14MB - Pirelli

EXTRAORDINARY SESSION CONSOLIDATED FINANCIAL STATEMENT SUSTAINABILITY REPORT DIRECTORS' REPORT PRELIMINARY INFORMATION
Pirelli
Broadband
Access
The highlights for the year ended December 31, 2008 can be summarized
as follows:
(in millions of euro)
62 PIRELLI & C. S.p.A. MILAN
12/31/2008 12/31/2007
Net sales 124.6 112.5
Gross operating profit 4.8 1.9
Operating profit 3.9 0.9
Earnings (losses) from investments - -
Operating profit incl. earnings from investments 3.9 0.9
Financial income (expenses) (2.6) (3.5)
Income taxes 0.7 -
Income (loss) 2.0 (2.6)
Net financial (liquidity)/debt position (15.0) 21.5
Headcount (number at year-end) 113 94
NET SALES
Net sales in 2008 amount to Euros 124.6 million, an increase of
10.8 percent compared to Euros 112.5 million in 2007. The total
change from 2007 is due to a better product mix in broadband access
and IPTV and the growth in volumes which offset the erosion
of prices recorded in both markets.
OPERATING PROFIT
Operating profit is Euros 3.9 million compared basically to a
breakeven in 2007. The change is due for the most part to the
growth of revenues and the relative margins.