14MB - Pirelli

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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
EXTRAORDINARY SESSION CONSOLIDATED FINANCIAL STATEMENT SUSTAINABILITY REPORT DIRECTORS' REPORT PRELIMINARY INFORMATION At December 31, 2008, financial assets, whose change in fair value is recognized in equity, are as follows: (in thousands of euros) 360 PIRELLI & C. S.p.A. MILAN 12/31/2008 12/31/2007 Listed securities Telecom Italia S.p.A. 203,539 387,172 Mediobanca S.p.A. 108,979 210,990 RCS Mediagroup S.p.A. - 112,786 Fin. Priv. S.r.l. (Mediobanca shares) 14,883 28,172 Vittoria Capital N.V. (Vittoria Assicurazioni shares) 6,469 10,320 Avanex Corporation 1,422 19,213 Other companies 105 5,831 335,397 774,484 Unlisted securities Alcatel Submarine SA 44,805 44,805 Alitalia S.p.A. 20,000 - Gruppo Banca Leonardo S.p.A. 8,444 8,197 Istituto Europeo di Oncologia S.r.l. 6,483 6,024 FC Internazionale S.p.A. 4,627 3,033 Tlcom I LP 2,453 5,249 Equinox Two SCA 2,270 306 Equinox Investment Company S.c.p.A. 970 1,264 Other PRE Group companies 9,115 6,526 Other companies 5,213 5,264 104,380 80,668 Closed-end real estate investment funds Olinda Fondo Shops 17,888 30,964 Berenice Fondo Uffici - 18,182 Cloe Fondo Uffici 11,170 12,195 Tecla Fondo Uffici 5,122 7,630 Armilla 1,847 2,115 Fondo Abitare Sociale 1 496 124 36,523 71,210 476,300 926,362 The increase refers mainly to Pirelli & C. S.p.A.’s subscription to Alitalia S.p.A. shares (Euros 20,000 thousand), the purchase of RCS Mediagroup S.p.A. shares (Euros 3,966 thousand) and also the purchase of Equinox shares (Euros 2,146 thousand) on the part of Pirelli Finance (Luxembourg) S.A.. In addition to the increase, there was the decrease that refers mainly to the total sale of the investment in Intek S.p.A. held by Pirelli & C. S.p.A. (Euros 4,008 thousand), the sale of Telecom Italia S.p.A. ordinary shares held by Pirelli Finance (Luxembourg) S.A. (Euros 10,630 thousand) and the sale of shares of the closed real estate investment funds of the Real Estate group (Euros 14,635 thousand). Impairments are largely in reference to the adjustment made to the 1.32 percent stake held in Telecom Italia S.p.A. (Euros 173,004 thousand) and to the Avanex shares (Euros 24,335 thousand). Net losses transferred to the income statement refer to the net effect of gains, previously recognized in equity, relating to investments in Intek S.p.A. (Euros 1,152 thousand) and in Be-
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Pirelli & C. S.p.A. — Milan Annua
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EXTRAORDINARY SESSION CONSOLIDATED
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Directors' report
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Directors' report on operations Sha
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Significant events in 2008 With reg
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Turin and the Pirelli Group sealed
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Yanzhou, China - Mixing department
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The Group ALTERNATIVE PERFORMANCE M
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GROUP CONSOLIDATION The highlights
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A percentage breakdown of the chang
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The change can be summarized as fol
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CAPITAL EXPENDITURES Capital expend
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Thirty years after, the Pirelli Cin
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On the other hand, the Sottozero Se
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Information systems The Information
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Pirelli Real Estate The information
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Risks and uncertainties The current
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This is accomplished by negotiating
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sustainability. A gradual introduct
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ued focus on higher-end product seg
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Instead, Pirelli Tyre has kept its
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ticipating in the championship. In
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and Turkey and the start-up of proj
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Pirelli & C. Real Estate The consol
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Assets under management have a mark
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Balance sheet and financial review
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NON-PERFORMING LOANS Collections on
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NET RESULT The net result is income
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nology) lines; 3) Innovation with t
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start-up of the factory in Romania
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Pirelli & C. S.p.A. Summary of sele
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The reason for the reclassification
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—— details of income (expenses)
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Equity investments held by Director
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Compliance with Article 36 of Conso
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Appointment of the board of statuto
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Article 16 of the bylaws The Board
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ANNUAL FINANCIAL REPORT 2008 83
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Stock Exchange Regulations: indicat
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Savings shares do not have voting r
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e) Employee shareholdings: mechanis
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ers of convertible bonds, for a max
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The composition of the Board of Dir
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When the Board of Directors is due
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Remuneration of the directors veste
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more than 10 million euros (in the
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d) if they receive, or have receive
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8. APPOINTMENTS COMMITTEE The Board
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11. The Committee for Internal Cont
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The internal control officer also r
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12.3. Organisational model ex Legis
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and the set of businesses included
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after the expiry of the date for th
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members of the Board of Statutory A
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ensure orderly discussion and votin
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and cadres employed by the Company,
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priate measures to ensure the order
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with the title of Managing Director
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ing to the regulations issued by Co
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Telecom Italia S.p.A. Telecom Itali
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6. Bodies governing the agreement,
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ANNEX E - General Criteria for the
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— the general results of operatio
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9. Direction and coordination activ
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ANNEX G - Rules of conduct for effe
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mation “in the making,” so as t
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6.3 - Inside information must also
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8.6 — The definition of “roles
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— with the markets closed or in t
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ANNEX A Notices to be sent to perso
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ANNEX B Pirelli & C. S.p.A. Group R
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—— coordinates the Registering
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We further undertake to inform prel
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ANNEX I - Insider dealing - Black-o
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Article 6 —— In the conduct of
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Pirelli and sustainable development
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In October 2004, in a letter addres
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Pirelli has adopted the traditional
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Several tools are simultaneously us
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In 2008 Pirelli commissioned indepe
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Scs Consulting Accountability Ratin
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Collaboration agreements with unive
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Pirelli one of the 100 most respect
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Customer satisfaction is the most i
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from an unprecedented crisis the po
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Social dimension Internal Community
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WORKFORCE GEOGRAPHICAL BREAKDOWN 20
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The trend in the Group’s workforc
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International mobility, which is pe
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Pirelli’s participation in the Wo
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Training and Development Performanc
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Group DEVELOPMENT CENTERS Company/C
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For the years 2006-2007 the graph i
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the Sales&Marketing departments of
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language) to explain the meaning of
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(Have you ever been to a superbike
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Details on certain important initia
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A photo exhibit on the 100th annive
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The campaign began with the deliver
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As part of the restructuring proces
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Group affiliates still provide heal
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—— effective involvement of res
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To better understand these data, it
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Pirelli Real Estate S.p.A. Over the
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Awareness raising and training Pire
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This plan calls for: —— a self-
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larly on the work of the standing c
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focusing on reinforcing young peopl
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Romania In its first year of activi
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In the medical field, Pirelli provi
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A decade ago Pirelli signed an agre
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In April 2008 Pirelli and the Milan
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This is the spirit behind the proje
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THE GLOBAL COMPACT PRINCIPLES AND G
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