1Pirelli Proprietary and Confidential

SCUOLA DI DOTTORATO DI SCIENZE

Elementi di organizzazione aziendale

Università Bicocca – 25/5/2011

Introduzione al bilancio aziendale: lo stato patrimoniale, ilconto economico e il rendiconto finanziario (brevi cenni)

La contabilità a supporto delle performance economico-finanziarie aziendali

2Pirelli Proprietary and Confidential

Azienda Realtà dinamica

Comunicare

all’esterno all’interno

esigenze civilistiche

esigenze fiscali

esigenze sociali

interpretare,controllare, pilotare

esigenze strategiche,commerciali, produttive,di efficienza, …

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Comunicare

rappresentare la realtà attraverso dellegrandezze “economiche” e “finanziarie”

BILANCIO

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BILANCIO

StatoPatrimoniale

ContoEconomico

RendicontoFinanziario

“istantanea” dell’azienda aduna certa data

“film” che racconta cosa èsuccesso tra due statipatrimoniali

“flussi” di cassa e di capitaleche intercorrono in un periodo

5Pirelli Proprietary and Confidential

BALANCE SHEET

€/MLN

NEEDSNEEDS SOURCESSOURCES

NET FIXED ASSETS +

NET WORKING CAPITAL =

TOTAL NET INVESTED CAPITAL

EQUITY +

FUNDS +

NET FINANCIAL POSITION =

TOTAL COVERAGE

Pertinenza gestionale

6Pirelli Proprietary and Confidential

STATO PATRIMONIALE

€/MLN

LIQUIDITA’LIQUIDITA’ ESIGIBILITA’ESIGIBILITA’

ATTIVITA’A BREVE TERMINE +

ATTIVITA’FISSE =

TOTAL NET INVESTED CAPITAL

PASSIVITA’A BREVE TERMINE +

PASSIVITA’A MEDIO/LUNGO TERMINE +

CAPITALE PROPRIO =

TOTAL COVERAGE

Orizzonte temporale

7Pirelli Proprietary and Confidential

PROFIT AND LOSS

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA (MOL)- Depreciation= EBIT (Reddito Operativo)- Financial charges- Taxes= Net result

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RENDICONTO FINANZIARIO

+ Reddito operativo+ Ammortamenti- Imposte= FLUSSO DI CIRCOLANTE DELLA GEST. CORRENTE

+/- Variazione Capitale Circolante Netto= FLUSSO DI CASSA DELLA GESTIONE CORRENTE

+/- Investimenti / Disinvestimenti= FLUSSO DI CASSA DELLA GESTIONE OPERATIVA

+/- Variazione Passività Finanziarie+/- Variazione Capitale Sociale- Oneri finanziari- Dividendi= FLUSSO DI CASSA

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CONTO ECONOMICO PER DESTINAZIONE

TonsPieces

NET SALES

PRODUCTION COSTSVar Origin Production costDuty

VAR SELLING EXPENSESVar. Marketing Cost (Promo)Bad DebtsTechnical Claims

VAR LOGISTIC EXPENSESHandlingTransport

VAR INTEGRATION EXPENSESTransport from ProducersOther Var. form Integration

CONTRIBUTION MARGIN

FIXED LOGISTIC COSTSWarehousingStructure ( staff & edp)

FIXED SELLING COSTSFixed Communication CostSales OrganisationSales structure

GENERAL, ADMIN. and EDP local

LOCAL FIXED COSTSALLOCATED FIXED COSTS

PBIT

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TonsPieces

NET SALES

PRODUCTION COSTSVar Origin Production costDuty

VAR SELLING EXPENSESVar. Marketing Cost (Promo)Bad DebtsTechnical Claims

VAR LOGISTIC EXPENSESHandlingTransport

VAR INTEGRATION EXPENSESTransport from ProducersOther Var. form Integration

CONTRIBUTION MARGIN

FIXED LOGISTIC COSTSWarehousingStructure ( staff & edp)

FIXED SELLING COSTSFixed Communication CostSales OrganisationSales structure

GENERAL, ADMIN. and EDP local

LOCAL FIXED COSTSALLOCATED FIXED COSTS

PBIT

VENDITE

11Pirelli Proprietary and Confidential

PREZZO – DA LISTINO A NETTO

0

100

530

20

16

43

0 2 2

Price list Base Volume Positioning Product Extra Invoice Early order Loyalty Rebates Pocketprice

The sales campaing structure...

DISCOUNT

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TonsPieces

NET SALES

PRODUCTION COSTSVar Origin Production costDuty

VAR SELLING EXPENSESVar. Marketing Cost (Promo)Bad DebtsTechnical Claims

VAR LOGISTIC EXPENSESHandlingTransport

VAR INTEGRATION EXPENSESTransport from ProducersOther Var. form Integration

CONTRIBUTION MARGIN

FIXED LOGISTIC COSTSWarehousingStructure ( staff & edp)

