GE

Nuovo Pignone S.p.A.
via F. Matteucci, 2
50127 Florence - Italy
www.ge.com/oilandgas
GE Oil & Gas
Annual Report and Financial Statements of Nuovo Pignone Holding S.p.A. - Consolidated Annual Report and Financial Statemenmts of Nuovo Pignone Group - at December 31, 2008
Annual Report and Financial Statements

of Nuovo Pignone Holding S.p.A.
Consolidated Annual Report and
Financial Statements
of Nuovo Pignone Group
at December 31, 2008
GE imagination at work
COMK/MARK 11-2009
Designed by: Studio Tre Fasi
Printed by: Sagraf
2009 Nuovo Pignone S.p.A.
all rights reserved
GE Oil & Gas

Via Felice Matteucci, 2
Nuovo Pignone Holding S.p.A.
Company limited by share with registered
office in Florence
Paid-up share capital Euro 74,880,000
VAT and Fiscal Code no. 00395360480
Entered in the Florence Register of Companies
under no. 00395360480
Table of Contents
I
Annual Report of Nuovo Pignone Holding S.p.A.

as at and for the year ended December 31, 2008
Consolidated Annual Report of the Nuovo Pignone Group

73
Introduction
Structure of the Group
74
Activities performed
Introduction
75
Financial position and results
Economic situation and outllok
76
Reclassified Income Statement
Performance of the business sectors
77
Reclassified Balance Sheet
Elements of risk and uncertainty
80
Transactions with the parent company, with General Electric

Group companies and with subsidiaries and associates
Research and development
80
Tangible fixed assets
81
Activities carried out by the subsidiaries during the year
10
Intangible fixed assets
81
10
Quality Lean Six Sigma
82
GE Medical Systems Italia S.p.A.
16
National tax consolidation scheme
82
GE Healthcare S.r.l. (formerly Amersham)
16
Personnel
83
GE Healthcare Clinical Systems S.r.l.
16
83
GE Transportation Systems S.p.A.
18
Reclassified Income Statement
84
Jenbacher S.r.l.
18
85
GE Sensing & Inspection Technologies S.r.l.
18
Nuovo Pignone International S. r.l.
20
Transactions with parent companies

and with General Electric Group companies
85
GE Industrial Financing Ireland Ltd.
20
Treasury shares and shares of parent companies
85
GE Capital Funding Services S.r.l.
20
Outlook
86
Tragaz Consortium
22
Significant post balance sheet events
86
22
26
Management and coordination activities
28
Consolidated Financial Statements of Nuovo Pignone Group

89
Consolidated Balance Sheet
90
Branch offices
28
28
Outlook
28
Proposals to shareholders
28
Financial Statements of Nuovo Pignone Holding S.p.A.

29
Balance Sheet
30
Income Statement
32
Consolidated Income Statement
92
Notes to the Consolidated Financial Statements
93
Consolidated statement of cash flows
137
Financial Statements of Subsidiary Companies

157
193
196
Notes to the Financial Statements
33
Statutory Auditor's Report for the

Consolidated Financial Statements
Statement of Cash Flows
58
Independent Auditor's Report
Statutory Auditor's Report for the Financial Statements

67
Independent Auditor's Report
70
Resolutions from Shareholders' meeting
71
Annual Report of Nuovo Pignone Holding S.p.A. as at and for the year ended December 31, 2008
BOARD OF
DIRECTORS
Chairman Piero Salvadori
Vice Chairman Stefano Giuliano
Managing Director Claudio Santiago Ponsa
Directors Anna Maria Varsellona
Giovanni Bucaneve
Alberto Cerruti
Ugo Draetta
Claudio Materazzi
Claudio Santiago Ponsa
Paola Pulidori
Michele Stangarone
STATUTORY
AUDITORS
Chairman Cosimo Imbrioscia
Standing Auditors Angelo Ciavarella
Antonio Angelo Manzoni
Substitute Auditors Luca Bonanno

Filippo Pasquini
GENERAL
MANAGERS Michael Bellamy
Fernando Bertoni
Harke Siebe Elsinga
Claudio Materazzi
Joseph Mastrangelo
Andrew Way
Mohammad Ehteshami
Kenneth Resnick
Alan Kocsi
Jeffrey Nagel
Frederic Ribieras
INDEPENDENT
AUDITORS KPMG S.p.A.
N.B.: The aforesaid individuals are those holding office at the time
of approving these Financial Statements
Dear Shareholders,
We submit for your attention the Financial Statements as at and
for the year ended 31 December 2008, together with the Report on
Operations, drawn up in accordance with Article 2428 of the Italian
Civil Code.
In compliance with the obligation set forth by Legislative Decree
127/91, in addition to these financial statements, consolidated
financial statements have also been drawn up for the Nuovo Pignone
Group, of which Nuovo Pignone Holding S.p.A. is the parent company.
Pursuant to Article 2364 of the Italian Civil Code, recourse to the
extended term of 180 days for approval of the financial statements
is justified by the fact that some companies in which the Company
holds investments approve their respective financial statements after
180 days.
With reference to the provisions set forth by Legislative Decree
231/01, we mention that the Supervisory Body met regularly on
a quarterly basis, as required by its Articles of Association, and
carried out its monitoring activity over its subsidiaries. We furthermore
report that, following the changes introduced by Law 123 in August
2007, the Supervisory Body is proceeding to evaluate the Organisational,
Management and Control Models of its subsidiaries insofar as concerns
their revision to take account of Articles 25 septies and octies, which
extended the list of offences assumed as necessary condition (reati
presupposto) for application of Law 231 to include the crime of
manslaughter and causing serious and very serious bodily harm
through breach of accident prevention and occupational health
and safety regulations, in addition to crimes relating to the
receiving of stolen goods, money laundering and the
utilisation of money originating from illicit activities.
During the year no cases were reported
such as might be of relevance for the
purposes of Legislative Decree 231/01.
Regarding the financial instruments
disclosure required pursuant to
Article 2428, paragraph 3,
point 6-bis of the Italian
Civil Code, the Company
does not consider that
there are any risk
elements to be
reported.
Antisurge Valve
Activities performed
Nuovo Pignone Holding S.p.A. performs financial and holding activities
and operates a professional training facility (Florence Learning Center),
whose services are offered both to employees of the Nuovo Pignone
and General Electric Groups and to third-party customers and suppliers.
During the current period the size and nature of investments held by
the Company changed as a result of the transactions mentioned below.
On 10 January 2008 Nuovo Pignone Holding S.p.A. sold its investment in
Thermodyn S.A.S. to GE Energy Holding S.A.S.; the sale price, amounting
to 71.3 million Euro, was supported by an appropriate appraisal report
and generated a capital gain of 10.4 million Euro.
March 2008 saw the completion of the GE Healthcare IVD Italia S.r.l.
liquidation process; the overall profit that emerged on liquidation,
amounting to 1.3 million Euro, primarily concerns the interest accrued
on the capital invested.
On 29 August 2008, the subsidiary Nuovo Pignone S.p.A. resolved a
share capital increase (of 129 thousand Euro, with an overall share
premium of 910 thousand Euro) reserved for the contribution by IRMA
Service S.p.A. of its business unit concerned with engineering and
technical support activities on plant and machinery in the Oil & Gas sector.
Reciprocating Compressor
The contribution was carried out on 24 September

2008 based on the special appraisal drawn up
by an expert appointed by the Florence Court.
Again on 24 September 2008, Nuovo Pignone
Holding S.p.A. transferred to IRMA Service S.p.A.
its entire shareholding (corresponding to a 40%
equity interest) in IRMA Service S.p.A., with
purchase by the latter of treasury shares; the
price paid, which amounted to 721 thousand
Euro, generated a capital gain for the Company
of 321 thousand Euro. Lastly, on 27 November
2008, IRMA Service S.p.A. sold to Nuovo Pignone
Holding S.p.A. the shares in Nuovo Pignone S.p.A.
assigned to IRMA at the time of contribution of
the business unit; the price paid for the shares
was 2.3 million Euro.
On 30 October 2008, GE Sensing & Inspection
Technologies S.r.l. acquired the entire investment
in Everest VIT Italia S.r.l., a company active in the
field of visual inspection equipment sale, service
and rental. The merger of Everest VIT S.r.l. into
GE Sensing & Inspection Technologies S.r.l.,
carried out with a view to streamlining the
corporate structure of the businesses operating
in the sector of measurement devices, was
completed on 19 March 2009. The statutory and
fiscal effects of the merger were made to start
from 1 January 2009.
On 4 December 2008, the subsidiary Nuovo
Pignone International S. r.l. sold its investment
in Nuovo Pignone International Scotland
(corresponding to 99.81%) to GE Holding
Luxemburg S. r.l.. The sale price, amounting
to 1,247 million Euro, determined a loss of 211
million Euro for Nuovo Pignone International
S. r.l.. On the same date, the subsidiary
approved a resolution for full repayment of the
share premium reserve. Payment of the amount
in question, totalling 1,299 million Euro, was
made 1,202 million Euro in favour of GE Industrial
Financing Ireland Ltd. (GEIFI) and 97 million Euro
in favour of Nuovo Pignone Holding S.p.A.. Again
on 4 December 2008, the subsidiary GE Industrial

Financing Ireland Ltd. approved a resolution to
repay to Nuovo Pignone Holding S.p.A. the
capital injection carried out on 12 March 2007,
for the amount of 1,199 million Euro.
On the same date, Nuovo Pignone Holding S.p.A.
then proceeded to pay dividends totalling 1,523
million Euro in favour of GE Energy Europe B.V.,
as per resolution adopted by the Shareholders'
Meeting on 27 June 2008. Payment of dividends
amounting to 77 million Euro in favour of
GE Holding Luxembourg S. r.l. is still pending,
as shown in the Nuovo Pignone Holding S.p.A.
financial statements at 31 December 2008.

The Company's financial statements at 31
December 2008 show a net profit for the year
of 182 million Euro, compared with a net profit
of 79 million Euro at 31 December 2007.
The increase in net profit is mainly ascribable to
the trend in income from investments, up from
19 million Euro at 31 December 2007 to 137
million Euro at 31 December 2008; at 31
December 2008 this item includes the dividends
declared and paid by Nuovo Pignone International
S. r.l. (108 million Euro), GE Transportation
Systems S.p.A. (15 million Euro), GEIFI (2 million
Euro) and Bently Nevada Italia S.r.l. (one million
Euro), as well as the capital gain arising from the
sale of the investment in Thermodyn S.A.S. (10
million Euro); the balance pertaining to 2007
comprised the dividends declared and paid by
the subsidiaries GE Transportation Systems S.p.A.
(18 million Euro) and Bently Nevada Italia S.r.l.
(one million Euro).
We set out below the reclassified schedules of
the Companys income statement and balance
sheet, relating to the financial year under review
and the previous year.
Reclassified income statement

2008
Thousands of Euro
Net revenues
Other revenues and income
Purchases, services and sundry costs
Personnel and related charges
Gross operating profit (EBITDA)
Amortisation and depreciation
Operating profit (EBIT)
Adjustments to financial asset values
Financial income (expenses)
Income (expenses) on investments
Exchange rate gains (losses)
Profit from ordinary operations
Extraordinary income (expenses)
Profit before taxes
Income taxes
NET PROFIT FOR THE YEAR
88,238
72
(4,253)
(495)
83,561
(7)
83,544
(1,665)
(11,287)
136,627
9
207,238
61
207,299
(25,220)
182,079
2007
%
Thousands of Euro
100.0
0.1
-4.8
-0.6
94.7
0.0
94.7
-1.9
-12.8
154.8
0.0
234.9
0.1
234.9
-28.6
206.4
83,901
105
(4,161)
(373)
79,472
(36)
79,435
0
(11,407)
19,436
(10)
87,454
18
87,471
(8,591)
78,880
100.0
0.1
-5.0
-0.4
94.7
0.0
94.7
0.0
-13.6
23.2
0.0
104.2
0.0
104.3
-10.2
94.0
Reclassified balance sheet

31 December 2008
Thousands of Euro

Investments, securities
and treasury shares
Fixed assets
Current assets
Current liabilities
Provisions for risks and charges
Net working capital
NET INVESTED CAPITAL
Shareholders equity
M/L-term net fin.
debt/(Net fin. position)
Short-term net fin.
debt/(Net fin. position)
Net financial debt
(Net financial position)
COVERAGE
31 December 2007
Thousands of Euro
891
235
0.1
0.0
3
222
0.0
0.0
1,077,336
1,078,462
91,951
(25,685)
(1,357)
64,909
1,143,371
775,093
94.3
94.4
8.0
-2.2
-0.1
5.7
100
67.8
2,373,996
2,374,221
146,344
(6,994)
(2,446)
136,904
2,511,124
2,193,014
94.5
94.5
5.8
-0.3
-0.1
5.5
100
87.3
0.0
0.0
368,278
32.2
318,110
12.7
368,278
1,143,371
32.2
100.0
318,110
2,511,124
12.7
100.0
Short-term net financial debt increased from 318

million Euro at 31 December 2007 to 368 million
Euro at 31 December 2008. As per details shown
in the statement of cash flows attached to these
financial statements, the change compared to the
previous year is mainly ascribable to the significant
amount of dividends distributed during the year,
which exceeded those posted by way of income
from investments.
The net financial position at 31 December 2008
comprises financial payables due to Nuovo Pignone
S.p.A. (311 million Euro), GE Service Luxembourg
S. r.l. (117 million Euro), GE Holding Luxembourg
S. r.l. (77 million Euro), GE Energy Europe B.V. (56
million Euro), net of a loan granted to GE Holding
Luxembourg S. r.l. in the amount of 194 million Euro.
Transactions with the parent company,

with General Electric Group companies
and with subsidiaries and associates
The Company carries out, with the parent company
General Electric Energy Europe B.V. and with
companies of the General Electric Group, transactions
of a financial nature which are settled at rates in
keeping with those of the market.
Since October 1999 the Treasury operations
pertaining to the Italian associates of all the General
Electric Group manufacturing businesses have been
centralised. The purpose of this operation, which
provides for the bank accounts of the associates to
be concentrated with just two banks, is to optimise
the management of financial resources and reduce
banking costs.
In the course of its normal business activity, the
Company in turn carries out commercial transactions
with its subsidiaries, via appropriate agreements for
the supply of services or granting the use of
trademarks and patents, subject to normal market
terms and conditions (except as described in the
paragraph concerning the national tax consolidation
scheme).
Details of the financial transactions with these
companies are provided in the notes to the financial
statements.
We report that, starting from 2004, the Company
has exercised its option for consolidated taxation in
its capacity as parent, pursuant to Articles 117 et

seq. of the Italian Consolidated Income Tax Act
(T.U.I.R.). Adoption of the consolidated tax system
allows Nuovo Pignone Holding S.p.A. to offset the
companys positive and negative taxable income
for IRES (corporate tax) purposes against those of
the subsidiaries having exercised the option, bearing
in mind that the tax losses accrued during periods
prior to introduction of group taxation can be used
only by the companies that have generated them.
Apart from the offsetting of positive and negative
taxable income pertaining to individual companies
exercising the option in question, the national tax
consolidation scheme produces other positive effects,
such as for example the removal of certain limitations
on the deductibility of financial charges and the
possibility to carry out transfers and contributions
of individual assets within a regime of tax neutrality.
The relationships arising from participation in the
national tax consolidation scheme, as well as the
reciprocal responsibilities and related formalities,
obligations and benefits, are regulated via specific
National Tax Consolidation Rules, subscribed to
by all companies taking part in the national tax
consolidation scheme, which set forth a common
procedure for application of normative and
regulatory provisions. With regard to the financial
transactions, the Rules require the subsidiaries with
HE-S Reciprocating Compressor
positive taxable income to transfer to the parent

company the financial resources proportionately
corresponding to the higher tax due by the latter
as a result of their participation in consolidated
taxation; companies with negative taxable income
transfer their losses to the parent company, without
compensation, since they are not entitled to any
indemnity. In the event that a subsidiary subsequently
leaves the national tax consolidation scheme, the
transferred losses remain with Nuovo Pignone
Holding S.p.A.. The IRES tax related amounts shown
in the balance sheet correspond to the transactions
between the parent company Nuovo Pignone
Holding S.p.A. and the consolidated companies.
The following companies have elected to participate
in the national tax consolidation scheme for 2008:
Nuovo Pignone Holding S.p.A. (the parent),
GE Transportation Systems S.p.A., GE Medical
Systems Italia S.p.A., Bently Nevada Italia S.r.l.,
GE Capital Funding Services S.r.l, Jenbacher S.r.l,
GE Sensing & Inspection Technologies S.r.l.,
GE Healthcare S.r.l. (formerly Amersham Health S.r.l.),
GE Medical Systems Information Technologies S.r.l.,
GE Healthcare Clinical Systems S.r.l. (formerly DatexOmheda).
Activities carried out by the subsidiaries

during the year
The following is a summary of the activities carried
out by individual subsidiaries during the year.

Nuovo Pignone S.p.A., one of the foremost suppliers
of goods and services in the Oil & Gas industry, is
Nuovo Pignone Holding S.p.A.s main subsidiary.
In 2008, the subsidiary posted production revenues
of 3,196 million Euro compared to 3,041 million Euro
at 31 December 2007, with an increase in operating
profit (EBIT) from 191 million Euro in 2007 to 218
million Euro in 2008. The growth in operating income
was mainly ascribable to the rise in volumes and
improvement in terms of marginality.
Set out below is an analysis of the economic situation
in which Nuovo Pignone S.p.A. operates; we will then
10
go on to describe the specific trend in the Companys

areas of operation.
Economic situation and outlook

During 2008 the growth in the global economy slowed
down to around 2.7% in real terms compared to 3.5%
in 2007. The forecast for 2009 confirms a period of
depression, with the world growth rate falling to below
one percent.
The explosion of the sub-prime mortgage crisis in
the United States heavily impacted the financial
industry, pushing the global economy towards one
of the worst economic recessions. The industrialised
countries posted a growth of just over one percent
(United States 1.2%, Europe 1.1% and Japan 0.4%),
compared to 2.5 percent in 2007.
The developing countries also recorded a slowdown:
Latin America, the Middle East and Africa showed a
downturn compared to 2007, dropping to respectively
around 4.6%, 6.1% and 5.1%. This decline is primarily
connected with the falloff in commodity prices and
the overall volume of exports and the reduction in
direct foreign investments.
The same trend was seen in the former Soviet Union
area which, compared to 2007, slowed down by over
one percent to approximately 7%.
The Asian economies were also affected by the world
economic crisis; China and India continued to post
positive growth rates, at respectively 9.1% and 7.5%,
but the forecasts for 2009 suggest a slowdown in the
development of these countries too.
MS6000 Gas Turbine Rotor
11
The slowdown in world growth also determined a

falloff in energy demand. More specifically, in 2008,
the demand for oil fell to 85.8 Mbbl/d (million barrels
per day), down by 0.3% compared to 2007 levels.
The average oil trading price in 2008 was around
100 Dollars per barrel, 40% more than the 2007
average of 72 Dollars per barrel; however, if
considered more closely, the price of crude rose
sharply during the first six months of 2008,
exceeding the threshold of 100 Dollars per barrel
in January and reaching the record figure of almost
150 Dollars per barrel in July; then the impact of the
financial and economic crisis started to have notable
repercussions on the trend in the price of crude
which, having constantly fallen during the last six
months of 2008, during the month of December
dropped to below the threshold of 40 dollars per
barrel.
Given the weak and uncertain price of oil and lack
of financial stability, throughout the sector there
was a general slowdown in the launch of new
initiatives and the continuation of ongoing projects;
a continued weakness in the price of oil undoubtedly
constitutes a risk factor as regards the trend in the
oil sector. On the other hand, we note that the current
price of oil continues to guarantee the profitability of
investments with a low break-even price; moreover,
the demand as regards the developing countries
helps to support performance in the sector which,
therefore, despite the economic situation, continues
to show positive signs.
Against the diminishing demand for oil, the demand
for natural gas, having dropped only slightly with
respect to 2007 levels, continues to be sustained by
energy requirements in developing countries.
Environmental regulations, which impose ever more
stringent limits on CO2 emissions, continue to push
the consumption of natural gas as opposed to coal.
Despite the general tendency towards gas price
convergence (due to increased transportation in
liquid form (LNG)), the price of natural gas continues
to be affected by a wide variability based on the
region of origin, fluctuating between a minimum of
6.90 USD/MMBtu as regards the California coast in
the United States to a maximum of around 14
USD/MMBtu in Japan.
12

The Company operates as main supplier in the
Oil & Gas sector and comprises an Equipment
division which, in 2009, has taken the name of
Turbomachinery division (new extraction,
transportation and refining machinery and plant)
and a Global Services division (installation and
start-up of the machines and a wide variety of
after-sales services).
The Equipment division operates in the following
three segments:
I
I
I
Natural Gas & Processing, which includes the

Refinery, Petrochemical and Industrial Power
Generation sectors;
Transportation, which includes the Liquified
Natural Gas (LNG) and Pipeline applications;
Turnkey facilities.
With reference to the Natural Gas & Processing

segment, the global economic situation led to a
slowdown in activities, with a consequent slide in
the timing of some projects; both orders and
revenues were affected by this trend, particularly
as regards contracts scheduled for completion
during the same year in which they were awarded.
In the Transportation segment the falloff in orders
recorded in 2007 for LNG projects translated to a
decrease in 2008 revenues, whereas the projects for
the construction of pipelines were only marginally
affected by the world economic crisis, posting a
slight falloff in revenues during 2008; as far as
orders are concerned, while the result posted by
pipelines was in line with the volumes recorded for
2007, LNG continued to show a slowdown with
respect to the extraordinary performances of
previous years.
The Turnkey facilities segment also posted a
downturn during the course of 2008 as regards
both revenues and orders, the latter tending to slide
towards 2009.
Again in 2008, a year of positive results in terms of
both orders and revenues, driven by the divisions
numerous initiatives undertaken with a view to
expanding the portfolio of services to customers in
2BCL 505
Centrifugal compressor
13
the Oil & Gas market, the Global Services division

confirmed its role as an essential growth platform
for the Company.
The main growth driver was to be found in the
long-term activities (technical assistance and
maintenance and machinery upgrade contracts);
excellent performances were also achieved by the
more traditional sectors (sale of spare parts and
servicing).
The Company's 2008 financial trends are described
in detail in the specific section of this report on
operations entitled Financial position and results.
In addition to being one of the leading suppliers in
the Oil & Gas sector, through its subsidiary
Fondazione Pignone the Company conducts
promotional, cultural and social initiatives designed
to spread and enhance the Companys image and
culture. During 2008, the third session of the Oil &
Gas Technologies training course dedicated to oil
and gas technologies, which commenced towards
the end of 2007, was completed. The course was
attended by 28 students from 19 oil and gas
producing countries, selected from the best talents
in their respective companies. October marked the
beginning of the fourth session, with similar purposes.
Again in 2008 the Pier Luigi Ferrara Scholarship
was set up, addressed to graduates in Mechanical,
Industrial, Energy and Nuclear Engineering from the
University of Florence, with the first two winners
receiving their prizes during the closing ceremony
of the third Oil & Gas Technologies course.
Outlook
Although the growth levels forecast for the economy
and for energy demand in 2009 are lower than
those posted in recent years, they nevertheless
suggest that the coming periods will again see
significant investments in the Oil & Gas sector.
The investment areas of greatest interest continue
to be the Middle East, Africa, Latin America, China
and India. In particular, in Latin America and Africa
(Brasil, Nigeria and Angola) the expansion is
expected to concern above all the mining sector,
while the largest investments in the petrochemicals
and refining areas are expected to take place in
Saudi Arabia, China and India. Moreover, some
major gas and oil pipeline projects are anticipated
14
in the zone of Russian influence.

To achieve the targeted growth objectives, the
Company is pursuing numerous strategic initiatives,
including:
I
the carrying out of process and product

standardisation programmes, with a view to
reducing contract lead times and general
production costs, and improving products and
services offered to customers;
the commitment to technological innovation,

with the intention of creating added value for
customers by offering them a wide range of
products and services. The Company benefits
from the different technologies available within
the ambit of the various General Electric
businesses, which have supported the
consolidation and expansion of the
already considerable base of
knowledge and experience;
the promotion of strategic

alliances with local partners,
designed to enable a greater
proximity to customers;
the development of the

Lean Six Sigma quality
methodology, with a
view to enhancing
internal efficiency and
all processes capable
of developing added
value for customers.
As regards the activity

of Fondazione Pignone
the latter is expected to
carry on conducting
various promotional,
cultural and social
initiatives. In particular,
it will continue the Oil &
Gas University teaching
activity, and has already
published the notice of
competition for the 2009
"Pier Luigi Ferrara" scholarship.
Impeller
15

GE Medical Systems Italia S.p.A. markets diagnostic
imaging systems and services and related technical
assistance services. In 2008, the Company posted a
growth in sales of 8% with respect to the previous
year (324 million Euro in 2008, compared with 300
million Euro in 2007), thereby consolidating its
presence on the Italian market in a particularly
difficult year, characterised by a general slowdown
in demand following the public spending cutbacks
approved by the government.
Gross operating profit (EBITDA) was up by 3%
over 2007 (39 million Euro in 2008 compared
to 38 million Euro in 2007), mainly as a result
of the upturn in sales.
Insofar as concerns the equipment allocated to
diagnostic imaging, the Company saw a 12%
growth in orders compared with 2007; revenues
were also up by 7%, allowing the Company to
further consolidate its presence in the reference
sector. The ultrasound and bone densitometry
equipment business confirmed its excellent market
position, with turnover increasing by 9% over 2007.
Revenues posted by the Service business showed
a growth of 10% over the previous year.
The Company's future operations are expected
to be positive and in line with the performances
recorded in recent years.
managed to improve both its market share and

price levels.

GE Healthcare Clinical Systems S.r.l. markets electromedical diagnostic devices and provides customers
with related after-sales technical assistance
services, developing its volumes primarily in Italy.
Despite the unfavourable economic situation and
the heavy cutbacks in public spending, the
subsidiary was able to slightly increase its sales
volumes, up from 46 million Euro in 2007 to 47
million Euro in 2008. Operating income in 2008
reached 1.4 million Euro compared to 0.7 million
Euro a year earlier.
Also for GE Healthcare Clinical Systems S.r.l., the
curbing of public sector spending constitutes a
critical factor as regards the development of the
Company's turnover and expansion of its margins.
GE Healthcare S.r.l. (formerly Amersham)

GE Healthcare S.r.l. operates, in Italy, in the
manufacture and marketing of contrast media and
radiopharmaceuticals used in diagnostic imaging.
Despite the difficult market situation, we report that
the Company closed 2008 with sales totalling 57
million Euro, posting a slight growth over the
previous year, and operating income of 9 million
Euro compared to 7 million Euro in 2007.
Spending control measures on the part of hospital
administrations continued to represent a curbing
element as regards the expansion of the Company's
volumes. Moreover, the general picture suggests a
continuous price erosion in the sector of monomeric
contrast media and that of magnetic resonance
contrast media. Insofar as concerns nuclear
medicine products, on the other hand, the Company
16
R-943-002
Hydrocracker Reactor
17
It is nevertheless considered that in the years to

come the Company, both due to the cost
containment policies put in place and in view of
the tendency of its volumes towards stable growth,
is capable of achieving an improvement in terms
of both margins and results.
2008 amounted to 40 million Euro compared to 33

million Euro in 2007. During 2009 major negotiations
are expected to be concluded regarding the
distribution of products in both the domestic and
overseas markets, with a tendency towards
enhancing volumes at international level.
Jenbacher S.r.l.
During 2008 the Italian railway signalling market

confirmed a downturn in the growth rate with respect
to previous years. The railway signalling sector in
any case saw a continuation of the Italian Railway
Network's implementation of plans to modernise
the networks signalling systems and improve safety
standards, as regards both the main domestic traffic
lines and the regional lines.
In particular, on major sections of the Italian railway
infrastructure, installation continued of the automatic
train control systems (sistemi di controllo di marcia
del treno), the train driver support systems (sistemi
di supporto alla condotta) and land subsystems
(sottosistemi di terra), the latter developed entirely
by the Company.
The Company is currently implementing major orders
in connection with these projects.
Moreover, as part of an expansion strategy, which
aims to enhance its presence in the main international
markets, considered to have greatest development
potential for the business sector, the Company is
pursuing interesting negotiations for the distribution
of its products and implementation of orders in
important foreign markets.
The results achieved during the year should be
considered positive bearing in mind the current
economic situation: 2008 production revenues,
representing turnover, the change in inventories
and the increase in contract work in progress,
totalled 92 million Euro, compared to 90 million
Euro in 2007, with a growth of 3% largely due to
an arbitration award in the course of 2008 involving
the Albanian Government. The difference between
production revenues and cost amounted to 26
million Euro, up by 4% over 2007, as a result of the
Company's operational efficiency.
Investments in research and development at
31 December 2008 amounted to 3 million Euro.
The Company's orders portfolio at 31 December
The Company operates in the manufacture of

electrogen groups and cogeneration systems for
the production of electricity, using fossil fuels
(natural gas) as well as alternative and renewable
fuels (biogas from biomass, waste, etc.).
The Company's specific sector of operation moves
in an anti-cyclical direction so that, notwithstanding
the unfavourable economic situation at domestic
and global level, 2008 was a year of growth; a good
performance was recorded, particularly as regards
the hospital supplies and district heating segments;
the agricultural business also proved to be a driver
for biogas applications.
Revenues were up from 44 million Euro in 2007 to
56 million Euro in 2008 (+27%), with an operating
profit of around 14%, basically in line with a year
earlier, while the orders portfolio, at approximately
39 million Euro, was down on the previous year.
With regard to the Company's prospective
performance, generally difficult market conditions
are anticipated: however, the commitments
undertaken by our Government at EU level (20%
increase in energy output using renewable energy
sources and achievement of Kyoto objectives)
should favour investments in the sector, with
positive repercussions on the Company's potential
results.
18

The Company was created following the merger on
28 December 2007 between GE Inspection
Technologies S.r.l. and GE Sensing Italia S.r.l. and is
active in Italy in two distinct sectors: the Inspection
business unit operates, in the capacity of agent, in
the sector of chemical and industrial products and
materials for the implementation of non destructive
testing; the Sensing business unit operates in the
Steam Turbine Rotor
19
sale, maintenance and repair of equipment, electronic

and computer products generally, as well as spare
parts, with specialisation in pressure measurement
instruments.
The Company also performs the following services:
setting, calibration and certification under domestic
and international legislation, technical assistance,
maintenance of installations and of the aforesaid
equipment.
During 2008 there was a falloff in volumes with
respect to 2007, from 11 million Euro in 2007 to 9
million Euro in 2008, resulting in a negative impact
also on operating income.
More specifically, unlike the Inspection business unit,
the Sensing business unit experienced a decline in
sales, which was more pronounced during the
second half of 2008.
On the other hand, the trend in Inspection sales
during 2008 was generally positive and featured a
growth of about 8 points over the previous financial
year, despite the slowdown in orders during the last
four months of the year.
On 30 October 2008, GE Sensing & Inspection
Technologies S.r.l. acquired the entire investment in
Everest VIT Italia S.r.l.. The merger of Everest VIT S.r.l.
into GE Sensing & Inspection Technologies S.r.l.,
carried out in order to streamline the corporate and
organisational structure of the business with a view
to enhancing its commercial synergies, was
completed on 19 March 2009.

The Company, incorporated under the laws of
Luxembourg, performs the role of financial holding
for some of the Group Companies, owning certain
investments and handling loans with Companies of
the General Electric Group.
At 31 December 2008 the investments owned were
as follows:
Company
Location
Percentage of
ownership
%
Pignone Inc.
New York
100.00
Pignone Engineering
London
20
99.99
As mentioned earlier, on 4 December 2008 Nuovo

Pignone International S. r.l. sold its investment in
Nuovo Pignone International Scotland (corresponding
to 99.81%) to GE Holding Luxembourg S. r.l.. The
sale price, amounting to 1,247 million Euro,
determined a loss of 211 million Euro for Nuovo
Pignone International S. r.l.. On the same date, the
subsidiary approved a resolution for full repayment
of the share premium reserve. Payment of the amount
in question, totalling 1,299 million Euro, was made
1,202 million Euro in favour of GE Industrial Financing
Ireland Ltd. (GEIFI) and 97 million Euro in favour of
Nuovo Pignone Holding S.p.A..
The net result for the year went from a profit of 25
million Euro in 2007 to a loss of 55 million Euro in
2008, principally due to the loss arising from the sale
of Nuovo Pignone International Scotland, net of the
dividend distributed by the latter prior to the sale.

This Company, incorporated under Irish law, also
performs the role of holding company.
Up until December 2008 it held an interest in
Nuovo Pignone International S. r.l. which was fully
liquidated on 4 December; the liquidation of Nuovo
Pignone International S. r.l. determined a loss of 60
million Dollars for the Irish subsidiary in the financial
statements for the period ended 31 December 2008.

Nuovo Pignone S.p.A.'s subsidiaries include GE Capital
Funding Services S.r.l., a company operating
exclusively by acquiring the trade receivables of
General Electric Group companies due from debtors
outside the Group; in 2008 the subsidiary recorded a
factoring turnover of 2,785 million Euro, compared
with 2,839 million Euro generated during the previous
year (-1.9%), of which 1,064 million Euro related to
the domestic market (963 million Euro in 2007,
+10.5%) and 1,721 million Euro concerned exports
(1,876 million Euro in 2007, -8.3%).
Despite the essentially stable trend in turnover, there
was a sharp rise in the total income, from 18.1 million
Euro in 2007 to 29.3 million Euro in 2008 (+61.9%),
3MCL 1405
Centrifugal Compressor Casing
21
with a 34% growth in interest income.

This favourable result is mainly ascribable to the
delay in revising investment rates with respect to
funding rates in a market which, in 2008, featured a
downturn in rates; in particular, against the very
strong performance in terms of interest income
which settled at 78.8 million Euro (compared to 62.1
million in 2007), interest expense amounted to 55.2
million Euro (compared to 50.5 million Euro in 2007).
We report that starting from the end of 2007 the
Company launched a Maturity factoring agreement
with Mediofactoring S.p.A.. Under the agreement, the
Company assigns invoices, previously acquired from
GE Medical Systems Italia S.r.l. and GE Healthcare
Clinical Service S.r.l., pertaining to public administration
customers, transferring risks and benefits to
Mediofactoring against payment of a commission.
Tragaz Consortium
The Tragaz Consortium was created for the purpose
of fulfilling the contractual obligations arising from
the contract signed by Nuovo Pignone S.p.A. with the
Russian gas company Gazprom in 1994. In December
2007, the Consortiums Management Committee
unanimously approved the closure of the Moscow
office and liquidation of the Consortium. Following
the conclusion of the liquidation phase, as per
resolution of the Extraordinary Shareholders' Meeting
dated 7 December 2007, the plan of allocation drawn
up by the liquidator was approved on 23 December
2008. The final cancellation of the Consortium from
the Register of Companies took place on 16 February
2009.

