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Pirelli & C. S.P.A. Milan Annual Report 2006

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Pirelli & C. S.p.A. Milan Annual Report 2006 Preliminary information Directors’ Report Consolidated Financial Statements Extraordinary Session Sustainability Report Ī Call to the AGM Call to the Annual General Meeting of the 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, 2006 shareholders’ meeting to be held in Milan, Viale Sarca 214, Pirelli & C. S.p.A. on the Stock Market - on Friday April 20, 2007 at 16:00 p.m. in first call; Selected Financial Data Chairman’s Letter - on Monday April 23, 2007 at 10:30 a.m. in second call, to pass resolutions on the following AGENDA Ordinary Session 1. The financial statements at December 31, 2006; inherent and consequent resolutions. 2. Appointment of two Directors and/or reduction of Board of Directors members. Inherent and consequent resolutions 3. Proposals of modifications of the Regulations for Shareholders’ Meetings adopted by the shareholder meeting held on May 11, 2004. Extraordinary session • Modifications to articles 5 (share capital), 6 (shareholders), 7 (shareholders meetings), 8 (resolutory and final quorum), 9 (procedures for shareholders meetings), 10 (Company administration), 11 (functions of the Board of Directors), 12 (Board of Directors meetings), 13 (representation of the company), 15 (expiry of the term of office of the Board of Directors) and 16 (Board of Statutory Auditors) of the Company Bylaws. Inherent and consequent resolutions. Conferring of powers. 1 Preliminary information Directors’ Report Consolidated Financial Statements Extraordinary Session Sustainability Report Call to the AGM Contents Ī Contents Pirelli & C. S.p.A. Page Structure of Pirelli Group Preliminary information 1 at December 31, 2006 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, 2006 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 Chairman’s letter 6 Directors’ report on operations 9 The Group 11 Pirelli Tyre 34 Pirelli Broadband Solutions 44 Pirelli & C. Real Estate 47 Pirelli & C. Ambiente 51 Information systems 53 Proforma data 57 Equity Investments held by Directors, Statutory Auditors and General Managers 59 Stock option plans 59 Corporate Governance 60 Pirelli & C. S.p.A. - Summary Data 95 Shareholders’ Resolutions 99 Consolidated financial statements at December 31, 2006 107 Consolidated balance sheet 108 Consolidated income statement 109 Consolidated statement of changes in shareholders’ equity 110 Consolidated statement of cash flows 111 Notes to the consolidated financial statements 112 Independent Auditor’s Report 186 Extraordinary session 188 Sustainability Report 207 Pirelli and sustainable development 208 Economic dimension 218 Environmental dimension 229 Social dimension 267 Summary tables 303 2 Preliminary information Directors’ Report Consolidated Financial Statements Extraordinary Session Sustainability Report Call to the AGM Pirelli & C. S.p.A. Contents 1 Ī Pirelli & C. S.p.A. Board of Directors Structure of Pirelli Group Chairman 2 Marco Tronchetti Provera at December 31, 2006 Pirelli & C. S.p.A. on the Deputy Chairman 2 Alberto Pirelli Stock Market Deputy Chairman 2 Carlo Alessandro Puri Negri Selected Financial Data Chairman’s Letter Directors Carlo Acutis * Carlo Angelici * ° Gilberto Benetton Alberto Bombassei * Franco Bruni * ° 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 Enrico Laghi Paolo Francesco Lazzati Alternate members Franco Ghiringhelli Luigi Guerra General Managers 4 Operations Claudio De Conto Finance and Strategic Planning Luciano Gobbi Independent Auditors 5 PricewaterhouseCoopers S.p.A. 1 Appointment: April 28, 2005. Expiry: shareholders’ meeting called to approve the financial statements at December 31, 2007. Alberto Bombassei was co-opted by the board of directors’ meeting held on September 12, 2006. On November 6, 2006, Carlo Buora tendered his resignation from the posts held in the company 2 Office conferred by the board of directors’ meeting held on April 28, 2005. 3 Appointment: April 21, 2006. Expiry: shareholders’ meeting called to approve the financial statements at December 31, 2008. 4 Francesco Gori was General Manager of Tyres Sector until June 30, 2006. Starting July 1, 2006 he is Managing Director and General Manager of Pirelli Tyre S.p.A.. 5 Appointment conferred by the shareholders’ meeting held on April 28, 2005. 3 Preliminary information Directors’ Report Consolidated Financial Statements Extraordinary Session Sustainability Report Call to the AGM Structure of Pirelli Group at December 31, 2006 Contents Pirelli & C. S.p.A. Ī Structure of Pirelli Group at December 31, 2006 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, 2002 Date Capital (thousands) Transactions December 2002 Euros 339,423 bond conversion 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 June 2006 Euros 2,791,311 warrant conversion Number of shares outstanding at December 31, 2006 at April 20, 2007 Pirelli & C. S.p.A. - Ordinary shares 5,233,142,003 5,233,142,003 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 8,861,567,702 6,576 Pirelli & C. - Savings shares 115,895,385 82 4 Preliminary information Directors’ Report Consolidated Financial Statements Extraordinary Session Sustainability Report 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, 2006 (IAS/IFRS) (Italian GAAP) Pirelli & C. S.p.A. on the in millions of euros 2006 2005 2004 2003 2002 Stock Market Ī Selected Financial Data Net sales 4,841 4,546 3,967 6,671 6,718 Chairman’s Letter Gross operating profit 614 568 470 628 523 Operating profit 401 355 269 268 118 Operating profit (loss) incl. earnings (losses) from investments (748) 622 425 217 (57) Total income (loss) (1,049) 399 304 4 (405) Income (loss) attribut. to the equity holders of Pirelli & C. S.p.A. (1,167) 327 251 (39) (58) Earnings (losses) per share (in euros) (0.22) 0.07 0.07 (0.01) (0.09) Fixed assets 6,924 7,629 6,097 5,902 6,596 Net working capital 463 (53) 466 566 991 Net invested capital 7,387 7,576 6,563 6,468 7,587 Equity 4,687 5,614 3,841 3,678 4,626 Provisions 720 785 1,121 1,045 911 Net financial (liquidity)/debt position 1,980 1,177 1,601 1,745 2,050 Equity attributable to the equity holders of Pirelli & C. S.p.A. 3,880 5,205 3,502 3,429 1,933 Equity per share (in euros) 0.72 0.98 1.01 0.99 2.96 Free cash flow 317 343 287 564 476 R&D expenditures 171 174 171 204 219 Depreciation 201 197 182 278 315 Capital expenditures 255 234 211 273 337 Gross operating profit / net sales 12.68% 12.49% 11.85% 9.41% 7.79% Operating profit / net sales - ros 8.28% 7.81% 6.78% 4.02% 1.76% Income / equity * - roe (20.37%) 7.38% 5.77% 0.10% (8.75%) Operating profit / net invested capital* - roi 5.36% 5.02% 4.13% 3.81% 1.56% Operating profit (post investments) / net invested capital * (10.00%) 8.80% 6.52% 3.09% (0.71%) Net financial position / equity 0.42 0.21 0.42 0.47 0.44 Capital expenditures / depreciation 1.27 1.19 1.16 0.98 1.07 R&D expenditures / net sales (industrial aggregate) 3.53% 3.83% 4.31% 3.38% 3.45% Net sales per employee (in thousands of euros) 172 173 162 182 174 Pirelli & C. S.p.A. ordinary shares (no. in millions) 5,233.1 5,180.7 3,327.5 3,325.6 618.2 Pirelli & C. S.p.A. savings shares (no. in millions) 134.8 134.8 134.8 134.8 34.4 Total Pirelli & C. S.p.A. shares (no. in millions) 5,367.9 5,315.5 3,462.3 3,460.4 652.6 Treasury shares (no. in millions) 2.6 2.6 2.6 2.6 2.6 Factories 24 24 74 77 79 of which discontinued operations 52 Employees (at 12/31) 28,617 26,827 24,790 36,337 37,350 of which temporary employees 3,479 3,102 2,721 2,417 2,257 *Average amounts 5 Preliminary information Directors’ Report Consolidated Financial Statements Extraordinary Session Sustainability Report Call to the AGM Chairman’s letter Contents Pirelli & C.
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  • Items for Ducati - SUPERBIKE

