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Pirelli & C. S.P.A. Milan Annual Report 2005

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Pirelli & C. S.P.A. Milan Annual Report 2005 Pirelli & C. S.p.A. Milan 2005 Pirelli &C.S.p.A.Milan AnnualReport 2005 A valle dell’assemblea, questarelazionedibilancio sarà consultabile sulsitowww.pirelli.com Preliminary information Directors’ Report Sustainability Report Consolidated Financial Statements Call to the Annual General Meeting of the Ī Call to the AGM Contents Shareholders Pirelli & C. S.p.A. Structure of Pirelli Group The ordinary shareholders of Pirelli & C. Società per Azioni are called to the ordinary session of the at December 31, 2005 shareholders’ meeting to be held in Milan, Viale Sarca 214 at 10:30 A.M. Pirelli & C. S.p.A. on the Stock Market - on Thursday April 20, 2006 in first call Selected Financial Data Chairman’s Letter - on Friday April 21, 2005 in second call to pass resolutions on the following AGENDA 1. The financial statements at December 31, 2005; inherent and consequent resolutions. 2. Appointment of the board of statutory auditors - appointment of the standing and alternate members; - appointment of the Chairman of the board of statutory auditors; - determination of the compensation of the members of the board of statutory auditors. 3. Proposal for the purchase and disposition procedures of treasury shares, after canceling the resolution voted by the shareholders’ meeting held on April 28, 2005 for the portion not used. Inherent and consequent resolutions. Conferring of powers. 1 Preliminary information Directors’ Report Sustainability Report Consolidated Financial Statements Call to the AGM Contents Ī Contents Pirelli & C. S.p.A. Page Structure of Pirelli Group Preliminary information 1 at December 31, 2005 Call to the Annual General Meeting of the Shareholders 1 Pirelli & C. S.p.A. on the Pirelli & C. S.p.A. 3 Stock Market Structure of Pirelli Group at December 31, 2005 4 Selected Financial Data Pirelli & C. S.p.A. on the Stock Market 4 Chairman’s Letter Five-Year Summary of Selected Consolidated Financial Data 5 Letter from the Chairman 6 Report on operations 9 The Group 10 Pirelli Labs 21 Tyres Sector 27 Pirelli Broadband Solutions 35 Pirelli & C. Real Estate 38 Pirelli & C. Ambiente 43 Information Systems 45 Proforma data 49 Equity Investments held by Directors, Statutory Auditors and General Managers 51 Stock Option Plans 51 Corporate Governance 52 Pirelli & C. S.p.A. - Summary data 85 Shareholders’ Resolutions 88 Sustainability Report 95 Pirelli and sustainable development 96 Economic dimension 99 Environmental dimension 102 Social dimension 124 Summary tables 143 Consolidated financial statements at December 31, 2005 153 Consolidated balance sheet 154 Consolidated income statement 155 Consolidated statement of changes in shareholders’ equity 156 Consolidated statement of cash flows 157 Notes to the consolidated financial statements 158 Independent Auditor’s Report 226 2 Preliminary information Directors’ Report Sustainability Report Consolidated Financial Statements Call to the AGM Pirelli & C. S.p.A. Contents 1 Ī Pirelli & C. S.p.A. Board of Directors Structure of Pirelli Group Honorary Chairman Leopoldo Pirelli at December 31, 2005 Pirelli & C. S.p.A. on the Chairman 2 Marco Tronchetti Provera Stock Market Deputy Chairman 2 Alberto Pirelli Selected Financial Data 2 Chairman’s Letter Deputy Chairman Carlo Alessandro Puri Negri Managing Director 2 and General Manager Carlo Buora Directors Carlo Acutis * Carlo Angelici * ° Gilberto Benetton Franco Bruni * ° Carlo De Benedetti * Gabriele Galateri di Genola Mario Garraffo * Dino Piero Giarda * Berardino Libonati * ¨ Giulia Maria Ligresti Massimo Moratti Giovanni Perissinotto Giampiero Pesenti * ¨ Aldo Roveri * ¨ Carlo Secchi * ° Paolo Vagnone * Independent director ° Member of the Internal Control and Corporate Governance Committee ¨ Member of the Remuneration Committee Secretary to the Board Anna Chiara Svelto Board of Statutory Auditors 3 Chairman Luigi Guatri Standing members Roberto Bracchetti Paolo Francesco Lazzati Alternate members Franco Ghiringhelli Sebastiano Guido General Managers Tyres Sector Francesco Gori Administration and Control Claudio De Conto Finance Luciano Gobbi Independent Auditors 4 PricewaterhouseCoopers S.p.A. 1 Appointment: April 28, 2005. Expiry: shareholders’ meeting called to approve the financial statements at December 31, 2007. 2 Office conferred by the board of directors’ meeting held on April 28, 2005. 3 Effective date of appointment: August 4, 2003. Expiry: shareholders’ meeting called to approve the financial statements at December 31, 2005. 4 Appointment conferred by the shareholders’ meeting held on April 28, 2005. 