![](data:image/png;base64,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)
Relazione finanziaria annuale al 31 dicembre 2021
Indice dei contenuti
1 Dati di sintesi consolidati ..................................................................................................................................................4
2 Indicatori alternativi di performance ..............................................................................................................................5
3 Organi di amministrazione e controllo ..........................................................................................................................6
4 Relazione sulla Gestione ...................................................................................................................................................9
4.1 Posizionamento di Tiscali nel contesto di mercato ...............................................................................................9
4.2 Quadro regolamentare ............................................................................................................................................ 12
4.3 Azioni Tiscali ............................................................................................................................................................. 15
4.4 Principali attività svolte e risultati ottenuti nel corso dell’esercizio 2021 .......................................................... 18
4.5 Analisi della situazione economica, patrimoniale e finanziaria del Gruppo ..................................................... 30
4.5.1 Situazione economica del Gruppo ........................................................................................................................ 30
4.5.2 Situazione patrimoniale del Gruppo ...................................................................................................................... 36
4.5.3 Situazione finanziaria del Gruppo ......................................................................................................................... 39
4.6 Eventi successivi alla chiusura dell’esercizio ....................................................................................................... 41
4.7 Evoluzione prevedibile della gestione ................................................................................................................... 44
4.8 Principali rischi e incertezze cui Tiscali S.p.A. e il Gruppo sono esposti ......................................................... 44
4.9 Analisi della situazione economica, patrimoniale e finanziaria di Tiscali S.p.A. ............................................. 54
4.9.1 Premessa e attestazioni di conformità .................................................................................................................. 54
4.9.2 Situazione economica della Capogruppo ............................................................................................................. 54
4.9.3 Situazione patrimoniale della Capogruppo .......................................................................................................... 55
4.9.4 Situazione finanziaria della Capogruppo .............................................................................................................. 56
4.9.5 Prospetto di raccordo fra bilancio d’esercizio e della Capogruppo e il bilancio consolidato ......................... 57
4.10 Contenziosi, passività potenziali e impegni ......................................................................................................... 58
4.11 Operazioni non ricorrenti ........................................................................................................................................ 58
4.12 Operazioni atipiche e/o inusuali ............................................................................................................................. 58
4.13 Operazioni con parti correlate ................................................................................................................................ 58
4.14 Compensi ad Amministratori, sindaci e dirigenti con responsabilità strategiche ............................................ 59
4.15 Adesione al Consolidato Fiscale ........................................................................................................................... 59
4.16 Valutazione dell’impatto del climate change sulle strutture produttive di Tiscali ............................................ 59
5 Relazione sul Governo Societario e gli Assetti Proprietari .................................................................................... 64
5.1 Premessa .................................................................................................................................................................. 64
5.2 Informazioni sugli assetti proprietari alla data del 31 dicembre 2021 .............................................................. 65
5.3 Compliance ............................................................................................................................................................... 74
5.4 Consiglio di amministrazione ................................................................................................................................. 75
5.4.1 Ruolo e funzionamento del Consiglio di Amministrazione ................................................................................. 75
5.4.2 Nomina e sostituzione (ex art. 123-bis, comma 1, lettera l), prima parte, TUF .............................................. 77
5.4.3 Composizione (ex art. 123-bis, comma 2, lettere d) e d-bis), TUF ................................................................... 81
5.4.4 Ruolo del Presidente del Consiglio di Amministrazione ..................................................................................... 85
5.4.5 Amministratore Delegato ........................................................................................................................................ 86
5.4.6 Amministratori Indipendenti .................................................................................................................................... 87
5.5 Trattamento delle informazioni societarie............................................................................................................. 88
5.6 Comitati interni al consiglio (ex art. 123-bis, comma 2, lettera d), TUF ........................................................... 89
5.7 Composizione e funzionamento del comitato nomine e remunerazioni (ex art. 123-bis, comma 2,
lettera d), TUF.......................................................................................................................................................... 90
5.8 Remunerazione degli amministratori, dei direttori generali e dei dirigenti con responsabilità
strategiche ................................................................................................................................................................ 92
5.9 Sistema di controllo interno e di gestione dei rischi – Comitato Controllo e Rischi ........................................ 92
5.10 Modello di organizzazione, gestione e controllo ex D. Lgs. 231/2001 ............................................................. 99
5.11 Interessi degli amministratori e operazioni con parti correlate ........................................................................ 100