The Company holds investments in diversified
sectors, characterised by different risk factors.
In view of the volumes and nature of their business,
it is considered that the Group's greatest risk factors
reside in the investments in Nuovo Pignone S.p.A.
and GE Capital Funding Service S.r.l..
22

In the course of its business activity, the Company is
exposed to a variety of risk factors which management
identifies and controls by way of suitable business
procedures; we describe below the most significant
of these:
Risks concerning the macroeconomic and sector
outlook
As expected, the global macroeconomic situation has
led to a marked decline in gross domestic product, in
both Western and developing countries; this has given
rise to a falloff in energy demand which has driven
down the price of oil.
Given the uncertainty regarding the price of oil,
customer companies tend, where possible, to
reschedule their investments with a view to orienting
their resources towards projects with profitability and
risk characteristics suited to the lower prices of the
outlet markets; another tendency noticed concerns
the delaying of projects acquired, either with the
intention of reviewing cost profiles or in anticipation
of a downturn in production costs.
The price of oil has to date settled at levels such as
to guarantee the profitability of investments with a
low break-even price: for these projects demand
remains positive. On the other hand, it should be
mentioned that a prolonged period of oil price
weakness is a critical factor for the Company and for
the sector as a whole.
In view of the uncertainty regarding the trend in
orders, the Company continues to focus on
production efficiency and cost reduction, so as to
enhance the competitiveness of products and
minimise the impacts of this adverse seasonal
pattern on margins and volumes.
Moreover, the structure of the business model which
has for some time been adopted by the Company,
comprising an Equipment division and a Global
Services division, constitutes a major shock absorber
for the economic situation: the Global Services
business, which operates as a support for customers'
management of the plants (spare parts, maintenance
services, long-term maintenance contracts), has
Reciprocating Compressor 12 PK
frame for ethylene
23
been only marginally affected by the oil crisis, since,

notwithstanding the unfavourable cycle, customers
continue to focus first and foremost on preserving
the maximum efficiency of their installations.
Country risk
Some of the countries in which the Company
operates and where its products are destined are
characterised by considerable political and economic
instability. The potential changes in political balance,
alongside economic uncertainty and social conflicts,
are risk factors as regards both regulatory stability
and continuity in contractual activities.
The Company constantly monitors projects in the
areas at risk, via various procedures for the periodic
evaluation of specific risks (evaluation of unsold
goods, monitoring of financial exposure, assessment
of receivables) and by adopting appropriate
contractual structures such as to contain financial
exposure.
Moreover, the Company has avoided concentrating
its Operations within a limited number of countries
and geopolitical areas, tending instead to operate in
many locations; the significant diversification of the
Company's areas of operation constitutes a strong
factor in containing country risk.
Regulatory risks
Nuovo Pignone S.p.A. carries on a large part of its
business abroad; the multifarious regulations that
govern operations performed in a large number of
countries represents a significant factor of risk for the
Company.
Failure to observe safety, environmental, employment,
administrative and tax regulations in the various
countries implies a risk of civil and criminal penalties,
against either the Company itself or its legal
representatives. In order to ensure optimum handling
of regulatory risk, the Company has long since set up
risk management procedures. Over the past few
years, in view of the growing complexity of the
business and the large number of countries where it
operates, the Company has created a Localisation
Team, exclusively concerned with the continuous
evaluation of risks and the handling of procedures
regulating the performance of activities in foreign
countries; moreover, the Internal Audit team and the
Compliance Team, with whom the localisation team
collaborates on an ongoing basis, are further
24
confirmation of an organisational structure heavily

focused on ensuring maximum regulatory compliance
in the countries of operation.
Currency risks
A large portion of the contracts, whether for sale or
purchase, is agreed in a currency other than Euro. In
order to avoid variability with respect to the margins
defined at the time of drawing up the contracts, owing
to fluctuating exchange rates, and in accordance with
the General Electric Group strategies, the Company
enters into hedging agreements.
The instruments most widely used are forward sales
and purchases of foreign currency; just occasionally
the Company enters into put and call option
contracts. The corporate strategy is to hedge almost
all machinery contracts and a significant percentage
of services contracts, so as to minimise the risk of
fluctuations in the exchange rates with respect to the
functional currency.
Credit risk and financial exposure
The risk factor represented by financial exposure
during the course of projects commissioned by
customers, customer insolvency and failure to recover
receivables for the supply of goods and services is
mitigated by the Company via multifarious actions and
procedures.
As regards machinery contracts, almost all the
agreements are structured based on milestone
advances; in case of the customer's contractual default
with regard to payments, the Company normally has
the right to suspend contractual activities, in order to
limit the financial exposure in carrying out its projects.
Financial exposure is also contained by way of bank
guarantees or letters of credit.
For all machinery customers, a screening of the
customer's solvency is also performed.
As regards receivables arising from Global Services
business, the screening is carried out in the case of
sales or services for significant amounts; for sales or
services involving small amounts a credit limit is
established beyond which the Company stops
supplies to its customers.
Lastly, customers' financial performance is
monitored by both Operations and the Finance
function, which review their credit risk rating and the
relative risk provision on a quarterly basis.
On the other hand, in view of the nature of the
MS5002E Gas Turbine
25
customers with whom the Company operates and

the stringent control on credit risks, we report that
we have not historically incurred major losses on
receivables.
We lastly mention that a significant portion of the
Company's receivables is assigned to the subsidiary
GE Capital Funding Services S.r.l.; for a more detailed
description of risk management on the part of
GE Capital Funding Services S.r.l. reference is made to
the specific section regarding the same.

With reference to the activity carried on by the
subsidiary GE Capital Funding Services S.r.l. and the
identification and management of related risks, we
first of all report that the subsidiary's financial
position is adequately sized for the needs arising
from the business performed. Moreover, the main
risks and uncertainties originating from the current
financial market situation are not considered to
represent particularly critical elements for the
Company's financial equilibrium, in view of its full
integration as part of the General Electric Group.
As regards credit risk, it should be remembered that
our subsidiary deals solely with assignors belonging
to the General Electric Group. The corporate
functions designated for credit risk management
purposes are the Risk and Underwriting function and
the Finance function. Since its services are carried on
exclusively with companies belonging to the Group,
the Company deemed it more efficient to organise its
activities by customer rather than by process. This
solution enables greater consideration to be given to
the specific nature of the different trade sectors in
which customer companies operate. Within the
scope of the customer-based structure the process
of granting and monitoring loans has been divided
into the following three phases:
a) evaluation and acceptance of the borrower;
b) acquisition of the assigned invoices;
c) management of the receivable, pre-litigation
and litigation.
The Company has furthermore adopted risk mitigation
techniques, primarily through the definition of credit
worthiness limits in respect of individual debtors
assigned; in this connection and also in order to
comply with Bank of Italy regulations concerning
26
major risks, the Company has entered into an

agreement with GE Artesia Bank for the obtainment of
an unconditional first demand guarantee to cover
exposures towards some important customers of
Nuovo Pignone S.p.A..
Insofar as concerns the other subsidiaries of Nuovo
Pignone Holding S.p.A., the companies coming under
GE Medical Systems Information Technology S.r.l. that
operate in the medical sector perform their business
primarily within Italy. The main risk factor as regards
the achievement of satisfactory results concerns the
trend in public spending and the expenditure policy
implemented by the Italian Government, upon which
the sector demand heavily depends. Furthermore, in
view of the specific nature of the sector in which the
subsidiaries operate, it is considered that any policy to
reduce spending can only affect demand to the extent
of a temporary weakness, without undermining on a
permanent basis the financial stability and income
generating ability of the Company in question.
Also as regards GE Transportation Systems S.p.A., no
particular elements of risk or uncertainty are identified.
The latter operates more and more outside of Italy, in
European countries and in the Mediterranean basin;
the extent of activities carried out abroad is not
however such as to constitute a risk factor. To the
contrary, it is thought that the territorial diversification
can mitigate the risk deriving from the connection
between the Company's performances and the
volume of public investments in Italy.
We consider that none of the other Subsidiaries has
additional risk factors that are worthy of note. More
specifically, no exchange rate risks are identified for
any of the Group's Companies. Liquidity risk is
mitigated for all companies by access to General
Electric Group funding. Credit risk is limited, due to
the strong presence of customer relationships with
public bodies, and is largely managed by GE Capital
Funding Services S.r.l..
Treasury shares and shares of parent

companies
The company does not hold treasury shares or
shares of parent companies, even through trustees
or nominees.
During the year no treasury shares or shares of
parent companies were purchased or sold, even
through trustees or nominees.
Steam Turbine Rotor
27
Management and coordination activities

Articles 2497 - 2497 sexies of the Italian Civil Code
require companies to indicate in their documents,
correspondence, and through registration with a
special section of the Companies Register, if their
activities are subject to management and coordination
by other parties.
Article 2497 sexies of the Italian Civil Code establishes,
on a presumptive basis and unless proved otherwise,
that the management and coordination activity is
exercised by the entity required to consolidate the
company or which in any case controls it pursuant
to Article 2359 of the Italian Civil Code.
After careful thought and analysis and taking account
of the relevant theoretical developments, in view of
the ongoing relations with the ultimate parent
General Electric Company, it is currently considered
appropriate to indicate the latter as being the party
exercising management and coordination activity.
We particularly point out that the management and
coordination activity exercised by General Electric
Company consists in the indication of strategic and
operational guidelines for the Nuovo Pignone Group,
the definition of the internal control and governance
models and corporate structures, the issuance of a
Code of Ethics to be adopted at Group level (The
Spirit & The Letter) and the elaboration of general
policies for the management of human and financial
resources. General Electric Company's financial
statements at 31 December 2008 are set out in the
Notes to the financial statements.
million Euro.
In order to make better use of the Group's resources
and with a view to increasing the funds available to
Nuovo Pignone S.p.A. to support the outlays required
for the subsidiary's development, again on 27 April
the Nuovo Pignone Holding S.p.A and Nuovo Pignone
S.p.A. Boards of Directors resolved to transfer the
entire investment in GEMSIT from Nuovo Pignone
Holding S.p.A. to Nuovo Pignone S.p.A.. The transfer
took place via contribution to Nuovo Pignone S.p.A.
of the GEMSIT investment. The Nuovo Pignone S.p.A.
share capital increase, resolved by the Shareholders
at their extraordinary Meeting on 12 June 2009,
amounted to 226 million Euro, inclusive of share
premium; the contribution was carried out at book
values, supported by an appropriate appraisal report
drawn up pursuant to and for the purposes of Article
2343-ter of the Italian Civil Code.
The Florence Regional Tax Commission has rejected
the appeal brought by the Tax Authorities against
Nuovo Pignone S.p.A. in May 2008, which referred to
the notices of assessment pertaining to the 1998 and
1999 tax periods, issuing on 29 April 2009 an appellate
judgment in the Company's favour.
Outlook
As in previous years, during the coming financial
period the Companys operations will again be
directed towards the management of its investments
and performance of financial activities with regard to
the same.
Branch offices
Proposals to shareholders
The Company does not have any branch offices.
The financial statements at 31 December 2008,

submitted here for your approval, close with a net
profit of Euro 182,078,881 Euro, which we invite you
to carry forward.

On 27 April 2009 the Company's Board of Directors
approved a resolution to acquire the remaining
13.25% stake in GE Medical Systems Information
Technology S.r.l. (GEMSIT), thereby enabling 100%
consolidation of the medical segment results within
the Nuovo Pignone Group; the acquisition was
completed on 22 May 2009 for the overall price of 43
28
FOR THE BOARD OF DIRECTORS

The Chairman
(signed on the original)
Piero Salvadori
GE Oil & Gas
Financial Statements of
Financial Statements of Nuovo Pignone Holding S.p.A. as at and for the year ended December 31, 2008
BALANCE SHEET
Assets
(values in Euro)
31.12.2008
31.12.2007
A) Share capital proceeds

to be received
B) Fixed assets
I - Intangible fixed assets
1) Start-up and capital costs
6) Assets under development and
payments on account
7) Other
889.656
1.836
2.755
Total
891.492
2.755
II - Tangible fixed assets

1) Land and buildings
4) Other assets
5) Assets under construction and
payments on account
Total
III - Financial fixed assets
1) Investments in:
a) subsidiaries
b) associates
d) other companies
Total
Total fixed assets (B)

C) Assets forming part of working capital
II - Receivables:
1) Trade receivables
- amounts due within
one year
30
(values in Euro)
198.740
36.166
218.074
3.467
234.906
221.541
31.12.2008
4-bis) Tax receivables
one year
- amounts due after more
than one year
4-ter) Deferred tax assets

one year
5) Other receivables
one year
than one year
Total
1.077.310.161
25.565
2.373.570.025
400.000
25.565
1.077.335.726
2.373.995.590
1.078.462.124
2.374.219.886
III - Financial assets not of a fixed nature

1) Investments in:
a) subsidiaries
IV - Liquid funds:
1) Bank and postal accounts
Total assets forming part
of working capital (C)
14.435
20.831
D) Prepayments and accrued income

TOTAL ASSETS
2) Subsidiaries
one year
90.045.495
82.010.329
4) Parent companies
one year
414.042
2.397
31.12.2007
1.247.239
2.863.901
30.044
30.044
1.277.283
2.893.945
86.334
489.600
194.127.640
7.356
2.981
2.981
194.130.621
10.337
285.968.210
85.427.439
60.916.334
60.916.334
38.859
285.968.209
146.382.632
1.364.430.334
2.520.602.516
BALANCE SHEET
Liabilities
(values in Euro)
31.12.2008
31.12.2007
I - Share capital
74.880.000
74.880.000
II - Share premium reserve
41.632.676
41.632.676
III - Revaluation reserves:

law 413 of 30.12.91
16.476.045
16.476.045
IV - Legal reserve
6)
A) Shareholders' equity
14.976.000
14.976.000
V - Statutory reserves
VI - Reserve for purchase of

treasury shares
Provision for lump-sum grants

pursuant to Art. 55 D.P.R. 917/86
382.525
382.525
Reserve for lump-sum grants

pursuant to Art. 55 D.P.R. 917/86
3.356.643
3.356.643
1.605.305
1.605.305
5.344.473
5.344.473
VIII - Retained earnings
439.704.732
1.960.824.903
IX - Net Profit (Loss) for the year
182.078.881
78.879.829
775.092.809
2.193.013.928
Total
3) Other provisions
Total
4) Due to banks
one year
5) Sums due to other financial institution
one year
than one year
9) Amounts payable to subsidiaries

one year
12) Tax payables

one year
than one year
1.357.238
2.445.719
1.357.238
2.445.719
56.402.528
53.578.905
117.444.990
117.444.990
31.12.2007
580.550
324.170
315.034.975
270.967.201
20.954.798
287.861
210.416
77.273.821
62.177
77.561.682
272.593
587.980.287
325.142.869
TOTAL LIABILITIES
1.364.430.334
2.520.602.516
GUARANTEES AND OTHER

MEMORANDUM ACCOUNTS
1.165.217.209
1.153.754.209

than one year
Total
E) Accrued expenses and deferred income
763
31.12.2008
20.954.798
D) Payables
3) Due to shareholders for loans
7) Trade payables
one year
14) Other payables

one year
B) Provisions for risks and charges

2) tax provision including deferred
tax liabilities
ayments on account
11) Amounts payable to parent companies

- mounts due within
one year
VII - Other reserves
Negative goodwill
(values in Euro)
31
INCOME STATEMENT
(values in Euro)
2008
A) Production revenues
1) Turnover - goods and services
5) Other revenues and income
- grants for operating expenses
- other
(values in Euro)
2007
88.237.799
83.900.580
72.121
105.461
72.121
105.461
88.309.920
84.006.041
2008
2007
(7.903.860)
(2.823.623)
(579.298)
(10.672.715)
(2.481.198)
(2.854)
(11.306.782)
(13.156.767)
8.979
(10.497)
125.349.186
8.018.097
(1.664.741)
(1.664.741)
(1.664.741)
62.226
62.226
23.874
23.874
(1.660)
(1.660)
60.566
(1.054)
(5.140)
(6.194)
17.679
Profit before taxes

(A - B +/- C +/- D +/- E)
22) Taxation on profit for the year
207.298.985
(25.220.104)
87.471.218
(8.591.389)
26) Net profit (loss) for the year
182.078.881
78.879.829
17) Interest and other financial expenses

- subsidiaries
- parent companies
- other
17-bis) Exchange rate gains and losses

Total
Total (15 + 16 - 17 +/- 17bis)

B) Production cost
6) Raw materials, consumables
and supplies
7) Services
8) Use of third party assets
10) Amortisation, depreciation
and write-downs
a) amortisation of intangible
fixed assets
b) depreciation of tangible
fixed assets
(206.963)
(3.208.105)
(378.385)
(294.561)
(2.897.166)
(380.926)
19) Write-downs:
a) of investments
(918)
(31.516)
(6.473)
(4.903)
(7.391)
(36.419)
(123.619)
(831.484)
(29.416)
(447.048)
(485.063)
Total
(4.755.946)
(4.570.599)
Difference between production

revenues and cost (A-B)
83.553.974
79.435.442
d) write-down of receivables included

under assets forming part of
working capital
12) Provisions for risks
14) Other operating costs
C) Financial income and expenses

15) Income from investments:
- subsidiaries
- other companies
16) Other financial income:

a) from other receivables included
under fixed assets
d) other financial income
- subsidiaries
- parent companies
- other
32
D) Adjustments to financial asset values

18) Revaluations:
a) of investments
136.594.737
32.175
19.435.627
-
136.626.912
19.435.627
2.080
17.729
268
17.997
1.278.109
471.625
1.749.734
Total adjustments (18 - 19)

E) Extraordinary income and expenses
20) Income:
- profit on sale of assets
- other income
21) Expenses
- taxes relating to prior years
- other expenses
Total extraordinary items (20 - 21)
NOTES TO THE FINANCIAL STATEMENTS

Basis of presentation
Dear Shareholders,
The financial statements as at and for the year ended 31 December 2008, comprising the
balance sheet, income statement and these notes, were drawn up based on the provisions of
the Italian Civil Code and are supplemented for completeness of information by the statement
of cash flows and by the reclassified balance sheet and income statement included, in
condensed form, in the report on operations.
In compliance with the obligation set forth by Legislative Decree 127/91, together with these
financial statements, consolidated financial statements have also been drawn up for the Nuovo
Pignone Group, of which Nuovo Pignone Holding S.p.A. is the parent company. Hence, for
the purpose of these financial statements, we attach group consolidated financial statements
at 31 December 2008. Said financial statements are intended to supplement the companys
financial statements with a view to providing adequate information on the financial position
and results of both the Company and the Group.
These financial statements have been audited by KPMG S.p.A., in accordance with Article
2409-bis of the Italian Civil Code, as per the attached report.
Application of the requirements set forth by Articles 2423-bis et seq. of the Italian Civil Code
presented no incompatibility with the principle of a true and fair view of the companys
financial position and results and, therefore, recourse to the waivers permitted by Article
2423, fourth paragraph, of the Italian Civil Code has not been necessary.
The balance sheet and income statement include the items set forth by the Italian Civil Code,
except for the omission of those Arabic numerals and lower-case letters with zero balances in
the current and prior years.
The notes on the various balance sheet and income statement items are expressed in
thousands of Euro, considering the magnitude of the amounts within the general framework
of the financial statements.
Regarding the significant post balance sheet events, transactions with related parties and other
information required by law, express reference is made to the detailed description provided in
the report on operations, as attached to the annual financial statements in accordance with
Article 2428 of the Italian Civil Code.
Management and Coordination

Articles 2497 - 2497 sexies of the Italian Civil Code require companies to indicate in their
documents, correspondence, and through registration with a special section of the Companies
Register, if their activities are subject to management and coordination by other parties.
Article 2497 sexies establishes, on a presumptive basis and unless proved otherwise, that
the management and coordination activity is exercised by the entity required to consolidate
the company or which in any case controls it pursuant to Article 2359 of the Italian Civil Code.
After careful thought and analysis and taking account of the relevant theoretical developments,
in view of the ongoing relations with the ultimate parent General Electric Company, it is
currently considered appropriate to indicate the latter as being the party exercising
management and coordination activity.
We particularly point out that the management and coordination activity exercised by
33
General Electric Company consists in the indication of strategic and operational guidelines
for the Group, the definition of the internal control and governance models and corporate
structures, the issuance of a Code of Ethics to be adopted at Group level (The Spirit & The
Letter) and the elaboration of general policies for the management of human and financial
resources. General Electric Company's 2008 financial statements are set out below:
(amounts in Millions of Dollars)
STATEMENT OF FINANCIAL POSITION

Assets:
Cash and equivalent
Investment securities
Current receivables
Inventories
Financing receivables - net
Other GECS receivables
Property, plant and equipment - net
Investment in GECS
Goodwill
Other intangible assets - net
All other assets
Assets of businesses held for sale
Assets of discontinued operations
Total Assets
31/12/2008
48,187
41,446
21,411
13,674
365,168
13,439
78,530
81,759
14,977
106,899
10,556
1,723
797,769
Liabilities and equity

Short-term borrowings
Accounts payable, principally trade accounts
Progress collections and price adjustments accrued
Dividends payable
Other GE current liabilities
Long-term borrowings
Investment contracts, insurance liabilities and insurance annuity benefits
All other liabilities
Deferred income taxes
Liabilities of businesses held for sale
Liabilities of discontinued operations
Total Liabilities
Minority interest in equity of consolidated affiliates
Preferred stock
Common stock
Accumulated gains (losses) - net
Investment securities
Currency translation adjustment
Cash flow hedges
Benefit plans
Other capital
Retained earnings
Less common stock held in treasury
Total equity
(3,094)
(299)
(3,332)
(15,128)
40,390
122,123
(36,697)
104,665
Total Liabilities and equity
797,769
STATEMENT OF EARNINGS
Revenues
Costs and earnings
Earnings from continuing operations before Income Statement
Provision for income taxes
Earnings from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings
Preferred stock dividends declared
Net earnings attributable to common shareowners
34
193,695
20,819
12,536
3,340
18,220
330,067
34,032
64,796
4,584
636
1,432
684,157
8,947
0
702
31/12/2008
182,515
163,374
19,141
(1,052)
18,089
(679)
17,410
(75)
17,335

Starting from 2004, the Company has exercised its option for tax consolidation in its capacity
as parent, pursuant to Articles 117 et seq. of the Italian Consolidated Income Tax Act (T.U.I.R.).
Adoption of the consolidated tax system allows Nuovo Pignone Holding S.p.A. to offset the
companys positive and negative taxable income for IRES (corporate tax) purposes against
those of the subsidiaries having exercised the option, bearing in mind that the tax losses
accrued during periods prior to introduction of group taxation can be used only by the
companies that have generated them. Apart from the offsetting of positive and negative
taxable income pertaining to individual companies exercising the option in question, the
national tax consolidation scheme produces other positive effects, such as for example,
the removal of certain limitations on the deductibility of financial charges, and the possibility
to carry out transfers and contributions of individual assets within a regime of tax neutrality.
The relationships arising from participation in the national tax consolidation scheme, as
well as the reciprocal responsibilities and related formalities, obligations and benefits, are
regulated via specific National Tax Consolidation Rules, subscribed to by all companies
taking part in the national tax consolidation scheme, which set forth a common procedure
for application of normative and regulatory provisions. With regard to the financial
transactions, the Rules require the subsidiaries with positive taxable income to transfer to
the parent company the financial resources proportionately corresponding to the higher
tax due by the latter as a result of their participation in the national tax consolidation scheme;
companies with negative taxable income transfer their losses to the parent company, without
offsetting, since they are not entitled to any indemnity. In the event that a subsidiary
subsequently leaves the national tax consolidation scheme, the transferred losses remain
with Nuovo Pignone Holding S.p.A.. The IRES tax related balances correspond to the
transactions between the parent company Nuovo Pignone Holding S.p.A. and the
consolidated companies.
The following companies have elected to participate in the national tax consolidation scheme
for 2008: Nuovo Pignone Holding S.p.A. (the parent), GE Transportation Systems S.p.A.,
GE Medical Systems Italia S.p.A., Bently Nevada Italia S.r.l., GE Capital Funding Services S.r.l,
Jenbacher S.r.l, GE Sensing & Inspection Technologies S.r.l., GE Healthcare S.r.l. (formerly
Amersham Health S.r.l.), GE Medical Systems Information Technologies S.r.l., GE Healthcare
Clinical Systems S.r.l. (formerly Datex- Omheda).
Accounting policies
The accounting policies to which reference has been made in drawing up the financial
statements are those laid down by the current legal provisions for annual financial
statements, taking into consideration the new company law regulations introduced by
Legislative Decree no. 6 of 17 January 2003 and subsequent amendments or supplements
thereto. Such accounting policies have been interpreted and supplemented by the accounting
principles of the Italian Accounting Profession (Consiglio Nazionale dei Dottori Commercialisti e
dei Ragionieri), as modified by the Italian Accounting Standard Setter (OIC - Organismo
Italiano di Contabilit) in connection with the company law reform, and by the documents
issued by the OIC.
Individual items have been measured in accordance with to the principle of prudence and
on a going concern assumption, taking into account the economic function of the asset
and liability components (so-called substance over form principle).
35
The accounting policies adopted, the most significant of which are described below, have
not changed with respect to those used to draw up the annual financial statements at 31
December 2007.
Said criteria have been agreed with the Board of Statutory Auditors wherever required by law.

Intangible fixed assets are recorded at acquisition or production cost, including directly
attributable ancillary charges. Amortisation, charged directly against the specific items, is
systematically calculated on a straight-line basis according to the residual useful life of
the fixed assets or the duration of the relative contracts and more specifically:
Start-up and capital costs
five years
Industrial patents
twenty years
Leasehold improvements
remaining term of lease or useful life,

whichever is shorter
If at the balance sheet date the recoverable amount of individual intangible fixed assets is
permanently lower than their net book value, the latter is reduced and the adjustment
charged to the income statement as a write-down. In the year during which the reasons
for the write-downs carried out cease to apply, the assets are reinstated to the cost value
previously recorded and the adjustment is taken to the income statement as a revaluation.

Tangible fixed assets including grants received from third parties are recorded at
acquisition or production cost, adjusted to reflect revaluations carried out pursuant to law
as described below, and comprise related ancillary costs directly attributable to the same.
The fixed assets are shown in the financial statements net of accumulated depreciation,
calculated by applying the ordinary fiscal rates, which are considered adequate to reduce
the value of assets to reflect their remaining useful life; these rates are reduced by 50% for
assets purchased during the financial year since their average participation in the production
process amounts to half of the year.
As regards non-industrial buildings, depreciation is calculated at the rate of 3%, in
consideration of the fact that recoverability of the investment is not assured by routine
maintenance.
The rate applied for the Other assets category is 20%.
The amounts set aside for depreciation, as described in the section of the notes analysing
Tangible fixed assets, are charged to the Income Statement under the item Depreciation
of tangible fixed assets, with a corresponding entry against the relevant balance sheet
asset items.
Ordinary maintenance and repair expenses are charged to the income statement for the
year during which they are incurred, whereas maintenance expenses of an incremental
nature are charged to balance sheet assets and depreciated in relation to the residual
useful life of the assets to which they refer.
36
If at year end the book value of a tangible fixed asset, net of depreciation, is higher than
the recoverable amount taking into account its residual useful life, the fixed asset in question
is written down and the adjustment is charged to the income statement as a write-down.
In the year during which the reasons for such write-down cease to apply, the value of the
fixed asset is reinstated and the adjustment is taken to the income statement as a revaluation.
Financial fixed assets

Financial fixed assets, consisting of investments, are recorded at acquisition or subscription
cost, including any directly ascribable ancillary charges, and are adjusted in the case of
impairment losses. In the year during which the reasons for the write-downs cease to
apply, the financial fixed assets are revalued and the adjustment is taken to the income
statement as a revaluation.
The risk, if any, arising from losses in excess of shareholders equity is recorded as a
liability in a special provision to cover losses of investments under the item Provision for
risks and charges other provisions, insofar as future participation in the cover for such
losses is anticipated.
Investments held for trading are shown in the Balance Sheet as part of working capital.
Receivables and payables

Receivables are stated at their estimated realisable value by way of appropriate bad debt
provisions charged directly against the receivables in question.
Payables are shown in the financial statements at their nominal value.
Financial assets not of a fixed nature

Securities other than long-term are valued at the lower of cost or realisable value based on
the trend in the market.
Foreign currency transactions

Foreign currency transactions are recorded using the exchange rate prevailing on the
relevant transaction date.
Receivables and payables expressed in foreign currency, where not specifically hedged for
currency risk purposes, are shown in the financial statements at the exchange rate
prevailing at year end.
Liquid funds
Liquid funds are recorded at nominal value or estimated realisable value where doubts
exist as to the solvency of the debtor or in case of currency restrictions on the part of such
debtors country of residence.
37
Prepayment and accrued income, accrued expenses and deferred income

Prepayments and accrued income, accrued expenses and deferred income are calculated
in order to allocate to the year the relevant portion of costs and income spanning two or
more years.
Lump sums granted

Lump-sum grants related to plant are recorded in the year in which they are authorised
by the relevant granting body, when all the conditions indicated in such authorisation
have been satisfied.

The provisions for risks and charges include specific certain or probable costs and charges,
the amount or date of occurrence of which was impossible to determine at the balance
sheet date. The provisions in question have been calculated, on an accruals basis, based
on a realistic estimate of the charge to be incurred.
The following accounting treatment is adopted for utilisation of the provisions for risks and
charges:
I
in the case of utilisation to cover charges, by recording in the income statement as

a reduction against the charges incurred;
in the case of unused funds, by release to the income statement item Other revenues
and income.
Revenues and income, costs and charges

Revenues and costs are recorded in the income statement on an accruals basis and in
observance of the principle of prudence. Revenues and income, costs and charges are
shown net of returns, discounts and rebates and premiums.
Dividends are recorded in the income statement in the year during which they are declared
by the investee company. The relevant tax credit is recorded in the year during which the
dividends are received under the item Income from investments.
Transactions with companies of the Nuovo Pignone Group and General Electric Group took
place at normal market conditions, except as described in the paragraph concerning the
National Tax Consolidation Scheme.
38
Memorandum accounts
The memorandum accounts include commitments and guarantees granted by the Company
directly or indirectly in favour of third parties.
Income taxes
Income taxes are calculated based on a realistic forecast of taxable income; the expected
payable is recorded under the item Tax payables net of advance payments made, tax
withholdings pursuant to law and dividend tax credits. Following participation in the
national tax consolidation scheme, current IRES (corporate tax) is calculated based on the
taxable income of Nuovo Pignone Holding S.p.A., net of any negative taxable income
pertaining to the subsidiaries, which is transferred to the parent company without payment
of any indemnity. Deferred tax assets and liabilities are calculated on the temporary
differences between the carrying value of assets and liabilities recorded in the balance
sheet and the corresponding amounts recognised for tax purposes by applying the tax
rates for the periods when such temporary differences will reverse. Deferred tax assets are
only recorded insofar as there is reasonable certainty that it will be possible to recover
them. In accordance with the criterion of loss transfer as part of the national tax
consolidation scheme, no provision is made for deferred tax assets on tax losses generated
subsequent to participation in the national tax consolidation scheme, insofar as they have
been assigned to the national tax consolidation scheme.
39
NOTES TO THE FINANCIAL STATEMENTS

BALANCE SHEET ASSETS
Share capital proceeds to be received (Item A)
The subscribed share capital is fully paid up; hence, there are no share capital proceeds to
be received.
Fixed assets (Item B)

Intangible fixed assets (Item B. I)
These amount to 891 thousand Euro, net of accumulated amortisation of 3,047 thousand
Euro, and refer to the capitalisation of costs incurred in connection with the leased premises,
owned by the Municipality of Florence, used by the Company as a professional training
facility (Florence Learning Center).
The following table sets out the changes during 2008.
(thousands of Euro)
Historical
cost
A
Amortisation
Total
C=A+B
Assets under development and

payments on account
Opening balance
890
890
890
890
3,049
(3,046)
Changes during the year

- Increases
- Decreases
Closing balance
Other Ancillary costs for lease
of office premises
Opening balance
- Increases
- Amortisation
(1)
(1)
Closing balance
3,049
(3,047)
General total
3,938
(3,047)
891
More specifically, the item Assets under development and payments on account,
amounting to 890 thousand Euro, refers to the capitalisation of costs incurred for the
construction of an auditorium at the Florence Learning Center.
40
Tangible fixed assets (Item B. II)

Tangible fixed assets total 235 thousand Euro and comprise the following:
(thousands of Euro)
Historical
A
Cost
Revaluations
B
Total
C=A+B
Depreciation
Total
E=C+D
Item: Land and buildings

Opening balance
125
116
241
(23)
218
(1)
(1)

- Depreciation
- Disposals
Closing balance
(7)
(11)
(18)
118
105
223
(24)
199
(18)
374
374
(371)
Item: Other assets

Opening balance
- Purchases
38
38
- Depreciation
38
(5)
(5)
Closing balance
412
412
(376)
36
General total
530
105
635
(400)
235
The carrying amount of tangible fixed assets includes monetary revaluations carried out in
prior years as indicated below:
(thousands of Euro)
Revaluation amount
Land and buildings
105
Accumulated depreciation - buildings
30
Total
75
At 31 December 2008 there are no mortgages on tangible fixed assets.
Financial fixed assets (Item B. III)

Investments (Item B. III. 1)
These amount to 1,077,336 thousand Euro (2,373,996 thousand Euro at 31 December 2007),
showing a decrease of 1,296,660 thousand Euro compared with the previous year, and are
broken down as follows:
41
Name/
Company name
Registered
office
Currency
Florence
Euro
Corporacion Nuovo Pignone

de Venezuela S.A.
Caracas
Nom. val
of
sh./quotas
Number of
shares
or quotas
Share/
quota
capital
Number
of shares
or quotas
held
Percentage
of
ownership
%
Carrying
value
(Euro)
2008
net profit/
(loss)
(Euro)
Shareholders
Relevant
equity
portion of
in 2008
shareholderss
(Euro) equity in 08 (Euro)
Subsidiaries
0.52
189,614,962
98,599,780
189,614,962
100
735,627,895
211,456,474
1,003,289,152
1,003,289,152
Bs.
5,384,432
5,384,432
5,384,432
100
1,860,471
420,271
2,645,101
2,645,101
Luxembourg
Euro
25
3,803,287
95,082,175
3,803,285
99.99
97,384,955
(55,193,219)
98,366,213
98,356,376
Florence
Euro
0.52
3,000,000
1,560,000
3,000,000
100
32,010,000
16,690,429
23,266,409
23,266,409
GE Medical Systems Information

Technologies S.r.l.
Milan (MI)
Euro
1,736,137
86.75
183,355,573
(14,253,125)
206,225,160
178,900,326
80,000
80,000
80,000
100
1,284,267
1,096,583
1,194,081
1,194,081
Bently Nevada Italia S.r.l.
Agrate Brianza
(MI)
Euro
GE Sensing & Inspection Techn. S.r.l.
Milan
Euro
10,000
10,000
100
6,206,000
(181,707)
3,887,773
3,887,773
Jenbacher S.r.l.
Bolzano
Euro
129,000
258,000
100
19,581,000
5,766,907
15,651,760
15,651,760
Dublin
Usd
100
100
100
100
(40,614,897)
(54,894)
(54,894)
3,829,736
10,399,019
51,995
Total
1,077,310,161
Other companies
Acqua Campania S.p.A.
Naples
Euro
4,950,000
4,950,000
24,750
0.5
25,565
Total
25.565
Total
1.077.335.726
Indirect investments
Through Nuovo Pignone S.p.A.
Milan
Euro
35,120,000
35,120,000
100
102,000,000
8,152,291
113,000,543
113,000,543
Fondazione Pignone
Florence
Euro
100,000
100
(102,106)
162,303
162,303
Consorzio Tragaz
S. Donato Mil.
(MI)
Euro
51,646
50
25,823
51,646
25,823
Total
102,025,823
Through Nuovo Pignone

International S. r.l.
Pignone Engineering
London
Lst.
70,001
70,001
70,000
99.99
7,403
268,100
9,660,728
9,659,762
Pignone Inc.
New York
Usd
10
200
2,000
200
100
811
2,135,906
2,135,906
Total
8,214
Through GE Medical Systems

Information Technologies S.r.l.
Milan (MI)
Euro
5,000,000
5,000,000
5,000,000
100
155,586,504
18,052,639
198,629,567
198,629,567

