Consolidated Financial Statement
|
CONSOLIDATED BALANCE SHEET (in thousands of Euros) |
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|
12/31/2007 |
12/31/2006 |
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|
of which |
of which |
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|
8 |
Property, plant and equipment |
1,650,485 |
1,574,589 |
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|
9 |
Intangible assets |
672,540 |
516,374 |
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|
10 |
Investments in associates and joint ventures |
534,194 |
3,825,928 |
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|
11 |
Other financial assets |
958,272 |
1,006,898 |
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|
12 |
Deferred tax assets |
58,524 |
64,230 |
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|
14 |
Other receivables |
672,894 |
520,827 |
705,828 |
334,211 |
|
|
15 |
Tax receivables |
12,278 |
10,917 |
|||
|
27 |
Financial instruments |
3,849 |
- |
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|
Non-Current Assets |
4,563,036 |
7,704,764 |
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|
16 |
Inventories |
776,474 |
715,533 |
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|
13 |
Trade receivables |
1,098,927 |
123,668 |
999,669 |
168,125 |
|
|
14 |
Other receivables |
241,475 |
22,072 |
356,205 |
11,888 |
|
|
17 |
Securities held for trading |
114,039 |
119,174 |
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|
18 |
Cash and cash equivalents |
2,057,682 |
269,574 |
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|
15 |
Tax receivables |
43,281 |
33,432 |
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|
27 |
Financial instruments |
58,326 |
29,147 |
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|
Current Assets |
4,390,204 |
2,522,734 |
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|
Total Assets |
8,953,240 |
10,227,498 |
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|
19;1 |
Attributable to the equity holders of the company: |
2,980,231 |
3,879,591 |
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|
- Share capital |
1,555,934 |
2,789,950 |
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|
- Other reserves |
1,259,746 |
1,971,026 |
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|
- Retained earnings |
- |
286,057 |
||||
|
- Income (loss) for the year |
164,551 |
(1,167,442) |
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|
19;2 |
Attributable to the minority interest: |
823,840 |
806,966 |
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|
- Reserves |
664,799 |
688,351 |
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|
- Income for the year |
159,041 |
118,615 |
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|
Total Equity |
3,804,071 |
4,686,557 |
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|
24 |
Borrowings from banks and other financial institutions |
788,198 |
1,377,426 |
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|
26 |
Other payables |
23,300 |
132,880 |
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|
22 |
Provisions for other liabilities and charges |
146,331 |
145,119 |
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|
12 |
Deferred tax liabilities |
44,625 |
42,931 |
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|
23 |
Employee benefit obligations |
349,142 |
415,850 |
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|
21 |
Tax payables |
11,211 |
9,708 |
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|
27 |
Financial instruments |
6,782 |
4,751 |
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|
Non-Current Liabilities |
1,369,589 |
2,128,665 |
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|
24 |
Borrowings from banks and other financial institutions |
871,759 |
2,869 |
1,562,262 |
242 |
|
|
25 |
Trade payables |
1,323,588 |
29,148 |
1,102,456 |
25,085 |
|
|
26 |
Other payables |
1,394,673 |
21,522 |
536,902 |
3,440 |
|
|
22 |
Provisions for other liabilities and charges |
71,340 |
116,525 |
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|
21 |
Tax payables |
45,707 |
- |
48,769 |
688 |
|
|
27 |
Financial instruments |
72,513 |
45,362 |
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|
Current Liabilities |
3,779,580 |
3,412,276 |
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|
Total Equity And Liabilities |
8,953,240 |
10,227,498 |
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|
CONSOLIDATED INCOME STATEMENT (in thousands of Euros) |
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|
2007 |
2006 |