    Items for Ducati - SUPERBIKE

    Items for Ducati - SUPERBIKE Code Item Picture Colors Price • SF120B Clutch spring Retainers kit • Black € 25,62 • SF120G • Gold • SF120R • Red • KD316N Kit Ducati OEM clutch - 48 teeth • Natural € 372,10 sintered • KD116N Kit Ducati OEM clutch - friction and • Natural € 224,48 steel disks • WK001B 17 inch wheel stripes kit • Black € 24,40 • WK002PR 17 inch wheel stripes kit - pramac • Red/Blue € 31,72 Racing Limited Ed. • WK003PR 17 inches wheel stripes kit - pramac • Red/Blue € 31,72 Racing Limited Ed. • PT107B Adjustable license plate Ducati 749 • Black € 106,14 999 • PT302B Adjustable license plate Ducati • Black € 207,40 Panigale V-Twin • PT150B Adjustable license plate Ducati • Black € 152,50 Panigale V4 • PT111B Adjustable license plate Ducati SBK • Black € 150,06 Panigale series • PT108B Adjustable license plate Ducati848 • Black € 150,06 1098 1198 • PE210B Adjustable rear sets Ducati 848 1098 • Black € 558,76 • PE210G 1198 • Gold • PE210R • Red • PE210S • Silver • PE400GP ADJUSTABLE REAR SETS DUCATI • Red € PANIGALE SERIES EVO GP Edition 1.182,18 • PE406PR Adjustable rear sets Ducati Panigale • Silver/Red € V4 series for V4, V4 S and V4 1.118,74 Speciale - Pramac Racing limited Edition • PE223B Adjustable rear sets Limited Edition • Black € 745,42 Althea Racing SBK Ducati 848 1098 1198 • PE405B Adjustable rear sets RPS "Easy" • Black € 745,42 Ducati SBK Panigale series road and reverse shifting • PE408B Adjustable rear sets RPS Ducati • Black € • PE408S Panigale V4 R • Silver 1.068,72 • PE408PR Adjustable rear sets RPS Ducati