(formerly Datex- Omheda)
Milan (MI)
Euro
5,200,000
5,200,000
5,200,000
100
15,983,471
(1,192,210)
14,791,261
14,791,261
GE Healthcare S.r.l.
(formerly Amersham Health S.r.l.)
Milan (MI)
Euro
5,164,568
5,164,568
5,164,568
100
8,700,000
3,302,525
8,759,135
8,759,135
(55,193,219)
98,366,212
9,837
570,193
976,342
976,342
Total
180,269,975
Through GE Industrial
Financing Ireland Ltd.
Luxembourg
Euro
25
3,803,287
95,082,175
0.01
Total
25
25
Through GE Sensing
& Inspection Technologies S.r.l.
Everest VIT Italia S.r.l.
Total
42
Agrate Brianza
(MI)
Euro
15,000
15,000
15,000
100
1,251,882
1,251,882
On 10 January 2008 the Company sold its investment in Thermodyn S.A.S. to GE Energy
Holding S.A.S. for the price of 71,300 thousand Euro defined by way of appropriate appraisal,
generating a capital gain of 10,383 thousand Euro, which was recorded under the item
Income from investments. In the financial statements at 31 December 2007, considering the
change in the investments economic function, the amount in question was reclassified under
the item of assets forming part of working capital Financial assets not of a fixed nature.
On 29 August 2008, the subsidiary Nuovo Pignone S.p.A. resolved a share capital increase (of
129,460 thousand Euro, with an overall share premium of 910,209 thousand Euro) reserved for
the contribution by IRMA Service S.p.A. of its business unit concerned with engineering and
technical support activities on plant and machinery in the Oil & Gas sector. The contribution
was carried out on 24 September 2008 based on the special appraisal drawn up by an expert
appointed by the Florence Court.
Again on 24 September 2008, Nuovo Pignone Holding S.p.A. sold to IRMA Service S.p.A. its
entire shareholding in IRMA Service S.p.A., with purchase by the latter of treasury shares; the
price paid, amounting to 721 thousand Euro, generated a capital gain of 321 thousand Euro,
which was recorded by Nuovo Pignone Holding S.p.A. under the item "Income from investments".
On 27 November 2008, IRMA Service S.p.A. sold to Nuovo Pignone Holding S.p.A. the shares in
Nuovo Pignone S.p.A. assigned to IRMA at the time of contribution of the business unit; the
price paid for the shares was 2,324 thousand Euro.
On 4 December 2008, Nuovo Pignone International S. r.l. sold its investment in Nuovo Pignone
International Scotland (corresponding to 99.81%) to GE Holding Luxemburg S. r.l.. The sale
price (1,246,533 thousand Euro), which was less than the investment's carrying value
(1,457,375 thousand Euro), determined a loss of 210,842 thousand Euro for Nuovo Pignone
International S. r.l..
On the same date, Nuovo Pignone International S. r.l. approved a resolution for full
repayement of the share premium reserve. The amount in question, totalling 1,298,547
thousand Euro, was paid as indicated below:
I
1,201,613 thousand Euro in favour of GE Industrial Financing Ireland Ltd. (GEIFI), in

repayement of the share premium that originated following subscription of the share
capital increase approved on 12 March 2007;
96,933 thousand Euro in favour of Nuovo Pignone Holding S.p.A., in repayment of the
share premium that originated in 1996 at the time of conversion from Dollars to Lire of
the share capital pertaining to the company incorporated under Luxembourg law and
the increase in share capital fully subscribed by Nuovo Pignone Holding S.p.A..
Again on 4 December 2008, the subsidiary GEIFI, having drawn up interim financial
statements, approved a resolution to repay to Nuovo Pignone Holding S.p.A. the capital
injection carried out on 12 March 2007, for the amount of 1,199,985 thousand Euro.
Summarised below are the changes in investments recorded during the year:
43
(thousands of Euro)
Historical
cost
Subsidiaries
de Venezuela S.A.
Technologies S.r.l.
Jenbacher S.r.l.
GE Sensing & Inspection
Technologies S.r.l.
GE Ind. Financing Ireland Ltd.
Total
Associates
Irma Services S.r.l.
Total
Other companies
EniAcqua Campania S.p.A.
Total
General total
Write-downs
Net
carrying
amount
Increases
Decreases
Historical
cost
Write-downs
Net
carrying
amount
735,628
735,628
1,861
97,384
32,010
1,861
97,384
32,010
183,356
1,284
19,581
183,356
1,284
19,581
733,304
733,304
2,324
1,861
194,318
32,010
1,861
194,318
32,010
183,356
1,284
19,581
183,356
1,284
19,581
6,206
1,201,650
6,206
1,201,650
(1,199,985)
6,206
1,665
(1,665)
6,206
2,373,570
2,373,570
2,324
(1,296,919)
1,078,975
(1,665)
1,077,310
400
400
(400)
400
400
(400)
26
26
26
26
26
26
26
26
2,373,996
2,373,996
2,324
1,079,001
(1,665)
1,077,336
(96,934)
-
(1,297,319)
At 31 December 2007, no write-downs were carried out in respect of investments recorded

at such date, since no impairment loss was recognised on any subsidiary.
Had the investments in directly controlled companies, at 31 December 2008, been measured
using the equity method, the values obtained would have been lower than the carrying
amounts, as indicated below.
Regarding the investment in Nuovo Pignone S.p.A. the value of the latter, by applying the
equity method at 31 December 2008, would have been 595,657 thousand Euro lower
(809,660 thousand Euro as at 31 December 2007) with respect to cost.
The difference between purchase cost and the value determined using the equity method
is mainly due to the reversal of capital gains recognised in the assets including goodwill
and liabilities contributed by Nuovo Pignone Holding S.p.A. to Nuovo Pignone S.p.A. on 1
July 1998, as confirmed by the sworn appraisals drawn up by an expert appointed by the
Chairman of the Florence Court in accordance with Article 2343 of the Italian Civil Code.
This difference is deemed recoverable by way of the subsidiarys expected future profitability.
The Report on Operations describes the trend in the subsidiarys business.
With regard to the investment in GE Medical Systems Information Technologies S.r.l. we
report that the value at 31 December 2008 obtained by using the equity method would
have been 6,246 thousand Euro lower with respect to cost. This difference is not
considered to be of a permanent nature since, from the expected cash flow breakdown, as
per recent 2009 appraisal, the investment's value above the cost of acquisition.
Insofar as concerns the investment in Nuovo Pignone International S. r.l., the value at 31
December 2008 determined using the equity method would have been 3,871 thousand
Euro lower with respect to cost. The difference is due to the translation at end-of-period
exchange rates of the currency loans outstanding at the balance sheet date. It is not,
however, expected to continue in the long term.
The financial statements of the subsidiary GE Industrial Financing Ireland Ltd. (GEIFI) at 31
44
December 2008 reported a loss of 40,614 thousand Euro, giving rise to a net deficit of 55
thousand Euro. Bearing in mind the subsidiary's performance and the permanent nature of
the losses incurred, the investment's residual carrying value (1,665 thousand Euro) has
been written off by appropriating the same amount to a specific provision for the write-down
of investments and the sum of 55 thousand Euro has been recognised in the provision for risks
and charges, as future cover for the net deficit arising from the loss for the year.
As regards the other companies, by applying the equity method a higher valuation is obtained
with respect to the carrying value at 31 December 2008.
Receivables (Item C. II)

Receivables recorded under assets forming part of working capital, all due within 5 years,
amount to 285,968 thousand Euro (85,427 thousand Euro at 31 December 2007) and are
broken down as follows:
(thousands of Euro)
Opening balance
Trade receivables
Original
value
Bad debt
provision
269
(248)

Net
value
Original
value
Bad debt
provision
Closing balance
Original
value
Bad debt
provision
(248)
Net
value
21
(7)
262
14
82,010
82,010
8,035
90,045
90,045
90,045
90,045
Receivables from subsidiaries

- commercial
- financial
Total
Receivables from parent companies
82,010
82,010
8,035
412
414
414
2,864
2,864
(1,617)
1,247
1,247
238
(208)
30
238
(208)
30
3,102
(208)
2,894
(1,617)
1,485
(208)
1,277
490
490
(403)
86
86
194,120
194,127
194,127
Tax receivables
- within one year
- after more than one year
Total
Deferred tax assets
Other receivables
- within one year
- after more than one year
Total
TOTAL
10
3
-
10
194,120
194,130
194,130
85,883
(456)
85,427
200,541
285,424
(456)
285,968
Trade receivables (Item C. II. 1)

Trade receivables total 14 thousand Euro and refer to receivables connected with training
courses organised at the professional training facility.
Receivables from subsidiaries (Item C. II. 2)

These total 90,045 thousand Euro (82,010 thousand Euro at 31 December 2007).
Receivables from subsidiaries are broken down as follows:
45
83,490 thousand Euro relates to royalties due from the subsidiary Nuovo Pignone S.p.A.
for the licence to use trademarks;
35 thousand Euro refers to the chargeback to Nuovo Pignone S.p.A. of an expense

incurred on its behalf during 2008;
6,499 thousand Euro concerns receivables due from Group Companies participating
in the consolidated tax system, broken down by company as follows:
(thousands of Euro)
2,231
1,635
1,168
GE Clinical System S.r.l.
790
Jenbacher S.r.l.
385
290
Total
6,499
21 thousand Euro refers to commercial receivables arising in connection with the

chargeback to the following group companies of costs relating to training courses:
(thousands of Euro)
Fondazione Pignone
15
Total
21
Receivables from parent companies (Item C. II. 4)

These amount to 414 thousand Euro and concern receivables from the parent company
GE Energy Europe B.V..
Tax receivables (Item C. II. 4-bis)

Tax receivables total 1,277 thousand Euro and comprise the following:
46
VAT credit resulting from the December monthly settlement (704 thousand Euro);
IRAP (regional production tax) receivable (543 thousand Euro) determined based on
the Modello Unico 2008 tax return (2007 taxable income);
IRPEG (corporate tax) receivable resulting from 1988 tax return (208 thousand Euro),
stated in the financial statements net of bad debt provision for the same amount;
ILOR (local income tax) receivables (principal of 15 thousand Euro plus interest
amounting to an additional 15 thousand Euro) resulting from the 1987 tax return of
the merged company Turbotecnica S.p.A., reimbursement of which, by way of
transfer of government securities, has been requested pursuant to Decree Laws
252/93 and 307/94.
Deferred tax assets (Item C. II. 4-ter)

Deferred tax assets (86 thousand Euro) are calculated on the temporary differences between
the carrying value of assets and liabilities and the corresponding amounts recognised for tax
purposes, by applying the tax rates which are expected to apply in the periods when such
temporary differences will reverse. This receivable is recorded insofar as there is reasonable
certainty that it will be recoverable in view of expected income prospects.
Set out below is the schedule of temporary differences that gave rise to the recording of
deferred tax assets:
(thousands of Euro)
Temporary differences
Provision for risks and charges
Others
Total temporary difference
Deferred tax assets
2008
2007
263
1.427
11
146
274
1.573
86
490
Other receivables (Item C. II. 5)

These total 194,130 thousand Euro (10 thousand Euro at 31 December 2007) and comprise
the following:
I
194,018 thousand Euro refers to a loan granted to GE Holding Luxembourg S. r.l.,

earning interest at 3.29% and repayable on 4 February 2009; said amount includes
both the principal of 194,000 thousand Euro and the portion of interest accrued
during the year amounting to 18 thousand Euro;
92 thousand Euro refers to the receivable due from the Bari department of the State
Provincial Treasury (Tesoreria Provinciale dello Stato) for compensation pertaining to
the expropriation of certain pieces of land situated adjacent to the Bari plant;
20 thousand Euro mostly refers to payments on account to suppliers and guarantee

deposits.
Prepayments and accrued income (Item D)

There are no prepayments or accrued income pertaining to 2008.
47
BALANCE SHEET - LIABILITIES

Shareholders' equity (Item A)
This item, standing at 775,093 thousand Euro, shows an overall decrease of 1,417,921
thousand Euro from the previous year, as a result of dividends distributed amounting to
1,600,000 thousand Euro, less the 2008 net profit of 182,079 thousand Euro.
(thousands of Euro)
Share capital
Balance at 31 December 2006
Reserves*
Retained
earnings
78,429
74,880
Allocation of 2006 net profit**
Net profit/(loss)
for the year
Total
1,851,387
109,438
2,114,134
109,438
-109,438
78,880
78,880
78,880
2,193,014
-78,880
-78,880
2007 net profit for the year

74,880
78,429
1,960,825
Distribution of 2007
net profit***
Distribution of retained
earnings***
-1,521,120
2008 net profit for the year

74,880
78,429
439,705
-1,521,120
182,079
182,079
182,079
775,093
* The reserves, as shown in the Balance Sheet, are made up of the following:
- Share premium reserve
Euro 41,633
- Revaluation reserve: Law 413 of 30.12.91
Euro 16,476
- Legal reserve
Euro 14,976
- Other reserves
Euro
- Total
Euro 78,429
5,344
** Shareholders' Meeting dated 29 June 2007

*** Shareholders' Meeting dated 27 June 2008
Regarding the components of shareholders' equity, we report as follows:
Share capital (Item A. I)

The share capital consisting of 144 million ordinary shares, each with a nominal value of
Euro 0.52, is fully paid up. Shares are registered and carry equal voting rights.
At 31 December 2008 the Company's shareholders were as follows:
Euro
GE Energy Europe B.V.

GE Financing Luxembourg S. r.l.
Other shareholders
Total
48
Shares
Nominal value
Euro
71,266,495
137,050,952
0.52
95.18
3,595,800
6,915,000
0.52
4.80
14,705
34,048
0.52
74,880,000
144,000.000
0.02
100.00
Nature/Description
Amount
I - Share capital
74,880
41,633
Possibility
of use (*)
Available
portion
Utilisation in 3
prior years
to cover
losses
Utilisation in 3
prior years
for other
reasons
A, B, C
41,633
III - Revaluation reserve:

Law 413 of 30.12.91
16,476
A, B, C
16,476
IV - Legal reserve
14,976
A, B, C
382
A, B, C
382

Pursuant to Art. 55 D.P.R. 917/86
Pursuant to Art. 55 D.P.R. 917/86
3,357
A, B, C
3,357
Negative goodwill
1,605
A, B, C
1,605
439,705
A, B, C
439,705
1,600,000
IX - Net profit for the year
182,079
A, B, C
182,079
Total
775,093
685,237
1,600,000
(*) A: for share capital increases; B: to cover losses; C: for dividends
Share premium reserve (Item A. II)

The share premium reserve stands at 41,633 thousand Euro and refers to the share premium
paid by shareholders, in connection with the share capital increase carried out during 1990.
This reserve is distributable, pursuant to Article 2431 of the Italian Civil Code, since the
legal reserve has reached the minimum of one fifth of share capital as required by Article
2430 of the Italian Civil Code.
Revaluation reserve: Law 413 of 30.12.1991 (Item A. III)

The revaluation reserve stands at 16,476 thousand Euro and includes the revaluation carried
out in accordance with Law 413/1991, net of substitute tax payable on the revaluation in
question amounting to 3,139 thousand Euro.
It should be mentioned that during 1995 - in accordance with Article 22, second paragraph,
of Decree Law 41/95 converted into Law 85/95 - the Company released this reserve.
Legal reserve (Item A. IV)

This stands at 14,976 thousand Euro and corresponds to one fifth of share capital as laid
down by Article 2430 of the Italian Civil Code.
Other reserves (Item A. VII)

Other reserves comprise the following:
Provision for lump-sum grants pursuant to Article 55 D.P.R. 917/86
This stands at 382 thousand Euro and refers to the lump-sum grants obtained by the
Company prior to 1 January 1993 (under Article 18, Law 675 of 12.8.1977). In case of
distribution, this provision forms part of the Companys taxable income.
49
Reserve for lump-sum grants pursuant to Article 55 D.P.R. 917/86

This stands at 3,357 thousand Euro and concerns 50% of the capital grants obtained on or
after 1.1.1993. In case of distribution, this reserve forms part of the Companys taxable income.
Negative goodwill
This amounts to 1,605 thousand Euro and concerns the negative goodwill arising from the
Turbotecnica S.p.A. merger carried out in 1997.
Retained earnings (Item A. VIII)

Retained earnings stand at 439,705 thousand Euro, with a decrease of 1,521,120 thousand
Euro following the distribution of dividends approved by the Ordinary Shareholders' Meeting
on 27 June 2008. The item includes earnings generated by the elimination of fiscally-driven
entries (disinquinamento fiscale) with regard to the investment in Nuovo Pignone S.p.A.,
amounting to 383,082 thousand Euro; it should be remembered that, in case of distribution
to shareholders, these earnings will form part of the Companys taxable income. No provision
has been made for deferred taxes since the Company does not intend to distribute dividends
to shareholders beyond the reserves already freely available.
Provisions for risks and charges (Item B)

This item, amounting to 1,357 thousand Euro, comprises the provision for charges connected
with litigation (1,302 thousand Euro) and the provision to cover subsidiaries' losses (55 thousand
Euro). Changes in the provision during the year were as follows:
(thousands of Euro)
Opening
balance
Utilisation for
charges
Release of
unused provision
Sundry
utilisations
Allocations
during the year
Closing
balance
2,446
(1,267)
123
55
55
(1,267)
178
1,357
Provision for risks

and charges
- for litigation
- to cover losses
on investments
Total
2,446
1,302
Other provisions (Item B. 3)

The provision for litigation, which stands at 1,302 thousand Euro, is made up of the following:
I
50
1,040 thousand Euro relating to potential charges connected with the preliminary
assessment report drawn up on 29 September 2000 by the Florence Tax Police
Regional Headquarters (Comando del Nucleo Regionale di Polizia Tributaria) upon
completion of a general inspection for VAT, direct taxation and other tax purposes,
initiated on 23 February 2000 in respect of the 1995, 1996, 1997 and 1998 tax years.
The three notices of assessment relating to the periods 1995, 1996 and 1997, served
on 15 October 2001 as a result of the aforesaid inspection, were settled in May 2003,
in accordance with Articles 15 and 16 of Law 289 of 27 December 2002 (2003 Finance
Act). The notice of assessment relating to 1998 was served on 13 December 2005
and against such notice the Company filed an appeal with the Florence Provincial
Tax Commission, which accepted the appeal and on 21 March 2007 issued a first
level judgment in favour of the Company. On 26 May 2008, the Fiscal Revenues
Agency appealed against this judgment. The Florence Regional Tax Commission
rejected this appeal, issuing on 29 April 2009 an appellate judgment in the Company's
favour. The sums corresponding to the observations that emerged, which are not
covered by such provision, refer to liabilities that, whilst of a not insignificant nature,
are nevertheless considered remote.
I
262 thousand Euro relating to potential risks associated with disputes initiated by
former employees and third parties.
The utilisation for charges, in the amount of 1,267 thousand Euro, deducted from the item
Other operating costs, was carried out following settlement, during the course of the year,
of a dispute with INSO S.p.A., a company previously controlled by Nuovo Pignone Holding
S.p.A..
The amount of 123 thousand Euro was set aside to adjust the provision for ongoing risks in
connection with disputes initiated by third parties.
The provision to cover losses on investments was accrued to cover the net deficit resulting
from losses for the year recognised at 31 December 2008 in the financial statements of the
subsidiary GE Industrial Financing Ireland Ltd..
Payables (Item D)
Payables, all of which are due within 5 years, amount to 587,980 thousand Euro and
comprise the following:
(thousands of Euro)
Payables at
31 December 2007
Due to shareholders for loans
Due to banks
53,579
0
Amounts payable to subsidiaries

Tax payables
Other payables
Total
2,823
Payables at
31 December 2008
56,402
117,445
117,445
324
257
581
270,967
44,068
315,035
Sums due to other financial institutions

Trade payables
Changes during
the year
20.954
20,954
273
77,289
77,562
325,143
262,837
587,980
Due to shareholders for loans (Item D. 3)

This item refers to a loan of 56,403 thousand Euro received from General Electric Energy
Europe B.V., repayable on 22 June 2009 and bearing interest at the rate of 4.19%. The
amount stated in the balance sheet includes the principal of 56,338 thousand Euro and the
interest accrued for the period amounting to 65 thousand Euro.
51
Due to banks (Item D. 4)

These are amounts payable to Banca Unicredito for charges pertaining to the fourth quarter of
2008.
Sums due to other financial institutions (Item D. 5)

These total 117,445 thousand Euro and refer to a loan received from GE Service Luxembourg,
repayable on 4 June 2009 and bearing interest at the rate of 4.89%. The amount stated in
the balance sheet includes the principal of 117,000 thousand Euro and the interest accrued
for the period amounting to 445 thousand Euro.
Trade payables (Item D. 7)

These total 581 thousand Euro and mainly refer to the Florence Learning Center operating costs.
Amounts payable to subsidiaries (Item D. 9)

This item amounts to 315,035 thousand Euro and comprises the following:
I
Financial payables totalling 311,647 thousand Euro due to the subsidiary Nuovo
Pignone S.p.A., relating to the centralisation of treasury operations (cash-pool),
namely the concentration of participating company current accounts so as to
optimise the management of financial resources within the General Electric Group.
This figure includes both the current account balance in favour of Nuovo Pignone
S.p.A. amounting to 310,152 thousand Euro, and the sum set aside to cover the
related interest expense amounting to 1,495 thousand Euro;
2,261 thousand Euro for payables due to the Group companies participating in the
consolidated tax system, broken down between the following group companies:
(thousands of Euro)

Total
52
1,865
339
57
2,261
Commercial payables totalling 1,125 thousand Euro due to the subsidiary Nuovo
Pignone S.p.A., of which 890 thousand Euro refers to the chargeback of costs incurred
for the construction of an auditorium at the Florence Learning Center and 235
thousand Euro concerns the chargeback of costs connected with staff seconded to
Nuovo Pignone Holding;
2 thousand Euro referring to the amount payable to Bently Nevada Italia S.r.l. for
reimbursement of part of the dividends declared in 2008 and overpaid by the latter.
The transactions with companies of the General Electric group and the Nuovo Pignone Group are
settled at normal market conditions, with the exception of those described in the section relating
to the national tax consolidation scheme.
Tax payables (Item D. 12)

This item, totalling 20,954 thousand Euro, primarily concerns the tax burden pertaining to the year.
Other payables (Item D. 14)

These total 77,562 thousand Euro and are broken down as follows:
I
76,833 thousand Euro referring to the sum due to GE Holding Luxembourg S. r.l. for dividends
approved by the Shareholders' Meeting on 27 June 2008 and not yet paid to the shareholder;
441 thousand Euro referring to amounts due to minority shareholders for dividends
approved by the Shareholders' Meeting during the years 2004-2005 and 2008 (after more
than one year);
288 thousand Euro primarily comprising amounts payable to consultants and professionals
and fees due to the Board of Statutory Auditors (after more than one year).
Accrued expenses and deferred income (Item E)

There are no accrued expenses or deferred income pertaining to 2008.
Memorandum accounts
The memorandum accounts report the Company's guarantees and commitments and are broken
down as follows:
Bank guarantees granted at 31 December 2008:
I
Letter of comfort for 1,082,612 thousand Euro in favour of Nuovo Pignone S.p.A.;
Letter of comfort for 25,000 thousand Euro in favour of GE Medical Systems Italia S.p.A.;
Letter of comfort for 50,000 thousand Euro in favour of GE Transportation Systems S.p.A.;
Letter of comfort for 4,000 thousand Euro in favour of GE Healthcare S.r.l.;
Letter of comfort for 3,605 thousand Euro in favour of Nuovo Pignone S.p.A. on behalf of
the company Inso S.p.A..
At 31 December 2008 the following bank guarantee is reported in favour of the Company:
I
Letter of comfort for 11,565 thousand Euro on behalf of the company Inso S.p.A..
53
INCOME STATEMENT
Prior to proceeding with our examination of individual items, we mention that, in accordance
with Article 2428, first paragraph, of the Italian Civil Code, our notes to the general trend in
costs and revenues are set forth in the Report on Operations.
Owing to the detailed description of positive and negative income components provided in
the income statement and to the above notes on the items of the balance sheet, it is possible
to limit the comments set out below to just the main items.
Production revenues (Item A)

Production revenues amount to 88,310 thousand Euro, made up of the following:
Turnover goods and services (Item A. 1)
88,238 thousand Euro
This item essentially comprises:

I
royalties received from the subsidiary Nuovo Pignone S.p.A. in relation to the use of
trademarks (83,490 thousand Euro), covered by a specific agreement based on
appropriate appraisal report;
revenues connected with professional training courses (3,490 thousand Euro);
revenues deriving from the rental of classrooms at the Florence Learning Center
(1,258 thousand Euro).
Other revenues and income (Item A. 5)
72 thousand Euro
This item refers to the capital gain deriving from the expropriation of some land in Bari.
Production cost (Item B)

Production cost totalling 4,756 thousand Euro is summarised as follows:
Raw materials, consumables and supplies

(Item B. 6)
207 thousand Euro
This item includes the general materials purchased during the year.
Services (Item B. 7)
3,208 thousand Euro
These comprise the costs incurred for consulting and professional services, costs relating
to staff on secondment and costs pertaining to the operation and maintenance of the Florence
Learning Center. The costs for consulting and professional services include Statutory Auditors
fees amounting to 61 thousand Euro. No fees are envisaged for the Directors of the Company.
54
Use of third party assets (Item B. 8)
378 thousand Euro
This item includes the costs relating to the Florence Learning Center lease payments and
the rental of hardware, software and office machinery.
Amortisation, depreciation and write-downs

(Item B. 10)
7 thousand Euro
For a more detailed description of this item, reference is made to the indications given in
the notes on the balance sheet asset items Intangible fixed assets, Tangible fixed assets
and Trade receivables.
Provision for risks (Item B. 12)
124 thousand Euro
For a description of this item, reference is made to the indications given in the notes on the
balance sheet liability item Provisions for risks and charges.
Other operating costs (Item B. 14)
831 thousand Euro
The item Other operating costs includes settlements and lawsuits (1,352 thousand Euro)
net of the provision utilised (1,267 thousand Euro), the amount charged by the subsidiary
Nuovo Pignone S.p.A. for the handling of centralised group services (442 thousand Euro),
non-deductible VAT (274 thousand Euro), indirect taxes and dues (20 thousand Euro) and
municipal property tax (10 thousand Euro).
Financial income and expenses (Item C)

This item totals 125,349 thousand Euro and is broken down as follows:
Income from investments (Item C. 15)
Income from investments comprises the amount of 125,922 thousand Euro pertaining to
dividends declared and paid by the following companies:
(thousands of Euro)
108,000
15,057
1,628
1,204
ENI Acqua Campania

Total
33
125,922
The item also includes capital gains from disposals amounting to 10,705 thousand Euro, of
which 10,383 thousand Euro concerned the sale of the investment in Thermodyn S.A.S.
and 321 thousand Euro related to the sale of the investment in IRMA Service S.r.l..
55
Other financial income (Item C. 16)
20 thousand Euro
This item comprises interest income from General Electric Group Companies deriving from
the portion of interest on the loan granted to GE Holding Luxembourg S. r.l. (18 thousand Euro)
and interest income accrued on the compensation received by the Company following the
expropriation of land (2 thousand Euro).
Interest and other financial expenses

(Item C. 17)
This item includes the following interest expenses and financial charges:
(thousands of Euro)
Subsidiaries
Interest expense on payables to Nuovo Pignone S.p.A. for cash-pool transactions
7,904
Total
7,904
Parent companies
Interest expense on loan from GE Energy Europe B.V.
2,824
Total
2,824
Others
Interest expense on loan from GE Service Luxembourg S. r.l.
445
Interest expense on loan from Thermodyn S.A.S.
72
Accrual to the provision to cover of GE Industrial Financing Ireland Ltd. losses
55
Interest expense on payables to others

Total
Exchange rate gains and losses (Item C. 17-bis)
7
579
9 thousand Euro
The net exchange rate gain is made up of the following:

(thousands of Euro)
Exchange rate gains
55
Exchange rate losses
(46)
Total
Adjustments to financial asset values (Item D)

These amount to 1,665 thousand Euro and comprise the following:
Write-downs of investments (Item D. 19)
1,665 thousand Euro
The item includes the write-down of the investment in GE Industrial Financing Ireland Ltd. as
already commented under the item Investments.
56
Extraordinary income and expenses (Item E)

This item totals 61 thousand Euro and is made up of the following:
Extraordinary income (Item E. 20)
62 thousand Euro
The amount mainly refers to tax reimbursements received during the year.
Extraordinary expenses (Item E. 21)
1 thousand Euro
These refer to charges for accounting adjustments.
Taxation on profit for the year (Item E. 22)

Income taxes amount to 25,220 thousand Euro and comprise the following:
Current taxes
24,817
Deferred taxes
403
Total
25,220
Set out below is a breakdown of the difference between the theoretical tax rate and the
effective tax rate:
(thousands of Euro)
IRES
Profit before taxes as per financial statements
207,299
Temporary differences deductible in future years
Permanent differences
Taxable income
Total
207,299
(123.745) (a)
Adjustment of taxable income for IRAP purposes

Reversal of temporary differences recorded
in prior years
IRAP
124
124
(1,387)
(1,285)
(128,244) (b)
77,792
957
83,350
Tax loss carryforwards

Taxable income net of loss carryforwards
77,792
Theoretical tax rate
27.50%
3.90%
21,393
3,251
Current taxes
10,32%
1.57%
Deferred taxes
Effective tax rate
357
46
Foreign taxes
173
Total taxes for the year as per the

income statement
21,923
24,643
403
173
3,297
25,220
(a) Includes extraordinary income and expenses, financial income and expenses and adjustments to financial asset values
(b) Includes reduction of 125,907 thousand Euro connected with intra-community dividends

The Chairman
Piero Salvadori
57
STATEMENT OF CASH FLOWS

(values in Euro)
Net profit (loss) for the year

Ordinary amortisation and depreciation
Utilisation of lump-sum grants
Changes in provisions for risks and charges
Changes in bad debt provision
Write-down of investments
Capital losses/(gains) on divestments
2008
2007
182.079
7
0
-1.088
0
1.665
-72
78.880
36
0
-620
29
0
0
Opening Changes during

balance
the year
Closing
balance
Analysis of net financial

debt (net available funds
Short-term financial payables
(318.148)
(244.148)
(562.296)
Short-term financial receivables
194.018
194.018
Financial receivables relating to

distribution of share premium
39
(39)
(318.109)
(50.169)
(368.278)
Internally generated cash flow

from operations (self-financing) (a)
182.590
78.326
Trade and other receivables

Trade and other payables
-6.523
18.690
60.916
21.109
-11.392
-60.916
Net short-term
available funds (debt)
Cash flow relating to working capital (b)
73.082
-51.199
Medium/long-term
financial payables
Net medium/long-term
available funds (debt)
(318.109)
(50.169)
(368.278)
Liquid funds
Cash flow from operating activities

(c=a+b)
255.673
27.127
Investments :
Investments
-890
-38
-2.324
0
0
-1.146.784
Cash flow used in investing activities (d)
-3.252
-1.146.784
Disinvestments:
Investments
0
90
1.297.319
0
0
0
Cash flow from disinvestments (e)
1.297.409
Cash flow used in investing activities

(f=d+e)
1.294.158
-1.146.784
Distribution of dividends
-1.600.000
Equity related cash flow (g)
-1.600.000
-50.169
-1.119.657
-318.109
801.548
-50.169
-1.119.657
-368.278
-318.109
Reimbursement of reserve for

lump-sum grants
Net cash flow for the year

(h=c+f+g)
Net available funds (net financial debt)
at beginning of year
Net available funds
(net financial debt) at year end
58
Total
SUMMARY OF INTERCOMPANY TRANSACTIONS

Assets
Reg.
code
Trade receivables
Bently Nevada (UK) Ltd.
Bently Nevada Llc
Computacenter Ag &Co Ohg
GE Capital Bank Ltd.
GE Capital Services Ltd.
GE Aircraft Engine Services Ltd.
GE Appliances
GE Betz (Holdings) Ltd.
GE Betz Gmbh
GE Capital Assurances
GE Capital Bank Danmark
GE Capital Bilfinans Ab
GE Capital Equipment Finance Ab
GE Capital Equipment Finance S.p.A.
GE Capital Finance S.p.A.
GE Capital Gmbh
GE Capital Services
GE Capital Services Europe
GE Capital Services Inc.
GE Capital Woodchester Ltd.
GE El Seif Medical Services Limited
GE Energy Germany Gmbh
GE Energy Products France Snc.
GE Energy Products Germany Gmbh & Co.
GE Energy Services (Uk) Ltd.
GE Factofrance
GE Health Care
GE Healthcare Bio Sciences S.A.
GE Hungary Zrt
GE Indusrial Systems
GE Industrial Systems
GE Information Services
GE Information Services S.p.A.
GE International Inc.
GE International Inc. Dubai
GE International Power Systems
GE Jenbacher Aktiengesellschaft
GE Jenbacher Gmbh & Co Ohg
GE Lighting S.r.l.
GE Medical Systems Israel
GE Medical Systems
GE Medical Systems Asia
GE Medical Systems Information Techn
GE Medical Systems It
GE Medical Systems Ltd.
GE Medical Systems Sa
GE Money Bank
GE Plastics Ltd.
GE Power Controls
038037
038030
040169
040002
040009
036765
042846
042029
042077
042043
042053
040003
040223
039003
039021
040018
040185
040282
040258
040207
042138
042079
038199
038253
038288
042116
042067
042157
038066
042854
042862
042404
041017
042000
042006
038393
038045
038089
041068
042059
042008
042803
042781
042026
042722
042234
040047
038002
042838
Amount
945,37
8.690,02
2.764,88
24.164,06
2.768,36
7.424,52
2.899,56
980,00
300,00
2.438,00
1.629,60
336,86
2.910,02
394,87
840,00
5.160,00
2.782,73
2.899,56
8.581,85
608,38
600,00
750,00
2.765,49
2.111,44
3.487,97
1.064,40
2.540,00
1.198,00
2.780,00
4.554,46
2.764,88
603,69
2.507,53
2.825,00
258,22
608,38
1.100,00
5.400,00
18.034,68
4.444,00
2.237,53
1.747,44
1.665,30
3.181,48
6.387,51
14.018,27
997,17
1.395,40
2.899,56
59

Assets
GE Power Controls Belgium Bvba

GE Power Systems
GE Real Estate France
GE Smallworld Spain S.r.l.
GE Specialty Chemicals
GE Trading Company
General Electric Company
General Electric International Inc.
General Electric Meelsa Service Cent
General Electric Plastics B.V.
General Electric Services (Bermuda)
International General Electric Usa
Nbc Universal Global Networks Espana
Nbc Universal Global Networks Limite
Panametrics Gmbh
Picl Egypt Corporation Ltd. - Egypt B
Renta Inmobiliairia S.A.
Tip Services BV.
VetcoGray Uk Ltd.
Woodward Governor Nederland B.V.
Algesco S.p.A.
Branch Of Ge Vietnam Limited In Haip
GE Rus Llc
Ste Martiniquaise De Financement
Domenia Credit Ifn S.A.
Gen Nigeria Limited
GE Capital Services S.r.l.
GE Money Bank Ab
GE Money Bank
General Electric International Opera
Algesco S.p.A.
GE Healthcare Finland Oy
Reg.
code
Amount
042114
038491
040134
042069
042200
042251
036757
038059
041003
038032
042692
042271
038458
042278
042183
042103
038190
040021
042050
038168
993069
038127
038224
042274
042334
042336
042561
039004
040042
040047
034004
034009
042124
467,20
2.522,38
2.828,37
540,00
4.423,81
595,46
7.354,16
3.097,21
4.488,00
2.118,00
557,01
10.967,47
3.224,06
750,00
5.772,00
900,00
1.100,00
1.390,00
1.600,00
7.252,20
1.741,96
2.750,00
1.600,00
2.520,00
2.760,00
2.520,00
2.200,00
1.620,00
6.560,00
750,00
6.400,00
3.900,00
2.710,00
274.425,73
Receivables from subsidiaries

Jenbacher S.r.l.
GE Medical Systems Information Technologies S.r.l.
Fondazione Pignone
030023
041190
041012
042178
041015
035001
041025
83.525.313,88
2.233.614,03
1.635.356,03
1.167.898,02
790.000,21
384.889,77
290.025,12
15.494,40
2.904,00
90.045.495,44

038300
414.041,64
414.041,64
60

Liabilities
Reg.
code
038300
Amount
(56.402.527,96)
-56.402.527,96

GE Service Luxembourg S. r.l.
(117.444.990,00)
-117.444.990,00
Trade payables
GE Energy Services
038474
(4.316,74)
-4.316,74
Amounts payable to subsidiaries

030023
037003
(312.772.116,80)
(1.865.375,93)
(340.319,07)
(57.163,00)
-315.034.974,80
Other Payables
038300
(76.833.333,33)
(411.644,44)
-77.244.977,78

Income Statement
Production revenues
Algesco S.p.A.
Altair Filter Technology Ltd.
Ambassador Medical Llc
Amersham Biosciences Ab
Amersham Health As
B H A Group Inc.
Bently Nevada Llc
Bently Nevada S. r.l.
Bently Nevada Saudi Arabia Ltd.
Bha Group Gmbh
Bha Purfilter Sl
Branch Of Ge Vietnam Limited In Haiphong
Budapest Hitel- Es Fejlesztesi Bank Nyilvanosan Mu
Business News (Europe)
Datex-Ohmeda B.V.
Disko Leasing Gesellschaft Mit Beschrnkter Haftu
Domenia Credit Ifn S.A.
GE Capital Administrative Services, Inc.
GE Capital Global Consumer Finance Ltd.
GE Healthcare Holding Me Sa (Dubai Branch)
GE Aircraft Engines Holdings, Inc.
Reg.
code
Amount
030023
034009
038125
042254
042128
042181
038194
038030
038088
038064
038152
038115
038224
040033
042213
042187
040075
042336
042322
040073
042297
036765
042256
86.512.849,36
6.650,00
3.170,00
17.740,00
4.320,00
6.420,00
3.950,00
2.600,00
900,00
7.900,00
2.370,00
5.555,00
1.600,00
7.864,00
3.770,00
2.070,00
6.050,00
2.520,00
1.200,00
750,00
25.460,00
10.400,00
6.930,00
61

Income Statement
GE Asset Management Ltd.