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|
of which |
of which |
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|
29 |
Revenues from sales and services |
6,504,537 * |
298,565 |
4,841,224 |
371,439 |
|
30 |
Other income |
286,361 |
72,720 |
292,763 |
104,138 |
|
- of which, nonrecurring events |
2,818 |
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|
Change in inventories of work in process, semifinished |
29,921 |
6,840 |
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|
Raw materials and consumables used |
(3,037,315) * |
(1,773,194) |
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|
31 |
Personnel costs |
(1,156,170) |
(14,504) |
(1,075,771) |
(5,417) |
|
- of which, nonrecurring events |
5,186 |
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|
32 |
Amortization, depreciation and impairments |
(218,678) |
(215,328) |
||
|
33 |
Other expenses |
(2,048,657) |
(116,627) |
(1,683,944) |
(111,081) |
|
- of which, nonrecurring events |
(13,200) |
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|
Increase in property, plant and equipment from internal work |
6,891 |
8,796 |
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|
Operating Profit |
366,890 |
401,386 |
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|
34 |
Financial income |
340,408 |
31,203 |
876,388 |
17,258 |
|
- of which, nonrecurring events |
55,901 |
631,600 |
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|
35 |
Financial expenses |
(416,163) |
(4,474) |
(342,572) |
(32) |
|
36 |
Dividends |
34,459 |
6,600 |
65,857 |
26,344 |
|
37 |
Gains (losses) from changes in fair value of financial assets |
(20,179) |
(55,956) |
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|
38 |
Share of earnings (losses) of associates and joint ventures |
118,608 |
103,958 |
||
|
Income before income taxes |
424,023 |
1,049,061 |
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|
39 |
Income taxes |
(133,503) |
(127,848) |
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|
Income from continuing operations |
290,520 |
921,213 |
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|
40 |
Income (loss) from discontinued operations |
33,070 |
(1,970,039) |
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|
Income (loss) for the year |
323,590 |
(1,048,826) |
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|
Attributable to: |
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|
- equity holders of the company |
164,549 |
(1,167,441) |
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|
- minority interest |
159,041 |
118,615 |
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|
41 |
Earnings per share (Euros per thousand of shares) |
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|
Basic earnings per share |
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|
- continuing operations |
24.47 |
150.24 |
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|
- discontinued operations |
6.12 |
(368.87) |
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|
30.59 |
(218.63) |
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|
* of which Euros 1,295.6 million relates to the partial deconsolidation of Pirelli & C. Real Estate’s DGAG activities. |
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CONSOLIDATED STATEMENT OF RECOGNIZED INCOME AND EXPENSE (in thousands of Euros) |
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|
2007 |
2006 |
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|
A |
Income (loss) for the year |
323,590 |
(1,048,826) |
|
Differences on translation transferred to the income statement for the sale |
(70,455) a |
(28,700) b |
|
|
Change in fair value change of cash flow hedges transferred to the income statement |
(48,653) a |
- |
|
|
(Gains) losses transferred to the income statement on available-for-sale financial assets, previously recognized in equity |
1,019 |
(126,796) |
|
|
Gains (losses) transferred to the income statement, previously |
(118,089) |
(155,496) |
|
|
Differences on translation of foreign currency financial statements |
7,679 |
(66,143) |
|
|
Changes in fair value on available-for-sale financial assets |
(96,535) |
23,870 |
|
|
Net actuarial gains (losses) on employee benefits |
2,589 |
51,081 |
|
|
Changes in fair value on derivatives designated as cash flow hedges |
(5,535) |
38,189 |
|
|
Tax effect |
(2,856) |
(6,935) |
|
|
B |
Income (expenses) recognized directly in equity |
(212,747) |
(115,434) |
|
A+B |
Total income (expenses) recognized in equity |
110,843 |
(1,164,260) |
|
Attributable to: |
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|
- equity holders of the company |
(54,739) |
