Pirelli & C.

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Pirelli Eco Technology

The consolidated data can be summarised as follows:

(in millions of euro)

12/31/09 12/31/08
Net sales 56.6 62.9
Gross operating margin (9.1) (11.0)
Operating income (10.8) (11.8)
Financial income/(expenses) (2.5) (1.6)
Income tax (0.4) 0.2
Net income (13.7) (13.2)
Net financial (liquidity)/debt position 47.2 19.0
Employees (number at end of period) 284 218

Sales in financial year 2009 amounted to Euro 56.6 million (of which 33% relating to the particulate filter business) compared with Euro 62.9 million in 2008 (of which 9% relating to the particulate filter business).

The gross operating margin was a negative Euro 9.1 million compared with the previous year’s negative figure of Euro 11.0 million.

Operating income was a negative Euro 10.8 million, an improvement on the previous year when a loss of Euro 11.8 million was recorded.

The profitability of the GECAM business was positive, while the particulate filter business was affected, not only by the start-up costs of the new production facility in Romania and the reinforcement of the commercial structure, but also by the operational investment for the development of the filter business in China and delays in the reference markets during the first nine months of 2009 associated both with the current economic situation and with the delayed operational implementation of the relevant legislation.

Net income was a negative Euro 13.7 million after deduction of borrowing costs and taxes of Euro 2.9 million.

The net financial position was a negative Euro 47.2 million, up by Euro 4.3 million compared with September 30, 2009.

At December 31, 2009, there were 284 employees, an increase compared with December 31, 2008, mostly factory workers and office staff at the production site in Bumbesti Jiu, Romania.