GE Aviation Systems Ltd.
GE Betz B.V.
GE Betz Gmbh
GE Betz Italia S.r.l.
GE Betz South Africa (Pty) Ltd.
GE Betz S.r.l.
GE Business Services Gmbh
GE Capital Bank S.A.
GE Capital B.V.
GE Capital Corporation (Bittern Gp) Ltd.
GE Capital Corporation (Funding) Ltd.
GE Capital Equipement Finance
GE Capital Equipment Finance Holdings
GE Capital Europe Ltd.
GE Capital Finance B.V.
GE Capital Largo Plazo, S.L.
GE Capital Services
GE Capital Servizi Finanziari S.p.A.
GE Commercial Aviation Services Ltd.
GE Commercial Finance Fleet Services Ltd.
GE Commercial Finance Ltd.
GE Commercial Finance Real Estate
GE Commercial Financial Services Real Estate Prope
GE Corporate
GE Deutschland Holding Gmbh
GE Druck Holdings Ltd.
GE Energy & Environmental Research Corporation
GE Energy (Norway) As
GE Energy (Switzerland) Ag
GE Energy Optimization Controls
GE Energy Parts, Inc.
GE Energy Power Systems Espana S.A.
GE Energy Product France S.n.c.
GE Energy Services
GE Europe Nv
GE European Equipment Finance Ltd.
GE Factofrance
GE Fanuc Automation Solutions
GE Fanuc Automation Solutions Europe S.A.
GE Fanuc Automation Solutions Europe Sa Zweigniede
GE Fanuc Intelligent Platforms Europe S.A.
GE Financial Markets
GE Gas Turbines Llc
62
Reg.
code
Amount
042327
038217
042029
042078
042077
041001
042311
041002
042230
040051
040048
040063
040043
040057
040023
040223
040067
040035
040049
039021
039012
042117
040185
039004
039000
040207
040050
040100
040034
040081
042261
042003
042307
042220
042138
042330
038326
038118
038300
042079
038209
038440
038046
038199
038474
042084
042020
042116
041019
042013
042288
042282
040072
038555
2.650,00
9.040,00
5.400,00
2.770,00
1.654,56
600,00
3.550,00
3.882,50
300,00
19.530,00
13.190,00
1.100,00
10.335,00
1.100,00
21.000,00
1.165,00
800,00
13.387,10
2.520,00
1.466,00
966,00
2.250,00
5.656,00
3.115,00
2.770,00
16.620,00
4.550,00
750,00
4.320,00
2.770,00
16.590,00
18.950,00
600,00
9.260,00
8.200,00
750,00
1.500,00
1.500,00
11.570,00
1.950,00
750,00
1.600,00
2.050,00
7.850,00
37.520,00
10.280,00
22.390,00
2.650,00
600,00
2.150,00
800,00
735,00
3.670,00
2.200,00

Income Statement
Reg.
code
GE Global Research Zn Ge Deutschland Holding Gmbh
GE Healthcare Bio Sciences S.A.
GE Healthcare B.V.
GE Healthcare Clinical Systems
GE Healthcare Clinical Systems Sl
GE Healthcare Europe Gmbh
GE Healthcare Ltd.
GE Holdings Magyarorszag Vagyonkezelo Es Szolgalta
GE Hungary Co.Ltd.
GE Hungary Zrt
GE India Exports Private Limited
GE Industrial Belgium Bvba
GE Inspection & Repair Services Ltd.
GE Inspection Technologies Ahrensburg Gmbh & Co Kg
GE Inspection Technologies Gmbh
GE Inspection Technologies Scs
GE International Holdings Inc.
GE Ionics, Inc.
GE Leasing Italia S.p.A.
GE Lighting Hungary Co.
GE Lighting S.r.l.
GE Lisca Ag
GE Marmara Technology Center Muhendislik Hizmetler
GE Med Syst Ultras & Primary Care Diag
GE Medical Systems Deutschland Gmbh & Co Kg
GE Medical Systems Information Technologies Gmbh
GE Medical Systems Information Technologies Sw Gmb
GE Medical Systems Middle East
GE Medical Systems Polska Sp Z O O
GE Medical Systems S.A.
GE Money Bank
GE Money Bank Ab
GE Money Nordic Holding Ab
GE Money Servicing Ltd.
GE Nuclear Energy
GE Oil & Gas
GE Oil And Gas Inc.
GE Oil And Gas Operations, Llc
GE Pacific Pte Ltd.
GE Packaged Power, Inc.
GE Power Controls Italia S.r.l.
GE Power Systems University
GE Real Estate Italia S.r.l.
GE Real Estate Poland Sp Z O O
GE Real Estate Sweden Ab
042104
042157
042185
042249
042296
042326
042124
042177
041012
042227
038547
038066
038192
042325
038058
038220
042197
042223
040080
042217
042139
042006
038218
038089
039006
042773
041068
042171
038210
042339
042324
042781
042075
041025
042722
042052
042236
042234
040044
040042
040079
040055
038166
042229
038036
038001
042149
038229
041050
038334
040134
039008
040078
042093
Amount
2.380,00
7.310,00
3.770,00
7.110,00
900,00
13.835,00
6.240,00
20.565,00
15.235,00
750,00
3.385,00
18.105,00
1.600,00
6.400,00
2.650,00
6.560,00
15.640,00
6.400,00
1.470,00
21.091,00
24.200,00
3.000,00
300,00
46.240,00
2.770,00
16.900,00
900,00
7.140,00
3.600,00
2.770,00
6.400,00
6.740,00
2.200,00
17.530,00
4.300,00
1.100,00
600,00
70.600,00
44.930,00
8.690,00
735,00
13.852,00
(1.705,00)
15.005,00
4.510,00
300,00
2.810,37
300,00
1.200,00
2.650,00
7.560,00
300,00
300,00
670,00
63

Income Statement
GE Rus Llc
GE Security Emea Bvba
GE Sensing & Inspection S.r.l.
GE Sensing Emea
GE Shenyang Turbomachinery Technology Co. Ltd.
GE Smallworld (Uk) Ltd.
GE Transportation Systems
GE Transportation Systems Global Signaling Llc
GE Transportation Systems S.p.A
GE Water & Process Tech. Bvba
GE Water & Process Technologies Austria Gmbh
GE Water & Process Technologies Middle East Fze
GE Water And Process Technologies France
GE Wind Energy, S.L.
GEII - Aberdeen Service Centre
GEII -Gh Contractual Services
Gems Pet Systems Ab
GEN Nigeria Limited
General Electric Austria Gmbh
General Electric Capital Corp
General Electric Capital Corporation
General Electric Capital Fleet Services
General Electric Company Polska Sp.Zo.O.
General Electric Do Brasil Ltda
General Electric Equipment Services Sl
General Electric Healthcare Espana S.A.
General Electric International
General Electric International Inc. Filialas
General Electric International Inc. Sucursal En Esp
General Electric International Operations Co Inc.
General Electric International Operations Company,
General Electric International Operations Nigeria
General Electric International, Inc
General Electric International, Inc.
General Electric International, S.A.
General Electric Railcar Services Corporation (Del
General Electric Wind Energy Gmbh
Geref Investment Management
Gulf Turbine Services Llc, Mussafah
Imv Invertomatic Victron Uk Ltd.
International General Electric Ab
International Marketing Systems Ltd.
Ionics (Uk) Ltd.
Ionics Italba S.p.A.
Ionics Italba S.r.l.
Nbc Universal Global Networks Limited
Nutronik Gmbh
Picl Egypt Corporation Ltd - Egypt Branch
Pignone Engineering
Pignone Espanola Global Services S.A.
PII Mexico, Sa De Cv
64
Reg.
code
Amount
042274
042920
041010
038195
038047
038123
042100
042303
041190
042098
042335
038159
038178
038033
034007
042212
042054
042561
038120
040022
040037
042115
038059
042095
038109
042148
042455
042195
041003
038208
038156
042204
042244
034004
038083
038102
038023
038219
038048
042333
038013
038164
042338
042189
038174
042294
425575
037011
042183
030023
038221
038190
034622
034614
038215
2.520,00
10.570,00
600,00
1.600,00
1.280,00
14.965,00
2.095,00
15.755,00
7.180,00
750,00
300,00
8.300,00
5.377,40
37.890,00
1.280,00
750,00
2.520,00
2.200,00
11.486,00
25.096,00
42.785,00
8.170,00
145.901,18
7.850,00
1.280,00
4.400,00
21.250,00
18.245,00
37.970,00
1.100,00
19.020,00
1.950,00
2.050,00
7.000,00
2.187,49
45.450,00
4.230,00
11.680,00
40.490,00
13.800,00
600,00
19.675,00
2.570,00
1.100,00
1.900,00
600,00
500,00
2.200,00
(2.575,00)
13.970,00
6.560,00
1.100,00
750,00
10.900,00
1.280,00

Income Statement
PII North America, Inc.

PII Pipetronix Gmbh
PII Sudamerica S.A.
Pressure Control Systems Nigeria Ltd.
Renta Inmobiliairia S.A.
Sabic Innovative Plastics Espana Scpa
Satis - Radioisotopos E Proteccoes
Saudi American General Electric
Sci Fi Channel Europe
Sime S.r.l.
Tecnel S.r.l.
Thermodyn S.A.S.
Turbine Blading Ltd.
VetcoGray Angola
VetcoGray Inc.
VetcoGray Italia S.r.l.
VetcoGray Pte Ltd.
VetcoGray Scandinavia As
VetcoGray Uk Ltd.
Visiowave S. r.l.
Zenon Environmental Systems Inc.
Fondazione Pignone
Banque Artesia Nederland N.V.
Bureau Veritas Italia S.p.A.
GE Consumer Finance Europe
GE Global Research Center
GE Money Bank A.S.
General Electric Canada International Inc.
Granite Services International Inc.
Thermodyn S.A.S. - Rappresentanza Iva
Reg.
code
Amount
038065
038027
038112
038189
040021
042316
042304
038191
042262
731919
042334
760013
034037
038011
034017
034016
030000
038173
034015
038168
042264
038212
035001
042337
037003
197726
042108
042391
040118
038086
037005
030066
1.165,00
2.450,00
1.280,00
3.270,00
600,00
900,00
1.500,00
300,00
2.575,00
3.000,00
2.760,00
200,00
62.775,42
2.400,00
2.200,00
1.050,00
900,00
450,00
3.900,00
20.873,59
2.050,00
5.820,00
31.125,00
732,00
22.175,00
250,00
2.196,00
5.873,50
1.062,00
160,00
7.128,00
225,00
88.292.952,47
Costs for services

GE (China) Co Ltd.
GE Caledonian Ltd.
GE Corporate
GE Energy Services
GE Healthcare Clinical Systems Sl
GE Leadership Development Europe
General Electric International Inc Sucursal En Esp
Pignone Espanola Global Services
VetcoGray Pte Ltd.
VetcoGray Scandinavia As
041003
042366
042498
042003
038474
042296
042134
042480
038123
038033
036757
042143
038156
042204
038164
034614
038173
034015
030023
(36.000,00)
(1.060,30)
(508,81)
(228.627,86)
(56.806,99)
(429,62)
(246,76)
(632.181,20)
(555,75)
(2.091,91)
(6.953,04)
(469,28)
(3.572,71)
(2.379,72)
(327,54)
(1.716,73)
(244.941,70)
(900,00)
(408.187,16)
-1.627.957,08
65

Income Statement
Income from investments in subsidiaries

GE Energy Holding Snc.
Irma Service S.p.A.
Reg.
code
Amount
037003
1.204.921,00
107.999.972,00
15.057.335,20
1.627.947,70
10.383.665,60
320.895,00
042100
136.594.736,50
Income from other investments
Eni Acqua Campania S.p.A.
32.175,00
32.175,00
Other financial income from parent companies

GE Holding Luxembourg S. r.l.
17.729,44
17.729,44
Interest and financial expenses from subsidiaries

30023
-7.903.860,27
-7.903.860,27
Interest and financial expenses from parent companies

GE Energy Europe BV..
-2.823.623,13
-2.823.623,13
Interest and financial expenses from others

GE Service Luxemburg
Thermodyn S.A.S.
034037
-54.900,00
-444.990,00
-71.964,02
-571.854,02
66
GE Oil & Gas
Statutory Auditors Report

for the Financial Statements
(in compliance with Article 2429 ter of the Italian Civil Code)
Statutory Auditors Report for the Financial Statements at December 31, 2008
Dear Shareholders,
The financial statements at 31 December 2008, submitted here by the Board of Directors
for your approval, show a profit of Euro 182,078,881, as summarised below:
BALANCE SHEET
ASSETS
Euro
1,364,430,334
LIABILITIES
Shareholders' equity
- Share capital and reserves
153,309,194
- Retained earnings
439,704,732
- Net profit for the year
182,078,881
775,092,809

Payables and other liabilities
1,357,238
587,980,287
Accrued expenses and deferred income
0
1,364,430,334
INCOME STATEMENT
Difference between production revenues and cost
Financial income and expenses
Extraordinary income and expenses
Euro
83,553,974
125,349,186
-1,664,741
60,566
Income taxes for the year
(25,220,104)
Net profit for the year
182,078,881
Guarantees and memorandum accounts, shown at the foot of the balance sheet, amount
to 1,625,217,209 Euro.
The financial statements, comprising the balance sheet, income statement and notes, drawn
up in accordance with Articles 2423 et seq. of the Italian Civil Code, were prepared by your
Board of Directors on 8 June 2009 and made available to the Board of Statutory Auditors,
together with the supporting documentation, the extension of deadlines allowed under
Article 2429 of the Italian Civil Code having been waived.
The Board of Statutory Auditors has a supervisory role, since KPMG S.p.A. has been
appointed to perform the legally-required audit (Article 2409-bis of the Italian Civil Code).
The Report on Operations presented by the Board of Directors also describes the Companys
condition and performance as regards its financial position and results, investments,
relations with its ultimate parent entity, General Electric Company, and parent entity, General
Electric Energy Europe B.V., also for the purposes of Article 2497-sexies of the Italian Civil Code,
with its subsidiaries and associates, as well as significant post balance sheet events and the
foreseeable trend in the Companys operations.
During the course of the year we monitored compliance with legal requirements, the
memorandum of association and the principles of proper administration, applying as part
of our effort the guidelines contained in the Principles of conduct for Statutory Auditors
set by the Consigli Nazionali dei Dottori Commercialisti e dei Ragionieri (the Italian Accounting
Profession).
68
Statutory Auditors Report for the Financial Statements at December 31, 2008
Our activities are summarised below.

We attended the meetings of the Board of Directors and the Shareholders, which were held
in compliance with the articles of association and the legal and regulatory requirements that
govern such meetings. We also obtained information from the Board of Directors on the
general results of operations and likely future developments, as well as on the Company's
principal transactions, selected based on their nature and scale. In this regard, we can
provide reasonable assurance that the actions approved and transactions carried out were
in compliance with legal requirements and the articles of association, and were not clearly
imprudent, risky, subject to conflicts of interest or counter to shareholders' resolutions such
as to jeopardise the Companys assets.
We have received the report of the independent auditors, KPMG S.p.A., which does not contain
any significant information or data that should be highlighted in this report.
We do not have any particular observations regarding the organisation or the administrative
and accounting systems adopted by the Company. No complaints have been received
pursuant to Article 2408 of the Italian Civil Code.
Regarding the annual financial statements, in addition to the above, we confirm that we
monitored their preparation, their general compliance with the laws that govern their form
and layout, and their consistency with the facts and information that came to our attention
during the course of our activities.
We have also checked compliance with the regulations governing the preparation of the
report on operations, which includes extensive information regarding business risks.
To the best of our knowledge, the Board of Directors did not depart from the requirements
of Article 2423, fourth paragraph, of the Italian Civil Code when preparing the financial
statements.
In view of the above and considering that no significant matters or qualifications regarding
the annual financial statements emerged from the information received from the independent
auditors, KPMG S.p.A., we recommend that the shareholders approve the annual financial
statements for the period ended 31 December 2008 as presented by the Board of Directors.
We furthermore remind you that the mandates conferred upon the Board of Statutory
Auditors and the Board of Directors expire with the approval of the financial statements for
the period ended 31 December 2008. You are therefore invited to proceed with their renewal.
We thank you for the confidence placed in us.
THE BOARD OF STATUTORY AUDITORS

DR. COSIMO IMBRIOSCIA
DR. ANGELO CIAVARELLA
DR. ANTONIO ANGELO MANZONI
69
Independent Auditors Report
70
Resolutions from Shareholders meeting
The Nuovo Pignone Holding S.p.A. shareholders' meeting was chaired by the Chairman
Ing. Piero Salvadori and Dr. Stefania Castagni acted as secretary. Also present was
Avv. Alberto Dasmi, representing shareholders GE Energy Europe B.V. and GE International
Luxembourg S. r.l., as well as some minority shareholders.
The shareholders'meeting, which was held on 23 June 2009, approved the report on
operations prepared by the Board of Directors and the Financial Statements as at and for
the year ended 31 December 2008. It also resolved to carry forward the net profit for the
year, in the amount of 182.078.881 Euro.
71
GE Oil & Gas
Consolidated Annual Report

of the Nuovo Pignone Group
Consolidated Annual Report of the Nuovo Pignone Group as at and for the year ended December 31, 2008
Structure of the Group
Nuovo Pignone Holding

S.p.A.

100%

de Venezuela S.A.
100%
GE Capital
Funding Services S.r.l.
100%
Nuovo Pignone
99,99%
Fondazione Pignone
100%
Pignone Engineering
99,99%
Consorzio Tragaz
50%
Pignone Inc.
100%

Technologies S.r.l.
100%
Everest VIT Italia S.r.l.

100%
GE Medical Systems
Information Technologies
86,75%
GE Transportation
Systems S.p.A.
100%
100%

100%
GE Medical Systems
Italia S.p.A.
100%
Jenbacher S.r.l.
100%
GE Healthcare Clinical
Systems S.r.l.
100%
GE Industrial Financing
Ireland Ltd
100%
Acqua Campania S.p.A.

0,5%
Nuovo Pignone
0,01%
Company
direct
Societ controllate
controlled
dirette
Company
indirect
Societ controllate
controlled
indirette
74
Dear Shareholders,
We submit for your attention the consolidated financial statements of the Nuovo Pignone
Group as at and for the year ended 31 December 2008, together with the Report on
Operations.
2008 has been a positive year for the Nuovo Pignone Group: the Group is a leading supplier
of goods and services in the Oil & Gas industry, where satisfactory goals were achieved.
Likewise, generally positive results were posted by the healthcare sector, with a growth
over the previous period and indicating a tendentially positive trend also as regards the
coming years.
The Group has maintained its commitment to technological innovation, with a view to
creating added value for customers, via its products and the range of services offered; in
terms of innovation, it was able to benefit from the different technologies available within
the framework of the various General Electric businesses, which support the consolidation
and expansion of its already substantial wealth of knowledge and experience.
Set out below are the main operations which, during the year, modified the size and nature of
the Groups investments.
On 10 January 2008 Nuovo Pignone Holding S.p.A. sold its investment in Thermodyn S.A.S.
to GE Energy Holding S.A.S.; the sale price, amounting to 71.3 million Euro, was supported
by an appropriate appraisal report and generated a capital gain of 11 million Euro in the
consolidated financial statements.
March 2008 saw the completion of the GE Healthcare IVD Italia S.r.l. liquidation process;
the overall profit that emerged on liquidation, amounting to 1.3 million Euro, primarily
concerned the interest accrued on the capital invested.
On 29 August 2008, subsidiary Nuovo Pignone S.p.A. resolved a share capital increase (of
129 thousand Euro, with an overall share premium of 910 thousand Euro) reserved for the
contribution by IRMA Service S.p.A. of its business line concerned with engineering and
was carried out on 24 September 2008 based on the special appraisal drawn up by an
expert appointed by the Florence Court.
Again on 24 September 2008, Nuovo Pignone Holding S.p.A. transferred to IRMA Service S.p.A.
its entire shareholding (corresponding to a 40% equity interest) in IRMA Service S.p.A., with
purchase by the latter of treasury shares; the price paid, which amounted to 721 thousand
Euro, generated a capital gain for the Company of 321 thousand Euro. Lastly, on 27 November
2008, IRMA Service S.p.A. sold to Nuovo Pignone Holding S.p.A. the shares in Nuovo Pignone
S.p.A. assigned to IRMA at the time of contribution of the business line; the price paid for
the shares was 2.3 million Euro.
On 30 October 2008, GE Sensing & Inspection Technologies S.r.l. acquired the entire investment
in Everest VIT Italia S.r.l.. The incorporation of Everest VIT S.r.l. into GE Sensing & Inspection
Technologies S.r.l. was completed on 19 March 2009. The statutory and fiscal effects of the
merger were made to start from 1 January 2009.
On 4 December 2008, subsidiary Nuovo Pignone International S. r.l. sold its investment in
Nuovo Pignone International Scotland (corresponding to 99.81%) to GE Holding Luxembourg
S. r.l.. The sale price, amounting to 1,247 million Euro, determined a loss of 211 million
Euro for Nuovo Pignone International S. r.l.. On the same date, the subsidiary approved a
resolution for full restitution of the share premium reserve. Payment of the amount in
question, totalling 1,299 million Euro, was made in favour of GE Industrial Financing Ireland
Ltd. (GEIFI) (1,202 million Euro) and in favour of Nuovo Pignone Holding S.p.A. (97 million Euro).
75
Again on 4 December 2008, subsidiary GE Industrial Financing Ireland Ltd. approved a

resolution to repay to Nuovo Pignone Holding S.p.A. the capital contribution carried out
on 12 March 2007, for the amount of 1,199 million Euro.
On the same date, Nuovo Pignone Holding S.p.A. then proceeded to pay dividends totalling
1,523 million Euro in favour of GE Energy Europe B.V., as per resolution adopted at the
Shareholders' Meeting on 27 June 2008. Payment of dividends amounting to 77 million Euro
in favour of GE Holding Luxembourg S. r.l. is still pending, as shown in the Nuovo Pignone
Holding S.p.A. financial statements at 31 December 2008.
With regard to the financial instruments disclosure required by Article 2428, paragraph 2.6 bis
of the Italian Civil Code, reference is made to the account given in the sections Transactions
in foreign currency and Memorandum accounts of the Notes to the Financial Statements.
Economic situation and outlook

During 2008 the growth in the global economy slowed down to around 2.7% in real terms
compared to 3.5% in 2007. The forecast for 2009 confirms a period of depression, with the
world growth rate falling to below one percent.
The explosion of the sub-prime mortgage crisis in the United States heavily impacted the
financial industry, pushing the global economy towards one of the worst economic recessions.
The industrialised countries posted a growth of just over one percent (United States 1.2%,
Europe 1.1% and Japan 0.4%), compared to 2.5 percent in 2007.
The developing countries also recorded a slowdown: Latin America, the Middle East and
Africa showed a downturn compared to 2007, dropping to respectively around 4.6%, 6.1%
and 5.1%. This decline is primarily connected with the falloff in commodity prices and the
overall volume of exports and the reduction in direct foreign investments.
The same trend was seen in the former Soviet Union area which, compared to 2007, slowed
down by over one percent to approximately 7%.
The Asian economies were also affected by the world economic crisis; China and India
continued to post positive growth rates, at respectively 9.1% and 7.5%, but the forecasts
for 2009 suggest a slowdown in the development of these countries too.
The slowdown in world growth also determined a falloff in energy demand. More specifically,
in 2008, the demand for oil fell to 85.8 Mbbl/d (million barrels per day), down by 0.3%
compared to 2007 levels. The average oil trading price in 2008 was around 100 Dollars per
barrel, 40% more than the 2007 average of 72 Dollars per barrel; however, if considered more
closely, the price of crude rose sharply during the first six months of 2008, exceeding the
threshold of 100 Dollars per barrel in January and reaching the record figure of almost 150
Dollars per barrel in July; then the impact of the financial and economic crisis started to
have notable repercussions on the trend in the price of crude which, having constantly
fallen during the last six months of 2008, during the month of December dropped to below
the threshold of 40 dollars per barrel.
Given the weak and uncertain price of oil and lack of financial stability, throughout the
sector there was a general slowdown in the launch of new initiatives and the continuation
of ongoing projects; a continued weakness in the price of oil undoubtedly constitutes a risk
factor as regards the trend in the oil sector. On the other hand, we note that the current
price of oil continues to guarantee the profitability of investments with a low break-even
price; moreover, the demand as regards the developing countries helps to support
76
performance in the sector which, therefore, despite the economic situation, continues to
show positive signs.
Against the diminishing demand for oil, the demand for natural gas, having dropped only
slightly with respect to 2007 levels, continues to be sustained by energy requirements in
developing countries. Environmental regulations, which impose ever more stringent limits
on CO2 emissions, continue to push the consumption of natural gas as opposed to coal.
Despite the general tendency towards gas price convergence (due to increased
transportation in liquid form (LNG)), the price of natural gas continues to be affected by a
wide variability based on the region of origin, fluctuating between a minimum of 6.90
USD/MMBtu as regards the California coast in the United States to a maximum of around
14 USD/MMBtu in Japan.
Regarding the outlook and prospects for the non-Oil & Gas areas of operation, we mention
that the Group's companies are active, above all in Italy, in the following sectors:
I
production and marketing of medical systems and diagnostic imaging services and
related technical assistance and with marketing of radiopharmaceuticals and
contrast media (healthcare solutions);
manufacture and marketing of railway signalling products;
manufacture and marketing of natural gas and biogas electrogen groups for the
combined production of electricity and heat;
marketing of sensors, control instruments and chemical and industrial products

and materials for the implementation of Non destructive testing;
factoring services primarily offered to General Electric Group companies.
GDP in Italy dropped 1% during 2008. The economic crisis, which worsened progressively
during the latter part of the year, led to a decline in corporate investments, a falloff in exports
and stagnation as regards household consumption; the deficit-to-GDP ratio also deteriorated,
settling at around 2.7%.
The economic situation highlights more than ever the need to reduce public spending. The
Group's Companies, whilst they operate to a significant extent with the public administration,
nevertheless continue to show a good capacity for resistance in the markets: the
technological leadership of products and the quality of services offered remain decisive
factors as regards the performance of subsidiaries, particularly in the medical, railway and
energy sectors.

In recent years the Nuovo Pignone Group has diversified its portfolio, integrating the
traditional supply of goods and services pertaining to the Oil & Gas business with operations
in a wide variety of businesses.
Performance as regards the main sectors of activity is reported below.
77
Oil & Gas

The Group's operations in the Oil & Gas business are carried out above all through Nuovo
Pignone S.p.A.. The Company operates as main supplier in the Oil & Gas sector and comprises
an Equipment division which, in 2009, has taken the name of Turbomachinery division
(new extraction, transportation and refining machinery and plant) and a Global Services
division (installation and start-up of the machines and a wide variety of after-sales services).
The Equipment division operates in the following three segments:
I
Natural Gas & Processing, which includes the Refinery, Petrochemical and
Industrial Power Generation sectors;
Transportation, which includes the Liquified Natural Gas (LNG) and Pipeline
applications;
Turnkey facilities.
With reference to the Natural Gas & Processing segment, the global economic situation
led to a slowdown in activities, with a consequent slide in the timing of some projects; both
orders and revenues were affected by this trend, particularly as regards contracts scheduled
for completion during the same year in which they were awarded.
In the Transportation segment the falloff in orders recorded in 2007 for LNG projects translated
to a decrease in 2008 revenues, whereas the projects for the construction of pipelines were
only marginally affected by the world economic crisis, posting a slight falloff in revenues
during 2008; as far as orders are concerned, while the result posted by pipelines was in
line with the volumes recorded for 2007, LNG continued to show a slowdown with respect
to the extraordinary performances of previous years.
The Turnkey facilities segment also posted a downturn during the course of 2008 as
regards both revenues and orders, the latter tending to slide towards 2009.
Again in 2008, a year of positive results in terms of both orders and revenues, driven by
the divisions numerous initiatives undertaken with a view to expanding the portfolio of
services to customers in the Oil & Gas market, the Global Services division confirmed its
role as an essential growth platform for the Company.
The main growth driver was to be found in the long-term activities (technical assistance
and maintenance and machinery upgrade contracts); excellent performances were also
achieved by the more traditional sectors (sale of spare parts and servicing).
In 2008, the Oil & Gas business posted production revenues of 3,203 million Euro compared
to 3,045 million Euro as at 31 December 2007, with an increase in operating profit from
302 million Euro in 2007 to 328 million Euro in 2008 (net of amortisation of goodwill and
the effect deriving from deconsolidation of Thermodyn S.A.S.). The growth in operating
income was mainly ascribable to the rise in volumes and improvement in terms of
marginality.
Healthcare Solutions
As regards the Healthcare Solutions business, in 2008 the Group, operating through
GE Medical Systems Italia S.r.l., GE Healthcare S.r.l. and GE Healthcare Clinical Systems S.r.l.,
78
posted an overall 6% increase in sales with respect to the previous year (aggregate 2007
sales amounted to 403 million Euro compared with 428 million Euro in 2008), despite the
general slowdown in sector demand as a result of the cutback in public spending decided
by the Italian Government.
In particular, GE Medical Systems Italia S.p.A., which operates in the marketing of diagnostic
imaging systems and services and related technical assistance, in 2008 posted a growth in
sales of 8% with respect to the previous year, thereby consolidating its presence on the
reference market.
The rise in volumes was accompanied by a satisfactory increase in marginality, as well as a
9% upturn in aggregate operating margin compared to a year earlier.
During the course of 2009 an appraisal report was drawn up for the Companies operating
in the Healthcare business (as more particularly described in the section entitled "Outlook");
based on the findings of this appraisal the consolidation difference pertaining to
GE Healthcare Clinical Systems S.r.l. was written down by 14 million Euro: the estimates
concerning said Company's future performance, whilst positive, in fact proved less
optimistic than those made in previous years.
Railway signalling
During 2008 the Italian railway signalling market confirmed a downturn in the growth
rate with respect to previous years. The railway signalling sector in any case saw a
continuation of the Italian Railway Network's implementation of plans to modernise
the networks signalling systems and improve safety standards, as regards both the
main domestic traffic lines and the regional lines.
In particular, on major sections of the Italian railway infrastructure, installation continued
of the automatic train control systems (sistemi di controllo di marcia del treno), the train
driver support systems (sistemi di supporto alla condotta) and the land subsystems
(sottosistemi di terra), the latter developed entirely by GE Transportation Systems S.r.l.,
the company through which the Nuovo Pignone Group operates in the sector in question.
The Company is currently implementing major orders in connection with these projects.
Moreover, as part of an expansion strategy, which aims to enhance its presence in the
main international markets, considered to have greatest development potential for the
business sector, the Company is pursuing interesting negotiations for the distribution of
its products and the implementation of orders in important foreign markets.
The results achieved during the year should be considered positive bearing in mind the
current economic situation: 2008 production revenues, representing turnover, the change
in inventories and the increase in contract work in progress, totalled 92 million Euro,
compared to 90 million Euro in 2007, with a growth of 3% largely due to an arbitral
award in the course of 2008 involving the Albanian Government. The difference between
production revenues and cost amounted to 26 million Euro, up by 4% over 2007, as a
result of the Company's operational efficiency.
Investments in research and development at 31 December 2008 amounted to 3
million Euro.
The Company's orders portfolio at 31 December 2008 amounted to 40 million Euro
compared to 33 million Euro in 2007. During 2009 major negotiations are expected to
be concluded regarding the distribution of products in both the domestic and overseas
markets, with a tendency towards enhancing volumes at international level.
79
Biogas electrogen groups

The Group operates through Jenbacher S.r.l. in the business of manufacturing electrogen
groups and cogeneration systems for the production of electricity, using fossil fuels
(natural gas) as well as alternative and renewable fuels (biogas from biomass, waste, etc.).
The Company's specific sector of operation moves in an anti-cyclical direction so that,
notwithstanding the unfavourable economic situation at domestic and global level, 2008
was a year of growth; a good performance was recorded, particularly as regards the
hospital supplies and district heating segments; the agricultural business also proved to be
a driver for biogas applications.
Revenues were up from 44 million Euro in 2007 to 56 million Euro in 2008 (+27%), with an
operating profit of around 14%, basically in line with a year earlier, while the orders portfolio,
at approximately 39 million Euro, was down on the previous year.
With regard to the Company's prospective performance, generally difficult market conditions
are anticipated: however, the commitments undertaken by our Government at EU level
(20% increase in energy output using renewable energy sources and achievement of
Kyoto objectives) should favour investments in the sector, with positive repercussions on
the Company's potential results.
Factoring services
The Group is active in the financial sector through its subsidiary GE Capital Funding
Services S.r.l., which operates primarily by acquiring the trade receivables of General
Electric Group companies due from debtors outside the Group by way of factoring
agreements.

For an analysis of the Group's elements of risk and uncertainty reference is made to the
account already given in the annual report of the parent company Nuovo Pignone Holding
S.p.A..
Research and development

Research and development activities are carried out above all within the scope of the Oil &
Gas business, which in 2008 maintained its commitment to technological innovation, with
a view to creating added value for customers, through continuous enhancement of products
and by increasing the range of services offered.
Much of the research effort was dedicated to compressors (both alternative and centrifugal),
steam turbines and to upgrading the existing gas turbine fleet, by injecting new technologies,
so as to maintain the required level of technical competitiveness for our products and
services. Moreover, research was carried out within the ambit of electrically-driven
compressors with a view to developing a new application trend for the Oil & Gas market.
In particular, the Company's efforts were focused on the following areas:
80
Compressors: efficiency enhancement as regards centrifugal and alternative

compressors; treatment of acid gases, by raising safety levels, and testing materials
that are more resistent to same;
Turbines: use of alternate fuels and enhancement of gas turbine efficiency;

development of a new line of large-scale steam turbines;
Subsea: development and implementation of new subsea technologies (subsea

compressors, multiphase pumps and risers);
After market services: technological adjustment for the purpose of upgrading the
fleet installed at customer premises.
In terms of innovation, the Group was able to benefit from the various technologies available
within the framework of the different General Electric businesses, which supported the
consolidation and expansion of the already substantial wealth of experience.
Spending in research and development during 2008 totalled 39 million Euro and was
entirely charged to the year's income statement.

The investments made during the year were directed towards increasing the Group's
production efficiency and capacity.
The most important initiatives were concentrated on the Florence and Massa plants.
As regards the Florence plant, we report the upgrade of the rotor part production line and the
expansion of the test bed production capacity. Of the most important activities at the Massa
plant we mention the investment for the upgrade of the stator assembly line and the large
centrifugal compressors. At the Bari plant, the capacity of the large-scale pump test beds
was increased. Lastly, at the Talamona plant, two new machine tools were installed for the
production of turbine blades and compressor blades. The Group's other sectors of operation
also went ahead with activities for the renewal of plant and equipment, with particular
regard to the implementation of maintenance and repair works at customer premises.

In recent years, the Group has continued work on the key programme for the renewal and
expansion of IT platforms, with the introduction of the Oracle Application ERP (Enterprise
Resource Planning) package.
Insofar as concerns the Oil & Gas sector, Oracle Application was introduced firstly in the
Finance and Sourcing area and subsequently in the production cycle (MRP/BoM,
Manufacturing Resource Planning / Bill of Material Redesign).
Implementation of the Global Services portion involved the phases pertaining to the
management of staff located at customer premises (Field Service Engineers), with a view
to supporting the installation, monitoring and maintenance carried out on customers
machines (Enterprise Asset Management).
81
As regards optimisation of the Supply Chain, in 2008, the ERP system was introduced also
at the Massa, Vibo and Bari plants; at all plants, a logistics management system was added.
The Group pays constant attention to enhancing the security of IT systems, as well as to
their compliance with current legislation.
Quality - Lean Six Sigma

The quality programme, Lean Six Sigma, integrated in recent years with the principles of
Lean Management, confirmed its role as one of the Groups strategic initiatives. Lean Six
Sigma is an entrepreneurial strategy for continuous improvement that focuses on product
quality and business process speed.
This methodology, extensively applied in all corporate areas, continues to make a significant
contribution towards simplifying the processes, reducing their costs and improving their
efficiency, thereby confirming its role as fundamental element for the achievement of growth
objectives.

We report that, starting from 2004, Nuovo Pignone Holding S.p.A. has exercised its option
for consolidated taxation in its capacity as consolidator, pursuant to Articles 117 et seq. of
the Italian Consolidated Income Tax Act (T.U.I.R.). Adoption of the consolidated tax system
allows Nuovo Pignone Holding S.p.A. to offset the companys positive and negative taxable
income for IRES (corporate tax) purposes against those of the subsidiaries having exercised
the option, bearing in mind that the tax losses accrued during periods prior to introduction
of group taxation can be used only by the companies that have generated them. Apart from
the offsetting of positive and negative taxable incomes pertaining to individual companies
exercising the option in question, the national tax consolidation scheme produces other
positive effects, such as for example the removal of certain limitations on the deductibility of
financial charges and the possibility to carry out transfers and contributions of individual
assets within a regime of tax neutrality.
tax due by the latter as a result of their participation in consolidated taxation; companies
with negative taxable income transfer their losses to the parent company, without
82
compensation, since they are not entitled to any indemnity. In the event that a subsidiary
with Nuovo Pignone Holding S.p.A. The IRES tax related amounts shown in the balance
sheet correspond to the transactions between the parent company Nuovo Pignone
Holding S.p.A. and the consolidated companies.
for 2008: Nuovo Pignone Holding S.p.A. (consolidator), GE Transportation Systems S.p.A.,
GE Medical Systems Italia S.p.A., Bently Nevada Italia S.r.l., GE Capital Funding Services S.r.l.,
Jenbacher S.r.l., GE Sensing & Inspection Technologies S.r.l., GE Healthcare S.r.l. (formerly
Amersham Health S.r.l.), GE Medical Systems Information Technologies S.r.l., GE Healthcare
Clinical Systems S.r.l. (formerly Datex- Omheda).
Personnel
At 31 December 2008 the Group had a headcount of 5,343 employees, comprising 254
executives, 4,198 managers/white collars and 891 blue collar workers.

