Pirelli & C.

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Income statement

(in millions of euro)

2009 2008
Net financial income/(expenses) 0.1 30.5
Net income/(expenses) from equity investments 150.8 (181.0)
Other net operating income/(expenses) (39.5) (37.4)
- of which non-recurrent events (11.0) (1.4)
Net income before taxes 111.4 (187.9)
Income taxes 1.2 (1.6)
Net income 112.6 (189.5)

Net income amounted to Euro 112.6 million compared with a loss for the previous year of Euro 189.5 million. The most significant items were:

  • the item net financial income/(expenses) shows a drop compared with the previous year of Euro 30.4 million. The reduction was mainly due to a decline in interest income following the contraction of average financial receivables with group companies in 2009 and to a fall in interest rates (Euro 60.2 million) partially offset by lower borrowing costs following the reduction in financial debts (Euro 28.3 million). A breakdown of these items is shown in the following table:

(in millions of euro)

2009 2008
Interest expenses (16.7) (45.0)
Other financial expenses (3.5) (5.3)
Interest income 19.8 80.0
Other financial income 0.5 0.8
Total net financial income/(expenses) 0.1 30.5
  • Details of the item net income/(expenses) from equity investments are provided in the following statement:

(in millions of euro)

2009 2008
Dividends
Pirelli Tyre S.p.A. 64.2 54.9
Pirelli & C. Real Estate S.p.A. - 48.6
Pirelli Holding N.V. 25.0 11.0
Mediobanca S.p.A. - 9.8
Sipir Finance N.V. 110.5 9.5
Telecom Italia S.p.A. 2.4 3.8
Other companies 2.9 10.2
205.0 147.8
Impairment
Pirelli Finance (Luxembourg) S.A. (4.1) (167.1)
RCS Mediagroup S.p.A. - (65.7)
Telecom Italia S.p.A. (7.5) (46.1)
Pirelli Uk Ltd (37.2) (31.8)
Cyoptics Inc. (16.0) (8.7)
Pzero S.r.l. (4.0) -
PGT Photonics S.p.A. - (6.4)
Other companies (1.1) (4.3)
(69.9) (330.1)
Capital gains on sale 15.7 1.3
150.8 (181.0)
  • the item other net operating income/(expenses) improved with respect to the previous year by Euro 7.5 million., excluding the effect of expenses for non-recurring events which in 2009 related to expenses for voluntary redundancy payments - Euro 11.0 million - (Euro 1.4 million in 2008 relating to expenses incurred on the sale of PGT Photonics S.p.A. to Cyoptics Inc).

Compensation paid to directors, statutory auditors and general managers (in thousands of euro)

Individual Office Compensation received in 2009 Compensation refferring to 2009 to be paid in 2010
Surname and Name Office held Term of office Fee for office held in Pirelli & C. S.p.A. Non-monetary benefits Bonuses and other benefits Other compensation Fee for office Bonus, other benefits and other compensation
Tronchetti Provera Marco * Chairman 2011 2,508 1,585 2 50 1,521 3
Pirelli Alberto Deputy Chairman 2011 590 374 3 50 82 3
Puri Negri Carlo Alessandro Deputy Chairman 2011 335 11,692 4 50
Acutis Carlo Director 2011 50
Angelici Carlo Director 2011 50 25 5
Antonelli Cristiano Director 2011 50 8 5
Benetton Gilberto Director 2011 50
Bombassei Alberto Director 2011 50 20 6
Bruni Franco Director 2011 50 25 5
Campiglio Luigi Director 2011 50
Cucchiani Enrico Tommaso 1 Director 2011 50
Libonati Berardino Director 2011 50 20 6
Ligresti Giulia Maria Director 2011 50
Moratti Massimo Director 2011 50
Pagliaro Renato Director 2011 50
Paolucci Umberto Director 2011 50 7 6
Perissinotto Giovanni Director 2011 50
Pesenti Giampiero Director 2011 50 20 6
Roth Luigi Director 2011 50 8 5
Secchi Carlo Director 2011 50 40 7
Gori Francesco * General Manager from 09/16/09 7 1,250 3 609
De Conto Claudio General Manager up to 09/16/09 5 6,668 8 669
Guatri Luigi Chairman Board of Stat. Aud. up to 04/20/09 19
Laghi Enrico Chairman Board of Stat. Aud. from 04/21/09 43
Laghi Enrico Standing Statutory Auditor up to 04/20/09 13
Gualtieri Paolo Standing Statutory Auditor from 04/21/09 29
Sfameni Paolo Domenico Standing Statutory Auditor 2012 42 15 9
Other managers with strategic responsabilities * 959 258

1 Fee paid to the company of which the individual ia a directory

2 Of which Euros 1,150 thousand from Pirelli Tyre S.p.A. and Euros 435 thousand from Pirelli & C. Real Estate S.p.A.

3 From Pirelli Tyre S.p.A.

4 From Pirelli & C. Real Estate S.p.A.

5 Member of the Internal Control, Risk and Corporate Governance Committee

6 Member of the Remuneration Committee

7 Member of the Internal Control, Risk and Corporate Governance Committee (Euros 25 thousand) and Supervisory Board (Euros 15 thousand)

8 Of which Euros 4.950 thousand from Pirelli & C. S.p.A. and Euros 187 thousand from Pirelli & C. Real Estate S.p.A.

9 Member of Supervisory Board

* The Chairman and General Manager and other managers with strategic responsabilities are included in the LTI three year incentive plan, which, using a coinvestment mechanism, envisages the payment in the 2009 and 2010 financial years of 50% of the incentive achieved while the remaining 50% accrued overall will be paid in the 2012 financial year, increase by 100% if the three year objectives specified in the LTI plan have been achieved, or reduced by 50% if these objectives have not been achieved. For more details about the operation of the incentive plan, see the "Remuneration of the directors" section of the Corporate Governance Report.

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