14MB - Pirelli

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21. Tax payables Tax payables amount to Euros 53,742 thousand (of which Euros 9,706 thousand is non-current) compared to Euros 56,918 thousand at December 31, 2007 (of which Euros 11,211 thousand is non-current). 22. Provisions for other liabilities and charges The movements during the year in provisions for other liabilities and charges are presented in the following table: PROVISIONS FOR OTHER LIABILITIES AND CHARGES - NON-CURRENT (in thousands of euros) Beginning balance at 12/31/2007 146,331 Exchange differences (16,437) Increase 19,929 Utilization/release (12,071) Other 3,439 Ending balance at 12/31/2008 141,191 PROVISIONS FOR OTHER LIABILITIES AND CHARGES - CURRENT (in thousands of euros) Beginning balance at 12/31/2007 71,340 Exchange differences (834) Increase 81,252 Utilization/release (11,856) Other (4,252) Ending balance at 12/31/2008 135,650 At December 31, 2008, the non-current portion mainly refers to the accruals for the legal and tax disputes of the subsidiary Pirelli Pneus S.A. in Brazil (Euros 72,201 thousand), risks of a tax nature (Euros 27,410 thousand) and other risks/expenses of a commercial nature and labor disputes (Euros 15,807 thousand) regarding the Parent, Pirelli & C. S.p.A., and contractual commitments undertaken for the performance of extraordinary maintenance work on buildings sold (Euros 17,533 thousand) and disputes under arbitration and pending litigation (Euros 5,666 thousand) regarding Pirelli & C. Real Estate S.p.A.. The increase for the year is largely in reference to adjustments connected with commercial risks, compensation and disputes (Euros 9,951 thousand for the Parent, Pirelli & C. S.p.A., and Euros 7,720 thousand for the Tyre sector). The current portion includes accruals for contractual guarantees and product claims (Euros 33,514 thousand for the Tyre sector and Euros 14,831 thousand for the Broadband Access sector), accruals made by the Parent, Pirelli & C. S.p.A., for guarantees provided when Pirelli sold its activities in the Energy and Telecom Cables and Systems sectors to Goldman Sachs Capital Partners in July 2005 (Euros 10,000 thousand) and restructuring expenses for the internal reorganization of Pirelli & C. Real Estate S.p.A. (Euros 16,976 thousand) in addition to the provision for liabilities regarding investments accounted for by the equity method of Pirelli & C. Real Estate S.p.A. (Euros 48,670 thousand). The increase mainly refers to the Real Estate sector for restructuring programs (Euros 17,900 thousand) and liabilities relating to the investments accounted for by the equity method in order to absorb the losses of the associates and joint ventures in excess of their carrying amount (Euros 48,670 thousand) in addition to an accrual by the Tyre sector (Euros 8,284 thousand) regarding contractual guarantees and product claims. ANNUAL FINANCIAL REPORT 2008 377
EXTRAORDINARY SESSION CONSOLIDATED FINANCIAL STATEMENT SUSTAINABILITY REPORT DIRECTORS' REPORT PRELIMINARY INFORMATION 23. Employee benefit obligations Employee benefit obligations include: (in thousands of euros) 378 PIRELLI & C. S.p.A. MILAN 12/31/2008 12/31/2007 Pension funds: - funded 157,368 118,234 - unfunded 88,752 88,050 Employees' leaving indemnity (Italian companies) 56,783 74,559 Medical care plans 18,442 21,839 Other benefits 45,190 46,460 366,535 349,142 PENSION FUNDS The composition of pension funds at December 31, 2008 is as follows: (in thousands of euros) Germany Total unfunded pension funds 12/31/2008 USA UK Other countries Total funded pension funds Funded Present value of funded obligations - - 128,035 598,155 2,615 728,805 Fair value of plan assets - - (73,780) (495,549) (2,108) (571,437) Unfunded Present value of unfunded obligations 88,752 88,752 - - - - Net liability in the balance sheet 88,752 88,752 54,255 102,606 507 157,368 of which: - Tyre 83,310 83,310 54,255 62,157 507 116,919 - Real Estate 5,442 5,442 - Other 40,449 40,449 The composition of pension funds at December 31, 2007 was as follows: (in thousands of euros) Germany Total unfunded pension funds 12/31/2007 USA UK Other countries Total funded pension funds Funded Present value of funded obligations - - 123,593 899,691 2,519 1,025,803 Fair value of plan assets - - (103,933) (801,632) (2,004) (907,569) Unfunded Present value of unfunded obligations 88,050 88,050 - - - - Net liability in the balance sheet 88,050 88,050 19,660 98,059 515 118,234 of which: - Tyre 87,269 87,269 19,660 65,278 515 85,453 - Real Estate 781 781 - Other 32,781 32,781
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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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Page 327 and 328: EXTRAORDINARY SESSION CONSOLIDATED
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Page 409 and 410: Companies consolidated line-by-line
Page 425: Designed by Leftloft Printed by Art
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