The Group closed 2008 with a net profit of 194 million Euro, compared with a net profit of
402 million Euro at 31 December 2007.
Net revenues, amounting to 3,722 million Euro, were down by 20 million Euro, while gross
operating profit (EBITDA), at 554 million Euro, showed an increase of 16 million Euro over
2007; said net revenues and EBITDA, if normalised for the effect of the sale of Thermodyn
S.A.S. which took place in January 2008, were up respectively by 166 and 26 million Euro
compared to the previous year: the current year's results are primarily ascribable to the
trend in the Oil & Gas and Healthcare businesses, both of which showed a growth in terms
of volumes and marginality.
The item financial income (expenses)", reflects a decrease of 71 million Euro due above all
to the sale and deconsolidation of Nuovo Pignone Scotland in the 2008 accounts.
Foreign currency operations, which were affected by the Group's policy to hedge exchange
rate risks by way of forward/option transactions, posted a gain of 25 million Euro; the
decrease of 17 million Euro with respect to 2007 is primarily due to the Euro/Dollar exchange
rate which, following the upward trend in 2007, showed a decline in 2008.
Expenses from investments include a consolidated capital loss of 104 million Euro arising
from the sale of Nuovo Pignone Scotland, the 14 million Euro write-down of goodwill
arising on consolidation pertaining to GE Healthcare Clinical System S.r.l. (as previously
mentioned in the section on the Healthcare business) and a capital gain of 11 million Euro
from the sale of Thermodyn S.A.S..
83
Reclassified income statement

2008
Thousands of Euro
Net revenues *
2007
%
Thousands of Euro
3,721,635
100.00
3,741,481
100.00
98,127
2.64
57,892
1.55
-2,863,513
-76.94
-2,853,764
-76.27
-402,126
-10.81
-407,244
-10.88
Gross operating profit (EBITDA)
554,123
14.89
538,365
14.39
Amortisation and depreciation **
-69,126
-1.86
-73,524
-1.97
Operating profit (EBIT)
484,997
13.03
464,841
12.42
Financial income (expenses)
-46,075
-1.24
25,319
0.68

Purchases, services and sundry costs
Personnel and related charges
Exchange rate gains (losses)
24,895
0.67
41,848
1.12
-106,937
-2.87
-2,914
-0.08
Profit from ordinary operations
356,880
9.59
529,094
14.14
Extraordinary income (expenses)
12,199
0.33
101,725
2.72
Income (expenses) from investments
Profit before taxes

Income taxes
Net profit for the year pertaining
to minority interests
369,079
9.92
630,819
16.86
-174,467
-4.69
-227,756
-6.09
194,612
5.23
403,063
10.77
-849
-0.02
-696
-0.02
193,763
5.21
402,367
10.75
* Net revenues typically include revenues from sales and services and changes in contract work in progress.
** Amortisation and depreciation include the portion pertaining to the year of plant-related lump-sum grants.
The Group shows a net capital requirement (net invested capital) of 921 million Euro,
of which 307 million Euro covered by own funds and the remainder using short
and long-term loans.
In 2008 the Group recorded a negative variance in net financial position, posting a
debit balance of 614 million Euro (compared to a credit balance of 709 million Euro
at 31 December 2007) as a result of the distribution of dividends carried out in
2008. The cash flow for the year, amounting to 293 million Euro, was generated
above all by the positive performance of ordinary operations, against which there
were investments made to support growth and technological renewal (67 million
Euro) and divestments (55 million Euro), primarily concerning the liquidation of
GE Healthcare IVD Italia S.r.l.. In this connection, it should be noted that the
statement of cash flows attached to these financial statements describes in detail
the sources and applications of cash flows for 2008.
84

31/12/2008
Thousands of Euro

Investments, securities and treasury shares
31/12/2007
%
Thousands of Euro
87,790
9.5
147,716
14.6
241,675
26.2
236,582
23.5
2,310
0.3
52,997
5.3
331,775
36.0
437,295
43.4
Current assets
3,671,048
398.5
3,293,873
326.6
Current liabilities
(2,677,950)
-290.7
(2,272,023)
-225.3
(332,992)
-36.1
(376,126)
-37.3
Net working capital
660,106
71.7
645,723
64.0
Employees' severance entitlement
(70,650)
-7.7
(74,605)
-7.4
NET INVESTED CAPITAL
921,231
100
1,008,413
100
Fixed assets
269,714
29.3
1,678,679
166.5
Capital and reserves minority interests
37,221
4.0
39,207
3.9
Medium/long-term financial debt (position)
875,631
95.1
(1,288,881)
-127.8
Short-term financial debt (position)
(261,336)
-28.4
579,408
57.5
Net financial debt/(Net financial position)
614,295
66.7
(709,473)
-70.4
Coverage
921,230
100.0
1,008,413
100.0
Transactions with parent companies and with General Electric

Group companies
The Group carries out, with its parent company General Electric Energy Europe B.V.
and with the companies of the General Electric Group, transactions of a financial
nature which are settled at rates in keeping with those of the market.
Since October 1999 the treasury operations pertaining to the Italian associates of
most of the General Electric Group manufacturing businesses have been centralised.
The purpose of this transaction, which provides for the bank accounts of the associates
to be concentrated in just two banks, is to optimise the management of financial
resources and reduce banking costs.
The Group's Companies engage in commercial transactions, which are covered by
appropriate agreements for the supply of services or granting the use of trademarks
and patents, subject to normal market terms and conditions (except as described in
the section concerning the national tax consolidation scheme).

The Parent Company does not hold treasury shares or shares of parent companies,
even through trustees or nominees.
During the year no treasury shares or shares of parent companies were purchased
or sold, even through trustees or nominees.
85
Outlook
Although the growth levels forecast for the economy and for energy demand in 2009 are
lower than those posted in recent years, they nevertheless suggest that the coming periods
will again see significant investments in the Oil & Gas sector.
The investment areas of greatest interest continue to be the Middle East, Africa, Latin
America, China and India. In particular, in Latin America and Africa (Brasil, Nigeria and
Angola) the expansion is expected to concern above all the mining sector, while the largest
investments in the petrochemicals and refining areas are expected to take place in Saudi
Arabia, China and India. Moreover, some major gas and oil pipeline projects are anticipated in
the zone of Russian influence.
To achieve the targeted growth objectives, the Company is pursuing numerous strategic
initiatives, including:
I
the carrying out of process and product standardisation programmes, with a view to
reducing contract lead times and general production costs, and improving products
and services offered to customers;
the commitment to technological innovation, with the intention of creating added

value for customers by offering them a wide range of products and services. The
Company benefits from the different technologies available within the ambit of the
various General Electric businesses, which have supported the consolidation and
expansion of the already considerable base of knowledge and experience;
the promotion of strategic alliances with local partners, designed to enable a greater
proximity to customers;
the development of the Lean Six Sigma quality methodology, with a view to
enhancing internal efficiency and all processes capable of developing added value
for customers.
Within the ambit of the Healthcare business, the first quarter of 2009 featured a strong
growth in sales of diagnostics equipment over the corresponding period a year earlier
(+34%). A positive trend is also confirmed as regards technical assistance revenues (+3%
compared to the same period of the previous year).
Insofar as concerns the other business areas, the prospective trend for 2009 is expected
to remain basically in line with current performance.

On 27 April 2009 the Company's Board of Directors approved a resolution to acquire the
remaining 13.25% stake in GE Medical Systems Information Technology S.r.l. (GEMSIT),
thereby enabling 100% consolidation of the medical segment results within the Nuovo
Pignone Group; the acquisition was completed on 22 May 2009 for the overall price of 43
million Euro.
86
In order to make better use of the Group's resources and with a view to increasing
the funds available to Nuovo Pignone S.p.A. to support the investments required for
the subsidiary's development, again on 27 April the Nuovo Pignone Holding S.p.A
and Nuovo Pignone S.p.A Boards of Directors resolved to transfer the entire
investment in GEMSIT from Nuovo Pignone Holding S.p.A. to Nuovo Pignone S.p.A..
The transfer took place via contribution to Nuovo Pignone S.p.A. of the GEMSIT
investment. The Nuovo Pignone S.p.A. capital increase, resolved by the Extraordinary
Shareholders' Meeting on 13 June 2009, amounted to 226 million Euro, inclusive of
share premium; the contribution was carried out at book values, supported by
appropriate appraisal report drawn up pursuant to and for the purposes of Article
2343-ter of the Italian Civil Code.
The Florence Regional Tax Commission has rejected the appeal brought by the
Revenues Agency against the Parent Company and subsidiary Nuovo Pignone S.p.A.
in May 2008, which referred to the notices of assessment pertaining to the 1998 and
1999 tax periods, issuing on 29 April 2009 an appellate judgment in the Companies'
favour.

The Chairman
Piero Salvadori
87
GE Oil & Gas
Consolidated Financial
Statements of
Nuovo Pignone Group
as at and for the year endede December 31, 2008
Consolidated Financial Statements of Nuovo Pignone Group as at and for the year ended December 31, 2008
CONSOLIDATED BALANCE SHEET

Assets
(thousands of Euro)
31.12.2008
A) Share capital proceeds to be received
B) Fixed assets
I - Intangible fixed assets
1) Start-up and capital costs
3) Industrial patents and
intellectual property rights
4) Concessions and licences
5) Goodwill
6) Assets under development
and payments on account
7) Other assets
8) Goodwill arising on consolidation
Total
II - Tangible fixed assets
1) Land and buildings
2) Plant and machinery
3) Industrial and commercial
equipment
4) Other assets
5) Assets under construction
(thousands of Euro)
31.12.2007
34
48
19.506
0
199
25.930
0
800
3.057
1.029
63.965
1.526
1.180
118.232
87.790
147.716
83.785
125.332
75.922
127.965
8.186
8.089
8.886
10.618
16.283
13.191
241.675
236.582
31.12.2008
31.12.2007
1.505.661
1.532.395
1.505.661
1.532.395
508
508
331.383
191
21.248
45.310
4-ter) Deferred tax assets
137.124
138.869
5) Other receivables
one year
than one year
451.289
501.118
514
1.730.671
Total
451.803
2.231.789
Total
2.447.219
3.949.062
50.000
50.000
13.295
0
29
17.280
0
54
13.324
17.334
4.993.365
6.055.996
181.866
124.373
5.507.006
6.567.664
II - Receivables:
1) Trade receivables
one year
than one year
2) Subsidiaries
one year
than one year
3) Associates
one year
than one year
4) Parent companies
one year
4-bis) Tax receivables
Total
III - Financial fixed assets
1) Investments in:
a) subsidiaries
b) associates
d) other companies
Total
2) Amounts receivable:
d) oher amounts receivable
3) Other securities
Total
Total fixed assets (B)

C) Assets forming part of working capital
I - Inventories:
and supplies
2) Work in progress and
semi-finished products
3) Contract work in progress
4) Finished goods
5) Payments on account
Total
2.283
0
27
2.285
685
27
2.310
2.997
0
0
0
0
2.310
2.997
331.775
387.295
73.816
103.815
140.337
2.175.204
22.199
121.266
2.532.822
153.365
1.605.515
21.378
155.527
2.039.600
III - Financial assets not of a fixed nature:

1) Investments in:
a) subsidiaries
Total
IV - Liquid funds:
1) Bank and postal accounts
2) Cheques in hand
3) Cash-in-hand and cash equivalents
Total
Total assets forming part of
working capital (C)
D) Prepayments and accrued income
TOTAL ASSETS
90

Liabilities
(thousands of Euro)
31.12.2008
31.12.2007
74.880
41.633
74.880
41.633
16.476
14.977
16.476
14.977
(thousands of Euro)

than one year
A) Shareholders' equity
I - Share capital
III - Revaluation reserves:
law 413 of 30.12.91
IV - Legal reserve
V - Reserve for purchase of treasury shares
VI - Statutory reserves
Provision for lump-sum grants
pursuant to Art. 55 Presidential
Decree 917/86
Reserve for lump-sum grants
pursuant to Art. 55
Presidential Decree 917/86
Negative goodwill
Consolidation reserve
Total
(losses carried forward)
IX - Net Profit for the year
Total Group Shareholders' Equity
Net Profit pertaining to
minority interests
Shareholders' equity pertaining
to minority interests
10) Amounts payable to associates

- amounts due within one year
383
383
3.356
1.606
127.077
132.422
3.356
1.606
129.806
135.151
(204.439)
193.763
993.195
402.367
269.714
1.678.679
849
696
36.372
38.511
Total Shareholders' equity minority interests
37.221
39.207
Total Shareholders' equity Group and minority interests
306.935
1.717.886
2.934
1.899
B) Provisions for risks and charges

1) Provisions for pensions and similar
obligations
2) Tax provision including deferred
tax liabilities
3) Other provisions
Total
C) Employees' severance entitlement
D) Payables
3) Due to shareholders for loans
4) Due to banks
than one year
5) Sums due to other financial institutions
than one year
6) Payments on account
7) Trade payables
8) Amounts payable to subsidiaries

than one year
11) Amounts payable to parent companies

- iamounts due after more
than one year
12) Tax payables
than one year
13) Social security charges payable
than one year
14) Other payables
than one year
Total
E) Accrued expenses and deferred income
TOTAL LIABILITIES
6.977
323.081
332.992
12.662
361.565
376.126
70.650
74.605
56.403
53.579
3.340
3.957
9.411
12.751
12.491
16.448
481.411
1.163.925
759.398
1.240.809
2.337.853
281.189
1.445.114
1.910.453
760.422
738.892
31.12.2008
31.12.2007
0
760.422
0
738.892
0
0
0
0
19.742
0
0
0
19.742
146.003
93.612
1.246
147.249
2.784
96.396
25.432
27.968
64
25.496
92
28.060
103.614
75.223
77.392
181.006
119
75.342
4.761.989
4.384.026
34.440
15.021
5.507.006
6.567.664
0
1.231.348
1.231.348
0
1.383.511
1.383.511
141.744
141.744
225.058
225.058
5.367.779
622
5.384.764
439
883.938
227.324
217.938
7.921
6.705.522
1.108.090
289.043
254.414
9.517
7.046.267
GUARANTEES AND OTHER

MEMORANDUM ACCOUNTS
Guarantees given by the Group
- Collateral guarantees
- Personal guarantees
Total guarantees
Guarantees received by the Group
- Collateral guarantees
- Personal guarantees
Total guarantees
Other memorandum accounts
- Commitments:
- for sale of goods and services
- other commitments
- Currency risk hedging contracts:
- on sale of foreign currency
- on purchase of foreign currency
- Third party assets
- Group assets held by third parties
Total other memorandum accounts
91
CONSOLIDATED INCOME STATEMENT

(thousands of Euro)
2008
A) Production revenues
1) Turnover - goods and services
2) Variation in work in progress,
semi-finished products and
finished goods
3) Changes in contract
work in progress
4) Increases in internal work capitalised
under fixed assets
5) Other revenues and income
- grants for operating expenses
- other
Total
B) Production cost
and supplies
7) Services
8) Use of third party assets
9) Personnel expenses
a) salaries and wages
b) oneri sociali
c) employees' severance entitlement
e) other costs
10) Amortisation, depreciation
and write-downs
a) amortisation of intangible
fixed assets
b) depreciation of tangible
fixed assets
d) write-down of receivables
included under assets forming
part of working capital
11) Changes in inventories of raw
materials, consumables and supplies
12) Provisions for risks
13) Other provisions
14) Other operating costs
Total
Difference between production
revenues and cost (A - B)
C) Financial income and expenses
15) Income from investments:
- subsidiaries
- other companies
16) Other financial income:
a) from receivables included
under fixed assets
- parent companies
- subsidiaries
- others
92
2007
3.117.039
3.053.062
-8.588
-6.352
604.596
688.419
3.068
2.570
436
97.691
515
57.377
98.127
57.892
3.814.242
3.795.591
-1.648.672
-864.877
-90.608
-1.735.972
-781.598
-106.256
-296.584
-79.255
-17.850
-8.437
-402.126
-295.303
-87.082
-17.388
-7.471
-407.244
-30.808
-35.668
-38.318
-37.856
-28.653
-97.779
-7.353
-80.877
-30.639
-616
-18.987
-116.964
-58.593
-35.614
-151.175
-31.398
-3.329.245
-3.330.750
484.997
0
32
32
(thousands of Euro)
464.841
0
0
0
2008
d) other financial income
- parent companies
- subsidiaries
- others
17) Interest and other financial expenses
- parent companies
- subsidiaries
- others
17-bis) Exchange rate gains and losses

Total (15 + 16 - 17)
D) Adjustments to financial asset values
18) Revaluations:
a) of investments
b) of financial fixed assets
other than investments
19) Write-downs:
a) of investments
b) of financial fixed assets
other than investments
c) of securities other than investments
included under assets forming
part of working capital
d) other
Total adjustments (18 - 19)

E) Extraordinary income and expenses
20) Income:
- profit on sale of assets
- other income
21) Expenses:
- loss on sale of assets
- taxes relating to prior years
- other expenses
Total extraordinary items (20 -21)

Profit (loss) before taxes
(A - B +/- C +/- D +/- E)
22) Taxation on profit for the year
Minority Interests
Group net profit for the year
2007
3.547
0
70.632
74.179
221
0
116.324
116.545
-2.824
-104.113
-105.614
-212.551
-2.482
-1.534
-87.212
-91.228
24.895
41.848
-113.443
67.167
272
0
0
0
272
0
-14.674
-14.674
0
-3.186
-3.186
-14.674
-2.914
116
10.077
10.193
71
113.699
113.770
-52
5.653
-3.595
2.006
-17
-1
-12.027
-12.045
12.199
101.725
369.079
630.819
-174.467
-227.756
194.612
-849
193.763
403.063
-696
402.367
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Basis of presentation
The consolidated financial statements, drawn up based on the provisions of Legislative Decree no.
127/91, which implemented in Italy the European Unions VII directive, comprise the consolidated
balance sheet (prepared in accordance with the layout set forth by Articles 2424 and 2424 bis of
the Italian Civil Code), the consolidated income statement (drawn up in accordance with the
layout as per Articles 2425 and 2425 bis of the Italian Civil Code) and these notes.
The financial statement schedules have been supplemented, for completeness of information, by
the statement of cash flows, which analyses the cash flows generated during the year, and by the
reclassified balance sheet and income statement included, in condensed form, in the Financial
Position and Results section of the Report on Operations.
Considering the magnitude of the amounts, the consolidated Balance Sheet and consolidated Income
Statement have been drawn up in thousands of Euro; likewise the explanatory information contained
in the notes and the data set out in the statement of cash flows are expressed in thousands of Euro.
The consolidated financial statements at 31 December 2008 include the financial statements of
the Parent Company, Nuovo Pignone Holding S.p.A., and of the companies directly or indirectly
controlled by same at such date, as included in the scope of consolidation.
The consolidated financial statements have been drawn up based on the financial statements
approved by each companys Management Body, as well as, where appropriate, also by the
Shareholders of the individual companies included in the scope of consolidation; these financial
statements have been reclassified in order to bring them into line with the layouts set forth by
Articles 2424 and 2425 of the Italian Civil Code and adjusted where necessary to bring the
accounting policies into line with those of the Group. The accounting policies used by the Group
are those contemplated by Article 2426 of the Italian Civil Code, interpreted and supplemented
by the accounting principles of the Italian Accounting Profession (Consiglio Nazionale dei Dottori
Commercialisti), as modified by the Italian Accounting Standard Setter (OIC - Organismo Italiano
di Contabilit) in connection with the company law reform.
These consolidation financial statements have been audited by the firm KPMG S.p.A..
Scope of consolidation
The scope of consolidation includes the financial statements of the Parent Company and of the Italian
and foreign companies over which the Parent Company directly or indirectly exercises control
pursuant to Article 26 of Legislative Decree 127/91, with the exception of some subsidiaries
considered immaterial which have been measured using the equity method.
The Groups organisation as at 31 December 2008 comprises the following:
I
Direct control by Nuovo Pignone Holding S.p.A. over the companies: Nuovo Pignone S.p.A.,
GE Trasportation Systems S.p.A., Bently Nevada Italia S.r.l., Corporacion Nuovo Pignone de
Venezuela S.A., Jenbacher S.r.l., GE Industrial Financing Ireland Ltd., GE Sensing & Inspection
Technologies S.r.l., all wholly-owned; Nuovo Pignone International S. r.l., 99.99% owned and
GE Medical Systems Information Technologies S.r.l., 86.75% owned;
Indirect control by Nuovo Pignone Holding S.p.A. over the companies: GE Capital Funding
Services S.r.l.., Fondazione Pignone (100% owned through Nuovo Pignone S.p.A.), Nuovo
Pignone International S. r.l. (0.01% owned through GE Industrial Financing Ireland),
93
Pignone Engineering (99.99%, owned through Nuovo Pignone International S. r.l.),

Pignone Inc. (100% owned through Nuovo Pignone International S. r.l.);
GE Medical Systems Italia S.p.A., GE Healthcare Clinical Systems S.r.l. (formerly Datex
Ohmeda S.r.l.), GE Healthcare (formerly Amersham Health S.r.l.) 100% owned by
GE Medical Systems Information Technologies S.r.l., and Consorzio Tragaz (50% owned).
On 10 January 2008 the Parent Company sold its investment in Thermodyn S.A.S. to
GE Energy Holding S.A.S. for the price of 71,300 thousand Euro as defined by way of
appropriate appraisal report, achieving a capital gain of 11,814 thousand Euro, which
was recorded under the Income Statement item C.16 Other financial income.
On 29 August 2008, the subsidiary Nuovo Pignone S.p.A. resolved a share capital increase
(of 129 thousand Euro, with an overall share premium of 910 thousand Euro) reserved for
the contribution by IRMA Service S.p.A. of its business line concerned with engineering and
was carried out on 24 September 2008 based on the special appraisal drawn up by an
expert appointed by the Florence Court.
Again on 24 September 2008, Nuovo Pignone Holding S.p.A. sold to IRMA Service S.p.A. its
entire shareholding in IRMA Service S.p.A., with purchase by the latter of treasury shares;
the price paid, amounting to 721 thousand Euro, generated a capital gain of 36 thousand
Euro, which was recorded under the Income Statement item C.16 Other financial income.
On 27 November 2008, IRMA Service S.p.A. sold to Nuovo Pignone Holding S.p.A. the shares
in Nuovo Pignone S.p.A. assigned to IRMA at the time of contribution of the business line;
the price paid for the shares was 2,324 thousand Euro.
On 4 December 2008 the subsidiary Nuovo Pignone International Scotland approved the
distribution of a dividend of 160,508 thousand Euro to its parent company Nuovo Pignone
International S. r.l..
At the same time, Nuovo Pignone International S. r.l. sold its investment in Nuovo Pignone
International Scotland (corresponding to 99.81%) to GE Holding Luxembourg S. r.l.. The sale
price (1,246,533 thousand Euro), which was less than the investment's carrying value (1,457,375
thousand Euro), determined a loss of 104,113 thousand Euro - net of the consolidation
reserve existing at the time of sale - which was recorded under the Income Statement item
Financial expenses - subsidiaries.
On the same date, Nuovo Pignone International S. r.l. approved a resolution for full restitution
of the share premium reserve. The amount in question, totalling 1,298,547 thousand Euro,
was paid as indicated below:
I
1,201,613 thousand Euro in favour of GE Industrial Financing Ireland Ltd. (GEIFI), in

restitution of the share premium that originated following subscription of the share
capital increase approved on 12 March 2007;
96,933 thousand Euro in favour of Nuovo Pignone Holding S.p.A., in restitution of the
share premium that originated in 1996 at the time of translation from Dollars to Lire
of the share capital pertaining to the company incorporated under Luxembourg law
and the increase in share capital fully subscribed by Nuovo Pignone Holding S.p.A..
Again on 4 December 2008, subsidiary GEIFI, having drawn up an interim accounting

statement, approved a resolution to repay to Nuovo Pignone Holding S.p.A. the capital
contribution carried out on 12 March 2007, for the amount of 1,199,985 thousand Euro.
94
Management and Coordination

Articles 2497 - 2497 sexies of the Italian Civil Code require Parent Companies to indicate in their
documents, correspondence, and through registration with a special section of the Companies
Register, if their activities are subject to management and coordination by other parties.
Article 2497 sexies establishes, on a presumptive basis and unless proved otherwise, that the
management and coordination activity is exercised by the entity required to consolidate the
company or which in any case controls it pursuant to Article 2359 of the Italian Civil Code.
After careful thought and analysis and taking account of the relevant theoretical developments,
in view of the ongoing relations with the ultimate parent General Electric Company, it is currently
considered appropriate to indicate the latter as being the party exercising management and
coordination activity.
We particularly point out that the management and coordination activity exercised by General
Electric Company consists in the indication of strategic and operational guidelines for the Group,
the definition of the internal control and governance models and corporate structures, the
issuance of a Code of Ethics to be adopted at Group level (The Spirit & The Letter) and the
elaboration of general policies for the management of human and financial resources. General
Electric Company's 2008 financial statements are set out in the notes to the financial statements
of the Parent Company at 31 December 2008.
Companies excluded from the scope of consolidation

In view of its ongoing liquidation proceedings, which were completed in 2009, GE Healthcare IVD S.r.l.
was excluded from the scope of consolidation. Other subsidiaries, deemed immaterial, are measured
using the equity method, as indicated below.
Companies consolidated using the line-by-line method
Company
Direct subsidiaries
GE Medical Systems Information Technologies S.r.l.
Jenbacher S.r.l.
Corporacion Nuovo Pignone de Venezuela S.A.
Indirect subsidiaries
Pignone Engineering Ltd.
GE Healthcare S.r.l. (ex Amersham Health S.r.l.)
(ex Datex Ohmeda S.r.l.)
Everest Vit Italia S.r.l.
Fondazione Pignone
Consorzio TRAGAZ
Registered
office
Currency
Share/quota
capital
%
of ownership
Florence
Luxembourg
Florence
Milan
Bolzano
Caracas
Milan
Dublin
Milan
Euro
Euro
Euro
Euro
Euro
Bs
Euro
Usd
Euro
98,599,780
95,082,175
1,560,000
1,736,137
258,000
5,384,432
80,000
100
10,000
100.00
100.00
100.00
86.75
100.00
100.00
100.00
100.00
100.00
London
Milan
Milan
Gbp
Euro
Euro
70,001
35,120,000
5,164,568
100.00
100.00
86.75
Milan
Milan
Milan
Florence
Milan
Euro
Euro
Euro
Euro
Euro
5,200,000
5,000,000
15,000
100,000
51,646
86.75
86.75
100.00
100.00
50.00
95
Companies consolidated using the equity method

Company
Registered office
Currency
Share/quota
capital
%
of ownership
Indirect subsidiaries
Pignone Inc.
New York
Usd
2,000
100.00
Subsidiary GE Capital Funding Services S.r.l. is consolidated using the line-by-line method,
even though it operates in the financial rather than the industrial sector, since it carries out
its activity exclusively vis--vis companies of the General Electric Group, and the Nuovo
Pignone Group in particular.
Consolidation principles
The principles applied in drawing up these financial statements, which have not changed
with respect to those used for the previous year, were as follows:
96
the book value of investments consolidated based on the line-by-line method is

eliminated against the shareholders equity of the investee companies. The difference
between the cost of acquiring the investments and the relative portion of shareholders
equity at the time of acquisition is charged to the specific asset and liability items
based on the evaluation at replacement cost carried out at the time of purchase.
The residual negative differences, if any, are recorded under shareholders equity
as a Consolidation reserve; positive differences, if any, that are not attributable to
specific asset and liability items of the balance sheet, are recorded under assets as
Goodwill arising on consolidation or, where there is no future usefulness, are
deducted against the Consolidation reserve up to the full amount of same;
the assets, liabilities, costs, charges, revenues and income of the companies included
within the scope of consolidation using the line-by-line method, with the exception
of the foregoing as regards recent acquisitions, are reported in the consolidated
financial statements (costs and revenues in proportion to the period of ownership
of the investment), regardless of the percentage held by the parent company;
the dividends, revaluations and write-downs of investments in companies included

within the scope of consolidation as well as the capital gains and losses arising
from disposals of such investments at infragroup level are eliminated;
when calculating Group shareholders equity and profit or loss for the year, the
minority interests, if any, are shown in appropriate items of the balance sheet and
income statement;
receivables and payables as well as costs, charges, revenues and income between
the companies included within the scope of consolidation are eliminated, as are the
guarantees, commitments and risks relating to the companies in question;
the profits and losses arising from transactions carried out between the companies
included within the scope of consolidation and not yet realised as at the balance
sheet date are eliminated. Elimination does not take place where the amount of
such profits and losses is not significant.
Criteria for the translation of financial statements drawn up in currencies

other than Euro
The translation to Euro of the various currencies in which the financial statements of foreign
companies are expressed is carried out at the prevailing year-end exchange rates for
balance sheet items and at the average exchange rate for the year as regards income
statement items.
Exchange rate differences arising from the use of different exchange rates for the balance
sheet and income statement and the differences arising from translation of the initial
shareholders equity at an exchange rate other than the one used in the previous year are
charged to the item Consolidation reserve.
The following exchange rates were used for the translation to Euro of financial statements:
Currency
Exchange rate
at 31.12.2008
Average exchange
rate for 2008
Exchange rate
at 31.12.2007
Average exchange
rate for 2007
US Dollar
1.4708
1.3918
1.4721
1.3705
British Pound
0.7963
0.9524
0.7334
0.6848
Venezuelan Bolivar
2.9886
3.1585
3,161.04
2,942.83
On 6 March 2007 the Republic of Venezuela, by way of Currency Redenomination Decree

Law no. 38,638, established that starting from 1 January 2008 the unit of account for the
monetary system of the Republic of Venezuela was to be expressed as the equivalent of
1,000 current Bolivars; the Bolivars resulting from such translation, represented by the symbol
Bsf, will be divisible in 100 cents. Accordingly, any amount expressed in Bolivars as at 1
January 2008 has been translated to the new currency unit by dividing by 1,000 and
rounding to the nearest cent.

Starting from 2004, the Parent Company has exercised its option for the national tax
consolidation scheme in its capacity as parent, pursuant to Articles 117 et seq. of the
Italian Consolidated Income Tax Act (T.U.I.R.). Adoption of the consolidated tax system
allows Nuovo Pignone Holding S.p.A. to offset the companys positive and negative taxable
income for IRES (corporate tax) purposes against those of the subsidiaries having exercised
the option, bearing in mind that the tax losses accrued during periods prior to introduction
of group taxation can be used only by the companies that have generated them. Apart
from the offsetting of positive and negative taxable income pertaining to individual
companies exercising the option in question, the national tax consolidation scheme produces
other positive effects, such as for example the removal of certain limitations on the deductibility
97
of financial charges and the possibility to carry out transfers and contributions of individual
assets within a regime of tax neutrality.
tax due by the latter as a result of their participation in the national tax consolidation scheme;
companies with negative taxable income transfer their losses to the parent company, without
compensation, since they are not entitled to any indemnity. In the event that a subsidiary
with Nuovo Pignone Holding S.p.A.. The IRES tax related balances correspond to the
transactions between the parent company Nuovo Pignone Holding S.p.A. and the
consolidated companies.
for 2008: Nuovo Pignone Holding S.p.A. (parent), GE Transportation Systems S.p.A.,
Jenbacher S.r.l, GE Inspection Technologies S.r.l., GE Healthcare S.r.l. (formerly Amersham
Health S.r.l.), GE Medical Systems Information Technologies S.r.l., GE Healthcare Clinical
Systems S.r.l. (formerly Datex- Omheda), GE Sensing & Inspection Technologies S.r.l..
Accounting policies
The accounting policies to which reference has been made in drawing up the consolidated
financial statements are those laid down by current statutory provisions, taking into
consideration the new company law regulations introduced by Legislative Decree no. 6 of
17 January 2003 and subsequent amendments or supplements thereto. Such accounting
policies have been interpreted and supplemented by the accounting principles of the Italian
Accounting Profession (Consiglio Nazionale dei Dottori Commercialisti e dei Ragionieri), as
modified by the Italian Accounting Standard Setter (OIC - Organismo Italiano di Contabilit)
and, in the absence thereof, by those of the International Accounting Standards Board (IASB).
These policies have been agreed with the Board of Statutory Auditors wherever required
by law.
With a view to applying standardised accounting policies, where effects are significant,
the financial statements of foreign companies governed by rules other than those set
forth by the Italian Civil Code have been appropriately adjusted.
For the purpose of these consolidated accounts, the financial statements of GE Capital
Funding Services S.r.l. have been reclassified in accordance with Articles 2423-bis et seq. of
the Italian Civil Code.

Intangible fixed assets are recorded at acquisition or production cost, including directly
attributable ancillary charges. Amortisation, charged directly against the specific items, is
98
systematically calculated on a straight-line basis according to the residual useful life of the
fixed assets and more specifically:
Five years
Industrial patents
Twenty years
Intellectual property rights
Five years
Concessions and licences
Five years
Goodwill
Ten years
Leasehold improvements
Remaining term of lease or useful life,

whichever is shorter
Goodwill arising on consolidation
Ten years
Goodwill arising on consolidation is amortised according to the periods considered to

represent useful life based on the market observations and expectations as regards
business duration and development, which have led to the recognition of such higher value
at the time of acquiring individual investee companies.
Where the recoverable amount, at the balance sheet date, is permanently lower than the
net book value of the fixed assets based on the abovementioned criteria, their value is
reduced and the adjustment charged to the income statement as a write-down. In the year
during which the reasons for the write-downs carried out cease to apply, the value of the
intangible fixed assets is reinstated and the adjustment is taken to the income statement
as a revaluation.

Tangible fixed assets including grants received from third parties are recorded at acquisition
or production cost, adjusted, in the case of Italian companies, to reflect revaluations carried
out pursuant to law, and comprise related ancillary costs directly attributable to same.
Depreciation, charged directly against cost, is calculated on a straight-line basis over the
estimated useful life. The depreciation rates used are as indicated in the comment on the
item Tangible fixed assets.
Ordinary maintenance and repair expenses are charged to the income statement, whereas
maintenance expenses of an incremental nature are charged to balance sheet assets and
depreciated in relation to the residual useful life of the assets to which they refer.
Equipment having a per unit cost of up to 516.46 Euro is not capitalised bearing in mind
that its useful life will not normally last beyond one year and in view of its scarce
significance in relation to the groups assets.
Assets under construction are stated at cost and depreciated as from the year during
which they become available and ready for use.
In the case of tangible fixed assets where the recoverable amount, at balance sheet date,
is permanently lower than their net book value based on the abovementioned criteria, the
value is reduced to the extent of such recoverable amount and the adjustment charged to
the income statement as a write-down. In the year during which the reasons for the writedowns carried out cease to apply, the value of the tangible fixed assets is reinstated and
the adjustment is taken to the income statement as a revaluation.
The Group has not acquired any significant tangible assets under finance leases.
99

Investments in companies not consolidated on a line-by-line basis are measured as follows:
I
subsidiaries that are considered immaterial have been measured using the equity
method. The risk, if any, deriving from losses in excess of shareholders equity (capital
deficit) is recorded under the liability item Provisions for risks and charges other
provisions;
associates and other companies have been measured at acquisition cost, including
directly attributable ancillary charges, adjusted to reflect impairment losses determined
by way of reference to shareholders equity as shown in the latest available financial
statements or balance sheet.
Other securities are stated at cost, adjusted where necessary in case of impairment.
In the year when the reasons for write-downs carried out cease to apply, the financial fixed
assets are revalued and the adjustment is taken to the income statement as a revaluation.
Investments held for trading or destined for sale are shown in the balance sheet as part of
working capital.
Inventories
Inventories are measured in accordance with the following criteria:
I
raw materials, consumables, supplies and finished goods are recorded at the lower of
purchase or production cost, determined on a weighted average cost basis, or their
estimated realisable value, determined by market conditions. In case of obsolete or
slow-moving materials, if significant, these are written down in consideration of their
likely usage or their estimated realisable value. In the year during which the reasons for
write-downs cease to apply, inventories are revalued and the adjustment is taken to the
income statement as a revaluation;
materials in transit or held by third parties are recorded at their actual purchase cost;
work in progress and semi-finished products are recorded based on accumulated

production costs.
Long-term (beyond twelve months) contract work in progress is valued based on the costs
accrued with reasonable certainty in accordance with the percentage-of-completion method.
On the basis of such criterion, the costs, revenues and contractual margin are recognised
according to the status of production activity, determined in reference to the ratio between the
costs incurred at the date of evaluation and the total estimated cost of the contract (cost-tocost ratio). Contract work in progress is valued on the basis of a best estimate of costs, revenues
and contractual margin, carried out as at the reporting date.
If completion of a contract is expected to give rise to a potential loss at contractual margin
level, this loss is fully recognised during the year in which it is reasonably foreseeable. Such
loss, up to an amount corresponding to the contract's status, is reflected in the evaluation of
work in progress and, for the remaining portion, by way of appropriate entry to the item
100
Provisions for risks and charges under Balance Sheet liabilities. Contract work in progress
is stated net of revenues settled on a definitive basis.
Receivables and payables

Receivables are stated net of the bad debt provision in order to report their estimated
realisable value.
Payables are shown in the financial statements at their nominal value.

