Pirelli & C.

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Balance sheet and financial situation

(in millions of euro)

12/31/2009 12/31/2008
Property, plant and equipment 94.4 93.2
Intangible assets 2.4 1.5
Financial fixed assets
- Subsidiaries 1,223.7 1,041.1
- Associates and other financial assets 324.8 419.9
Net working capital (11.6) (16.1)
1,633.7 1,539.6
Equity 1,822.8 1,685.6
Provisions 64.0 59.4
Net financial (liquidity)/debt (253.1) (205.4)
1,633.7 1,539.6

The table presented above shows the balance sheet and financial structure of the company.

Among the most significant changes that occurred in financial year 2009 we can note:

  • financial fixed assets recorded a net increase of Euro 87.5 million compared with the previous period (Subsidiaries: net increase of Euro 182.6 million, associates and other financial assets: net decrease of Euro 95.1 million), in detail:

Subsidiaries (in millions of euro)

Investments
Pirelli & C. Real Estate S.p.A. 231.9
PZero S.r.l. 3.0
Pirelli & C. Ambiente S.p.A. 1.6
Other companies 0.8
237.3
Resolution to reduce capital
Pirelli Ltda (8.4)
(8.4)
Impairment
Pirelli Uk Ltd (37.2)
Pirelli Finance (Luxembourg) S.A. (4.1)
PZero S.r.l. (4.0)
Other companies (1.0)
(46.3)
Total 182.6

Associates and other financial assets (in millions of euro)

Investments
F.C. Internazionale Milano S.p.A. 1.4
1.4
Divestments:
Telecom Italia S.p.A. (46.7)
Alcatel Submarine Networks S.a.S. (44.8)
Vittoria Capital N.V. (5.7)
(97.2)
Impairment
Telecom Italia S.p.A. (7.5)
Cyoptics Inc. (16.0)
(23.5)
Other changes (0.2)
Measurement at fair value through equity 24.4
Total (95.1)
  • equity increased by Euro 137.2 million compared with December 31, 2008 a breakdown of the changes is shown in the following table:

(in millions of euro)

Equity at 12/31/2008 1,685.6
Net income 112.6
Gains/(losses) recognised directly in equity 24.4
Other changes 0.2
Equity at 12/31/2009 1,822.8

The equity can be broken down as follows:

(in millions of euro)

12/31/2009 12/31/2008
Share capital 1,554.3 1,554.3
Share premium reserve 229.7 416.5
Legal reserve 94.3 94.3
Other reserves 22.4 24.1
IAS Reserve (190.5) (215.1)
Retained income - 1.0
Net income 112.6 (189.5)
1,822.8 1,685.6
  • at December 31, 2009 net liquidity position amounted to Euro 253.1 million (Euro 205.4 million at December 31, 2008). A breakdown of the change is shown in the following table:

(in millions of euro)

Net liquidity position at 12/31/2008 205.4
Financial investments (238.8)
Financial divestments 113.2
Dividends received 205.1
Investments in property, plant and equipment and intangible assets (6.2)
Other changes (25.6)
Net liquidity position at 12/31/2009 253.1