Financial News
- Corporate Events - Variation of date and time of the Board meeting to approve the draft financial statement 2009 and of the Shareholders’ meeting to approve the Annual report
Turin, March 8 2010. Pininfarina S.p.A. informs that, partially amending the communication of January 11, 2010, the Board meeting to approve the draft financial statement 2009 of Pininfarina S.p.A. and of the Group is postponed to March 29 2010, 10 am instead of March 26 2010, 11am, as previously communicated.
The Shareholders’ meeting that will be convened to approve the annual report 2009 will take place on April 30 2010, 3 pm instead of April 26 2010, 10 am as previously communicated.- 8 March 2010
- Tax dispute: Pininfarina S.p.A. prevails in its appeal before the regional tax commissions
Turin, February 18, 2010 – With regard to the dispute with the Italian Revenue Administration that has been pending for the past two years, the Company announces that, on February 17, 2010, the Turin Regional Tax Commission informed Pininfarina S.p.A. that it had filed its decision in the abovementioned tax dispute. By this decision, the Regional Tax Commission ruled that the VAT assessment by the Turin Revenue Office was unlawful and concurred with the argument that Pininfarina S.p.A. put forth with the support of its counsel Crowe Horwath – Studio Associato Servizi Professionali Integrati - and Centore & Associati.
…- 18 February 2010
- 2009 Preliminary year-end data of the Pininfarina Group
Turin, February 16, 2010 – The Board of Directors of Pininfarina S.p.A., meeting today under the chairmanship of Paolo Pininfarina, reviewed the Group’s preliminary year-end data for 2009.
- 16 February 2010
- 2010 Corporate events. Variation of date and time of the Board meeting to examine the 2009 preliminary year-end data.
Turin, February 8, 2010. Pininfarina S.p.A. informs that, partially amending the communication of January 11 2010, the Board meeting to examine the 2009 preliminary year-end data is anticipated to February 16 2010, 4 p.m. instead of February 26, 11 a.m., as previously communicated.
- 8 February 2010
- Pininfarina and De Tomaso Automobili Sign the Final Contract for the Sale of Business Operations
Pininfarina also signed a final agreement for the sale of the Grugliasco industrial facility to Sviluppo Investimenti Territorio S.r.l., a subsidiary of FinPiemonte-Partecipazioni S.p.A., which is a finance company controlled by the Piedmont Regional Administration.…
- 31 December 2009
- Pininfarina-De Tomaso, union consultation procedure positively completed
Turin, November 20 2009 – Pininfarina S.p.A. and De Tomaso Automobili SpA (former Innovation Auto Industry S.p.A. (IAI)) met today with union organisations at Unione Industriale-AMMA of Turin for the union consultation procedure required by Article 47 of Law No. 428 of December 29, 1990 in connection with the sale of the Business Operations related to the Grugliasco plant. …
- 20 November 2009
- Quarterly Report of the Pininfarina Group. Going Concern Viability and Outlook for the Balance of 2009.
Results in line with the Financial Plan.
Compared with the first nine months of 2008: value of production decreases by 62%, EBITDA are lower but remain positive and the net loss is reduced by 27%.
Compared with December 31, 2008: significant improvement with regard to net borrowings (down more than 50%) and shareholders’ equity following the completion of the Second Phase of the recapitalization and debt restructuring agreements executed with the Lender Institutions.- 12 November 2009
- Pininfarina and Innovation in Auto Industry (IAI) started the union consultation procedure for the sale of the Business Operations
Turin, November 10 2009 – Pininfarina S.p.A. and Innovation Auto Industry S.p.A. (IAI) started today the union consultation procedure required by Article 47 of Law No. 428 of December 29, 1990 in connection with the sale of the Business Operations and transfer of employees to IAI, a company wholly owned by the Rossignolo Family whose Chairman of the Board of Directors is Gian Mario Rossignolo. The consultation procedure is preparatory to the final conclusion of the operation, whose preliminary contract was signed on October 15 2009.
- 11 November 2009
- Agreement between Pininfarina and IAI and irrevocable offer to buy the Grugliasco industrial facility by FinPiemonte-Partecipazioni - Additional information amending the previous press release
Turin, October 15, 2009.
As additional information concerning the press release issued this morning, the Company specifies that the consideration for the sale of the business operations subject of a preliminary sales contract signed by Pininfarina and IAI (Innovation in Auto Industry S.p.A.) is 2 million euros. The irrevocable offer to buy the Grugliasco factory received from FinPiemonte-Partecipazioni S.p.A., a finance company controlled by the Piedmont Regional Administration, is for 15 million euros. The abovementioned sale of business operations and real estate transaction are parts of an overall agreement, pursuant to which, among other stipulations, the proceeds from the real estate sale will be used to fund the provision for termination indemnities applicable to the transferred employees and the guarantees and other charges arising from the implementation of the contracts.