Securities other than long-term are valued at the lower of cost and realisable value based
on the trend in the market.
Foreign currency receivables and payables

Foreign currency receivables and payables, unless covered by specific exchange rate risk
hedges, are stated in the balance sheet at the year-end exchange rates. The gains and
losses arising from this translation are recognised in the income statement.
Liquid funds
Liquid funds are recorded at nominal value or estimated realisable value where doubts
exist as to the solvency of the debtor or in the case of currency restrictions on the part of
such debtors country of residence.
Foreign currency deposits are recorded using the exchange rate prevailing at year end.
Prepayments and accrued income, accrued expenses and deferred income

Prepayments and accrued income, accrued expenses and deferred income are calculated
in order to match costs and revenues spanning two or more years to the period to which
they relate.
Accruals relating to foreign currency transactions are recorded at the exchange rate prevailing
at year-end.
In particular, prepayments include the portion of substitute tax pertaining to the capital
gain that emerged at the time of contribution of the industrial business unit to Nuovo
Pignone S.p.A. on the part of the Parent Company; the capital gain was fully reversed in the
consolidated accounts during 1998, whereas the substitute tax was considered to pertain
to subsequent years. This tax is charged to the consolidated income statement on a
straight-line basis, over the amortisation period of the activities revalued following the
contribution transaction, with special regard to assets and goodwill, in order to match from
a temporal perspective the substitute tax charge with the future benefit in terms of the tax
saving deriving from the fiscal relevance of amortisation of the contributed operations on
the part of the transferor company.
In this connection, it is worth mentioning that as from 2004, the transferor Nuovo Pignone S.p.A.
101
modified the fiscally driven amortisation rate for the goodwill recognised in 1998, changing
it from 1/10 to 1/20 of the cost originally recorded in 1998; starting from 2006, the amortisation
rate was again modified to 1/18 of the cost originally recorded; the substitute tax prepayment
was therefore also determined taking account of the new amortisation period.
During the course of 2008 subsidiary Nuovo Pignone S.p.A. decided to take advantage of
the option provided by Law 244/2007 (2008 Finance Act) which allows the realignment of
fiscal values to their higher statutory values, via the application of substitute tax to existing
differences, if any. The option was exercised, at the time of submitting the 2007 tax return,
with regard to the difference existing between the fiscally-driven and statutory value of
goodwill, amounting to 531 million Euro. The resulting substitute tax, in the amount of 85
million Euro, was deferred in the consolidated accounts and will be charged to the income
statement on a straight-line basis to match the tax deduction of amortisation pertaining to
the goodwill released.
Lump sums granted

Plant-related grants are recorded in the year during which they are authorised by the
relevant granting body, when all the required conditions have been satisfied.
Grants for operating expenses are taken to the income statement on an accruals basis.

The provisions for risks and charges include specific certain or probable costs and charges,
the amount or date of occurrence of which was impossible to determine at the balance
sheet date. The provisions in question have been calculated, on an accruals basis, based on
a realistic estimate of the charge to be incurred.
With respect to ongoing long-term maintenance contracts, by way of suitable accruals for
future risks and charges, the Group aims to provide for the risks, if any, pertaining to the
future management of the contracts in question.
The following accounting treatment is adopted for utilisation of the provisions for risks and
charges:
I
in the case of utilisation to cover charges, by recording in the income statement as a

reduction against the charges incurred;
in the case of unused funds, by release to the income statement under the item
Other revenues and income.

Law 296 of 27 December 2006 (2007 Finance Act) and subsequent Decrees and Regulations
issued during 2007, within the scope of the pension system reform, introduced major
changes regarding the allocation of amounts accruing in the provision for Employees
102
Severance Entitlement (TFR).

More specifically, the new TFR flows can be allocated by employees to supplementary pension
schemes or may be maintained within the company (for companies with less than 50
employees), or transferred to the Italian State Social Security Institution INPS (in the case of
companies with more than 50 employees).
Based on these rules and by way of reference to the generally accepted interpretation, the Group
decided to adopt the following accounting criteria:
I
for TFR quotas accrued at 31 December 2006, the related provision is affected
exclusively as a result of transfers to social security institutions, disbursements in
favour of personnel (including by way of advance) or revaluation as required by current
legislation.
for TFR quotas maturing subsequently, the cost is recorded on an accruals basis over
the employment relationship, in accordance with legislation and labour contracts,
whereas the related payable is eliminated from the balance sheet upon payment to the
supplementary pension scheme or to the Treasury fund at INPS.
Memorandum accounts
The memorandum accounts comprise:
I
endorsements, sureties and other forms of guarantee given as collateral for third-party
obligations, recorded at the amount corresponding to the Groups actual commitment
at the balance sheet date;
collateral given by the Group, stated at nominal value, less the amount shown in Payables
under balance sheet liabilities;
outstanding bills discounted or sent for collection, for which recourse action is pending
at the balance sheet date, stated at nominal value;
commitments for the sale of goods and services recorded based on the contractual
agreements outstanding at the balance sheet date;
third party assets held by the Group, stated at their market value.
Memorandum accounts expressed in foreign currency are aligned to year-end exchange rates
or to the negotiated forward rate, where defined in the contract.
The memorandum accounts also include derivative financial instruments, recorded at the time
the contract was signed based on the nominal value of the contract.
In order to hedge the risk of exchange rate and price variations, the Group enters into derivative
contracts to cover specific transactions, or net exposures. More specifically, forward contracts
are entered into for the purpose of hedging exchange risks in respect of both assets and
liabilities shown in the balance sheet and future commitments.
103
Revenues and income, costs and charges

Revenues and costs are recorded in the income statement on an accruals basis and in
observance of the principle of prudence. Revenues and income, costs and charges are
shown net of returns, discounts and rebates and premiums.
With regard to contract work, the Group records under revenues the amount paid for
individual supplies at the time of definitive transfer to the customer, based on the
applicable contractual terms, which normally coincides with the delivery of the individual
supply or its final acceptance, where required by the contract, whereas the value of
individual supplies that are completed, but not yet delivered or accepted, continues to be
shown under inventories of contract work in progress.
Revenues from the provision of services are recorded on completion of such services.
Ongoing maintenance agreements are considered as long-term contracts and the related
revenues are recorded on an accruals basis according to the fees payable, whereas related
costs are recognised in the income statement for the period during which they are incurred.
The sales of medical equipment made by GE Medical Systems S.p.A. through lease
companies are recorded at the time of the assets transfer to the lease company; the
supplier invoices received from the lease company (lease back) and the customer invoices
(release) issued to the end customer are then subsequently recorded.
Factoring commission income, which remunerates the various services provided by
GE Capital Funding Service S.r.l., is recorded on an accruals basis and matched to the
duration of the service provided, taking account of both the contractual maturity of the
receivables acquired and related average collection times. This commission is recorded
under the item Other revenues.
The gains and losses deriving from exchange rate risk hedging contracts (forwards or
options) against specific contractual commitments (orders) for the sale and purchase of
goods and services in foreign currency are charged to the income statement at the date of
closure of the relative contract.
Transactions with companies of the Nuovo Pignone Group and the General Electric Group
took place at normal market conditions.
Income taxes
Income taxes are calculated based on a realistic forecast of taxable income; the expected
payable is recorded under the item Tax payables net of advance payments made, tax
withholdings pursuant to law and dividend tax credits. Following participation in the national
tax consolidation scheme, current IRES (corporate tax) is calculated based on the taxable
income of Nuovo Pignone Holding S.p.A. and its subsidiaries.
Deferred tax assets and liabilities are calculated on the temporary differences between the
carrying value of assets and liabilities recorded in the balance sheet and the related fiscal
values, as well as on consolidation entries, where necessary. Their calculation is performed
by applying the tax rates for the periods during which such temporary differences are
expected to reverse. Both deferred tax assets and the anticipated future benefits of tax loss
carryforwards are recorded wherever there is reasonable certainty that it will be possible
to recover them.
104
CONSOLIDATED BALANCE SHEET - ASSETS

Intangible fixed assets (Item B. I)
These amount to 87,790 thousand Euro and comprise the following:
(thousands of Euro)
Historical
cost
Opening balance
- Changes in scope of consolidation
- Purchases
- Disposals
- Transfers
- Amortisation
- Adjustments
Total
Industrial patent and
intellectual property rights
Opening balance
- Purchases
- Disposals
- Transfers
- Amortisation
Total
Concessions and licences
Opening balance
- Disposals
- Purchases
- Transfers
- Amortisation
Total
Goodwill
Opening balance
- Purchases
- Transfers
- Disposals
- Amortisation
Total
Assets under development and
payments on account
Opening balance
- Purchases
- Amortisation
- Transfers
Total
Other assets
Opening balance
- Purchases
- Disposals
- Transfers
- Amortisation
- Adjustments
Total
Consolidation differences
Opening balance
- Write-downs
- Purchases
- Transfers
- Amortisation
Total
Closing balance
Amortisation
810
(762)
(109)
109
(14)
701
(667)
113,061
(3,513)
6,744
(2,691)
675
(87,131)
822
2,691
114,276
(11,152)
(94,770)
126
(126)
126
(126)
8,089
(7,289)
8,089
(601)
(7,890)
1,526
2,206
(675)
3,057
6,525
21
278
(161)
0
(5,345)
(20)
63
(332)
6,663
(5,634)
243,574
(33,953)
(14,659)
(125,342)
13,054
194,962
327,874
(18,709)
(130,997)
(240,084)
Total
48
0
0
0
0
(14)
0
34
25,930
(2,691)
6,744
0
675
(11,152)
19,506
0
0
0
0
0
0
0
800
0
0
0
0
(601)
199
1,526
0
2,206
0
(675)
3,057
1,180
1
278
(98)
0
(332)
0
1,029
118,232
(20,899)
(14,659)
0
0
(18,709)
63,965
87,790
105
Start-up and capital costs (Item B. I. 1)

These total 34 thousand Euro net of accumulated amortisation (667 thousand Euro) and
essentially refer to the costs incurred in connection with subsidiaries' incorporation and
expansion expenses.
Industrial patents and intellectual property rights (Item B. I. 3)

These amount to 19,506 thousand Euro net of accumulated amortisation (94,770 thousand
Euro) and refer to costs incurred to purchase and implement software applications and
integrated information systems.
The changes in the scope of consolidation, corresponding to a net book value of 2,691
thousand Euro, concern the sale of the investment in Thermodyn S.A.S., previously
consolidated using the line-by-line method.
The purchases and transfers during the year refer to charges incurred to upgrade the
Group's IT platforms; more specifically, there were implementations and/or upgrades of
Oracle Application carried out by subsidiaries Nuovo Pignone S.p.A. and GE Transportation
Systems S.p.A., in addition to the new licences purchased by Jenbacher S.r.l. for the use of
operational and accounting software.
Goodwill (Item B. I. 5)
This item stands at 199 thousand Euro net of accumulated amortisation (7,890 thousand Euro).
The sum in question refers to goodwill arising from the acquisition, in previous years, of the
companies Elscint Italia S.r.l., Medical Device Services S.r.l. and Sonotron Vingmed S.p.A. by
GE Medical Systems Italia S.p.A..
Assets under development and payments on account (Item B. I. 6)

This item amounts to 3,057 thousand Euro and mainly includes the costs incurred for the
implementation of various software applications.
Other assets (Item B. I. 7)

Other assets, totalling 1,029 thousand Euro net of accumulated amortisation (5,634
thousand Euro), primarily refer to the costs incurred for improvements carried out on
premises leased by the Groups companies.
The increase of 278 thousand Euro refers to the expenses incurred by GE Medical Systems
Italia S.p.A. to refurbish the premises of some branches and the costs pertaining to
alterations carried out on a new Bently Nevada Italia S.r.l. showroom.
106
Goodwill arising on consolidation (Item B. I. 8)

This item amounts to 63,965 thousand Euro net of accumulated amortisation (130,997
thousand Euro) and write-downs (14,659 thousand Euro). The goodwill arising on consolidation
may be broken down as follows:
(thousands of Euro)
Goodwill arising on
consolidation breakdown
Amortisation
period
(years)
Historical
cost
Accumulated
amortisation
2007
10
128,323
(76,992)
Variation in
scope of
consolidation
Writedowns
Amortisation Accumulated
for
amortisation
2008
2008
Residual
value
(12,833)
(89,825)
38,498
(3,110)
(21,764)
9,326
10
31,090
(18,654)
Thermodyn S.A.S.
20
34,799
(13,054)
Jenbacher S.r.l.
10
16,156
(6,460)
(1,617)
(8,077)
8,079
10
2,757
(1,104)
(277)
(1,381)
1,376
(ex Amersham Health S.r.l.)
10
21,306
(6,393)
(36)
(6,429)
218

(ex Datex Omeda S.r.l.)
10
3,360
(1,008)
(336)
(1,344)
2,016

Technologies S.r.l.
10
2,734
(1,374)
(195)
(1,569)
1,165
10
3,050
(304)
(305)
(609)
2,441
EVEREST VIT Italia S.r.l.
10
846
243,575
(125,343)
(18,709)
(130.997)
63,965
Total
(21,745)
(14,659)
846
(20,899)
(14,659)
The 14,659 thousand Euro write-down of the consolidation difference pertaining to the
subsidiary GE Healthcare S.r.l. reflects the need to bring the higher value attributed at the
time of acquisition into line with the value determined based on the appraisal report
drawn up at the time of acquiring full ownership of the Healthcare business unit, in which
the Group holds an 86.75% controlling stake; in this connection, reference is made to the
"Outlook" section of the report on operations.
The remaining goodwill arising on consolidation is considered recoverable in 10 years
based on the future income prospects of the investee companies.
107
Tangible fixed assets (Item B. II)

These total 241,657 thousand Euro and comprise the following:
(thousands of Euro)
Historical
cost
Land and buildings
Opening balance
- Purchases
- Transfers
- Disposals
- Depreciation
- Adjustments
Closing balance
Plant and machinery
Opening balance
- Purchases
- Transfers
- Disposals
- Depreciation
- Adjustments
Closing balance
Industrial and commercial equipment
Opening balance
- Purchases
- Transfers
- Disposals
- Exchange rate gains (losses)
- Adjustments
- Rettifiche
Other assets
Altri beni
Opening balance
- Purchases
- Transfers
- Disposals
- Exchange rate gains (losses)
- Depreciation
- Adjustments
Closing balance
Assets under construction
Opening balance
- Purchases
- Transfers
Closing balance
Total
108
Depreciation
Total
120,275
(2,517)
7,269
7,574
(114)
(44,353)
1,270
132.487
(48,702)
75,922
(1,247)
7,269
7,574
(104)
(5,629)
0
83,785
391,865
(16,219)
31,138
2,102
(4,487)
(263,900)
8,793
404,399
(279,067)
109,484
(100,598)
3,482
1,293
(2,335)
535
10
(5,629)
1,013
(24,973)
1,255
(401)
(4,529)
112,459
(104,273)
72,525
(2,492)
2,099
(139)
(3,263)
(43)
(61,907)
1,268
68,687
(60,598)
13,191
3,216
12
(3,187)
127,965
(7,426)
31,138
2,102
(3,474)
(24,973)
0
125,332
8,886
0
3,482
1,293
(1,080)
134
(4.529)
0
8,186
10,618
(1,224)
2,099
(139)
(47)
(31)
(3,187)
0
8,089
13,922
(10,830)
16,283
13,191
0
13,922
(10,830)
16,283
734,315
(492,640)
241,675
The item Other assets comprises furniture, furnishings and office machines, personal
computers, servers, printers and terminals; the item "Assets under construction and
payments on account" includes the costs incurred for investments not yet completed at the
end of the year.
The variation in the scope of consolidation refers to the sale of the investment in Thermodyn
S.A.S., previously consolidated using the line-by-line method, which determined an overall
decrease of 9,906 thousand Euro in the book value of tangible fixed assets, and, for the
residual amount, to the inclusion in the Group of Everest Vit Italia S.r.l..
Depreciation for the year, amounting to 38,318 thousand Euro, was calculated on a straightline basis applying the ordinary rates set out below over the remaining useful life of the assets.
Land and buildings
3 : 10 %
Plant and machinery
10 : 20 %
Industrial and commercial equipment
20 : 40 %
Other assets
12 : 20 %
Financial fixed assets (Item B. III)

The breakdown of investments and changes that occurred during the year is as follows:
(thousands of Euro)
Registered
office
Currency
Nominal
value
of shares/quotas
Number of
shares or
quotas
Share/quota
capital
Number of
shares/
quotas held
Percentage
of ownership
Carrying
amount
Subsidiaries
measured using
the equity method
Pignone Inc.
New York
USD
10
200
200
100
Total
2,283
2,283
Other companies
measured using the
cost method
Naples
Euro
Consorzio Technoeastital
Rome
Euro
Consorzio Finoper Firenze S.r.l.
Florence
Euro
Consorzio S.T.I Nord Est COGEI
Rome
Euro
Total
4,950,000
4,950,000
24.75
13,169.65
139,443.36
511.29
100
51,129.23
5,164.57
10
51,645.69
0.5
27
27
109
The change in investments during 2008 is detailed below:
(thousands of Euro)
Balance at 31/12/2007
Company name
Historical (Write-downs)/
cost
revaluations
Net
value
Purchases/ Variation in Exchange rate Carrying

disposals consolidation
gains
amount as
method
(losses)
at 31/12/2008
Subsidiaries
Pignone Inc.
2,285
2,286
(3)
2,283
Total
2,285
2,286
(3)
2,283
IRMA Services S.r.l.
436
249
685
Total
436
249
685
27
27
Consorzio Technoeastital
13
-13
Consorzio Finoper Firenze S.r.l
-2
Consorzio S.T.I Nord Est COGEI
-5
47
-20
27
Associates
-685
-685
Other companies
Total
27
27
We point out the contribution of the business unit to Nuovo Pignone S.p.A. on the part of
subsidiary IRMA Service S.r.l., which took place on 24 September 2008, as previously described.
The liquidation process concerning subsidiary GE Healthcare IVD Italia S.r.l. was completed
in March 2008, with a profit of 1.3 million Euro.
Inventories (Item C. I)
The breakdown and changes are as follows:
(thousands of Euro)
Opening balance
Original Write-down
value
provision
A
B
Raw materials, consumables and supplies
Work in progress and semi-finished
products
Contract work in progress
Finished goods
Payments on account
Total
153,404
154,208
-49,589
25,852
2,094,506
-54,906
Original Write-down
value
provision
D
E
Closing balance
Original
value
F=A+D
128,883
Write-down Closing
provision
value
G=C+E
H=F-G
- 24,521
-5,478
153,365
-12,843
-185
141,365
-1,028
140,337
1,605,515
569,689
2,175,204
2,175,204
21,378
922
-101
26,774
- 4,575
22,199
155,527
-34,261
121,266
121,266
2,039,600
498,986.00
-5,764.00
2,593,492
- 60,670
2,532,822
-4,474
155,527
Opening
value
C
103,815
-843
1,605,515
Accounting variations
during the year
- 55,067
73,816
Inventories at 31 December 2008 - comprising raw materials, consumables, supplies and

finished goods are measured by applying the weighted average cost method.
At the end of the year the Group wrote down the aforesaid inventories by recording
110
appropriate provisions for the items Raw materials (55,067 thousand Euro) and Finished
goods (4,575 thousand Euro), with special reference to inventories that can no longer be
utilised in the production process.
Contract work in progress, both long-term (2,080,689 thousand Euro) and with a duration of
less than twelve months (94,515 thousand Euro), is stated inclusive of progress billings issued
to customers for contracts not yet completed at 31 December 2008. These payments, amounting
to 695,518 thousand Euro, are recorded under the balance sheet liability item "Payments on
account".
An adjustment has been made to semi-finished products by way of an appropriate writedown provision amounting to 1,028 thousand Euro to take account of losses to be incurred
for the completion of some jobs.
Receivables (Item C. II)

Receivables recorded under assets forming part of working capital amount to 2,447,219
thousand Euro and comprise the following:
(thousands of Euro)
Opening balance
Trade receivables
Receivables due from subsidiaries
- commercial
- financial
Total
Receivables due from associates
Receivables due from parent companies
- commercial
- financial
Total
Tax receivables
Deferred tax assets
Other receivables
- other
- financial
Total
Total
Variation in scope
of consolidation
Original
value
A
Bad debt
provision
B
Net
value
C=A-B
1,605,798
-73,403
1,532,395
508
508
508
0
0
0
508
0
191
0
191
45,310
138,869
0
0
0
0
191
0
191
45,310
138,869
24,399
2,207,391
2,231,790
4,022,466
0
0
0
-73,403
24,398
2,207,391
2,231,789
3,949,062
Original
value
D
Bad debt
provision
E
-49,405
747
Changes during
the year
Original
value
F
26,012
Bad debt
provision
G
Original
value
H=A+D+F
-4,088
1,582,405
-76,744
1,505,661
0
0
0
0
0
0
614
330,769
331,383
21,248
137,124
0
0
0
0
614
330,769
331,383
21,248
137,124
22,552
429,251
451,803
2,523,963
0
0
0
-76,744
22,552
429,251
451,803
2,447,219
-508
0
-13,005
-779
-63,189
-508
423
330,769
331,192
-11,057
-966
747
-1,846
-1,778,140
-1,779,986
-1,435,313
Closing balance
0
-4,088
Bad debt
provision
I=B+E+G
Net
value
L=H-I
Trade receivables
Trade receivables, all due within 5 years, are stated net of the relevant bad debt provision
amounting to 76,744 thousand Euro.
Trade receivables have declined with respect to the previous year, from 1,532,395 thousand
Euro to 1,505,661 thousand Euro, above all following the sale of the investment in Thermodyn
S.A.S. which involved a net decrease of 50,119 thousand Euro, partly offset by the inclusion in
the group of Everest Vit Italia S.r.l. with a contribution of 1,461 thousand Euro, and by the
growth in balances relating to the other subsidiaries.
111

This item stands at 331,383 thousand Euro (191 thousand Euro in 2007) and comprises the
following:
(thousands of Euro)
330,960
423
Total
331,383
The amount due from parent company General Electric Company refers to a receivable of
300 thousand Euro relating to commercial transactions and short-term financial loans
granted by subsidiary Nuovo Pignone S.p.A.; more specifically:
I
125,023 thousand Euro, comprising loan principal of 125,000 thousand Euro and 23
thousand Euro in interest pertaining to the year, repayable on 2 March 2009, bearing
interest at the rate of 3.29%;
205,637 thousand Euro, comprising loan principal of 205,000 thousand Euro and 637
thousand Euro in interest pertaining to the year, repayable on 29 January 2009,
bearing interest at the rate of 3.29%.
Tax receivables
The item Tax receivables is broken down as follows:
(thousands of Euro)
Amounts due
within one year
Amounts due after

more that one year
Total
VAT receivables
12,499
12,499
Tax authorities
3,794
30
3,825
Foreign tax receivables
2,776
2,776
976
979
1,169
1,169
20,242
1,006
21,248
Tax advance on employees' severance

indemnities (Law 662/96)
Income tax receivables
Total
Deferred tax assets

Deferred tax assets, totalling 137,124 thousand Euro (138,869 thousand Euro a year earlier),
are calculated based on prevailing tax rates; they derive from the following temporary
differences:
112
(thousands of Euro)
2008
2007
194,605
153,895
Taxed bad debt provision
70,039
49,249
Provision for write-down of inventories and work in progress
60,670
53,642
Provision for product warranties
44,599
59,996
Provision for litigation
15,773
15,125
Provision for reorganisation
Provision for future charges on completed contracts

and other contractual risks
13,796
14,702
Provision for charges on orders showing a loss
8,949
44,644
Provision for penalties
5,199
20,051
Provision for agents' termination indemnity
2,633
2,196
Provision for maintenance contracts
500
500
25,515
19,458
6,131
16,195
Total temporary differences
448,409
449,653
Deferred tax assets
137,076
138,840
48
29
137,124
138,869
Tax write-back of Goodwill amortisation

Others
Foreign deferred tax assets

Total deferred tax assets
Other receivables
Other receivables total 451,803 thousand Euro (2,231,789 thousand Euro at 31 December
2007), comprising 429,251 thousand Euro of a financial nature (2,207,392 thousand Euro at
31 December 2007) and 22,552 thousand Euro (24,397 thousand Euro at 31 December
2007) in trade receivables.
(thousands of Euro)
Amounts due
within one year
Financial receivables
429,251
Amounts due after

more that one
Total
429,251
Advance payments to suppliers
4,971
Due from foreign branches
4,704
4,704
4,971
Due from employees
4,084
4,084
Options
2,870
2,870
Guarantee deposits
2,264
227
2,493
Due from suppliers for penalties

1,521
1,521
Receivables from other entities
and backcharges
887
887
Due from insurance institutions
303
303
287
287
Due from SACE

Other sundry debtors
Total
434
434
451,289
514
451,803
113
Financial receivables, inclusive of interest accrued for 2008, comprise loans granted to
General Electric Group companies (263,453 thousand Euro), as well as receivables arising
from the cash pooling (165,798 thousand Euro).
The financial receivables, which are all repayable within one year and are settled at normal
market conditions, include the following loans to companies of the General Electric Group:
I
the sum of 194,275 thousand Euro corresponding to two loans granted to GE Holding
Luxembourg S. r.l. by the parent company and by Nuovo Pignone International S. r.l.,
amounting respectively to 194,018 thousand Euro, earning interest at the rate of
3.29% and repayable on 4 February 2009, and to 257 thousand Euro, earning interest
at the rate of 2.36% and repayable on 5 February 2009. These sums include the principal
amount of loans totalling 194,166 thousand Euro and the portion of interest accrued
during the year in the amount of 86 thousand Euro;
the sum of 69,178 thousand Euro concerning a loan granted by Nuovo Pignone
International S. r.l. to Vetco Gray Scandinavia A.S. earning interest at the rate of
6.58% and repayable on 19 March 2009;
The remaining amount concerns the centralised management of treasury operations at

Nuovo Pignone S.p.A., and is broken down as follows:
(thousands of Euro)
Amersham Bioscience Gmbh
GE Capital European Treasury Services Ltd.
117,165
32,452
GE Betz S.r.l.
8,143
GE Fanuc Automation Solution Europe S.A.
5,933
Inonics Italba
1,058
GE Oncura Italy
933
Vetco Gray Italia
101
GE Power Controls Italia S.p.A.

GE Lighting S.r.l.
Total
10
3
165,798
The decrease in other financial receivables stems from the sale of the investment in Nuovo
Pignone International Scotland Ltd., which took place on 4 December 2008.
The item Advance payments to suppliers comprises charges to suppliers covered by written
agreements entered into with such suppliers as well as advance payments made during the
last part of the year in respect of orders for machinery and medical equipment.
Receivables from employees (4,084 thousand Euro) mainly refer to the payment on account
made to its employees by Nuovo Pignone S.p.A. in respect of the performance bonus and
end-of-year bonuses, and to amounts receivable as regards taxes to be paid back to the
Company by employees on international secondment. These amounts are advanced by the
Group, on behalf of employees, in the foreign countries where they perform their work and
reimbursement thereof can be requested by such employees from the Italian tax authorities,
in order to avoid double taxation on wages and salaries.
The item Options (2,870 thousand Euro) includes the valuation at the lower of cost or market
value of the premium paid for options on foreign currency purchases that are still outstanding at
114
year end; more specifically, the nominal value of the premium (4,524 thousand Euro) has
been reduced to its fair value by way of an adjustment recorded in the "provision for the
write-down of options" (1,654 thousand Euro) which is deducted directly from the
receivable in question.
Receivables from suppliers for penalties and backcharges include amounts charged to
suppliers with whom agreements have been entered into.
The item other sundry debtors includes a receivable to the subsidiary GE Transportation
Systems S.r.l. for an award instigated against the Albanian Ministry of Transport. The
Arbitration, concluded in 2008, awarded the subsidiary the amount of 11,167 thousand Euro,
for loss of earnings and reimbursement of costs; in view of the Albanian Government's appeal
against the award, as a precautionary measure the subsidiary has appropriated a risk
provision to cover the full amount awarded by the Board of Arbitration.
Financial assets not of a fixed nature (Item C. III)

This item was reduced to zero in 2008, following the liquidation of GE Healthcare IVD Italia S.r.l.
owned by subsidiary GE Medical Systems Italia S.p.A., as described previously.
Liquid funds (Item C. IV)

Liquid funds, amounting to 13,324 thousand Euro (17,334 thousand Euro in 2007), comprise
the following:
(thousands of Euro)
Bank and postal accounts
13,295
Cash-in-hand and cash equivalents
29
Total
13,324
Prepayments and accrued income (Item D)

These total 181,866 thousand Euro and are made up of the following:
(thousands of Euro)
31/12/2008
31/12/2007
174,649
117,620
6,796
6,399
181,445
124,019
421
354
181,866
124,373
Prepayments:
- Substitute tax deferral
- Other
Total
Accrued income
General total
These amounts represent the adjustments made in order to match the years revenues
and costs to the financial period to which they relate.
115
The line substitute tax deferral includes:

I
substitute tax (Legislative Decree 358/1997), which originally amounted to 551,415

thousand Euro, calculated in relation to capital gains arising from the contribution of
industrial activities by the Parent Company to Nuovo Pignone S.p.A., has been
deferred and is charged to the Consolidated Income Statement on a straight-line
basis according to the depreciation or amortisation of the contributed assets (10
years for assets and 18 years for goodwill), in order to achieve the objectives
described in the accounting policies with regard to prepayments and accrued
income, accrued expenses and deferred income.
substitute tax (Law 2/2009) amounting to 85 million Euro arising from the exercise by
subsidiary Nuovo Pignone S.p.A. of the option provided by Law 244/2007 (2008
Finance Act) which allows the realignment of fiscal values to their higher statutory
values. The option was exercised with regard to the value of goodwill. The resulting
substitute tax was deferred in the consolidated accounts and will be charged to the
income statement on a straight-line basis to match the tax deduction of amortisation
pertaining to the goodwill released.
Other prepayments mainly concern portions of charges for insurance premiums, rental fees,
commission on sureties and other costs, paid in advance and deferred on an accruals basis.
The item Other accrued income essentially comprises income accrued in connection with
fees due and not yet billed to customers on lease agreements and contracts for the rental
of medical equipment; the item also includes the accrued interest income on loans
pursuant to the Sabatini Law.
116
CONSOLIDATED BALANCE SHEET - LIABILITIES

Shareholders' equity (Item A)
The Parent Companys share capital, amounting to 74,880,000 Euro, consists of 144,000,000
ordinary shares, each with a nominal value of 0.52 Euro, and is fully paid up.
Set out below are the changes that occurred during the year in the consolidated shareholders
equity items and the reconciliation between the shareholders equity and net profit for the
year of Nuovo Pignone Holding S.p.A. and consolidated data:
Changes in consolidated shareholders' equity items

(thousands of Euro)
Share
capital
Legal
reserve
Share
premium
reserve
Negative
goodwill
74,880
14,977
41,633
1,606
Other
reserves
(*)
Net profit
for the year
Total
1,057,752
189,534
1,380,382
189,534
(189,534)
- Allocation of 2006 net profit to reserves

- Dividend distribution
- Changes resulting from translation of
foreign currency financial statements
- Changes resulting from variations in the
method of consolidation
(106,984)
(106,984)
2,914
2,914
- Net profit for 2007

74,880
14,977
41,633
1,606
402,367
402,367
1,143,215
402,367
1,678,679
402,367
(402,367)
- Allocation of 2006 net profit to reserves

- Dividend distribution
(1,600,000)
(1,600,000)
(2,999)
(2,999)
- Changes resulting from translation of

foreign currency financial statements
- Net profit for 2008
74,880
(*) Other reserves are made up of the following:
14,977
41,633
2008
1,606
(57,146)
Delta
2007
Retained earnings
(204,439)
(1,197,633)
993,194
Consolidation reserve
127,077
(2,729)
129,806
Revaluation reserves: Law 413 of 30.12.91
16,476
16,476
Provision for lump-sum grants pursuant to

Art. 55 Presidential Decree 917/86
383
383
Reserve for lump-sum grants pursuant to

Art. 55 Presidential Decree 917/86
Total
3,356
(57,146)
0
(1,200,361)
193,763
193,764
193,763
269,714
3,356
1,143,215
117
Reconciliation between shareholders equity and net profit for the year of
Nuovo Pignone Holding S.p.A. and consolidated data
(thousands of Euro)
2008
Shareholders'
Net profit
equity
for the year
2007
Shareholders'
equity
Net profit
for the year
Per annual financial statements of

775,093
182,079
2,193,014
78,880
Difference between the book value

of consolidated investments and
measurement using the equity
method *
(533,654)
119,794
(526,258)
337,614
25,992
16,726
9,266
5,016
2,283
(286)
2,569
250
Elimination of intra-group profits
(88)
88
41
Alignment of Thermodyn S.A.S.
1,416
Elimination of write-down
of investments
Adjustment to measurement of
Parent Companys investments in
non-consolidated associates and
subsidiaries using the equity method
Elimination of intra-group dividends
(125,876)
(19,434)
Total consolidation adjustments
(505,379)
11,686
(514,335)
323,488
Per group consolidated financial

statements
269,714
193,765
1,678,679
402,367
(*) This item is broken down as follows:

(thousands of Euro)
2008
2007
Difference between the book value

of consolidated investments and
measurement using
the equity method
Sh.
equity
Net profit/
(loss)
Sh.
equity

Thermodyn S.A.S.
Pignone Engineering Ltd.
Jenbacher S.r.l.
de Venezuela S.A.
Technologies S.r.l.
Fondazione Pignone
Consorzio Tragaz
Technologies S.r.l.
Everest Vit Italia S.r.l.
Total
(595,657)
583
0
(3,871)
15,910
(90)
9,665
4,149
65,649
215,548
13,581
0
(118,700)
15,219
1,097
1,571
4,151
7,900
(809,666)
2,059
(1,416)
217,709
691
18
10,587
(2)
57,749
178,595
56,777
7,417
81,908
9,538
1,197
887
2,067
9,688
640
356
(434)
(110)
(6,246)
(4,040)
(19,116)
62
26
(1,705)
(12,122)
(1,533)
(11,702)
(102)
0
4,865
5,877
(2,507)
(7,414)
164
(0)
169
(7,411)
(2,103)
(1,081)
137
(26)
(17)
(184)
570
(533,654)
(335)
0
119,794
151
0
(526,263)
151
0
337,614
118
Net profit/
(loss)
The difference between the book value of the investment in Nuovo Pignone S.p.A. and the
value obtained by applying the equity method is due above all to elimination of the intragroup capital gain of 950 million Euro (1,062 million Euro in 2007) and deferral of the
substitute tax charge of 90 million Euro (118 million Euro in 2007) as regards the
contribution transaction and of the substitute tax charge of 85 million Euro arising from
the release of goodwill.
The variations in the measurement of shareholders equity pertaining to 2008 with respect
to the values calculated the previous year, apart from the net profit for the year and the
dividends paid to the Group, also concern the differential arising on translation of foreign
currency financial statements at the year-end exchange rate compared with the historical
reference exchange rates.
(thousands of Euro)
Adjustment to measurement of Parent
Companys investments in
non-consolidated associate and
subsidiaries using the equity method
IRMA Services S.r.l.
31/12/2007
Changes
Sh.
equity
(Net profit)/
loss
285
250
Pignone Inc.
2,285
Total
2,570
250
Net profit
for the year
Exchange rate
gains (losses)
31/12/2008
Scope of
consolid.
Sh.
equity
-285
0
2,283
-285
2,283
-2
0
-2
(Net profit)/
loss
0
The variation in Shareholders' Equity as regards subsidiary Pignone Inc. refers exclusively
to the valuation of reserves based on the year-end exchange rate, since the subsidiary
draws up its financial statements in dollars.
The investment in IRMA Service S.r.l. has been sold and the related business line contributed to
Nuovo Pignone S.p.A., as previously described.
Provisions for pensions and similar obligations (Item B. 1)

These amount to 2,934 thousand Euro (1,899 thousand Euro at 31 December 2007) and
include the charges that the Group would incur in the case of cancellation of agency
agreements underway at the balance sheet date.
Tax provision, including deferred tax liabilities (Item B. 2)

This item stands at 6,977 thousand Euro (12,662 thousand Euro at 31 December 2007) and
includes deferred tax liabilities calculated by the various consolidated companies, adjusted
and supplemented with the taxes pertaining to consolidation operations.
(thousands of Euro)
Bad debt provision for factored receivables
Provision for depreciation/amortisation of fixed assets
Deferred capital gains
Unrealised exchange rate gains/losses
Total temporary differences
Deferred tax liabilities
2008
2007
16,603
5,829
63
6
22,501
6,977
29,881
7,702
127
29
37,740
12,662
119
The Bad debt provision for factored receivables concerns write-downs of receivables
carried out by GE Capital Funding Services S.r.l. within the limits allowed by tax legislation
and in excess of the amount stated in the financial statements.

