Selected Economic and Financial Data

(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