13. OTHER FINANCIAL ASSETS
These amounted to euro 127,037 thousand, compared with euro 185,267 thousand at December 31, 2010.
The following changes took place during the year:
(in thousands of euro) |
||
12/31/2011 | 12/31/2010 | |
---|---|---|
Opening balance | 185,267 | 221,351 |
Discontinued operations | - | (10,552) |
Increases |
1,825 | 23,516 |
Decreases | (9,273) | (1,478) |
Impairment | (11,449) | (5,881) |
(Gains) losses transferred to income statement for disposal or impairment losses, previously recognised in Equity | 9,739 | (8,656) |
Fair value adjustment through Equity | (45,085) | (33,342) |
Fair value adjustment through Income Statement | (3,917) | - |
Reclassification | - | 388 |
Other | (70) | (79) |
Closing balance | 127,037 | 185,267 |
The other financial assets include:
(in thousands of euro) | ||
|
12/31/2011 | 12/31/2010 |
---|---|---|
Listed stock | ||
Mediobanca S.p.A. | 69,496 | 105,330 |
Prelios S.p.A. (già Pirelli & C. Real Estate S.p.A.) | 47 | 251 |
Advanced Digital Broadcast Holdings SA | 1,560 | 9,805 |
Altre società | 156 | 386 |
|
71,259 | 115,772 |
Unlisted stock | ||
Alitalia S.p.A. | 9,700 | 12,805 |
Fin. Priv. S.r.l. (az. Mediobanca) | 9,728 | 14,399 |
Fondo Anastasia | 12,343 | 13,250 |
Gruppo Banca Leonardo S.p.A. | - | 5,155 |
Istituto Europeo di Oncologia S.r.l. | 6,653 | 7,177 |
F.C. Internazionale Milano S.p.A. | 6,017 | 6,017 |
Tlcom I LP | 1,399 | 1,482 |
Equinox Two SCA | 4,353 | 3,566 |
Other companies | 5,585 | 5,644 |
|
55,778 | 69,495 |
127,037 | 185,267 |
The increases relate mainly to the capital increase related to the equity investment in F.C. Internazionale S.p.A. (euro 638 thousand) and in Equinox Two SCA (euro 787 thousand).
The decreases mainly refer to the equity investment in Gruppo Banca Leonardo S.p.A. for euro 5,155 thousand and in Advanced Digital Broadcast Holdings S.A. for euro 3,750 thousand.
The impairments refer principally to the equity investment in Alitalia S.p.A. (euro 10,300 thousand), F.C. Internazionale S.p.A. (euro 638 thousand) and Tiglio I S.r.l (euro 178 thousand).
The (gains) losses transferred to income statement refer to reclassification to the income statement of losses for euro 10,300 thousand related to Alitalia S.p.A. (see above) and profits of euro 421 thousand for the equity investment in Advanced Digital Broadcast Holdings S.A.
The fair value adjustments through equity, totalling a negative euro 45,085 thousand, mainly refers to Mediobanca S.p.A. (euro 35,834 thousand), Fin.Priv. S.r.l. (euro 4,671 thousand), Alitalia S.p.A. (euro 3,105 thousand) and Istituto Europeo di Oncologia S.r.l (euro 525 thousand).
The fair value adjustment through income statement refers to the negative value of the equity investment in Advanced Digital Broadcast Holdings S.A. recognised in the income statement, insofar as PIRELLI holds a put option on that equity investment, for which fair value hedge accounting was adopted. This loss was offset by the positive fair value measurement of this put option for euro 3,917 thousand (see note 28 “Derivative financial instruments” and note 35.3 “Losses from equity investments”), and thus with a net impact of zero.
The fair value of listed financial assets corresponds to their stock market price at December 31, 2011.
The fair value of unlisted financial assets and real estate investment funds was determined by making estimates on the basis of the best information available.