(thousands of Euro)
Opening
balance
Utilisations
Accruals
Change in scope
of consolidation
-5,023
Reclassification
Exchange rate
differences
Closing
balance
Provision for risks

Litigation
42,452
-6,194
17,740
Penalties
20,050
-11,174
1,199
2,487
-1,462
333
-3,299
4,875
64,989
-18,830
19,272
-8,322
56,453
-20,693
11,751
-2,912
925
-684
801
1,042
Employee incentives
4,427
-4,427
2,478
2,478
Performance bonus
1,296
-1,296
14,253
-2,114
1,657
148,160
-52,113
98,558
70,841
-40,855
221
-3,198
Total provisions for charges
296,576
-125,380
115,245
General total
361,565
-144,210
134,517
Provision for exchange rate risks

Other provisions
Total provisions for risks
48,975
-4,875
-1
5,199
0
2,934
-1
57,108
Provisions for charges

Product warranties
Maintenance contracts
Corporate reorganisation
Future charges to be incurred
on completed contracts and
other contractual risks
Provisions for charges in respect
of contracts showing a loss
Other risk provisions
44,599
0
0
194,605
-17,412
-3,625
8,949
2,899
582
504
-20,324
-726
582
265,973
-28,646
-726
581
323,081
Litigation
This provision covers the estimated future charges which are deemed probable to occur in
connection with legal disputes brought against the Group by third parties.
The amount of 6,194 thousand Euro having been used following the settlement of disputes
during the year, the provision was brought into line with current requirements via an
appropriation of 17,740 thousand Euro; it decreased by 5,023 thousand Euro following the
sale of the investment in Thermodyn S.A.S., which in the previous year was consolidated
on a line-by-line basis.
More specifically, the provision includes inter alia:
120
13,796
27,160 thousand Euro set aside to cover risks that could potentially emerge in
connection with contracts in foreign countries;
accrual of 6,144 thousand Euro, made based on a prudent estimate of the results of
the preliminary assessment report drawn up in 2000 by the Florence Tax Police
Regional Headquarters upon completion of a general inspection for VAT, direct

taxation and other tax purposes involving the companies Nuovo Pignone Holding S.p.A.
and Nuovo Pignone S.p.A.. As a result of the aforesaid inspection, notices of
assessment were successively served in relation to the tax years from 1995 to 1999.
The notices of assessment relating to 1995, 1996 and 1997 were settled in May
2003 in accordance with Articles 15 and 16 of the Law dated 27 December 2002
(2003 Finance Act). Against the notices of assessment relating to the 1998 and 1999
tax years, the two companies filed an appeal with the Florence Provincial Tax
Commission, which accepted the appeal and in 2007 issued a first level judgment in
favour of the Companies. On 26 May 2008 the Tax Authorities appealed against this
judgment. The Florence Regional Tax Commission rejected the appeal, issuing on 29
April 2009 an appellate judgment in the Companies' favour. The amounts
corresponding to the observations that emerged, which are not covered by the said
provision, refer to liabilities that, whilst of a not insignificant nature, are nevertheless
considered remote.
I
accrual of 15,180 thousand Euro to cover legal disputes, which are deemed
probable to occur, brought against Nuovo Pignone S.p.A. by third parties
accrual of 491 thousand Euro as reasonable estimate of risks arising from commercial
transactions carried out with hospital trusts of subsidiary GE Medical Systems S.p.A.
Penalties
This covers possible penalties that the Group may incur in connection with customer
supplies. The penalties already claimed by customers are recorded in Other payables
under balance sheet liabilities and amount to 39,253 thousand Euro (10,410 thousand Euro
at 31 December 2007).
Product warranties
This covers the estimated costs to be incurred under contractual warranty commitments
relating to goods already invoiced at the balance sheet date.
Maintenance contracts
This is the provision accrued to cover future risks and charges relating to the management
of long-term ongoing maintenance contracts over their term.
Performance bonus and incentives for certain employee categories
This is the amount set up to cover the performance bonus payable to staff and the
incentive to be paid to certain employee categories for the year 2008, including the
related social security contributions.
Future charges to be incurred on completed contracts and other contractual risks
This is the provision set up to cover future charges and other contractual risks in
connection with contract work in progress and completed contracts.
Future charges in respect of contracts showing a loss
This is the provision set up to cover losses generally anticipated for the completion of
some contracts.
121
This provision has been set up to cover the social security charges on leaving incentives,
which the Group will be required to pay to the Italian Social Security Institution (INPS)
within the scope of corporate reorganisation plans implemented in previous years and
during the current year.
Employees' severance entitlement (Item C)

Employees severance entitlement exclusively concerns the Groups Italian companies.
Law 296 dated 27 December 2006 and the subsequent decrees and regulations issued
during the first few months of 2007 within the scope of the supplementary pension reform
significantly changed the working of employees severance entitlement (TFR), providing for
the transfer of TFR accruing after the date of the reform to supplementary pension
schemes or to the treasury fund managed by INPS.
The amount of the provision stated gross of the advance payment of 1,553 thousand
Euro as per Law 662/96 and of the relative annual revaluation - represents the Groups
liability to its employees at 31 December 2008, determined in accordance with the related
labour contracts and agreements in force.
The change in the provision during 2008 is detailed below:
(thousands of Euro)
Opening balance
74,605
- Accrual for the year
17,850
- Indemnities and advances paid during the year
-5,195
- Transfer to supplementary pension schemes and INPS treasury fund
-16,709
99
Closing balance
70,650
Payables (Item D)
Payables total 4,761,989 thousand Euro and comprise the following:
(thousands of Euro)
Opening
balance
Changes
during the year
Closing
balance
53,579
2,824
56,403
Due to banks
16,448
- 3,697
12,751
1,445,114
-204,305
1,240,809
Payments on account
1,910,453
427,400
2,337,853
Trade payables
738,892
21,530
760,422
Amounts payable to parent companies
19,742
-19,742
Tax payables
96,396
50,853
147,249
Social security charges payable
28,060
-2,564
25,496
Other payables
Total
122
75,342
105,664
181,006
4,384,026
377,963
4,761,989
Payables to shareholders for loans

This item includes a loan of 56,403 thousand Euro granted by General Electric
Energy Europe B.V. in favour of the Parent Company, repayable on 22 June 2009,
bearing interest at the rate of 4.19%. The amount shown in the financial statements
includes the loan principal of 56,338 thousand Euro and the portion of interest
pertaining to the year, in the amount of 65 thousand Euro.
Due to banks
These amount to 12,751 thousand Euro (16,448 thousand Euro at 31 December
2007) and comprise the following:
(thousands of Euro)
Year payable
2009
2010
2011
2012
2013
10
0
1,021
Ordinary current accounts

Other financial payables
3,330
2,906
1,840
1,011
Total
3,340
2,906
1,840
1,011
1,021
2014
and beyond
Total
10
2,633
12,741
2,633
12,751
The amount relating to the short-term overdraft on current accounts mainly

refers to credit lines granted by the Italian banking system.
Other financial payables comprise medium/long-term loans for applied research
granted by San Paolo IMI S.p.A. pursuant to Law 1089 of 25.10.1968 and Law 346
of 5.8.1988.

These amount to 1,240,809 thousand Euro (1,445,114 thousand Euro at 31.12.2007)
and refer to the following loans from GE Group companies, settled at normal
market conditions:
(thousands of Euro)
Amounts due
within
one year
GE Central Europe Sourcing & Service Ltd.
Amounts due
after more
than one year
471,923
Total
471,923
GE Hungary ZRT
260,386
260,386
117,445
117,445
Mediofactoring S.p.A.
50,145
50,145
Heller SGPS Lda

GE Holding Luxembourg & Co S. r.l.
Regional subsidised loans
26,791
1,424
89
Cash-pool
312,309
Total
741,798
26,791
1,424
297
386
312,309
499,011
1,240,809
123
Long-term financial payables to General Electric Group companies comprise two loans for
the amounts of 26,791 thousand Euro and 471,923 thousand Euro, granted to subsidiary
GE Capital Funding Services S.r.l. respectively by Heller SGPS Lta (repayable on 19 July 2010)
and by GE Central Europe Sourcing & Services Ltd. (repayable on 19 December 2010), both
remunerated at 3-month Euribor plus spreads of, respectively, 200 bps and 215 bps.
Short-term financial payables to General Electric Group companies include:
I
a loan of 117,445 thousand Euro granted by GE Service Luxembourg to the Parent

Company, repayable on 4 June 2009 and bearing interest at 4.89%. The amount
shown in the financial statements includes the loan principal of 117,000 thousand
Euro and the portion of interest pertaining to the year, in the amount of 445
thousand Euro;
a loan of 260,386 thousand Euro, granted by GE Hungary ZRT to GE Capital funding

Services S.r.l., repayable on 18 February 2009 and remunerated at 3-month Euribor
plus a spread of 200 bps;
a short-term loan of 50,145 thousand Euro granted by Mediofactoring S.p.A., settled

at market conditions, following a Maturity factoring agreement launched with
subsidiary GE Capital Funding Services S.r.l.. Under the agreement, the Company
assigns invoices, previously paid off, pertaining to public administration customers
operating in the health segment of GE Medical Systems Italia S.r.l. and GE Healthcare
Clinical Service S.r.l. portfolios, transferring risks and benefits to Mediofactoring against
payment of a commission;
a loan of 1,424 thousand Euro, granted on 15 November 2008 by GE Holdings

Luxembourg S. r.l. to subsidiary GE Capital Funding Services S.r.l., remunerated at
normal market conditions.
The remaining short-term financial payables mainly concern the cash pooling at Nuovo
Pignone S.p.A. and comprise the following:
(thousands of Euro)
129,858
Amersham Biosciences GMBH tax rep.
119,053
40,440
GE Power Controls Holding Italia S.p.A.
11,214
Italba Service S.r.l.
5,103
GE Lighting Systems S.p.A.
2,783
GE Zenon Environmental S.r.l.
2,186
GE Lighting S.r.l.
1,527
Instrumentatium Imaging Italia S.r.l.
85
37
IMV Italia S.r.l.
23
Total
124
312,309
The item regional subsidised loans represents the balance of funding granted to
GE Healthcare S.r.l. by the Region of Lombardy in 2002, at the subsidised rate of 1.5%,
following interventions scheduled by Law 365/2000 in favour of areas affected by flooding.
Payments on account
These amount to 2,337,853 thousand Euro (1,910,453 thousand Euro in 2007) and include
payments on account received from customers under ongoing contracts (1,638,924 thousand
Euro), interim invoices issued to customers under contracts in progress at 31 December
2008 (695,524 thousand Euro) and advance payments in respect of services and supplies
pending completion (3,405 thousand Euro).
Trade payables
These total 760,422 thousand Euro (738,892 thousand Euro in 2007) and concern the
supply of goods and services.
Tax payables
Tax payables amount to 147,249 thousand Euro (96,396 thousand Euro at 31.12.2007) and
(thousands of Euro)
Amounts due
within
one year
Amounts due
after more
than one year
Total
Substitute tax payable
59,968
59,968
Income tax
43,035
43,035
VAT payable
27,351
27,351
Personal income tax (IRPEF) withheld from

employees' wages and salaries
12,740
12,740
2,015
1,246
3,261
894
894
146,003
1,246
147,249
Foreign direct taxes

Tax withholdings on self-employment income
Total
The substitute tax payable corresponds to the amount, still pending settlement with the
Tax Authorities, relating to the substitute tax previously described in the section concerning
Prepayments.
The item VAT payable includes VAT due on sales of medical equipment to Public Bodies
(27,351 thousand Euro) pertaining to the subsidiaries GE Medical Systems Italia S.p.A. and
GE Healthcare S.r.l..
125
Social security charges payable

These amount to 25,496 thousand Euro (28,060 thousand Euro at 31.12.2007) and
(thousands of Euro)
Payables to INPS
Contributions payable on unused holiday
entitlements
Payables to other pension organisations
Payables to foreign social security institutions
Other payables
Total
Amounts due
within
one year
Amounts due
after more
than one year
Total
22,929
22,929
1,036
1,036
699
699
765
65
830
25,432
65
25,496
Amounts due to social security institutions, entirely payable within one year, primarily
concern sums payable to pension, welfare and industrial accident organisations and
comprise the social security contributions due on wages and salaries and on fees paid to
contract workers.
Other payables
Other payables total 181,006 thousand Euro (75,342 thousand Euro at 31.12.2007) and
concern:
(thousands of Euro)
Amounts due
within
one year
Amounts due
after more
than one year
Total
Payables to employees
43,822
43,822
Payables to customers for penalties
39,253
39,253
Commissions
9,061
9,061
Payables to consultants and agents
2,833
2,833
Payables to supplementary pension funds
2,758
2,758
Guarantee deposits received from Customers
1,920
1,920
Branch payables
1,204
1,204
176
176
11
11
Payables to Factoring companies

Advance payments on sundry receivables
Other sundry payables
Total
2,576
77,392
79,968
103,614
77,392
181,006
It should be noted that the payables due after more than one year primarily concern the
amount of 76,833 thousand Euro due to GE Holding Luxembourg S. r.l. for dividends
declared by the shareholders at the meeting held on 27 June 2008 and not yet paid to the
shareholder, as well as 441 thousand Euro relating to amounts payable to minority
shareholders for dividends declared by the Shareholders at their Meetings during the years
2004-2005 and 2008 (after more than one year).
126
Accrued expenses and deferred income (Item E)

This item amounts to 34,440 thousand Euro and is made up of the following:
(thousands of Euro)
31/12/2008
Accrued expenses
2,200
31/12/2007
2,475
Deferred income
Obligations under guarantees
15,718
726
Factoring commission income
1,371
566
693
10,571
Lump-sum grants
Other deferred income
14,460
683
Total deferred income
32,240
12,545
Total
34,440
15,021
Other deferred income includes revenues totalling 12,891 thousand Euro pertaining to
future periods in connection with a licence agreement of subsidiary Nuovo Pignone S.p.A..
Memorandum accounts
(thousands of Euro)
31/12/2008
31/12/2007
Guarantees given by the Group

Collateral guarantees
Personal guarantees
1,231,348
1,383,511
Total guarantees
1,231,348
1,383,511
2008
2007
141,744
225,058
2008
2007
Guarantees received
Commitments for the sale of goods and services

- towards parent companies
- towards subsidiaries
- towards GE Group companies

- towards others
121,779
5,246,000
67,181
5,317,583
Total
5,367,779
5,384,764
622
439
778,334
1,048,338
219,600
7,723
105,604
-
289,043
59,752
-
1,111,261
1,397,133
Other commitments
Currency risk hedging contracts
- sale of foreign currency
- purchase of foreign currency
- foreign currency purchase options
- foreign currency sale options
- natural gas
Total
Third party assets
- towards GE Group companies
- towards others
870
1,011
217,068
253,403
Total
217,938
254,414
Group assets held by third parties

- towards others
7,921
9,517
Total
7,921
9,517
127
CONSOLIDATED INCOME STATEMENT

Prior to proceeding with our examination of individual items, it should be mentioned that,
in accordance with Article 2428, first paragraph, of the Italian Civil Code, our notes on the
general trend in costs and revenues are provided in the Report on Operations. Moreover,
owing to the detailed description of positive and negative income components given in the
income statement and to the above notes to the balance sheet items, it is possible to limit
the comments set out below to just the main items.
Production revenues (Item A)

Production revenues realised by the Group totalled 3,814,242 thousand and comprised the
following:
Turnover goods and services (Item A. 1)

This item, amounting to 3,117,039 thousand Euro, is broken down by product type and by
geographical area as follows:
Product
category
2008
Thousands of Euro
2007
Thousands of Euro
Equipment
1,482,388
48
1,594,535
52
Technical services and

assistance
1,159,086
38
1,041,851
34
426,115
14
402,573
13
0,3
10,995
0,3
Medical machinery and

equipment
Control sensors and equipment
8,557
Other
1,892
0,1
3,108
0,1
Total
3,117,039
100
3,053,062
100
Geographical
areas*
2008
Thousands of Euro
2007
Thousands of Euro
Italy
787,526
25
626,811
24
Rest of Europe
303,261
10
528,002
12
Middle East
606,351
15
774,909
26
America
475,473
10
277,903
Rest of the world
944,427
30
845,438
29
3,117,039
100
3,053,062
100
Total
(*) Based on the final destination of the supply
128
Variation in work in progress, semi-finished products

(8,588) thousand Euro
and finished goods (Item A. 2)
Changes in contract work in progress
(Item A. 3)
Both of these items reflect the difference between the opening and closing inventory
values stated under the asset item Inventories.
Increases in internal work capitalised under

fixed assets (Item A. 4)
3,068 thousand Euro
These concern the capitalisation of internal construction costs incurred during the year.
Other revenues and income (Item A. 5)
Other revenues and income include:

Grants for operating expenses
These totalled 436 thousand Euro, of which 403 thousand Euro concerned the grants for
operating expenses paid by public bodies for research projects and staff training and 33
thousand Euro concerned the utilisation of plant-related lump-sum grants pertaining to
Nuovo Pignone S.p.A..
Other revenues and income amounted to 97,691 thousand Euro and comprised the following:
(thousands of Euro)
Release of unused provisions for risks and charges
42,514
Income from commercial deals
16,655
Arbitration against Albanian Government
11,167
Penalties and backcharges applied to suppliers
6,336
Seconded personnel
5,315
Income from learning centre activities
3,489
Recharge to GE companies of operating costs
2,824
Commissions and royalties
2,621
Recharge of operating costs
2,457
Rental income
1,785
Prior year income
1,067
Insurance compensation for damages
580
Utilisation of provision for write-down of options
435
Gains on disposal of fixed assets
205
Other
241
Total
97,691
129
Production cost (Item B)

Production cost, totalling 3,329,245 thousand Euro, comprised the following:
Raw materials, consumables and supplies (Item B. 6)

The sum of 1,648,672 thousand Euro refers above all to the purchase of materials, machines
and equipment, spare parts and sundry products and consumables.
Services (Item B. 7)
Costs for services totalled 864,877 thousand Euro and correspond to the charges incurred for
services of an operational nature (planning and management of works, construction,
outsourced processing, transportation, maintenance, insurance, etc.), staff-related services,
consultancy and professional services, advertising and promotion and other general services
(such as postage, telephone, radio links and others). More specifically:
(thousands of Euro)
2008
Construction and outsourced processing
473,422
Consultancy and professional services
105,912
Staff-related services
98,684
Transportation
82,329
Maintenance
41,934
Fees
27,862
Utilities
16,549
Advertising, promotion and sales expenses
8,815
Telecommunications
5,603
Bank commission and charges
2,436
Insurance
1,104
Other
226
Total
864,877
Regarding the fees payable to the Directors and Statutory Auditors of the parent company
for the performance of these duties also in other companies within the scope of consolidation,
we report the breakdown of such fees as follows:
(thousands of Euro)
Directors' fees
569
Statutory Auditors' fees
542
Total
130
1,111
Use of third party assets (Item B. 8)

This item amounted to 90,608 thousand Euro and refers to costs connected with fees for
patents, licences, concessions, as well as lease and rental charges.
(thousands of Euro)
Medical equipment rental
32,207
GE Monogram trademark
21,798
Royalties for use of patents and licences
10,507
Lease charges
8,824
Rental of machinery
6,863
Rental of computer equipment
5,641
Rental of vehicles
4,240
Fees for patents, licences and concessions
528
Total
90,608
Personnel expenses (Item B. 9)

Personnel expenses totalled 402,126 thousand Euro and include the cost of wages and
salaries paid to employees and related social security contributions, the accruals for
employees severance entitlement and other staff-related costs, such as welfare charges
(canteens, recreational facilities) and leaving incentive charges other than extraordinary
expenses associated with corporate reorganisation plans.
Set out below is the average number of employees in 2007 and 2008, divided by category
and by geographical area.
By category
2008
2007
268
260
4,206
4,663
891
901
Total
5,365
5,824
By geographical area
2008
2007
Italy
Executives
Commercial and administrative staff
Technical staff
5,299
5,222
United Kingdom
549
France
56
45
5,363
5,824
Rest of the world

Total
131
Amortisation, depreciation and write-downs (Item B. 10)

Amortisation, depreciation and write-downs amounted to 97,779 thousand Euro, as
mentioned in the comment on the asset items Intangible fixed assets, Tangible fixed
assets and Receivables.
Changes in inventories of raw materials,

consumables and supplies (Item B. 11)
These show a negative balance of 30,639 thousand Euro and reflect the difference
between opening and closing inventory values, as stated in the item Inventories under
assets forming part of working capital.
Provisions for risks (Item B. 12)

Provisions for risks, totalling 18,987 thousand Euro, reflect the accruals made in respect of
potential penalties and litigation; they also include the amounts set aside to cover disputes
brought against the Group by third parties, as already commented under the balance
sheet liability item provisions for risks and charges.

Other provisions comprise the following:
(thousands of Euro)
Provisions for charges to be incurred on completed contracts and other contractual risks
98,558
Product warranties
11,751
Emoluments payable to employees and performance bonuses
2,478
1,435
Adjustment of purchase cost of options to market value
1,654
Contractual risks
801
Risks concerning extraordinary installations
173
Other provisions
113
Total
116,964
Other operating costs (Item B. 14)

These totalled 58,593 thousand Euro and included, inter alia, contractual penalties applied
by customers (41,474 thousand Euro) and indirect taxes and dues (6,889 thousand Euro, of
which 5,678 thousand Euro related to customs charges on purchases).
132
Financial income and expenses (Item C)

These show a negative balance of 113,443 thousand Euro and refer to:
Income from investments (Item C. 15)

This item totalled 32 thousand Euro and refers to dividends paid by ENI Acqua Campania
to the parent company, which owns a minority interest (0.50%).
Other financial income (Item C. 16)

Other financial income from receivables included under fixed assets
This amounted to 2 thousand Euro and refers to interest income accrued on compensation
received by the Parent Company following the expropriation of land.
Financial income from parent companies
This amounted to 3,547 thousand Euro and exclusively refers to interest income on loans
granted by Nuovo Pignone S.p.A. to General Electric Company.
Financial income from others
This totalled 70,632 thousand Euro, made up of the following:
I
capital gains on the disposal of investments amounting to 11,850 thousand Euro, of

which 11,814 thousand Euro concerns the sale of the investment in Thermodyn S.A.S.
and 36 thousand Euro concerns the sale of the investment in Irma Service S.r.l.,
other financial income amounting to 58,782 thousand Euro, broken down as follows:
(thousands of Euro)
Interest on loans to GE Group companies
41,619
Interest on bank current a/cs
8,023
Interest on commercial transactions
5,188
Options
1,951
Interest from financial institutions
1,841
Grants for interest

Other financial income
Total
150
10
58,782
The line interest on loans to GE Group companies refers to the interest earned on loans
granted by the Group to General Electric companies outside the Nuovo Pignone Holding
Group. More specifically, it concerns a loan granted by the subsidiary Nuovo Pignone
International S. r.l. (8,566 thousand Euro) and interest income arising from the centralised
management of treasury operations in Italy and abroad (33,053 thousand Euro), as
already described in the comment on the item other receivables.
133
Interest and other financial expenses (Item C. 17)

Paid to parent companies
This amounted to 2,824 thousand Euro and refers entirely to the interest paid on the loan
granted to the Parent Company by GE Energy Europe B.V., as already described in the
comment on the item Due to shareholders for loans.
Paid to subsidiaries
This amounted to 104,113 thousand Euro and exclusively refers to the loss realised by the
Group on the sale of the investment in the subsidiary Nuovo Pignone Scotland Ltd, which
was held through Nuovo Pignone International S..r.l. as described at length in the Report
on Operations.
Paid to others
This amounted to 105,614 thousand Euro:
(thousands of Euro)
Interest on loans from GE Group companies
94,118
Interest on other loans
5,005
Charges on factoring transactions
4,016
Charges on commercial transactions
786
Commissions for sureties
592
Interest on bank current a/cs

Other financial expenses
Total
86
1,011
105,614
Financial charges on factoring transactions refer to the commission paid by GE Capital

Funding Services S.r.l. to Mediofactoring for the refinancing of ongoing factoring transactions
(967 thousand Euro), as well as to commission paid by the subsidiary GE Healthcare S.r.l.
to Farmafactoring for financing the receivable arising from commercial transactions
carried out with hospital trusts (1,934 thousand Euro) and by GE Transportation System S.r.l.
to a factoring company outside the General Electric Group (1,115 thousand Euro).
Exchange rate gains and losses

(Item C. 17 bis)
Exchange rate gains
101,255
Exchange rate losses
76,360
Total
24,895
Adjustments to financial asset values (Item D)

Write-downs
This item includes the write-down carried out of the goodwill arising on consolidation
pertaining to GE Healthcare S.r.l. (14,674 thousand Euro) in order to bring the value shown
134
into line with the appraisal report, as more particularly described in the comment on the
item "financial fixed assets".
With a view to providing a clearer picture, the amount of the write-down is shown under
"d) other"; the figure for 2007 has been reclassified under this item, to allow comparison
with the previous year's data.
Extraordinary income and expenses (Item E)

Income
Extraordinary income amounting to 10,193 thousand Euro concerns positive adjustments
relating to payables recorded against formal requests for penalties that were not claimed
(2,402 thousand Euro), adjustment for royalties in respect of the previous year (609
thousand Euro), tax recoveries and adjustments relating to prior years (1,805 thousand
Euro); the item also includes income amounting to 1,743 thousand Euro deriving from the
tax credit for research and development activities indicated in tax return Unico 2008
(Section RU), the cost of which was incurred by the subsidiary Nuovo Pignone S.p.A. in
2007, as well as other reimbursements on the part of the tax administration (62 thousand
Euro). Lastly the item includes capital gains realised on the disposal of assets (116
thousand Euro), the collection of receivables deemed uncollectible (37 thousand Euro),
accounting entry and balance adjustments (1,609 thousand Euro) and other negative
income components relating to prior years (1,810 thousand Euro).
Expenses
Extraordinary expenses amounted to 2,006 thousand Euro and mainly refer to expenses
incurred by the Group for employee leaving incentives in connection with reorganisation
policies (182 thousand Euro) and to prior year items connected with accounting
adjustments (1,824 thousand Euro).
Taxation on profit for the year (Item 22)

Income taxes, totalling 174,467 thousand Euro, therefore comprise the following:
(thousands of Euro)
Direct taxes/IRAP
Substitute tax
Deferred tax expense
Deferred tax income
Foreign taxes
Total
2008
2007
141,359
109,543
27,598
31,808
518
-31,469
-2,688
107,048
7,680
10,825
174,467
227,756
The item includes the substitute tax of 27,597 thousand Euro deriving from the
contribution operation, which originally amounted to 551,415 thousand Euro and is
charged to the income statement as indicated in the section on "Prepayments".
135
Set out below is a reconciliation of the tax rate at 31 December 2008:
IRES
IRAP
499,504
502,310
Adjustment of taxable income for IRAP purposes
286,047
Temporary differences deductible in future years
178,436
122,345
(3,298)
(145,402)
(135,573)
(19,300)
(2,560)
Profit before taxes as per financial statements (A)
Temporary differences on loss carryforwards

Reversal of temporary differences recorded in prior years taxed provisions
Reversal of temporary differences recorded in prior years - Others
Non-deductible depreciation/amortisation
528
431
Permanent differences
(104,726)
(28,590)
Taxable income before utilisation of loss carryforwards
405,741
744,089
Taxable income
405,741
744,089
Theoretical tax rate
27.50%
3.90%
Current taxes (B)
111,604
29,793
Effective tax rate (B)/(A)
22.34%
5.93%
(3,657)
567
872
7,681
Loss carryforwards utilised
Deferred tax income

Taxes advanced on loss carryforwards
Deferred tax expense
Foreign taxes
Substitute taxes
Total taxes for the year per income statement
27,598
144,099
30,369
THE BOARD OF DIRECTORS

The Chairman
Piero Salvadori
136
CONSOLIDATED STATEMENT OF CASH FLOWS

(thousands of Euro)
changes during the year
Opening
balance
Borrowings
repayments
Closing
balance
Medium/long-term financial
receivables
1.636.140
(1.665.570)
(29.430)
Medium/long-term financial
payables
(293.680)
(552.521)
(846.201)
Net medium/long-term
available funds
1.342.460
(2.218.091)
(875.631)
Due to shareholders for

short-term loans
(53.579)
(2.824)
(56.403)
(1.167.882)
683.131
(484.751)
(113)
(62)
(175)
571.252
218.090
789.341
17.335
(4.011)
13.324
(632.987)
894.323
261.336
709.473
(1.323.767)
(614.295)
2008
2007
193.763
69.126
402.367
73.524
Analysis of net available funds

(financial debt)
8.213
(82.339)
14.659
3.164
3
(43.134)
(3.955)
22
4.391
(3.191)
(57.029)
(1)
684
31.795
(54)
135
(102)
33.486
177
(902)
Internally-generated cash flow

from operations (self-financing) (a)
215.713
429.089
Inventories
Trade and other receivables
Prepayments and accrued income
Trade and other payables
(498.986)
177.126
(464)
380.472
19.419
(756.184)
299.907
(2.532)
496.185
(657)
77.568
36.719

Amortisation and depreciation
Write-down of assets forming part
of working capital
Write-down of goodwill arising
on consolidation
Impact of measuring consolidated
investments using the equity method
Changes in provisions for risks and charges
Change in employees' severance entitlement
Substitute tax suspended and
charged to income statement
Net gains (losses) on disinvestments
Change in consolidation criteria
Investment adjustments and
exchange rate variation
Additions to the scope of consolidation area
Cash flow relating to working capital (b)

Cash flow from operating
activities (c=a+b)
465.808
(9.228)
(9.623)
0
(57.909)
(3.052)
(52.704)
(50.000)
Cash flow from investments
(67.137)
(115.379)
Disinvestments:
98
4.705
50.000
(132)
1.343
0
Cash flow from disinvestments
54.803
1.211
Cash flow from investing activities (d)
(12.334)
(114.168)
Changes in shareholders' equity:

Variation in shareholders' equity
Dividends
Minority interests
(2.728)
(1.600.000)
(1.986)
(104.070)
0
(859)
Equity related cash flow (e)
(1.604.714)
(104.929)
709.473
462.761
(1.323.767)
246.711
(614.295)
709.473
Net available funds at beginning of year

(f= c+d+e)
Net financial position (debt)
Due to factoring companies

Short-term financial receivables
Liquid funds
Short-term net financial debt
Net available funds
(financial debt)
293.281
Investments:
Companies included within the scope
of consolidation
Investments
Short-term financial debts
137

Assets
(thousands of Euro)
Amount
Payments On Account
Thermodyn S.A.S
Bently Nevada Llc
GE Np Nigeria Limited
GE Inter.Oper.Inc Geioc-Fso
GE Caledonian Ltd.
76
818
43
4
455
2.088
1
0
73
Receivables Due From Customers

Algesco
Algesco S.p.A.
Bently Nevada (U K) Ltd.
Bently Nevada Llc
Bently Nevada Saudi Arabia
Branch Of Ge Vietnam Limited In Haip
Computacenter Ag &Co Ohg
Domenia Credit Ifn Sa
Druck Ltd.
GE Capital Services Ltd.
GE Appliances
GE Betz Gmbh
GE Canada Inc.
GE Capital Assurances
GE Capital Bank Danmark
GE Capital Bilfinans Ab
GE Capital Commercial Finance Bv.
GE Capital Equipment Finance S.p.A.
GE Capital Fleet Car
GE Capital Gmbh
GE Capital Services
GE Capital Services Europe
GE Capital Services Inc.
GE Cimisa
GE Clinical Systems Devices S.r.l.
GE Commerce China
GE Corporate
GE Corporate Finance Bank Italian Branch
GE Corporate Staff Components
GE Digital Energy Sa
8
3.038
1
150
2
2
3
3
17
24
3
7
3
1
1
842
2
2
1
135
3
1
122
210
1
2
1.463
5
3
3
9
2
1
4
6.840
67
65
19
5
-137
138

Assets
(thousands of Euro)
Amount

GE Energy Parts Inc.
GE Energy Products France Snc.
GE Energy Products Germany Gmbh & Co
GE Energy Products Inc.
GE Energy Services
GE Factofrance
GE Fanuc Automation Europe Sa
GE Fanuc Automation Solutions Europe Sa
GE Gas Turbines Llc
GE Handels Gmbh
GE Health Care
GE Healthcare As
GE Healthcare Bio Sciences
GE Healthcare Bio Sciences Sa
GE Healthcare Europe B.V.
GE Healthcare Europe Gmbh - Germany
GE Healthcare Europe Gmbh - Italian Branch
GE Healthcare Limited (Ireland))
GE Healthcare Limited (Uk)
GE Hungary Co.Ltd.
GE Hungary Zrt
GE Industrial Systems
GE Information Services
GE Information Services S.p.A.
GE Infrastructure Sensing, Inc.
GE International Llc
GE International Mexico S.A. De Cv
GE International Operations Co.Inc.
GE International Power Systems
GE It S.r.l.
GE Jenbacher Aktiengesellschaft
GE Lighting S.r.l.
GE Medical System Israel
GE Medical Systems Us
GE Medical Systems Asia
GE Medical Systems Information Techn
GE Medical Systems It
GE Medical Systems Sa
GE Money Bank
GE Money Bank Ab
1
41
1
10
21.195
2
13
21
5
1
1
-25
19
1
3
1.486
20
1
440
275
71
3
1.305
1.282
12
2.975
8
1
3
6
469
71
256
2
51
300
1
546
1
5
1
2
18
4
2
2
2
3
6
14
2
7
139

Assets
(thousands of Euro)
Amount
GE Oil And Gas Products Services S

GE Oil & Gas - Conmec Llc
GE Oil & Gas - Odessa Llc
GE Oil & Gas Op.Llc Tax Rep.
GE Oil And Gas Inc.
GE Oil & Gas Odessa Llc
GE Oil & Gas Operations, Llc
GE Oil & Gas Operations Llc
GE Pacific Pte Ltd.
GE Packaged Power-Norway
GE Plastics Ltd.
GE Power Controls
GE Power Controls Belgium Bvba
GE Power Controls Italia S.p.A. - Interlogix Division
GE Power Plant Systems Department
GE Power Systems
GE Power Systems (M) Sdn Bhd
GE Power Systems Malaysia
GE Preco
GE Rus Infra Llc
GE Rus Llc
GE Sensing France Snc.
GE Sensing Gmbh
GE Sensing Nederland B.V.
GE Shenyang Turbomachinery Technolog
GE Smallworld Spain S.r.l.
GE Specialty Chemicals
GE Supply Company
GE Support Services
GE Trading Company
GE Trasportation System India
GE Turbinas Y Mecanica, C.A.
GE Ultrasound Germany
GE - Aberdeen Service Centre
Gems (Milwaukee Parent)
Gems Denmark
Gems Germany
Gems Greece
Gems Ireland
Gems Medicor Hungary
Gems Poland
Gems Scs
Gems Spain
Gen Nigeria Limited
General Electric International Inc. K
140
6.267
2.482
7
3.262
1.327
8
503
190
4
58
100
4
3
1
44.877
2.548
1
36
1.025
931
6
3
1.282
3
1
1
1
54
1
4
72
11
1
228
7
12
113
5
2
1
8
9
5
1
626
4
2
6.229
1.046
4.136
15

Assets
(thousands of Euro)
Amount
General Electric International Opera

General Electric Meelsa Service Cent
General Electric Services (Bermuda)
Gevisa Brazil
Hydrill
Gems United Kingdom
Ionics Italba
Kretztechnik A.G.
Nbc Universal Global Networks Espana
Nbc Universal Global Networks Limite
Nuovo Pignone Int.Le Et Serv. S. r.l.
Panametrics Gmbh
Picl Egypt Corporation Ltd - Egypt B
Pignone Espanola Global Services,
Pignone Textile Machinery Inc.
PII Ltd.
Pipeline Integrity International Del Venezuela Sa
Pt Ge Operations Indonesia
Renta Inmobiliairia Sa
Satis Sld
Thermodyn S.A.S.
Tip Services B.V.
Turbinas Y Mecanica, Ca
Vetco Gray Inc Uk
Vetco Gray Scandinavia As
Vetco Gray Uk Ltd.
Woodward Governor Nederland B.V.
15.393
3
11
21
771
42
92
121
33
12
1
1
6
8
1
1
40
70
1.934
39
998
1
2
3
34.382
2
181
3.169
181
74
2
Receivables due from Parent Companies

330.960
423
Receivables due from others

Amersham Bioscience Gmbh
GE Betz S.r.l.
GE Fanuc Automation Solution Europe S.A.
Inonics Italba
GE Oncura Italy
Vetco Gray Italia
GE Lighting S.r.l.
GE Holding Luxembourg S. r.l.
117.165
32.452
8.143
5.933
1.058
933
101
10
3
194.275
69.178
Prepayments And Accrued Income

536.234
141

Liabilities
(thousands of Euro)
Amount
Payables due to shareholders for loans

GE Central Europe Sourcing & Service Ltd.
GE Hungary ZRT
Heller SGPS Lda
GE Holding Luxembourg & Co S. r.l.
Amersham Biosciences GMBH Tax Rep.
Italba Service S.r.l.
GE Lighting Systems S.p.A.
GE Zenon Environmental S.r.l.
GE Lighting S.r.l.
Instrumentatium Imaging Italia S.r.l.
IMV Italia S.r.l.
56.403
471.923
260.385
117.445
26.791
1.424
129.858
119.053
40.440
11.214
5.103
2.783
2.186
1.527
85
37
23
Payments on account
Bently Nevada Llc
GE Oil And Gas Inc.
General Electric Canada Inc.
GE Energy Services
981
2
83
5
2
19
1
1.692
19
952
110
Trade payables
Algesco S.p.A.
Bangalore Engineering Center
Bently Nevada Llc
Bently Nevada Llc
Bently Nevada Slovakia, Sro
Caribe Ge Int. Energy Service Inc.
Corp Leadership Srvc Germany
Druck Inc.
Druck Limited
Engineering Technology Center
Everest Vit Gmbh
GE Sensing & Inspection - China
GE Aircraft Engine Services
GE Aviation
GE Betz S.r.l.
35
2.457
318
1.635
17
293
1
47
3
258
13
1.000
1
4
279
10
142

