14MB - Pirelli

10. Investments in associates and joint ventures
Investments in associates and joint ventures total Euros 515,300 thousand compared to Euros
534,194 thousand at December 31, 2007.
Movements during the year are as follows:
(in thousands of euros)
12/31/2008 12/31/2007
Beginning balance 534,194 3,825,928
Discontinued operations (5,145) -
Acquisition/change in share capital and reserves 119,082 260,103
Distribution of dividends and reserves (30,831) (164,562)
Impairments (74,421) -
Disposals and wind-ups (25,696) (3,352,603)
Share of earnings (losses) (175,964) 118,608
Reclassifications and other 131,916 (159,359)
Movement in provisions for other liabilities and charges 42,165 6,079
Ending balance 515,300 534,194
The following table details the movements in investments in associates:
(in thousands of euros)
12/31/2007
Discontinued
operations
Acquisition / change
in share capital and
reserves / other
Distribution of
dividends / reserves
Impairments
Share of earnings
(losses)
Reclassifications and
other
Movements in provisions
for otherliabilities
and charges
Dixia S.r.l. 5,452 - 25 - - (446) - - 5,031
Orione Immobiliare Prima S.p.A. 562 - 6,078 - - (6,587) - - 53
Sci Roev Texas Partners L.P. 1,224 - - - - (987) - - 237
Spazio Investment N.V. 69,026 - 4,153 (6,706) - (3,887) - - 62,586
Turismo e Immobiliare S.p.A. 5,769 - 2,539 - - (610) - - 7,698
Eurostazioni S.p.A. 53,686 - - (1,303) - 1,952 - - 54,335
CyOptics Inc. - - 38,279 - (8,700) - - - 29,579
RCS MediaGroup S.p.A - - - - (65,721) - 132,171 - 66,450
Other PRE group companies (2,821) (98) 472 - - 116 3,016 (468) 217
Other Group companies 1,524 - 842 - - 194 (969) 93 1,684
Total investments
in associates 134,422 (98) 52,388 (8,009) (74,421) (10,255) 134,218 (375) 227,870
12/31/2008
Spazio Investment N.V. is listed on the Alternative Investment Market of the London Stock Exchange;
the market price at December 31, 2008 is Euros 6 and is equivalent to a total investment
value of Euros 30.4 million.
RCS Mediagroup S.p.A. is listed on the Milan Stock Exchange. The market price at December 31,
2008 is Euros 0.9772 and is equivalent to a total investment value of Euros 38.2 million.
ANNUAL FINANCIAL REPORT 2008
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