FIXED SELLING COSTSFixed Communication CostSales OrganisationSales structure

GENERAL, ADMIN. and EDP local

LOCAL FIXED COSTSALLOCATED FIXED COSTS

PBIT

MARGINE DI CONTRIBUZIONE

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COSTI VARIABILI

RAW MATERIAL COSTS

LABOR

VARIABLE IND. COSTS

SELLING COSTS

LOGISTIC COSTS

• MAINTENANCE

• POWER & STEAM

• OTHERS

• COMMISSIONS

• TAX OVER SALES

• FISCAL INCENTIVES

• TECNICAL CLAIMS

• HANDLING

• FITTING

• TRANSPORTATION

DirectlyallocatedAccording tothe Size sold

Costs allocatedproportionallyTo the Net Sales

Costs allocatedproportionallyto the Tons sold

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TonsPieces

NET SALES

PRODUCTION COSTSVar Origin Production costDuty

VAR SELLING EXPENSESVar. Marketing Cost (Promo)Bad DebtsTechnical Claims

VAR LOGISTIC EXPENSESHandlingTransport

VAR INTEGRATION EXPENSESTransport from ProducersOther Var. form Integration

CONTRIBUTION MARGIN

FIXED LOGISTIC COSTSWarehousingStructure ( staff & edp)

FIXED SELLING COSTSFixed Communication CostSales OrganisationSales structure

GENERAL, ADMIN. and EDP local

LOCAL FIXED COSTSALLOCATED FIXED COSTS

PBIT

COSTI FISSI

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COSTI FISSI - DETTAGLIO

INDUSTRIAL

DISTRIBUTION

SELLING

R&D

ADMINISTRATION

DEPRECIATION

• CLEANING

• TRAINING

• MAINTENANCE

• RENTS WAREHOUSE

• SECURITY

• TRAVEL / CAR EXPENSES

• MKT BUDGET

• INSURANCES

• IT

• CONSULTANTS

DirectlyallocatedAccording tothe Size sold

Costs allocatedproportionallyTo the Net Sales

Costs allocatedproportionallyto the Tons sold

Costs allocatedproportionallyTo the MPNet Sales

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CONTO ECONOMICO (SINTESI)

NET SALESNET SALES

- VARIABLE PROD. COSTS

- VARIABLE SELLING COSTS

- VARIABLE LOGISTIC COSTS

CONTRIBUTIONCONTRIBUTION MARGINMARGIN

- FIXED COSTS (production, commercial,logistic, R&D, G&A)

- OTHER INCOME & EXPENSES

PBITPBIT ((ProfitProfit BeforeBefore Interest andInterest and TaxTax))

ROS % (Return onROS % (Return on SalesSales))

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PERFORMANCE EVALUATION

ROS : Return on salesThis index shows sales profitability aftercovering all the costs of the operational activity

ROI: Return on investmentsThis index shows the operational profitability ofthe net invested capital in the typical companyactivity

CASH FLOW: shows the capability to produce cash

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THE ACCOUNTANTS’ EVALUATION OF BUSINESS PERFORMANCE

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA (MOL)- Depreciation= EBIT (Reddito Operativo)- Financial charges- Taxes= Net result

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PROFIT IS AN INCOMPLETE MEASURE OF PERFORMANCE

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA (MOL)- Depreciation= EBIT (Reddito Operativo)- Financial charges- Taxes= Net profit- Shareholders remuneration= EVA

That is theshareholders’

investment (thecompany’s netasset) at a fixed

rate of return

20Pirelli Proprietary and Confidential

FINANCIAL CHARGES AND SHAREHOLDERS’ RETURN (1)

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA (MOL)- Depreciation= EBIT (RedditoOperativo)- Financial charges- Taxes= Net profit- Shareholders’ return= EVA

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA- Depreciation= EBIT- Taxes= NOPAT- Financial charges- Shareholders’ return= EVA

21Pirelli Proprietary and Confidential

FINANCIAL CHARGES AND SHAREHOLDERS’ RETURN (2)

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA- Depreciation= EBIT- Taxes= NOPAT- Financial charges- Shareholders’ return= EVA

Kd

Ke

Fin.Debt

Equity

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FINANCIAL CHARGES AND SHAREHOLDERS’ RETURN (3)

Kd

Ke

Fin.Debt

Equity Networkingcapital

Netfixed

Assets

=

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA- Depreciation= EBIT- Taxes= NOPAT- Financial charges- Shareholders’ return= EVA

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AVERAGE INTEREST RATE

Kd

Ke

Fin.Debt

Equity Networkingcapital

Netfixed

Assets

=

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA- Depreciation= EBIT- Taxes= NOPAT- Financial charges- Shareholders’ return= EVA

waccwacc

24Pirelli Proprietary and Confidential

VALUE CREATION

Networkingcapital

Netfixed

Assets

+ Net sales- Variable costs= Contribution margin- Fixed costs= EBITDA- Depreciation= EBIT- Taxes= NOPAT- Cost of capital= EVA

waccwacc

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EVA & NIC

FIXEDASSETS

WORKINGCAPITAL

WaccWacc %%NOPAT

TAXES

COST OF

CAPITAL

EVA

PBIT

THE CAPITAL HAS TO BE

PROPERLY REMUNERATED

NIC

REVENUES

OPERATIVECOSTS

Profit produced by thebusiness (without taxes)

(1) Net Operating Profit After Taxes.

(2) Weighted Average Cost of Capital.

(2)

(2)

26Pirelli Proprietary and Confidential

WACC: example

DEBTS

25%

OWNRESOURCES

75%

8%

3,3%

75% x 8% = 6%

25% x 3,3% = 0,9%

6,9 %

CostWeightedCost

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EVA

NOPAT

COST OF

CAPITAL

EVA

INCREASE OFPROFIT

DECREASE OF

INVESTED CAPITAL