Consolidated Financial Statement

STRUCTURE OF PIRELLI GROUP AT DECEMBER 31, 2013

STRUCTURE OF PIRELLI GROUP AT DECEMBER 31, 2013

SHAREHOLDERS STRUCTURE AT DECEMBER 31, 2013

SHAREHOLDERS STRUCTURE AT DECEMBER 31, 2013

MARKET CAPITALIZATION (in milions of euro)

2013YE2012YE2011YE
Pirelli Ordinary (Reuters: PECI.MI.; Bloomberg: PC IM) 5,468.5 4,190.8 3,164.0
Pirelli Saving (Reuters: PECIn.NI.; Bloomberg: PCP IM) 101.8 66.7 55.5
Total 5,570.3 4,257.5 3,219.5

1 Based on December average price

PIRELLI TYRE SALES

PIRELLI TYRE SALES

PIRELLI TYRE PLANTS IN THE WORLD

PIRELLI TYRE PLANTS IN THE WORLD

SELECTED ECONOMIC AND FINANCIAL DATA (in milions of euro)

 2013 2012 2011 2010 2009 (:) 
GROUP INCOME STATEMENT
Net sales 6,146  6,072  5,655  4,848  4,067 
Gross operating profit 1,080  1,064  807  629  453 
% of net sales 17.6%  17.5%  14.3%  13.0%  11.1% 
Operating income 791  792  582  408  250 
% of net sales - ROS  12.9%  13.1%  10.3%  8.4%  6.1% 
Net income (loss) from continuing operations 306  398  313  228  77 
Net income (loss) from discontinued operations    - - (224)  (100) 
Prior period deferred tax assets - Italy    - 128  - -
Net income (loss) 306  398  441  (23) 
Net income attributable to owners of Pirelli & C. S.p.A. 304  387  452  22  23 
Total net earnings per share attributable to owners of Pirelli & C. S.p.A. (in euro) 0.622  0.793  0.926  0.044  0.047 (°°) 
TOTAL TYRE INCOME STATEMENT          
Net sales 6,116  6,031  5,602  4,772  3,993 
Gross operating profit 1,107  1,087  858  661  501 
% of net sales 18.1%  18.0%  15.3%  13.9%  12.5% 
Operating income 822  821  644  453  309 
% of net sales - ROS  13.4%  13.6%  11.5%  9.5%  7.7% 
GROUP BALANCE SHEET          
Non-current assets 4,043  3,877  3,576  3,164  3,596 
Operating net working capital 409  539  399  303  427 
% of net sales 6.7%  8.9%  7.1%  6.2%  10.5% 
Total net working capital 412  549  151  117  222 
% of net sales 6.7%  9.1%  2.7%  2.4%  5.5% 
Net invested capital 4,455  4,427  3,727  3,281  3,818 
Equity 2,437  2,389  2,192  2,028  2,495 
Provisions 696  832  799  797  795 
Net financial (liquidity)/debt position 1,322  1,205  737  456  529 
           
Equity attribuitable to the owners of Pirelli & C. S.p.A. 2,376  2,337  2,146  1,91  2,175 
Equity per share attributable to the owners of Pirelli & C. S.p.A. (in euro) 4.87  4.79  4.40  4.08  4.46 (°°)
OTHER GROUP INFORMATION          
Net operating cash flow 719  281  156  310  496 
Depreciation and amortization 270  260  221  217  198 
Capital expenditure - tangible 402  456  618  433  225 
Capital expenditure/depreciation 1.49  1.75  2.80   2.00  1.14 
Research and development expenses 199  179  170  150  137 
% of net sales 3.2%  2.9%  3.0%  3.1%  3.4% 
Headcount (at 31.12) 37,979  37,338  34,259  29,573  29,570 
of whom temporary workers 2,620  2,714  2,649  2,426  2,245 
Sales per employee (in thousands of euro) 163  167  181  160  138 
           
Operating income/Net invested capital ** - ROI 17.81%  19.44%  16.61%  11.49%  6.33% 
Net income (loss)/Equity ** - ROE 12.70%  17.39%  20.89%  0.18%  (0.94%) 
Net financial position/Equity - Gearing 0.54  0.50  0.34  0.22  0.21 

(:) comparative income statement figures for 2009 related to Pirelli Real Estate and Pirelli Broadband Solutions business unit, discontinued in 2010, have been reclassified to.
(°°) 2009 per share figures have been reclassified on a comparable basis after the reverse stock split pursuant to the Shareholders' Meeting resolution of July 15, 2010
** Average amounts