Other information
45. Other information
Compensation to directors and statutory auditors
Compensation to directors and statutory auditors of Pirelli & C. S.p.A. to carry out these functions also in other companies included in the scope of consolidation is as follows:
|
(in thousands of Euros) |
||
|
12/31/2007 |
12/31/2006 |
|
|
Directors |
13,620 |
11,784 |
|
Statutory auditors |
266 |
368 |
|
Total |
13,886 |
12,152 |
Employees
The average number of employees of the companies included in consolidation, by category, is the following:
|
2007 |
2006 |
|
|
Executives and staff |
8,396 |
7,579 |
|
Blue-collar |
18,426 |
16,871 |
|
Temporary workers |
3,958 |
3,713 |
|
Total |
30,780 |
28,163 |
Compensation to audit firms
The following schedule, prepared in accordance with art. 149 – duodecies of the Consob Regulation of Issuers, presents the fees paid for the year 2007 for the audit services and services other than audit rendered by the audit firm of PricewaterhouseCoopers S.p.A. and by the entities belonging to its network:
|
(in thousands of Euros) |
||||
|
Audit services |
Pirelli & C. S.p.A. |
373 |
||
|
Subsidiaries |
3,765 |
4,138 |
86% |
|
|
Certification services |
Pirelli & C. S.p.A. |
- |
||
|
Subsidiaries |
178 |
178 |
4% |
|
|
Tax consulting services |
Pirelli & C. S.p.A. |
- |
||
|
Subsidiaries |
351 |
351 |
7% |
|
|
Services other than audit |
Pirelli & C. S.p.A. |
- |
||
|
Subsidiaries |
128 |
128 |
3% |
|
|
Total |
4,795 |
100% |
||
Exchange rates
The main exchange rates used for consolidation purposes are as follows:
|
(local currency against Euros) |
||||||
|
Period-end |
Change in |
Average |
Change in |
|||
|
12/31/2007 |
12/31/2006 |
% |
2007 |
2006 |
% |
|
|
British Pound |
0.7334 |
0.6715 |
9.22% |
0.6843 |
0.6818 |
0.37% |
|
Swiss Franc |
1.6547 |
1.6069 |
2.97% |
1.6426 |
1.5729 |
4.43% |
|
Slovakian Koruna |
33.5830 |
34.4350 |
(2.47%) |
33.7717 |
37.2336 |
(9.30%) |
|
American Dollar |
1.4721 |
1.3170 |
11.78% |
1.3702 |
1.2555 |
9.13% |
|
Canadian Dollar |
1.4449 |
1.5281 |
(5.44%) |
1.4686 |
1.4236 |
3.16% |
|
Brazilian Real |
2.6075 |
2.8158 |
(7.40%) |
2.6695 |
2.7334 |
(2.34%) |
|
Venezuela Bolivar |
3,165.0150 |
2,831.5500 |
11.78% |
2,945.8870 |
2,699.3680 |
9.13% |
|
Argentinean Peso |
4.6356 |
4.0327 |
14.95% |
4.2693 |
3.8601 |
10.60% |
|
Australian Dollar |
1.6757 |
1.6691 |
0.40% |
1.6348 |
1.6670 |
(1.93%) |
|
Chinese Renminbi |
10.7516 |
10.2812 |
4.58% |
10.4227 |
10.0089 |
4.13% |
|
Singapore Dollar |
2.1163 |
2.0202 |
4.76% |
2.0632 |
1.9939 |
3.48% |
|
Egyptian Pound |
8.1039 |
7.5135 |
7.86% |
7.7220 |
7.7220 |
7.26% |
Net financial position
(non-GAAP measure)
|
(in millions of Euros) |
|||||
|
12/31/2007 |
12/31/2006 |
||||
|
of which |
of which |
||||
|
Borrowings from banks and other financial institutions - current |
854 |
3 |
1,522 |
||
|
Financial accrued liabilities and deferred income - current |
46 |
60 |
|||
|
Cash and cash equivalents |
(2,058) |
(270) |
|||
|
Securities held for trading |
(114) |
(119) |
|||
|
Financial receivables - current |
(19) |
(16) |
(27) |
||
|
Financial accrued income and prepaid expenses - current |
(18) |
(7) |
|||
|
Borrowings from banks and other financial institutions - non-current |
795 |
1,382 |
|||
|
Payables to shareholders for capital reduction |
826 |
– |
|||
|
Net financial debt |
312 |
2,541 |
|||
|
Financial receivables - non-current |
(609) |
(520) |
(553) |
(333) |
|
|
Financial accrued income and prepaid expenses - non-current |
(5) |
(8) |
|||
|
Total net financial (liquidity)/debt position |
(302) |
1,980 |
|||
The main nonrecurring events which had an impact on the net financial position are the following:
- proceeds, net of transaction costs, of Euros 3,323 million on the sale of the entire investment in Olimpia S.p.A.;
- reduction in share capital (Euros 826.3 million) which led to the recognition of a payable to shareholders;
- investments in funds and Baubecon by Pirelli & C. Real Estate (Euros 110.3 million);
- purchase of Pirelli & C. Real Estate S.p.A. shares (Euros 54.3 million);
- sale of Prysmian warrants to Goldman Sachs International (Euros 91 million).