1.1MB - Pirelli

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Pirelli S.p.A. on the Stock Market Shares outstanding at December 31, 1998 Number Par value Ordinary shares 1,895,117,473 Lire 1000 Savings shares 88,006,016 Lire 1000 1,983,123,489 140 135 130 125 120 115 110 105 100 95 90 Shares outstanding after the resolution of February 2, 1999 Market trading on the Milan stock exchange Number Number of shares traded Par value Ordinary shares 1,896,552,473 Lire 1000 Savings shares 88,006,016 Lire 1000 1,984,558,489 Amount (Billions of lire) Stock market 144,218,359,744 818,962 Pirelli S.p.A. - ordinary shares 2,122,129,500 11,473 Pirelli S.p.A. - savings shares 103,107,000 423 85 J F M A M J J A S O N D 1998 MIB index (monthly average) Market price of ordinary shares (monthly average) 250 245 240 235 230 225 220 215 210 205 200 195 190 185 180 175 170 165 160 155 150 145 140 135 130 125 120 115 110 105 100 95 90 85 80 J F M A M J J A S O N D 1998 Number of ordinary shares traded on the Milan stock exchange (in millions) i 5
Five-year Summary of Selected Consolidated Financial Data Sales revenues in billions of lire 1996 1997 1998 12000 11000 10000 9000 8000 7000 Gross operating profit in billions of lire 1996 1997 1998 1500 1400 1300 1200 1100 1000 Net income in billions of lire 1996 1997 1998 600 500 (in billions of lire) 1994 1995 1996 1997 1998 (1) 1998 (2) Sales revenues 9,790 10,893 10,240 11,265 10,624) 10,624) (1) Gross operating profit 975 1,186 1,208 1,329 1,397) 1,397) (1) Operating profit 433 636 680 760 798) 798) (1) Net income 147 304 436 512 534) 534) (1) Net income attributable to Pirelli S.p.A. 110 257 387 460 482) 482) (1) Earnings per share (in lire) 72 165 249 263 243) 243) (3) Fixed assets 4,405 4,360 4,098 4,373 4,533) 4,699) (1) Net working capital 1,625 1,912 1,706 1,832 1,773) 1,962) (1) Net invested capital 6,030 6,272 5,804 6,205 6,306) 6,661) (1) Shareholders’ equity 3,483 3,784 3,714 4,421 4,836) 4,750) (1) Provisions 1,041 1,082 1,075 1,306 1,227) 1,398) (1) Net financial debt 1,506 1,406 1,015 478 243) 513) (1) Shareholders’ equity attributable to Pirelli S.p.A. 2,876 3,266 3,273 4,045 4,507) 4,421) (1) Net equity per share (in lire) 1,889 2,098 2,102 2,314 2,273) 2,229) (3) Free cash flows 498 371 607 519 617) 347) (1) Net cash flows 477 38 347 47 (221) (491) (1) R&D expenditures 287 303 315 355 379) 379) (1) Capital expenditures 422 485 541 619 699) 804) (1) 400 300 200 100 Shareholders’ equity in billions of lire 1996 1997 1998 5000 4500 Gross operating profit / Sales revenues Operating profit / Sales revenues Net income / Net equity* Operating profit / Net invested capital* Net financial debt / Net equity 9.96% 10.89% 11.79% 11.80% 13.15% 13.15% (1) 4.42% 5.84% 6.64% 6.74% 7.52% 7.52% (1) 4.42% 8.37% 11.63% 12.58% 11.54% 11.65% (1) 6.93% 10.34% 11.26% 12.65% 12.76% 12.41% (1) 0.43 0.37 0.27 0.11 0.05 ) 0.11 ) (1) 4000 3500 3000 2500 Capital expenditures in billions of lire 1996 1997 1998 900 800 700 600 500 400 Pirelli S.p.A. ordinary shares (No. in millions) 1,435 1,469 1,469 1,660 1,895) 1,895) (3) Pirelli S.p.A. savings shares (No. in millions) 88 88 88 88 88) 88) (3) Total Pirelli S.p.A. shares (No. in millions) 1,523 1,557 1,557 1,748 1,983) 1,983) (3) Factories (number) 74 74 71 72 70) 73) (1) Personnel (number at 12.31) 38,485 38,106 36,534 36,211 36,226) 38,209) (1) Sales revenues per employee (in millions of lire) 241 278 271 307 291) 289) (1) (1) Considering the same companies in consolidation, excluding the effects of the acquisition of the Power Cables Division from Siemens A.G.. (2) The 1998 consolidated financial statements include the acquisition from Siemens A.G. of the companies in Germany, consolidated line-by-line in the balance sheet, and the companies in the following countries valued at cost: Hungary, Turkey, Rumania and South Africa (additional information is disclosed in the notes to consolidated financial statements). (3) The reduction in the earnings and equity per share attributable to Pirelli S.p.A. is due to the conversion of convertible bonds 1994-1998 and the bonus shares assigned to employees. * Average amounts 6 i
Page 1 and 2: Pirelli S.p.A. Milan Annual Report
Page 3 and 4: Contents Board of Directors; Board
Page 5: Structure of Pirelli Group at Decem
Page 9 and 10: Gross Domestic Product of the main
Page 11 and 12: 1997-1998 trend in raw materials pr
Page 13 and 14: Distribution of Pirelli Group 1998
