14MB - Pirelli

enice Fondo Uffici (Euros 3,399 thousand), transferred to the income statement following the
sale of these investments, and losses previously recognized in equity, relating to the investment
in Avanex Co (Euros 6,545 thousand), transferred to the income statement as a result of the
impairment.
The negative changes in fair value of Euros 138,015 thousand (Euros 136,408 thousand recognized
in equity and Euros 1,607 thousand in the income statement) mainly regard the shares
of Mediobanca S.p.A. (negative for Euros 102,011 thousand), Fin Priv S.r.l. (negative for Euros
13,289 thousand) and shares of the closed-end real estate funds of the Real Estate group (negative
for Euros 17,163 thousand).
For listed securities and closed-end real estate investment funds, the fair value corresponds to
the stock market price at December 31, 2008.
For unlisted securities and closed-end real estate investment funds, the fair value has been estimated
using appropriate estimation techniques.
Reclassification (Euros 132,171 thousand) refers to the investment in RCS Mediagroup S.p.A.,
reclassified from “Other financial assets” to “Investments in associates” as described in the
note and comment on the line item “Investments in associates and joint ventures”. The reclassification
generated a reversal of the cumulative negative fair value changes recognized in equity
up to December 31, 2007 (Euros 15,419 thousand).
12. Deferred tax assets and liabilities
The composition of deferred tax assets and liabilities is as follows:
(in thousands of euros)
12/31/2008 12/31/2007
Deferred tax assets 72,426 58,524
Deferred tax liabilities (38,372) (44,625)
34,054 13,899
Since deferred tax assets and liabilities are offset in the financial statements when the income
taxes are levied by the same tax authority and where there is a legally enforceable right of offset,
the composition of the gross amounts is presented below:
(in thousands of euros)
12/31/2008 12/31/2007
Deferred tax assets: 150,959 156,211
- of which, recoverable within 12 months 37,813 55,188
- of which, recoverable beyond 12 months 113,146 101,023
Deferred tax liabilities: (116,905) (142,312)
- of which, recoverable within 12 months (2,149) (4,311)
- of which, recoverable beyond 12 months (114,756) (138,001)
34,054 13,899
ANNUAL FINANCIAL REPORT 2008
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