14MB - Pirelli

11. Other financial assets
Other financial assets amount to Euros 505,899 thousand compared to Euros 958,272 thousand
at December 31, 2007.
The movements during the year are as follows:
(in thousands of euros)
12/31/2008 12/31/2007
Beginning balance 958,272 1,006,898
Increase 31,864 107,939
Decrease (30,696) (24,173)
Impairments (200,840) (34,137)
(Gains) losses transferred to the income statement for disposals or impairment losses, previously recognized
in equity 1,995 1,019
Changes in fair value (138,015) (91,842)
Reclassification (132,171) -
Reversal of reserve for reclassification of investments to associates 15,419 -
Reimbursement of shares - (7,374)
Other 71 (58)
Ending balance 505,899 958,272
of which:
- financial assets measured at fair value through equity 476,300 926,362
- financial assets measured at fair value through profit or loss 29,599 31,910
Financial assets, whose change in fair value is recognized in the income statement under “Gains
(losses) from changes in fair value of financial assets” (Euros 29,599 thousand compared to Euros
31,910 thousand in 2007) refer to shares corresponding to 13.32 percent of the Cloe Fondo
Uffici – a reserved unlisted closed-end real estate investment fund, held by Pirelli Real Estate
Netherlands B.V..
The classification of such shares in this line item reflects the purpose of the acquisition of the
shares, which called for the shares to become part of a common investment platform for buildings
intended for office use.
ANNUAL FINANCIAL REPORT 2008
359