TESSELLIS S.P.A. Tiscali Group
Half-Year Consolidated Financial Report as at 30 June 2022
_____________________
The Board of Directors of Tiscali S.p.A. authorised the publication of this document on 12 September 2021. This report is available on the website www.tiscali.it
Tiscali Spa
Registered Office in Cagliari, Località Sa Illetta, SS195 Km 2.3
Share Capital EUR 78,655,159.37
Companies' Register of Cagliari and VAT No. 02375280928 R.E.A 191784
Half-Year Consolidated Financial Report as at 30 June 2022
Index of Contents
4 | Managements Report | 8 | |
4.1 | Tiscali's market positioning | 8 | |
4.2 | Regulatory Framework | 10 | |
4.3 | Tiscali S.p.A. share capital as at 30 June 2022 | 14 | |
4.4 | Main activities carried out and results achieved during the first half of 2022 | 16 | |
4.5 | Analysis of the economic, financial and assets situation of the Group | 29 | |
4.5.1 | Economic situation of the Group | 29 | |
4.5.2 | Equity and Financial Position of the Group | 35 | |
4.6 | Events after the end of the first half of FY 2022 | 39 | |
4.7 | Business Outlook | 41 | |
4.8 | Main risks and uncertainties to which Tiscali S.p.A. and the Group are exposed | 41 | |
4.9 | Disputes, Contingent Liabilities and Commitments | 52 | |
4.10 | Non-RecurringTransactions | 52 | |
4.11 | Atypical and/or unusual transactions | 52 | |
4.12 | Related Party Transactions | 52 | |
5 | Consolidated Financial Statements and Explanatory Notes | 54 | |
5.1 | Income Statement | 54 | |
5.2 | Comprehensive Income Statement | 55 | |
5.3 | Statement of Assets and Liabilities | 56 | |
5.4 | Cash Flow Statement | 57 | |
5.5 | Statement of Changes in the Shareholders' Equity | 59 | |
5.6 | Income Statement pursuant to CONSOB Resolution No. 15519 dated 27 July 2006 | 60 | |
5.7 | Explanatory Notes | 62 | |
5.8 | Assessment on the business as an ongoing concern | 63 | |
5.9 | Accounting Standards | 65 | |
5.10 | Major Decisions in Applying Accounting Policies and Use of estimates | 65 | |
5.11 | Explanatory Notes | 68 | |
6 | Glossary | 101 | |
7 | Limited audit report on the Abridged Consolidated Half-Year Financial Statements | 110 |
First-Half Consolidated Financial Report as at 30 June 2022
1 | Highlights | |||||
Income statement | 1st semester 2022 | 1st semester 2021 | ||||
(EUR mln) | ||||||
Revenue | 64,0 | 72,9 | ||||
Other income | 13,2 | 1,9 | ||||
Adjusted Gross Operating Result (EBITDA) | 12,9 | 11,9 | ||||
Operating Result (EBIT) | (12,6) | (8,6) | ||||
Net Result | (16,6) | (12,5) | ||||
Statement of financial position | 30 June 2022 | 31 December 2021 | ||||
(EUR mln) | ||||||
Total assets | 135,1 | 143,2 | ||||
Net Financial Debt | 88,7 | 88,0 | ||||
Net Financial Debt as per Consob | 101,6 | 100,5 | ||||
Shareholders' equity | (83,5) | (81,6) | ||||
Investments | 15,1 | 36,0 | ||||
Operating figures | 30 June 2022 | 31 December 2021 | ||||
(thousands) | ||||||
Total number of Clients | 620,1 | 642,6 | ||||
Broadband Fixed | 319,1 | 350,5 | ||||
of which Fiber | 276,0 | 281,3 | ||||
Broadband Wireless | 30,6 | 33,3 | ||||
of which LTE | 30,6 | 33,3 | ||||
Mobile | 270,4 | 258,8 | ||||
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Half-Year Consolidated Financial Report as at 30 June 2022
2 Alternative Performance Indicators
In this report on operations, in addition to the conventional indicators provided for by IFRS, a number of alternative performance indicators are present (EBITDA) used by the management of Tiscali Group for monitoring and assessing the operational performance of the Group. This indicator, also present in the previous financial reports (annual and half-year), and whose method of determination has not changed as compared to the past, should not be considered a substitute for the profitability measures established by IFRS; in particular, since the composition of the EBITDA and is not regulated by reference accounting standards, the calculation criteria applied by the Tiscali Group might not be the same as that adopted by other operators and therefore this alternative performance indicator might not be comparable.
In line with the CONSOB communications on the matter, the criteria used to calculate the EBITDA indicator of the Tiscali Group follow. In particular, the EBITDA is formed as indicated below:
EBITDA determination table
(Thousands of Euros)
Result before taxes
- Financial Expenses - Financial Income
-
Result on Investments at equity method
Operating income - Restructuring costs and other provisions
- Depreciation and Amortization
Gross Operating Result (EBITDA) (*)
1st semester 2022 | 1st semester 2021 |
(16,577) | (12,492) |
3,822 | 3,711 |
(1) | (0) |
200 | 161 |
(12,556) | (8,621) |
2,564 | (147) |
22,938 | 20,684 |
12,946 | 11,916 |
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Half-Year Consolidated Financial Report as at 30 June 2022
3 Directors and Statutory Auditors
Board of Directors
The Board of Directors was appointed by the Shareholders' Meeting held on 16 June 2022, and shall remain in office until the approval of the financial statements as at 31 December 2024:
Chairman: Renato Soru (#)
CEO: Davide Rota (#)
Maurizia Squinzi (*) (1) (2) (3)
Serena Maria Torielli (*) (1) (2) (3)
Sara Testino (1) (2) (3)
Cristiana Procopio
Alberto Trondoli
(*) Independent Directors
-
The Chairman of the Board is the legal representative of the Company, the CEO has powers of ordinary and extraordinary administration, to be jointly or severely exercised, in compliance with the powers conferred by resolution of the Board of Directors dated 16 May 2022
(1) Control and Risks Committee
(2) Appointments and Remuneration Committee
(3) Related Party Transactions Committee
Board of Auditors
The Board of Auditors was appointed by the Shareholders' Meeting held on 24 June 2021, and shall remain in office until the approval of the financial statements as at 31 December 2023:
Chairman: | Riccardo Zingales |
Statutory Auditors: Gaetano Rebecchini
Rita Casu
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Tessellis S.p.A. published this content on 19 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2023 15:44:01 UTC.