- General Information
- Directors' Report
- Consolidated Financial Statements
DATAHIGHLIGHTS
(in millions of euro) |
|||||
2011 | 2010 | 2009 : | 2008 | 2007 | |
---|---|---|---|---|---|
GROUP INCOME STATEMENT | |||||
Net sales | 5,655 | 4,848 | 4,067 | 4,660 | 6,076 |
Net sales (excluding DGAG - PRE) * | 4,660 | 4,780 | |||
Gross operating profit | 807 | 629 | 453 | 252 | 573 |
% of net sales | 14.3% | 13.0% | 11.1% | 5.4% | 9.4% |
Operating income | 582 | 408 | 250 | 43 | 364 |
% of net sales - ROS | 10.3% | 8.4% | 6.1% | 0.9% | 6.0% |
Net income (loss) from continuing operations | 313 | 228 | 77 | ||
Net income (loss) from discontinued operations | - | (224) | (100) | ||
Prior period deferred tax assets - Italy | 128 | - | - | ||
Total net income (loss) | 441 | 4 | (23) | (413) | 324 |
Net income attributable to owners of Pirelli & C. S.p.A. | 452 | 22 | 23 | (348) | 165 |
Total net earnings (losses) per share attributable to owners of Pirelli & C. S.p.A. (in euro) | 0.926 | 0.045 | 0.047 °° | (0.065) | 0.031 |
TYRE INCOME STATEMENT | |||||
Net sales | 5,602 | 4,772 | 3,993 | 4,100 | 4,162 |
Gross operating profit | 858 | 661 | 501 | 341 | 549 |
% of net sales | 15.3% | 13.9% | 12.5% | 8.3% | 13.2% |
Operating income | 644 | 453 | 309 | 151 | 358 |
% of net sales - ROS | 11.5% | 9.5% | 7.7% | 3.7% | 8.6% |
GROUP BAlANCE SHEET | |||||
Non-current assets | 3,558 | 3,164 | 3,596 | 3,665 | 3,815 |
Net working capital | 399 | 303 | 427 | 600 | 551 |
% of net sales | 7.1% | 6.2% | 10.5% | 12.9% | 11.5% |
Total net working capital | 155 | 117 | 222 | 418 | 298 |
% of net sales | 2.7% | 2.4% | 5.5% | 9.0% | 6.2% |
Net invested capital | 3,713 | 3,281 | 3,818 | 4,083 | 4,113 |
Equity | 2,192 | 2,028 | 2,495 | 2,374 | 3,804 |
Provisions | 784 | 797 | 795 | 681 | 611 |
Net financial (liquidity)/debt position | 737 | 456 | 529 | 1,028 | (302) |
Equity attributable to owners of Pirelli & C. S.p.A. | 2,146 | 1,991 | 2,175 | 2,172 | 2,980 |
Equity per share attributable to owners of Pirelli & C. S.p.A. (in euro) | 4.40 | 4.08 | 4.46°° | 0.40 | 0.56 |
OTHER GROUP INFORMATION | |||||
Net operating cash flow | 156 | 310 | 496 | (147) | 299 |
Depreciation and amortization | 221 | 217 | 198 | 199 | 214 |
Capital expenditure - tangible | 618 | 433 | 225 | 311 | 287 |
Capital expenditure/depreciation | 2.80 | 2.00 | 1.14 | 1.56 | 1.34 |
Research and development expenses | 170 | 150 | 137 | 156 | 173 |
% of net sales | 3.0% | 3.1% | 3.4% | 3.3% | 3.6% |
Headcount (at 12/31) | 34,259 | 29,573 | 29,570 | 31,056 | 30,823 |
of whom temporary workers | 2,649 | 2,426 | 2,245 | 2,913 | 3,642 |
Sales * per employee (in thousands of euro) | 181 | 160 | 138 | 148 | 155 |
Operating income/Net invested capital ** - ROI | 16.64% | 11.49% | 6.33% | 1.05% | 6.33% |
Net income (loss)/Equity ** - ROE | 20.89% | 0.18% | (0.94%) | (13.37%) | 7.63% |
Net financial position/Equity - Gearing | 0.34 | 0.22 | 0.21 | 0.43 | n.s. |