: Abruzzo, Marche, Lazio, Molise Rete 3P SYSTEM Via Matteotti, 3 30032 Fiesso (VE) Veneto Autorizzazione generale per servizio 17/05/2016 S.r.l.
    [Show full text]
  • Financial Information at September 30, 2020
    FINANCIAL INFORMATION AT SEPTEMBER 30, 2020 This document has been translated into English for the convenience of the readers. In the event of discrepancy, the Italian language version prevails. CONTENTS HIGHLIGHTS __________________________________________________________________________________ 3 INTRODUCTION _______________________________________________________________________________ 7 MAIN CHANGES IN THE SCOPE OF CONSOLIDATION OF THE TIM GROUP _____________________________ 8 RESULTS OF THE TIM GROUP FOR THE FIRST NINE MONTHS OF 2020 ________________________________ 9 RESULTS OF THE BUSINESS UNITS _____________________________________________________________ 14 AFTER LEASE INDICATORS _____________________________________________________________________ 18 BUSINESS OUTLOOK FOR THE YEAR 2020 _______________________________________________________ 19 EVENTS SUBSEQUENT TO SEPTEMBER 30, 2020 __________________________________________________ 19 MAIN RISKS AND UNCERTAINTIES ______________________________________________________________ 19 ATTACHMENTS ______________________________________________________________________________ 21 TIM GROUP – FINANCIAL HIGHLIGHTS ___________________________________________________________ 21 TIM GROUP – RECLASSIFIED STATEMENTS _______________________________________________________ 22 SEPARATE CONSOLIDATED INCOME STATEMENTS OF THE TIM GROUP _____________________________ 22 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF THE TIM GROUP ____________________ 23 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    [Show full text]
  • Operátor Stát MTN Afghanistan Afghanistan Afghan Wireless
    Operátor Stát MTN Afghanistan Afghanistan Afghan Wireless Communications Company Afghanistan Etisalat Afghanistan Telecom Development Company Limited Afghanistan Telekom Albania Sh.A Albania ALBtelecom sh.a. Albania Vodafone Albania Sh.A. Albania ATM Mobilis Algeria OPTIMUM TELECOM ALGERIE Spa Algeria Wataniya Algeria s.p.a. Algeria Andorra Telecom, S.A.U. Andorra Unitel Angola Angola Cable & Wireless Anguilla Anguilla APUA imobile (former APUA PCS Ltd.) Antigua and Barbuda Cable & Wireless Antigua Antigua and Barbuda TELECOM ARGENTINA S.A Argentina AMX Argentina S.A. Argentina NII Holdings, Inc. (Nextel Argentina S.R.L.) Argentina Telefonica Moviles Argentina S.A. Argentina VEON Armenia CJSC Armenia MTS Armenia CJSC Armenia Karabakh Telecom Armenia New Millennium Telecom Services NV Aruba Servicio di Telecomunicacion di Aruba (SETAR) N.V. Aruba Telstra Corporation Limited Australia Yes Optus Australia Vodafone Hutchison Australia Pty Limited Australia Hutchison Drei Austria GmbH Austria Hutchison Drei Austria GmbH Austria A1 Telekom Austria AG Austria T-Mobile Austria GmbH Austria A1 Telekom Austria AG Austria A1 Telekom Austria AG Austria T-Mobile Austria GmbH Austria Azercell Telekom B.M. Azerbaijan Azerfon LLC Azerbaijan Bakcell LLC Azerbaijan BTC Bahamas Bahamas Bahrain Telecommunication Company Bahrain Zain Bahrain B.S.C Bahrain Viva Bahrain Robi Axiata Limited Bangladesh Banglalink Digital Communications Ltd. Bangladesh GrameenPhone Limited Bangladesh Teletalk Bangladesh Limited Bangladesh Cable & Wireless Barbados Barbados Mobile TeleSystems Belarus Belarusian Telecommunications Network CJSC Belarus FE VELCOM Belarus Telenet Group BVBA/SPRL Belgium Telenet Group BVBA/SPRL Belgium Orange Belgium SA/NV Belgium Proximus PLC (former Belgacom SA/NV) Belgium Belize Telemedia Limited Belize Etisalat Benin Benin Spacetel-Benin S.A.
