14MB - Pirelli

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Pirelli & C. S.p.A. Summary of selected data Balance sheet and financial position (in millions of euro) 12/31/2008 12/31/2007 Property, plant and equipment 93.2 97.2 Intangible assets 1.5 1.4 Financial assets: - Group 1,041.1 718.6 - Associates and others 419.9 540.5 Net working capital (16.1) (68.8) Total 1,539.6 1,288.9 Equity 1,685.6 2,076.0 Provisions 59.4 59.2 Net financial (liquidity)/debt position (205.4) (846.3) Total 1,539.6 1,288.9 The above presents the balance sheet and financial position of the company. The most significant changes during 2008 refer to the following: —— financial assets record a net increase of Euros 201.9 million compared to the prior year (Group: net increase of Euros 322.5 million, associates and others: net decrease of Euros 120.6 million). In detail: ANNUAL FINANCIAL REPORT 2008 69
EXTRAORDINARY SESSION CONSOLIDATED FINANCIAL STATEMENT SUSTAINABILITY REPORT DIRECTORS' REPORT PRELIMINARY INFORMATION GROUP (in millions of euro) Investments Pirelli & C. Real Estate S.p.A. 22.1 Pirelli Finance (Luxembourg) S.A. 60.0 PGT Photonics S.p.A. 24.9 Pirelli & C. Eco Technology S.p.A. 8.2 Speed S.p.A. 434.4 Other companies 7.5 557.1 Divestitures PGT Photonics S.p.A. (32.0) Other companies (0.2) (32.2) Impairment losses Pirelli Finance (Luxembourg) S.A. (167.1) Pirelli UK Ltd (31.8) PZero S.r.l. (4.0) Other companies (0.3) (203.2) Reclassifications 0.8 Total 322.5 ASSOCIATES AND OTHERS (in millions of euro) Investments Alcatel Lucent Submarine Networks Sas 44.8 CyOptics Inc. 38.2 Alitalia S.p.A. 20.0 RCS Mediagroup S.p.A. 4.0 F.C. Internazionale Milano S.p.A. 1.6 Others 0.8 109.4 Divestitures Intek S.p.A. (4.0) Others (0.1) (4.1) Impairment losses RCS Mediagroup S.p.A. (65.7) Telecom Italia S.p.A. (46.1) CyOptics Inc. (8.7) (120.5) Reclassifications (0.8) Changes in fair value recognized in equity (104.6) Total (120.6) At December 31, 2008, the investment in RCS Mediagroup S.p.A. was reclassified from “Other financial assets” to “Investments in associates”. The investment in RCS Mediagroup S.p.A. (equal to 5.3 percent of voting capital) forms part of the shareholders’ agreement which aims to ensure the stability of the shareholder base and guide the management of the operations of the RCS Group in a single direction (the companies in the shareholders’ agreement have contributed 63.5 percent of share capital). 70 PIRELLI & C. S.p.A. MILAN
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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
Page 20 and 21: Turin and the Pirelli Group sealed
Page 22 and 23: Yanzhou, China - Mixing department
Page 24 and 25: The Group ALTERNATIVE PERFORMANCE M
Page 26 and 27: GROUP CONSOLIDATION The highlights
Page 28 and 29: A percentage breakdown of the chang
Page 30 and 31: The change can be summarized as fol
Page 32 and 33: CAPITAL EXPENDITURES Capital expend
Page 34 and 35: Thirty years after, the Pirelli Cin
Page 36 and 37: On the other hand, the Sottozero Se
Page 38 and 39: Information systems The Information
Page 40 and 41: Pirelli Real Estate The information
Page 42 and 43: Risks and uncertainties The current
Page 44 and 45: This is accomplished by negotiating
Page 46 and 47: sustainability. A gradual introduct
Page 48 and 49: ued focus on higher-end product seg
Page 50 and 51: Instead, Pirelli Tyre has kept its
Page 52 and 53: ticipating in the championship. In
Page 54 and 55: and Turkey and the start-up of proj
Page 56 and 57: Pirelli & C. Real Estate The consol
Page 58 and 59: Assets under management have a mark
Page 60 and 61: Balance sheet and financial review
Page 62 and 63: NON-PERFORMING LOANS Collections on
Page 64 and 65: NET RESULT The net result is income
Page 66 and 67: nology) lines; 3) Innovation with t
Page 68 and 69: start-up of the factory in Romania
Page 72 and 73: The reason for the reclassification
Page 74 and 75: —— details of income (expenses)
Page 76 and 77: Equity investments held by Director
Page 78 and 79: Compliance with Article 36 of Conso
Page 80 and 81: Appointment of the board of statuto
Page 82 and 83: Article 16 of the bylaws The Board
Page 84 and 85: ANNUAL FINANCIAL REPORT 2008 83
Page 86 and 87: Stock Exchange Regulations: indicat
Page 88 and 89: Savings shares do not have voting r
Page 90 and 91: e) Employee shareholdings: mechanis
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Page 94 and 95: The composition of the Board of Dir
Page 96 and 97: When the Board of Directors is due
Page 98 and 99: Remuneration of the directors veste
Page 100 and 101: more than 10 million euros (in the
Page 102 and 103: d) if they receive, or have receive
Page 104 and 105: 8. APPOINTMENTS COMMITTEE The Board
Page 106 and 107: 11. The Committee for Internal Cont
Page 108 and 109: The internal control officer also r
Page 110 and 111: 12.3. Organisational model ex Legis
Page 112 and 113: and the set of businesses included
Page 114 and 115: after the expiry of the date for th
Page 116 and 117: members of the Board of Statutory A
Page 118 and 119: 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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ANNUAL FINANCIAL REPORT 2008 127
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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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Companies consolidated line-by-line
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