- 15 October 2009
- Pininfarina and IAI (Rossignolo Family) sign a preliminary contract for the sale of business operations – As part of the transaction, FinPiemonte-Partecipazioni submits an irrevocable offer to buy the Grugliasco industrial facility
Turin, October 15, 2009 – Pininfarina S.p.A. and IAI - Innovation in Auto Industry S.p.A., a company wholly owned by the Rossignolo Family whose Chairman of the Board of Directors is Gian Mario Rossignolo (IAI), signed today a preliminary contract for the sale of certain business operations (the Contract). Pininfarina S.p.A. also received from FinPiemonte-Partecipazioni S.p.A., a finance company controlled by the Piedmont Regional Administration, an irrevocable offer to buy the Grugliasco factory, excluding the Wind Tunnel.
1. The contract sets forth Pininfarina’s commitment to sell to IAI the business operations comprised of:
(a) Machinery, equipment and accessories currently located at the Grugliasco production facility that are used for vehicle sheet-metal bodywork and painting, except for those specifically used for vehicles currently produced by Pininfarina;
(b) The existing contracts between Pininfarina and 900 Pininfarina production employees (including 875 factory staff and 25 office staff);
(c) The provision for termination indemnities applicable to the transferred employees, the funding for which will be transferred in full to IAI on the contract closing date;
(d) A lease for the entire Grugliasco factory, excluding the Wind Tunnel, (the Building) and for service and utility contracts and certifications pertaining to the Building.
The Business Operations do not include receivables or payables, other than the liability for the provision for termination indemnities applicable to the transferred employees, nor do they include contracts other than those listed above, contracts related to the existing production orders and Pininfarina’s resulting payables and receivables or any legal disputes outstanding on the closing date.
Pursuant to the contract, IAI will be provided with the customary guarantees for any prior-period liabilities incurred by the transferred Business Operations and with a specific commitment by the Lender Institutions parties to the Agreements of December 31, 2008 and by Fortis Bank (collectively referred to as the Creditor Banks) to approve the Transaction and refrain from actions against IAI for any indebtedness owed by the transferred Business Operations.
IAI will enter into a subcontracting agreement (at cost) with Pininfarina for the premises, equipment and tools, systems and human resources needed to provide the sheet-metal bodywork and painting services required to carry out until completion existing production orders for Alfa Romeo and Ford. The parties have further agreed to enter into a collaboration contract for the styling of the first vehicle that IAI will produce. Should Pininfarina request it, IAI will enter into a multi-year painting services contract (on market terms) that will go into effect upon the expiration of the production orders currently handled by Pininfarina.
2. Concurrently with the signing of the Contract with IAI and as an integral part of the Transaction, Pininfarina received from FinPiemonte-Partecipazioni S.p.A., a finance company controlled by the Piedmont Regional Administration, an irrevocable offer to buy the entire Building, excluding the Wind Tunnel, based on expert appraisal. At closing, the Building must be transferred free of any encumbrances (the Building is currently encumbered by a mortgage held by Banca Fortis). The proceeds from the sale will be used to fund the provision for termination indemnities applicable to the transferred employees and the guarantees and other charges arising from the Transaction.
3. All transfers are scheduled to take place on or before December 31, 2009, but may be postponed if any of the following conditions precedent is not satisfied:
a) Signing of a final contract for the sale of the Building by Pininfarina to FinPiemonte-Partecipazioni, concurrently with the payment of the stipulated rice and signing of the lease agreement with IAI;
(b) Completion within the statutory deadline of the union consultation procedure required by Article 47 of Law No. 428 of December 29, 1990 in connection with the sale of the Business Operations and transfer of employees to IAI;
(c) Signing of two Regional Agreements providing financing to IAI for the establishment of the venture and for the research project referred to in the IAI industrial plan;
(d) The approval of the Transaction by the Creditor Banks and a declaration by the Creditor Banks that they will refrain from actions against IAI for any indebtedness owed by the transferred Business Operations.
This development represents a highly attractive opportunity for Pininfarina, which, once the Transaction is completed, will have achieved an optimum size to develop its future production, styling and engineering activities in accordance with its industrial plan, the implementation of which will be significantly accelerated.
The cooperation of the unions, public institutions and the Creditor Banks is essential for the success of the Transaction, which is particularly important for preserving current employment levels and for the continuation of the restructuring process required to ensure the Group’s future viability as a going concern, which is the Company’s priority objective.
- 15 October 2009
Financial News
