14MB - Pirelli

EXTRAORDINARY SESSION CONSOLIDATED FINANCIAL STATEMENT SUSTAINABILITY REPORT DIRECTORS' REPORT PRELIMINARY INFORMATION
NET RESULT
The net result from continuing operations is a loss of Euros
475.9 million, compared to income of Euros 255.8 million in 2007.
The income from discontinued operations is Euros 63.4
million and includes the positive effects associated with the sale
of the Facility Management business by Pirelli Real Estate (Euros
74.6 million, of which Euros 71.4 million relates to the gain on
the sale). This is offset in part by the negative effect generated by
the sale of the Photonics business (Euros 11.2 million).
The income from discontinued operations last year included the
results of operations of the Facility Management business (Euros
49.5 million, of which Euros 41.4 million relates to the gain on
the sale of the 49 percent stake) and the loss reported by PGT
Photonics (Euros 14.8 million). It also comprised the negative effect
connected with the sale of Olimpia S.p.A. (Euros 53.8 million),
the gain (Euros 91 million) on the disposal to Goldman Sachs of
the warrants obtained as part of the July 2005 sales agreement of
the Energy and Telecom Cables and Systems activities and associated
with the economic benefits on Prysmian (Lux) S.à.r.l. and
an adjustment to the provision on the guarantees provided as a
result of this last sale (Euros 4 million).
The total loss in 2008 is Euros 412.5 million compared to income
of Euros 323.6 million in 2007.
The loss attributable to the equity holders of Pirelli & C. S.p.A.
is Euros 347.5 million (a negative Euros 0.065 per share) compared
to income of Euros 164.5 million in 2007 (Euros 0.031 per share).
EQUITY
Equity at December 31, 2008 is Euros 2,374.4 million, compared to
Euros 3,804.1 million at the end of 2007.
The equity attributable to the equity holders of Pirelli & C.
S.p.A. at December 31, 2008 is equal to Euros 2,171.8 million (Euros
0.405 per share), compared to Euros 2,980.2 million at the end of
2007 (Euros 0.555 per share).
28 PIRELLI & C. S.p.A. MILAN