    [Show full text]
  • Neverland: Sardinia and the Independence Project of Progres
    Neverland: Sardinia and the independence project of ProgReS Antonella Seddone (University of Turin) Arianna Giovannini (Leeds Metropolitan University) Paper presented at the PSA 64th Annual International Conference Manchester, 14-16 April 2014 (this paper is a work in progress as the research on which it is based is still on-going — please do not quote without the authors’ permission) Authors’ contact details: [email protected]; [email protected] Introduction Among the Italian regions, Sardinia certainly stands out as one with very a distinctive identity, cultural and historical traits. Since the post-war period, a wide number of ethno- regionalist parties have attempted to exploit such distinctiveness, seeking some for of autonomy from the Italian Republic – drawing in particular on the experience of the Partito Sardo d’Azione. However, none of these political forces has managed to gain much public support or political clout either at regional or national level, especially due to the intrinsically divisive and exclusionary nature of their political message and organisation. Within this context, the attention of this paper is focussed on ProgReS (Progetu Repùblica de Sardigna) – one of the ‘youngest’ ERPs in Sardinia. Although born only in 2011, ProgReS has immediately stood out in the Sardinian political context, especially for its ambition to open a new way for independentism based on a new rhetoric of ‘sardismo’, which finds its strength in the grassroots, rather than in the political elite (as in the experience of PSd’Az, for example). Hence, the aim of this article is shed light on this new political actor, in order to understand its structures and organisation, and the way in which it seeks to politicise Sardinian identity.
    [Show full text]
  • TISCALI's 2020 DRAFT FINANCIAL STATEMENTS: Revenues And
    TISCALI’S 2020 DRAFT FINANCIAL STATEMENTS: revenues and EBITDA grew in 2020 despite COVID-19 impacts • Revenues at EUR 144 million, an increase by EUR 1.4 million (+1%) as compared to 2019. • EBITDA at EUR 29.1 million, an EUR 3.6 million increase as compared to 2019 (+14%); this improvement — which is the result of the structural actions to save operating costs implemented during the year — is even more marked with regard to EBITDA net of non- recurring items, which is + EUR 8.8 million (+64.5%). • Net result of EUR -22.2 million, down by EUR 5.7 million as compared to 2019, but improving by EUR 14.2 million net of non-recurring items (amounting to EUR 4.6 million in 2020 and EUR 24.5 million in 2019). • Net financial debt increased by EUR 5.2 million as compared to 2019, against a reduction in tax payables of EUR 15.4 million and a reduction in trade payables of EUR 3.3 million. • Total customer portfolio at 672.7 thousand units, up approximately by 5 thousand units on 2019, of which +36% on fibre customers. Cagliari, 17 May 2021 The Board of Directors of Tiscali S.p.A. met in the evening of Friday 14 May, under the chairmanship of Alberto Trondoli, and approved the 2021-2023 Business Plan, the Tiscali Group Consolidated Financial Statements, the draft Separate Financial Statements of Tiscali S.p.A., the Consolidated Non-Financial Statement/Sustainability Report as at 31 December 2020, and called the Shareholders’ Meeting for 24 June 2021 in a single call.
    [Show full text]
  • Bilancio RGB ING.Pdf
    Annual Report 2009 This report is available on the website www.tiscali.it Annual Report 2009 © 2010 - Tiscali S.p.A. S.S. 195, km 2.300 Località Sa Illetta, 09122 Cagliari www.tiscali.it Table of contents 1. Highlights 5 2. Alternative performance indicators 7 3. Management 8 4. Directors and Auditors 9 5. Milestone 10 6. A strong brand 13 7. Report on operations 15 7.1 Tiscali’s position within the market scenario 15 7.2 Regulatory framework 17 7.3 Tiscali shares 21 7.4 Significant events during the financial year 23 7.5 Analysis of the Group economic, equity and financial position 34 7.6 Events subsequent to the end of the year 49 7.7 Assessment of the business as a going-concern and business outlook 50 8. Corporate Governance Report and Ownership Structure 53 8.1 Foreword 53 8.2 Part I: Corporate Governance Structure 53 8.3 Part II: Disclosure on compliance with the recommendations contained 58 in the Code of Conduct for Listed Companies 8.4 Organization, management and control model pursuant 70 to Italian Legislative Decree no. 231/2001 8.5 Security System Document 71 8.6 Shares held by Directors and Statutory Auditors 71 9. Consolidated Financial Statements and Explanatory Notes 73 9.1 Income Statement 73 9.2 Statement of Comprehensive Income 74 9.3 Statement of Financial Position 74 9.4 Cash Flow Statement 76 9.5 Statement of Changes in Shareholders’ Equity 78 9.6 Income Statement Pursuant to Consob Resolution no.15519 dated 27 July 2006 79 9.7 Balance Sheet Pursuant to Consob Resolution no.
    [Show full text]