14MB - Pirelli

EXTRAORDINARY SESSION CONSOLIDATED FINANCIAL STATEMENT SUSTAINABILITY REPORT DIRECTORS' REPORT PRELIMINARY INFORMATION
The change during the year can be summarized by the following
cash flows:
(in millions of euro)
Net financial position at December 31, 2007 302.1
Cash flows used in ordinary activities (146.7)
Financial and tax income (expenses) (152.6)
Effect of Speed S.p.A. acquisition (835.5)
Dividends paid to minority interest (168.0)
Equity investments: (100.2)
- acquisition of minority stakes in Turkey (43.3)
- investment in CyOptics Inc. (12.7)
- PRE Investment in Highstreet (59.8)
- purchase of Pirelli & C. Real Estate S.p.A. shares (22.1)
- other equity investments (31.1)
- sale of PRE Facility Management 68.8
Change in scope of consolidation 81.3
Other (8.1)
Total changes (1,329.8)
Net financial position at December 31, 2008 (1,027.7)
The composition of the net financial position by business segment
is as follows:
(in millions of euro)
30 PIRELLI & C. S.p.A. MILAN
Tyre PRE Other
Businesses
Corporate
Consolidated
Gross debt * 1,610 915 29 531 2,114
Financial receivables (121) (590) (17) (959) (716)
Cash and cash equivalents and securities held for trading (222) (36) (3) (109) (370)
Net financial position 1,267 289 9 (537) 1,028
* of which with Corporate 432 492 27 - -
The analysis of the composition of gross debt, divided by type and
due date, is the following:
(in millions of euro)
Financial
statements
12/31/2008
Expiration / Maturity date
2009 2010 2011 2012
Drawdown of committed lines 1,070 150 170 69 681
Other financing 894 434 136 92 232
Bonds 150 150 - - -
Total gross debt 2,114 734 306 161 913
At December 31, 2008, the Group has unused committed credit lines
available for a total of Euros 785 million, which, together with the
liquidity in the financial statements (Euros 370 million) means that
the group will not have need to refinance for the next two years.