Page 15 and 16: The added value of submarine system
Page 17 and 18: Cables and Systems Sector Overall p
Page 19 and 20: Distribution of 1998 Cables and Sys
Page 21 and 22: Advanced studies within the laborat
Page 23 and 24: The first submarine optical amplifi
Page 25 and 26: In Iceland, Pirelli installed 150 k
Page 27 and 28: The rotating platform of the Pirell
Page 29 and 30: The new Audi TT is fitted with ultr
Page 31 and 32: The Lamborghini Diablo is among the
Page 33 and 34: The trend of truck tyres in Brazil
Page 35 and 36: New types and sizes of the “Scorp
Page 37 and 38: Pirelli supplied the Berlin electri
Page 39 and 40: The Pirelli Corporate Web, the Intr
Page 41 and 42: Certification activities in line wi
Page 43 and 44: Distribution of Group personnel by
Page 45 and 46: • revenues for goods and services
Page 47 and 48: Corporate Governance As represented
Page 49 and 50: Results of operations The 1998 resu
Page 51 and 52: Appointment of the audit firm Upon
Page 53 and 54: Consolidated balance sheets Assets
Page 55 and 56: Liabilities and shareholders’ equ
Page 57 and 58:
Consolidated statements of income (
Page 59 and 60:
- positive differences, where not a
Page 61 and 62:
• Provision for income taxes The
Page 63 and 64:
"Investments in associated companie
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- Other receivables Other receivabl
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Provisions for income taxes The pro
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An analysis of payables by due date
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MEMORANDUM ACCOUNTS Memorandum acco
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Personnel costs Personnel costs con
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for liabilities and expenses accrue
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R&D expenditures In 1998 the Group
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Consolidated statements of cash flo
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Reconciliation of net results and s
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Assets (continued) (in thousands of
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Memorandum accounts (in thousands o
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List of investments Companies conso
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Percentage Company Activity Headqua
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Percentage Company Activity Headqua
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Other investments in subsidiaries a
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improvements and loan acquisition c
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Extraordinary part of the sharehold
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the two companies, given that that
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the formation of the value in this
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The weighted average cost of capita
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Result of the valuation and the sha
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Entering into the merits of the mer
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Group structure at December 31, 199
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Notice pursuant to art. 10, paragra
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1.i - Evaluations by the Board of D
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December 31, 1998, with the cancell
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Amendment of the by-laws Present wo
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6. Effects of the merger The transa
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and abroad, pursuant to the terms o
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or Managing Directors, the chair sh
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e enclosed with the lists together
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Attachment 2 Pirelli S.p.A. - Milan
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Article 10 In view of the nature of
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Article 19 The Board is authorized
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Failing any lists, the Board of Sta
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