(1,267,166) |
|
|
- minority interest |
165,582 |
102,906 |
|
|
a Referring to the sale of Olimpia S.p.A. b Referring to the private placement of the 38.9% stake in Pirelli Tyre S.p.A. |
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|
Consolidated statement of cash flows (in thousands of Euros) |
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|
2007 |
2006 |
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|
of which |
of which |
||||
|
Income from continuing operations before taxes |
424,023 |
1,049,061 |
|||
|
Amortization, depreciation / impairment (losses) reversals of intangible assets and property, plant and equipment |
218,678 |
215,328 |
|||
|
Financial expenses |
416,163 |
342,572 |
|||
|
Financial income |
(340,408) |
(876,388) |
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|
Dividends |
(34,459) |
(65,857) |
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|
Valuation of financial assets |
20,179 |
55,956 |
|||
|
Share of earnings (losses) of associates and joint ventures |
45,845 |
(20,977) |
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|
Income taxes |
(133,503) |
(127,848) |
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|
Change in inventories |
25,302 |
(34,477) |
|||
|
Change in trade receivables/payables |
(85,366) |
27,957 |
|||
|
Change in other receivables/payables |
113,467 |
(54,324) |
|||
|
Change in employee benefit obligations and other provisions |
(108,987) |
(29,608) |
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|
Other changes |
10,045 |
(8,131) |
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|
A |
Net cash flows provided by (used for) operating activities |
570,979 |
473,264 |
||
|
Investments in property, plant and equipment |
(286,709) |
(255,456) |
|||
|
Disposals of property, plant and equipment including gain/loss |
14,911 |
11,906 |
|||
|
Investments in intangible assets |
(17,037) |
(54,884) |
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|
Disposals of intangible assets including gain/loss |
4,764 |
192 |
|||
|
Acquisitions of investments in associates and joint ventures |
(262,727) |
(427,585) |
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|
Disposals of investments in associates and joint ventures |
23,650 |
1,315 |
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|
Acquisitions of other financial assets |
(101,907) |
(251,386) |
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|
Disposal of other financial assets |
16,849 |
374,516 |
13,500 |
||
|
Pirelli Tyre S.p.A. private placement |
- |
715,800 |
|||
|
Dividends received |
34,459 |
65,857 |
|||
|
Net investment in business combinations |
(352,858) |
(140,000) |
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|
B |
Net cash flows provided by (used for) investing activities |
(926,605) |
40,275 |
||
|
Change in share capital and share premium reserve |
7,499 |
27,254 |
|||
|
Other changes in equity |
(54,289) |
(12,727) |
|||
|
Sale (purchase) of Pirelli Real Estate S.p.A. treasury shares |
(53,999) |
84,400 |
|||
|
Change in financial payables |
(1,287,705) |
926,396 |
|||
|
Change in financial receivables |
(51,509) |
(18,768) |
|||
|
Change in financial payables/receivables for acquisitions |
395,302 |
- |
|||
|
Financial income/expenses (net of gains on avail.-for-sale fin. assets ) |
(141,578) |
(99,346) |
|||
|
Dividends paid |
(74,400) |
(162,672) |
(29,089) |
||
|
C |
Net cash flows provided by (used for) financing activities |
(1,260,679) |
744,537 |
||
|
Net cash flows provided by (used for) operating activities |
|||||
|
Net cash flows provided by (used for) investing activities |
3,364,209 |
(1,138,894) |
|||
|
Net cash flows provided by (used for) financing activities |
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|
D |
Total cash flows provided by (used for) discontinued operations |
3,364,209 |
(1,138,894) |
||
|
E |
Total cash flows provided by (used for) during the year (A+B+C+D) |
1,747,904 |
119,182 |
||
|
F |
Net cash and cash equivalents, at beginning of the year |
259,389 |
146,310 |
||
|
G |
Exchange differences on translation of cash and cash equivalents |
3,182 |
(6,103) |
||
|
H |
Net cash and cash equivalents, at end of the year |
2,010,475 |
259,389 |
||
|
o |
of which: |
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|
cash |
2,057,682 |
269,574 |
|||
|
bank overdrafts |
(47,207) |
(10,185) |
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|
The consolidated statement of cash flows shows transactions with related parties that cannot be deduced directly from the other statements. |
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