18. INVENTORIES
Inventories can be broken down as follows:
(in thousands of euro) | ||
|
12/31/2011 | 12/31/2010 |
---|---|---|
Tyre | 1,019,034 | 682,048 |
Others | 17,641 | 10,211 |
1,036,675 | 692,259 |
(in thousands of euro) | ||
|
12/31/2011 | 12/31/2010 |
---|---|---|
Raw and auxiliary materials and consumables | 305,540 | 200,793 |
Sundry materials | 1,746 | 1,787 |
Work in progress and semi-finished products | 96,048 | 64,628 |
Finished products | 614,441 | 415,672 |
Goods for resale | 9,997 | 3,723 |
Advances to suppliers | 8,903 | 5,656 |
|
1,036,675 | 692,259 |
The increase in inventories from December 31, 2010 is the direct consequence of changes in commodities prices on international markets, which caused purchase costs to rise more than 25%. Another part of the increase is due to the slowdown in sales volumes during the last quarter (-3.9%) and a stock streamlining policy aimed at improved satisfaction of demand. This new policy is scheduled to be implemented in Q1 2012, especially in the premium product segment.
Impairment losses on inventories recognised in 2011 totalled euro 5,097 thousand (euro 6,525 thousand at December 31, 2010). The reversal of previous impairments totals euro 7,268 thousand (euro 10,077 thousand at December 31, 2010).
Inventories were not subject to any collateral pledges.
- 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. |