3 Preliminary information Directors’ Report Sustainability Report Consolidated Financial Statements Call to the AGM Structure of Pirelli Group at December 31, 2005 Contents Pirelli & C. S.p.A. Ī Structure of Pirelli Group at December 31, 2005 Ī Pirelli & C. S.p.A. on the Stock Market Selected Financial Data Chairman’s Letter Pirelli & C. S.p.A. on the Stock Market Pirelli & C. S.p.A. share capital movements since December 31, 2001 Date Capital (thousands) Transactions December 2002 Euros 339,423 bond conversions May 2003 Euros 272,083 exercise of the right of share withdrawal following the change in the company type and the corporate business purpose June 2003 Euros 1,084,247 issue of shares cum warrants (1 warrant : 1 share) with rights offering (3 ordinary shares : 1 share of any class) at Û 0.52 August 2003 Euros 1,799,400 share capital increase as a result of the merger by exchange December 2004 Euros 1,800,383 warrant conversion February 2005 Euros 1,974,633 warrant conversion March 2005 Euros 2,763,953 issue of shares with rights offering (2 ordinary shares: 5 shares of any class) at Û 0.70 December 2005 Euros 2,764,057 warrant conversion April 2006 Euros 2,764,716 warrant conversion Number of shares outstanding at December 31, 2005 at April 20, 2006 Pirelli & C. S.p.A. - Ordinary shares 5,178,112,143 5,181,996,293 Pirelli & C. S.p.A. - Savings shares 134,764,429 134,764,429 Market Trading on the Milan Stock Exchange Shares traded Amount Volume (in millions of euros) Pirelli & C. - Ordinary shares 6,803,010,714 5,972 Pirelli & C. - Savings shares 96,507,318 89 4 Preliminary information Directors’ Report Sustainability Report Consolidated Financial Statements Call to the AGM Five-Year Summary of Selected Consolidated Contents Financial Data Pirelli & C. S.p.A. Structure of Pirelli Group at December 31, 2005 (IAS/IFRS) (Italian GAAP) Pirelli & C. S.p.A. on the In millions of euros 2005 2004 2003 2002 2001 Stock Market Ī Selected Financial Data Net sales 4,546 3,967 6,671 6,718 7,762 Chairman’s Letter Gross operating profit 568 470 628 523 704 Operating profit 355 269 268 118 297 Net income (loss) from continuing activities 349 217 4 (405) 194 Net income from discontinued operations 50 87 - - - Total net income (loss) 399 304 4 (405) 194 Net income (loss) attributable to Pirelli & C. S.p.A. 327 251 (39) (58) 125 Earnings (losses) per share (in euros) 0.07 0.07 (0.01) (0.09) 0.20 Fixed assets 7,629 6,097 5,902 6,596 7,092 Net working capital (53) 466 566 991 1,314 Net invested capital 7,576 6,563 6,468 7,587 8,406 Shareholders’ equity 5,614 3,841 3,678 4,626 5,407 Provisions 785 1,121 1,045 911 970 Net financial (liquidity) debt position 1,177 1,601 1,745 2,050 2,029 Shareholders’ equity attributable to Pirelli & C. S.p.A. 5,205 3,502 3,429 1,933 2,119 Equity per share (in euros) 0.98 1.01 0.99 2.96 3.39 Free Cash Flow 343 287 564 476 26 Cash flow per share 0.06 0.08 0.16 0.73 0.04 R&D expenditures 174 171 204 219 237 Depreciation 197 182 278 315 326 Capital expenditures 234 211 273 337 646 Gross operating margin / Net sales 12.49% 11.85% 9.41% 7.79% 9.07% Operating profit / Net sales - Ros 7.81% 6.78% 4.02% 1.76% 3.83% Net income / Shareholders’ equity * - Roe 7.38% 5.77% 0.10% n.s. 3.59% Operating profit / Net invested capital * - Roi 5.02% 4.13% 3.81% 1.56% 3.53% Net financial position / Shareholders’ equity Gearing ratio 0.21 0.42 0.47 0.44 0.38 Capital expenditures / Depreciation 1.19 1.16 0.98 1.07 1.98 R&D / Net sales (industrial aggregate) 3.83% 4.31% 3.38% 3.45% 3.12% Net sales per employee (in thousands of euros) 173 162 182 174 189 Pirelli & C. S.p.A. ordinary shares (no. in millions) 5,180.7 3,327.5 3,325.6 618.2 591.4 Pirelli & C. S.p.A. savings shares (no. in millions) 134.8 134.8 134.8 34.4 34.4 Total Pirelli & C. S.p.A. shares (no. in millions) 5,315.5 3,462.3 3,460.4 652.6 625.8 Treasury shares (no. in millions) 2.6 2.6 2.6 2.6 2.6 Factories 24 74 77 79 84 of which discontinued operations 52 Employees (at 12/31) 26,827 24,790 36,337 37,350 39,771 of which temporary employees 3,102 2,721 2,417 2,257 2,672 * Average amounts 5 Preliminary information Directors’ Report Sustainability Report Consolidated Financial Statements Call to the AGM Letter from the Chairman Contents Pirelli & C. S.p.A. To the Shareholders, Structure of Pirelli Group For the Pirelli & C. Group, 2005 was a very important year from at December 31, 2005 many standpoints. Firstly, in terms of growth: a factor highlighted by Pirelli & C. S.p.A. on the the marked improvement in all the main operating indicators. Stock Market Secondly, from the point of view of the structural reorganization Selected Financial Data following the sale (last July) of the Cables Sector.
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