Pirelli & C.

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Pirelli Broadband Access

The economic and financial data can be summarised as follows:

(in millions of euro)

12/31/09 12/31/08
Net sales 132.1 124.6
Gross operating margin 5.3 4.8
Operating income 4.0 3.9
Financial income/(expenses) 0.3 (2.6)
Income tax 0.3 0.7
Net income 4.6 2.0
Net financial (liquidity)/debt position (35.7) (15.0)
Employees (number at end of period) 128 113

At December 31, 2009 net sales amounted to Euro 132.1 million, up 6.0% compared with Euro 124.6 million in 2008. The overall change with respect to the figure for 2008 was dependent on the richer product mix which mainly characterized the Access Gateways line and on the growth of volumes concentrated in the same product line which offset the price erosion recorded both on broadband access products and on IPTV products.

Operating income was a positive Euro 4.0 million, substantially in line with the result for 2008.

Net income was a positive Euro 4.6 million after financial income of Euro 0.3 million, compared with positive net income of Euro 2.0 million in the previous year.

The net financial position is a positive Euro 35.7 million compared with a positive balance of 15.0 million in 2008. This positive change essentially reflects an overall improvement in the management of working capital.

As of December 31, 2009 there were 128 employees, an increase of 15 units compared with December 2008, concentrated in the Research & Development and Commercial Functions.