Alternative Performance Indicators
In addition to the financial performance measures established by the International Financial Reporting Standards (IFRSs), this report presents certain measures that are derived from although not required by IFRSs (“Non-GAAP Measures”). These performance measures are presented to facilitate understanding of Group operating performance and should not be considered as substitutes for the information required under the IFRSs.
Specifically, the Non-GAAP Measures used are the following:
- Gross Operating Profit (EBITDA): Gross operating profit is an intermediate economic measure deriving from operating income, but excluding depreciation and amortisation of property, plant and equipment and intangible assets;
- Non-current assets: this measure is the sum of “property, plant and equipment,” “intangible assets,” “investments in associates and joint ventures” and “other financial assets”;
- Provisions: this measure is the sum of “provisions for liabilities and charges (current and noncurrent),” “provisions for employee benefits” and “provisions for deferred tax liabilities”;
- Net working capital: this measure consists of all items not included in the two measures above, in “equity” and “net financial position/net borrowings”;
- Net financial (liquidity)/debt position: this performance measure is represented by gross financial debt less cash and cash equivalents and other financial receivables. The section “Explanatory notes to the consolidated financial statements” presents a table showing the items of the balance sheet used to calculate such measure.
- General Information
- Directors' Report
- Macroeconomic and Market Situation
- Significant Events During the Year
- Group Performance and Results
- Business Outlook in 2012
- Operating Performance
- Research and Development Activities
- Highlights of Other Activities
- Parent Highlights
- Risks and Uncertainties
- Significant Events Subsequent to the End of the Year
- Alternative Performance Indicators
- Other Information
- Remuneration Report
- Resolutions
- Consolidated Financial Statements
DATAHIGHLIGHTS
Historic trend
(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. |
: Comparative income statement figures for 2009 related to Pirelli Real Estate and Pirelli Broadband Solutions business units, discontinued in 2010, have been reclassified to “net income (loss) from discontinued operations”
°° 2009 per share figures have been reclassified on a comparable basis after the reverse stock split pursuant to the Shareholders’ Meeting resolution of July 15, 2010
* Excluding net sales for deconsolidation of DGAG real estate assets
** Average amounts