Liabilities
(thousands of Euro)
Amount
GE Caledonian Ltd.
GE Canada Equipment Finance Gp
GE Capital Bank Ltd Italian Branch
GE Capital Commercial Finance B.V.
GE Capital Commercial Finance Bv Collection
GE Capital Fleet Car Leasing
GE Capital Funding Services North America
GE Capital Funding Services Snc.
GE Central Europe Sourcing & Services Ltd.
GE Commerce Ltd.
GE Commerce Shangai Co. Ltd.
GE Corporate
GE Corporate Finanacial Services Europe Limited
GE Corporate Financial Services Europe Limited
GE Corporate per T&L
GE Energy & Industr. Services Inc.
GE Energy Bangor
GE Energy Management Services Inc.
GE Energy Parts Inc.
GE Energy Parts International Llc
GE Energy Power Systems Espana Sa
GE Energy Product France Snc.
GE Energy Products Germany Gmbh & Co Kg
GE Energy Services
GE Energy Services
GE Engine Services Inc.
GE Global Control Services
GE Global Research Zn Ge Deutschla
GE Hangwei China
GE Healthcare Ag
GE Healthcare Australia Pty Limited
GE Healthcare B.V.
GE Healthcare Europe GMBH (Germany)
GE Healthcare Europe GMBH (Italy)
GE Healthcare Global Parts Company,
GE Healthcare Limited (UK)
GE Holding Luxemburg & Co. S. r.l.
57
6
7
2.190
4.485
3.459
154
675
253
155
316
8
2
443.504
39
506
336
6
73
82
32
798
11
5
56.403
412
46
19
53
10.674
58
417
3
4
248
1
24
109
76.833
26
1.407
13
108
52
9
7
3
1
19
87
1.358
143

Liabilities
(thousands of Euro)
Amount
GE HUNGARY CCO.LTD
GE Hungary Rt
GE Hungary ZRT
GE Industrial Controls Systems
GE Industrial Sensing
GE Inspection & Repair Services
GE International Del Venezuela Sa
GE International Inc Suc Argentina
GE International Operations (Nig) Limited
GE International Operations (Nig) Ltd.
GE Intl Operations Company Inc.
GE Keppel Energy Services Pte Ltd.
GE Medical Systems (France)
GE Medical Systems (Germany)
GE Noleggi S.p.A.
GE Noleggi S.p.A.
GE Oil & Gas
GE Oil And Gas Inc.
GE Oil And Gas Inc.
GE Oil Gas Operations Llc
GE Pc
GE Power Controls Italia S.p.A. Interlogix Division
GE Power Management, S.A. Sociedad
GE Saudi Arabia Ltd.
GE Security S.r.l.
GE Sensing Emea
GE Service Luxembourg
GE Structured Service Lp
GE Trasportation System Global Singaling Llc
GE Trasportation System India
Gecf Indonesia Pt Ge Finance Indo.
GE Aberdeen
GE-Aberdeen Service Centre
Gems France
Gems Germany
Gems Global Tec. Co Llc
144
2.092
54
255.837
68
1.301
2
17
103
2
576
36
3.660
13
379
12
7
238
197
7
27
7
1
1.841
1.733
82
243
2.484
167
185
56
953
433
2.344
1.269
78
21
46
100
117.445
115
55
33
1.461
18
7
471
386
1.718
3
11.668

Liabilities
(thousands of Euro)
Amount
Gems Greece
Gems Hualun China
Gems Israel
Gems Medicor Hu
Gems Spain
Gems Switzerland
Gems Ultrasound And Primary Care Diagnostics Llc
GEMS Vingmed Betellingung Holding
General Electric Illumincacin Sa Geisa
General Electric Int. Inc.
General Electric International Inc Branch Ly (Libya)
General Electric International Operation Company
General Electric Meelsa Service Ce
General Electric Rus Infra Llc Russia Branch (Russia)
Geshenyangturbomachinerytechnology Co., Ltd.
Gevisa Sa
Granite Service Int. Yuzhno
Granite Service Inter. Inc Brasil
Granite Services Inter.Inc Mexico
Granite Services Intern.Inc.
Ifo And Other Corporate Components
Ige Energy Services (Uk) Ltd.
Gems United Kingdom
Instrumentarium Imaging Italy S.r.l.
Jenbaker Ag Gmbh
Kretztechnik A.G.
Numeris Gie
Oec Germany
PII Limited
PII Pipetronix Gmbh
Sas Gas Turbine Technology
Saudi Arabia General Electric Co
GE Energy Services
Thermodyn S.A.S.
Usa Instruments
Vetco Gray
Vetco Gray Venezuela Ca
Viewpoint Bildverarbeitung
1
345
195
5
7
193
341
36
455
800
731
1.519
9
1.110
11
63
49
1.607
19
126
1.427
286
921
54
28
17
5.044
869
2
44
9
2
6.316
829
977
40
22
144
19
1
599
2.849
89
1
10
1.318
59
145

Income Statement
(thousands of Euro)
Amount
Turnover - goods and services

Vetco Angola
Aero Energy Services
Algesco S.p.A.
Ambassador Medical Llc
Amersham Biosciences Ab
Amersham Health As
B H A Group Inc.
Banque Artesia Nederland N.V.
Bently Nevada France
Bently Nevada Llc
Bently Nevada Llc
Bently Nevada S. r.l.
Bha Group Gmbh
Bha Purfilter Sl
Branch Of GE Vietnam Limited In Haiphong
Budapest Hitel- Es Fejlesztesi Bank Nyilvanosan Mu
Business News (Europe)
Corp.Nuovo Pignone De Venezuela
Datex-Ohmeda B.V.
Disko Leasing Gesellschaft Mit Beschrnkter Haftu
Domenia Credit Ifn Sa
Fondazione Pignone
GE Capital Administrative Services, Inc.
GE Capital Global Consumer Finance Ltd.
GE Healthcare Holding Me Sa (Dubai Branch)
GE Aero Energy Products
GE Aircraft Engines Holdings, Inc.
GE Asset Management Ltd.
GE Aviation Systems Ltd.
GE Betz B.V.
GE Betz Gmbh
GE Betz Italia S.r.l.
GE Betz South Africa (Pty) Ltd
GE Capital Bank Sa
GE Capital B.V.
GE Capital Commercial Finance B.V.
GE Capital Corporation (Bittern Gp) Ltd.
GE Capital Corporation (Funding) Ltd.
GE Capital Equipement Finance
GE Capital Equipment Finance Holdings
GE Capital European Treasury Ltd.
GE Capital Finance BV.
146
4
124
3.837
3
10
18
4
6
4
1
107
3
15
1
8
2
2
6
2
8
4
785
2
6
3
31
1
1
25
28
10
7
3
9
5
3
2
5
4
20
13
1
4
10
1
21
1
1
13
38
4.921
2.986

Income Statement
(thousands of Euro)
Amount

GE Capital Funding Services Gmbh & Co
GE Capital Funding Services Snc.
GE Capital Largo Plazo, S.L.
GE Commercial Aviation Services Ltd.
GE Commercial Finance Fleet Services Ltd.
GE Commercial Finance Ltd.
GE Commercial Finance Real Estate.
GE Commercial Financial Services Real Estate Prope
GE Consumer Finance Europe
GE Corporate
GE Deutschland Holding Gmbh
GE Digital Energy Sa
GE Energy & Environmental Research Corporation
GE Energy (Sweden) Ab
GE Energy (Switzerland) Ag
GE Energy Optimization Controls
GE Energy Optimization Service
GE Energy Parts, Inc.
GE Energy Power Systems Espana Sa
GE Energy Services
GE Energy, Llc
GE Europe Nv
GE European Equipment Finance Ltd.
GE Factofrance
GE Fanuc Automation Solutions Europe Sa Zweigniede
GE Fanuc Intelligent Platforms Europe Sa
GE Financial Markets
GE Gas Turbines Llc
GE Global Research Zn Ge Deutschland Holding Gmbh
GE Healthcare Ag
GE Healthcare AS
GE Healthcare BIO Sciences
GE Healthcare Bio Sciences Sa
GE Healthcare B.V.
GE Healthcare Clinical Systems
GE Healthcare Europe Gmbh
1
8
23
1
2
9
3
17
2.792
5
1
4
3
17
2
44
236
1
-89
9
8
1
2
19
2
1.292
2
1
3
49
2
21.162
93
342
73
10
22
3
1
2
1
1
4
2
6
2
70
88
202
7
369
8
14
147

Income Statement
(thousands of Euro)
Amount
GE Healthcare Europe GMBH (Germany)

GE Healthcare Limited (Uk)
GE Healthcare Ltd.
GE Healthcare Sa
GE Holdings Magyarorszag Vagyonkezelo Es Szolgalta
GE Hungary Zrt
GE Industrial Belgium Bvba
GE Inspection Technologies Ahrensburg Gmbh & Co Kg
GE Inspection Technologies Scs
GE International Holdings Inc.
GE International Llc
GE International Operations (Nig) Ltd.
GE It S.r.l.
GE Lighting Hungary Co.
GE Lighting S.r.l.
GE Lighting System S.p.A.
GE Lisca Ag
GE Marmara Technology Center Muhendislik Hizmetler
GE Med Syst Ultras & Primary Care Diag
GE Medical Systems Deutschland Gmbh & Co Kg
GE Medical Systems Information Technologies Gmbh
GE Medical Systems Information Technologies Sw Gmb
GE Medical Systems Middle East
GE Medical Systems Polska Sp Z O O
GE Money Bank
GE Money Bank A.S.
GE Money Bank Ab
GE Money Nordic Holding Ab
GE Nuclear Energy
GE Numeris Gie
GE Oil And Gas Products Services S De Rl De Cv
GE Oil & Gas
GE Oil & Gas Op.Llc Tax Rep.
GE Oil & Gas Inc.
GE Oil & Gas Inc.
GE Oil & Gas Odessa Llc
GE Oil & Gas Operations, Llc
148
1.484
6
1.347
21
124
1
15.680
2
6
102
3
7
16
6
1
17
9.939
3
1.294
7
197
222
46
3
17
1
680
7
4
3
6
7
2
4
1
1
45
1
9
1
14
2
61
10.855
15
3.801
675
1.186
3.798
5
2.214
34
1.068

Income Statement
(thousands of Euro)
Amount
GE Pacific Pte Ltd.

GE Power Controls Italia S.p.A. - Interlogix Division
GE Preco
GE Real Estate Sweden Ab
GE Rus Infra Llc
GE Rus Llc
GE Security Emea Bvba
GE Sensing & Inspection S.r.l.
GE Sensing Emea
GE Sensing Emea - Shannon - Ireland
GE South Africa Ppt Ltd Ms
GE Transportation Systems Global Signaling Llc
GE Water & Process Tech. Bvba
GE Water & Process Technologies Middle East Fze
GE Water And Process Technologies France
Geh Tecn Norway
GE- Aberdeen Service Centre
GE Aberdeen
GE-Gh Contractual Services
Gems Benelux Nv
Gems Denmark
Gems Finland Branch
Gems Germany
Gems Greece
Gems Hungary
Gems Ireland
Gems Israel
Gems Ndl
Gems Pet Systems Ab
Gems Poland
Gems Scs
Gems Spain
Gems Sweden
Gems Turkey
Gems Uk
Gems ultrasound and primary care diagnostics S. r.l.
Gen Nigeria Limited
General Electric Canada Inc
3
900
803
667
22
1.570
100
1.333
3
867
8
1
6.397
3
11
1
2
2.621
229
-40
15
5
16
115
1
8
5
38
2
267
7
1
683
18
43
19
188
36
85
34
13
64
3
82
10.738
262
21
30
224
65
2
11
6.924
149

Income Statement
(thousands of Euro)
Amount

General Electric Capital Corp
General Electric Capital Corp.
General Electric Capital Corporation
General Electric Capital Fleet Services
General Electric Company Polska Sp.Zo.O.
General Electric Equipment Services Sl
General Electric Healthcare Espana Sa
General Electric International
General Electric International Inc. Angola Branch (Angola)
General Electric International Inc. Branch Ly (Libya)
General Electric International Inc. (Brunei)
General Electric International Inc. Filialas
General Electric International Inc. Kazakhstan
General Electric International Inc. Sucursal En Esp
General Electric International Operations Company,
General Electric International, Sa
General Electric Meelsa Service Centre
General Electric Railcar Services Corporation (Del
General Electric Rus Infra Llc Russia Branch (Russia)
General Elektrik Ticaret Ve Servis As
Ge Np Nigeria
Geps Aereo Energy Products
Geref Investment Management
Ige Energy Services (Uk)Ltd.
Imv Invertomatic Victron Uk Ltd.
International General Electric Ab
International Marketing Systems Ltd.
Ionics (Uk) Ltd.
Ionics Italba S.r.l.
Kretztechnik A.G.
Mds Ik
Nbc Universal Global Networks Limited
Nutronik Gmbh
150
1.626
25
76
43
8
11.494
26
8
1
992
4
21
18
11
3.677
25
7
11
23
1
96
19
2
105
2
7
8.046
111
1.980
4
13
12
19
40
49
300
-1
-3
14
7
2
1
709
3
1
2
1
1
2
1
2
3
7

Income Statement
(thousands of Euro)
Amount
Picl Egypt Corporation Ltd - Egypt Branch

Pignone Espanola Global Services S.A.
PII Limited
PII Ltd.
PII Mexico, Sa De Cv
PII North America, Inc.
PII Pipetronix Gmbh
PII Sudamerica Sa
Pressure Control Systems Nigeria Ltd.
Pt Ge Operations Indonesia
Renta Inmobiliairia Sa
Sabic Innovative Plastics Espana Scpa
Satis - Radioisotopos E Proteccoes
Satis SLD
Sci Fi Channel Europe
Sime S.R.L.
Thermodyn S.A.S.
Thermodyn S.A.S - Vat Representation
Thermodyne Sa
Uppsala Imanet Ab
Vetco Gray Angola
Vetco Gray Angola
Vetco Gray Inc.
Vetco Gray Inc.
Vetco Gray Italia S.r.l.
Vetcogray Uk Ltd.
Vetcogray Uk Ltd.
Visiowave S. r.l.
Zenon Environmental Systems Inc.
Production cost
Algesco S.p.A.
Bangalore Engineering Center
Bently Nevada Llc
Copr Leadership Svc Uk
Corp Leadership Srvc Germany
Corp Leadership Svc Nl Tax Rep.
Corporacion Nuovo Pignone De Venezuela, Sa
Corporate Computer Services Ltd.
Eni Acqua Campania S.p.A.
Erio Benvenuti
Fanuc Ge Cnc Italia S.r.l.
1
11
1.378
22
1.586
1
1
2
1
3
3.431
1
1
2
58
3
3
3
100
3.725
16.622
7
2
40
15
2
303
1
1.688
1
34
224
667
58
2
6
617
7
4.452
17
17
42
4
296
61
1.539
9
32
22
4
60
151

Income Statement
(thousands of Euro)
Amount
GE (China) Co Ltd.
GE (China) R&D Center Co., Ltd.
GE Aircraft Engine Services
GE Artesia Bank
GE Artesia Bank Total
GE Austria
GE Aviation
GE Betz Singapore Pte. Ltd.
GE Betz S.r.l.
GE Business Services Gmbh
GE Caledonian Ltd.
GE Canada Equipment Finance Gp
GE Capital Commercial Finance
GE Capital European Treasury Ltd.
GE Capital European Treasury Services Total
GE Capital Finance Australasia Pty Ltd.
GE Capital Finance B.v.
GE Capital Fleet Serv. Norway As
GE Capital Funding Services Gmbh & Co
GE Capital Funding Services North America Total
GE Capital International Services
GE Capital Market Services
GE Capital Solution As
GE Central Europe Sourcing & Services Ltd.
GE Commerce Shangai Co. Ltd.
GE Consumer & Industrial Sa
GE Corporate
GE Corporate Leadership
GE Crotonville Center Total
GE Energy Learning Center
GE Energy Management Services Inc.
GE Energy Parts International Llc
GE Energy Services
GE Energy Uk
GE Engine Services Inc.
GE Engine Services-Tri-Remanufacturing, Inc.
GE Europe Nv
GE Europe NV
GE Global Research Zn Ge Deutschla
GE Hangwei Ms Co Ltd.
152
380
2
32
771
577
16
1.452
3
26
10
80
51
5
1
4.980
8.178
10
17.382
1.292
11
8
104
3
209
2.587
227
4
61.449
54
753
4
8.156
46
16
1.236
5
23
734
2.269
2
7
23
1.057
1.442
9
17
7
4
8
108
3.384
126
3.254

Income Statement
(thousands of Euro)
Amount
GE Healthcare Usa
GE Healthcare As
GE Healthcare As
GE Healthcare Australia Pty Limited
GE Healthcare Buchler Gmbh & Co Kg
GE Healthcare Bv.
GE Healthcare Europe Gmbh (Germany)
GE Healthcare Europe Gmbh (Italy)
GE Healthcare Finalnd
GE Healthcare Global Company Inc.
GE Healthcare Gmbh & Co Kg
GE Healthcare Limited
GE Healthcare Ltd.
GE Healthcare Ltd.
GE Heller Sgps Lda
GE Heller Sgps Lda Total
GE Holding Luxembourg
GE Holding Luxemburg & Co. S. r.l.
GE Hungary Cco.Ltd.
GE Hungary Zrt
GE India Biz Services Private Lim
GE India Business Serv.Private Ltd.
GE India Industrial Pvt Ltd.
GE Industrial Controls Systems
GE Infrastructure Technology International, Inc.
GE Inspection Technologies Ltd.
GE Inter.Servicios Admini.Sa De Cv
GE International Inc. Ireland
GE International Inc. Ppsd
GE International Mexico S.A. De Cv
GE International Operations (Nig) Limited
GE Keppel Energy Services Pte Ltd.
GE Life Extension Services
GE Medical Systems China
GE Monogram
GE Noleggi S.p.A.
GE Noleggi S.p.A. Total
GE Numeris Accessories Gie
GE Oec Medical System
GE Oec Medical System
GE Oil & Gas Products Services S De Rl De Cv
18
934
1
26
1
3.205
40
6
275
454
1.368
4.436
1
11.355
1.313
487
18
135
4
32.265
1
60
30
18
8.882
468
28
129
2.147
13
13.354
65
23
78
12
10
1.469
632
31
90
69
428
2
2.480
5
44
986
7.375
473
715
92
6
161
153

Income Statement
(thousands of Euro)
Amount
GE Oil & Gas Inc.

GE Oil And Gas Operations, Llc
GE Pacific Pte Ltd.
GE Pet Systems Ab
GE Power Controls Italia Srl Div Security
GE Power Management, S.A. Sociedad
GE Preco
GE Security Srl Total
GE Shared Services
GE Structured Service Lp
GE Ultraschall Deutschland Gmbh & Co Kg
GE Vingmed
GE Yokogawa Medical Systems Ltd.
GE Yokogawa Ms Ltd.
Gecf Indonesia Pt Ge Finance Indo.
GE- Doha Qatar
GE-Aberdeen Service Centre
GEMS (Milwaukee Parent)
GEMS Benelux Nv
GEMS Canada
GEMS Denmark
GEMS Deutschlland
GEMS Global Technology
GEMS Greece
GEMS Hualun China
GEMS Hungary
GEMS Ireland
GEMS Israel
GEMS Israel Functional Imagin
GEMS limited
GEMS NDT
GEMS Poland
GEMS SCS
GEMS South Africa
GEMS Sweden
GEMS Switzerland
GEMS Turkey
Gems ultrasound and primary care diagnostics LLC
Gems ultrasound and primary care diagnostics S. r.l.
General Electric Canada
General Electric Capital Corp.
General Electric Company Polska Sp
General Electric Gesellschaft M.B.
154
2.731
204
3
3.114
1.695
614
12
1.708
290
283
679
21
445
64
1
149
8.118
3.492
39
26
5.332
18
250
49
28.048
335
111
2
280
11.668
2
485
1.276
34
1.422
3.357
182
64
73
47.572
6
117
308
65
1.486
3
897
4
6.758
956
4.095
17

Income Statement
(thousands of Euro)
Amount
General Electric Healthcare Espana Sa

General Electric Int. Inc.
General Electric International Inc Sucursal En Esp
General Electric Meelsa Service Ce
General Electric Phils. Inc.
Geshenyangturbomachinerytechnology Co., Ltd.
Gevisa Sa
Global Turbine Serv. India Pvt Ltd.
Granite Ser. Int. Incorporated S.A.
Granite Service Int. Yuzhno
Granite Service Inter. Inc. Brazil
Granite Service Inter. Inc. Nigeria
Granite Service Inter.Inc Thailand
Granite Service Intern. Inc Turkey
Granite Service Internat. Inc Uk
Granite Service International Inc.
Granite Service International Inc.
Granite Services Inter.Inc Germany
Granite Services Inter.Inc Mexico
Granite Services Intern. Inc Spain
Granite Services Intern.Inc.
GRANITE SERVICES INTERNATIONAL INC
5.318
Granite Services International, In
Gtsi Tech.Cons.Beijing Co.Ltd.
Ifo & Other Components
Ige Energy Services (Uk) Ltd.
Imv Italia Srl Total
Instrumentarium dental S.r.l.
Items International UK Ltd.
Kretztechnik A.G.
Mepco Middleeast Power Company
Monogram Licensing Internat.Inc.
PII (Canada ) Limited
PII Ltd.
PII Sudamerica Sa
Saudi Arabia General Electric Co
Sdl Leasing (Singapore) Pte Ltd.
Tge Energy Services
Thermodyn S.A.S.
Tip Services Bv.
Usa Instruments
Vetco Gray Pte Ltd.
Viewpoint Bildverarbeitung
312
35.788
4
350
400
1.566
9
1.277
4.672
39
590
304
1.331
244
234
180
8
73
393
1.059
14
38
76
225
4.324
120
390
64
18
407
204
182
3.909
43
19.890
2
1.566
2
515
4
17
2
1.611
2.304
46
9
9
301
200
408
155

Income Statement
(thousands of Euro)
Amount
Other Financial Income

Amersham Biosciences Gmbh Fil.Italiana C/C 5043460 (Z528)
GE Betz
GE Fanuc Automation Solut. Sa
GE Holdings Luxembourg . Co. S. r.l
GE Lighting S.r.l.
Gecets Pool Leader
Imv Italia S.r.l.
Ionics Italba
Irma S.r.l.
Oncura Italy-Ct97
Thermodyne S.A.S
Vetco Gr Ital Srl-Dl21
8
236
226
1.349
84
34
25.982
2.180
2
4
36
42
11.814
2
Financial Income from Parent Company

GE Company Inc.
3.547
Financial Expenses from Parent Company

GE Energy Europe BV.
2.824
Interest and other financial expenses

Amersham Biosciences GMBH Fil.italiana
GE Capital European Treasury Ltd cash pool
GE Central Europe Sourcing and Services Ltd.
GE Holdings Luxembourg & Co. S. r.l
GE Hungary Rzt
GE Lighting S.p.A.
GE Lighting S.r.l.
GE Services Luxembourg
GE Zenon
Gecets Pool Leader
Gepc- Div. Interlogix
Heller Sgps
Imv Italia S.r.l.
Instrumentation Imaging Italia S.r.l.
Ionics Italba
Italba Services
Nuovo Pignone Scotland Ltd.
Thermodyne S.A.S
Vetco Gray Scandinavia AS
156
66
8.178
27.023
863
15.345
123
7
3
1.073
445
68
26.704
186
487
3
3
152
106
104.128
72
12.829
GE Oil & Gas
of Subsidiary Companies
Financial Statements of Subsidiary Companies as at and for the year ended December 31, 2008
Nuovo Pignone S.p.A. Headquarters: Florence

STATO PATRIMONIALE
(valori in Euro)
Bilancio al
31.12.2008
A) Crediti verso soci per
versamenti ancora dovuti
B) Immobilizzazioni
I - Immobilizzazioni immateriali
1) Costi di impianto e
di ampliamento
3) Diritti di brevetto industriale
e diritti di utilizzazione delle
opere dellingegno
4) Concessioni e licenze
5) Avviamento
6) Immobilizzazioni in corso e acconti
7) Altre
Totale
II - Immobilizzazioni materiali
1) Terreni e fabbricati
2) Impianti e macchinario
3) Attrezzature industriali
e commerciali
4) Altri beni
5) Immobilizzazioni in corso
e acconti
Totale
III - Immobilizzazioni finanziarie
1) Partecipazioni in:
a) imprese controllate
d) altre imprese
Totale
Totale immobilizzazioni (B)
C) Attivo circolante
I - Rimanenze
1) Materie prime, sussidiarie
e di consumo
2) Prodotti in corso di lavorazione
e semilavorati
3) Lavori in corso su ordinazione
4) Prodotti finiti
5) Acconti
Totale
158
68.488.547
76.924.056
885.473.115
1.017.536
992.676.462
1.526.408
954.979.198
1.071.126.927
142.774.989
123.777.201
134.723.531
122.265.971
8.457.960
6.261.886
7.436.606
7.384.946
16.283.421
12.903.589
297.555.457
284.714.643
102.025.823
(valori in Euro)
Bilancio al
31.12.2007
Bilancio al
31.12.2008
Bilancio al
31.12.2007
313.063.110
404.531.655
313.063.110
404.531.655
130.783
76.028
130.783
76.028
643.740.973
227.413.634
13.173.176
22.577.410
4-ter) Imposte Anticipate
115.163.519
117.889.372
5) Verso altri
- importi esigibili entro
lesercizio successivo
- importi esigibili oltre
167.940.843
285.788.249
369.349
404.104
168.310.192
286.192.353
1.253.581.752
1.058.680.452
8.569.227
12.593.797
19.800
40.407
8.589.027
12.634.205
3.502.996.790
2.764.820.154
7.500.251
3.055.254
4.865.057.519
4.225.742.800
II - Crediti:
1) Verso clienti
2) Verso controllate
4) Verso controllanti
4-bis) Crediti Tributari
102.025.823
Totale
102.025.823
1.354.560.477
102.025.823
III - Attivit finanziarie che non costituiscono

immobilizzazioni
1.457.867.392
IV - Disponibilit liquide:
1) Depositi bancari e postali
2) Assegni
3) Danaro e valori in cassa
62.693.461
93.348.403
132.485.137
1.927.936.505
136.564.240
1.320.160.432
117.710.908
143.432.423
2.240.826.011
1.693.505.498
Totale
Totale attivo circolante (C)
D) Ratei e risconti
TOTALE ATTIVO

STATO PATRIMONIALE
(valori in Euro)
31.12.2008
31.12.2007
A) Patrimonio netto
I - Capitale
II - Riserva da sovrapprezzo
delle azioni
98.599.780
98.470.320
558.465.365
557.555.157
19.694.064
19.694.064
III - Riserve di rivalutazione

IV - Riserva legale
(valori in Euro)
31.12.2008
31.12.2007
11) Debiti verso controllanti

83.525.314
99.648.710
12) Debiti tributari

90.608.941
40.047.198
13) Debiti verso istituti di previdenza

e di sicurezza sociale
18.400.728
17.525.556
64.820
18.465.548
92.201
17.617.756
87.094.491
54.017.355
117.926
87.212.417
57.427
54.074.782
3.484.288.052
2.892.928.841
13.584.026
771.091
4.865.057.519
4.225.742.800
1.163.559.236
1.350.001.985
1.163.559.236
1.350.001.985
5.386.444.248
5.101.916.769
- Contratti derivati di copertura

- di vendita di valuta
- di acquisto di valuta
- di acquisto opzioni di valuta
- di vendita opzioni di valuta
- di acquisto gas naturale
778.334.221
219.600.231
7.723.464
105.603.684
1.048.337.612
289.043.399
- Crediti ceduti a titolo non definitivo

(pro solvendo)
313.794.562
218.482.146
- Beni di terzi
216.711.800
253.118.631
7.028.212.209
6.967.150.820
V - Riserve statutarie
VI - Riserva per azioni proprie
in portafoglio
VII - Altre riserve
VIII - Utili (Perdite) portate a nuovo
115.073.469
(5.019.798)
IX - Utile (Perdita) dell'esercizio
211.456.474
120.093.267
1.003.289.152
790.793.009
Totale
B) Fondi per rischi ed oneri

1) Per imposte differite
3) Altri
Totale
C) Trattamento di fine rapporto

di lavoro subordinato
697.401
168.180.439
309.438.878
316.372.082
310.136.279
484.552.521
53.760.009
56.697.339

14) Altri debiti

Totale
E) Ratei e risconti
D) Debiti
3) Debiti verso soci per finanziamenti
4) Debiti verso banche

5) Debiti verso altri finanziatori

6) Acconti
7) Debiti verso fornitori

9) Debiti verso controllate
TOTALE PASSIVO
GARANZIE E ALTRI CONTI DORDINE

3.285.075
3.946.869
9.410.840
12.695.915
12.491.008
16.437.878
424.278.874
412.007.569
Garanzie prestate dalla Societ

- Garanzie reali
- Garanzie personali
Totale garanzie
0
424.278.874
412.007.569
2.110.250.241
1.603.551.652
653.916.379
3.334.422
610.762.401
Altri conti dordine

- Impegni
- di vendita beni e servizi
56.252.263
38.780.895
Totale altri conti dordine
159

CONTO ECONOMICO
(valori in Euro)
31.12.2008
A) Valore della produzione
1) Ricavi delle vendite
e delle prestazioni
2) Variazioni delle rimanenze di
prodotti in corso di lavorazione,
semilavorati e finiti
3) Variazioni dei lavori in corso
su ordinazione
4) Incrementi di immobilizzazioni
per lavori interni
5) Altri ricavi e proventi
- contributi in conto esercizio
- altri
Totale
B) Costi della produzione
6) Per materie prime, sussidiarie
e di consumo
7) Per servizi
8) Per godimento di beni di terzi
9) Per il personale
a) salari e stipendi
b) oneri sociali
c) trattamento di fine rapporto
e) altri costi
10) Ammortamenti e svalutazioni

a) ammortamento delle
immobilizzazioni immateriali
b) ammortamento delle
immobilizzazioni materiali
d) svalutazioni dei crediti compresi
nellattivo circolante
31.12.2007
2.523.975.546
2.374.212.221
(4.079.103)
(16.725.315)
607.525.245
639.935.964
3.068.307
2.356.628
436.375
65.413.532
495.617
40.958.482
65.849.907
41.454.099
3.196.339.902
3.041.233.596
(1.390.315.596)
(743.662.479)
(132.687.323)
(valori in Euro)
(1.393.717.245)
(654.951.573)
(142.666.463)
C) Proventi e oneri finanziari

16) Altri proventi finanziari:
a) altri proventi fin. da crediti iscritti
nelle immobilizzazioni
- da controllate
- da altri
d) proventi diversi dai precedenti

- da controllanti
- da controllate
- da altri
17) Interessi e altri oneri finanziari

- verso controllanti
- verso controllate
- verso altri
17-bis) Utili e perdite su cambi
Totale (16 +/- 17 +/- 17 bis)

(237.667.660)
(60.316.598)
(13.971.361)
(7.776.661)
(214.984.015)
(57.170.125)
(13.420.775)
(6.079.448)
(319.732.280)
(291.654.364)
(122.794.851)
(122.741.172)
(40.408.987)
(39.018.933)
(12.981.157)
(4.779.000)
(176.184.995)
(166.539.105)
D) Rettifiche di valore di attivit

finanziarie
E) Proventi e oneri straordinari
20) Proventi
- plusvalenze da alienazioni
- altri proventi
21) Oneri
- minusvalenze da alienazioni
- altri oneri
- imposte relative ad esercizi precedenti
Totale delle partite straordinarie

materie prime, sussidiarie
e di consumo
12) Accantonamenti per rischi
13) Altri accantonamenti
14) Oneri diversi di gestione
Totale
Differenza tra valore e costi della
produzione (A - B)
160
Risultato prima delle imposte

(A - B +/- C +/- D +/- E)
(30.654.942)
(18.574.163)
(112.004.493)
(54.706.511)
(1.501.328)
(28.080.721)
(145.863.735)
(25.289.295)
(2.978.522.781)
(2.850.263.829)
217.817.120
190.969.767
22) Imposte sul reddito dellesercizio

26) Utile (Perdita) dell'esercizio
31.12.2008
31.12.2007
2.138
2.138
0
2.291
2.291
11.433.038
0
34.083.954
45.516.992
9.169.284
5.981
20.960.798
30.136.063
(39.738.802)
(43.312.314)
(83.051.117)
(1.278.109)
(36.331.195)
(38.528.653)
(76.137.958)
30.584.276
39.233.522
(6.947.711)
(6.766.082)
5.084.461
5.084.461
0
33.806.176
33.806.176
(2.145.148)
5.655.038
3.509.890
8.594.351
0
(9.930.369)
50.411
(9.879.958)
23.926.218
219.463.760
208.129.903
(8.007.286)
(88.036.636)
211.456.474
120.093.267
Nuovo Pignone International S. r.l. Headquarters: Luxemburg

BALANCE SHEET
(Expressed in Euro)
(Expressed in Euro)
31.12.2008
31.12.2008
ASSETS
LIABILITIES
Fixed Assets
Capital and reserves
Financial assets
Subscribed capital
Shares in affiliated undertakings
8.214
Loans to affiliated undertakings
95.769.600
95.777.814
3.095.978
Other debtors
becoming due and payable within one year
783.437
3.879.415
Total Assets
Legal reserve
Net wealth tax reserve
Amount owed by affiliated undertakings

99.657.229
Reserves
Other reserves
Current Assets
Cash at bank and in hand
Share premium account
95.082.175
9.508.217
425.147
81.400
Result brought forward
48.462.492
Loss/Profit for the financial year
(55.193.219)
98.366.212
Provisions for liabilities and charges

Provision for taxation
1.246.105
Creditors
Amounts owed to credit institutions
Amounts owed to affiliated undertakings
Total liabilities
44.912
99.657.229
PROFIT AND LOSS ACCOUNT

(Expressed in Euro)
(Expressed in Euro)
31.12.2008
Other operating income
Income from participating interests
derived from affiliated undertakings
483.708
Other operating charges

160.507.982
Income from loans forming part of the fixed assets

5.490.230
Other interest receivable and similar income

other interests receivable and similar income
90.622
2.984.807
Loss for the financial year

Total income
31.12.2008
Other external charges
Interest payable and similar charges

concerning affiliated undertaking
other interests payable and charges
Tax on profit or loss
55.193.219
Other taxes
Profit for the financial year
Total charges
192.140
210.842.071
13.708.302
8.055
224.750.568
224.750.568
161
Corporacion Nuovo Pignone de Venezuela S.A. Headquarters: Caracas

BALANCES GENERALES
Activos
(Expresado en miles de bolvares constantes)
Pasivos y Patrimonio
31.12.2008
Pasivos circulantes:
Activos circulantes:
Efectivo
5.362.327
Cuentas por cobrar

- Comerciales
- Compaias relacionadas
- Otras
2.333.010
4.605.558
30.410
Total cuentas por cobrar
6.968.978
Servicios por facturar

Impuesto al valor agregado
Impuesto sobre la renta diferido
Gastos pagados por anticipado
1.749.688
5.846.462
115.059
795.261
Total activos circulantes
20.837.775
Vehculos, muebles y equipo

Menos depreciacin acumulada
2.168.722
1.742.852
Total vehculos, muebles y equipo

Depsitos en garantia
131.716
9.113.521
7.791
Total cuentas por pagar
9.253.028
Gastos acumulados
Apartado para indemnizaciones laborales
3.482.336
685.991
Total pasivos circulantes
13.421.355
Patrimonio:
- Capital social actualizado
- Dficit
- Reserva legal
- Dcifit acumulado
174.911
(1.863.017)
Total dficit
(1.688.106)
Total patrimonio
7.905.263
9.593.369
425.870
21.326.618
ESTADOS DE GANANCIAS Y PRDIDAS

31.12.2008
Ingresos por servicios
Costo por servicios prestados
Utilidad bruta
Gastos de ventas, administracin y generales
Utilidad (Prdida) en operaciones
17.968.168
7.631.224
10.336.944
9.969.928
367.016
Ingreso (costo) integral de financiamento:

Diferencia en cambio, neta
191.450
Intereses, neto
(971.185)
Ganancia en venta de ttulos valores
3.591.555
Resultado monetario del ejercicio
(1.760.975)
Total integral (costo) de financiamento
1.050.845
Otros ingresos:
Ganancia en la venta y retiro de vehculos, muebles y equipo
Otros, neto
Total otros ingresos
Utilidad (Prdida) antes de impuesto sobre la renta
2.816
16.192
19.008
1.436.869
Impuesto sobre la renta:

Corriente
240.781
Diferido
(129.689)
Total impuesto sobre la renta
111.092
162
Cuentas por pagar

- Comerciales
- Compaias relacionadas
- Empleados
62.973
Total activos
Utilidad (Prdida) neta
31.12.2008
1.325.777
Total pasivos y patrimonio
21.326.618
Pignone Inc. Headquarters: New York

(U.S. $)
31.12.2008
Balance Sheet
Due from GE par. and cons. aff. W/n own bus.
US Federal Income
Capital stock - GE share
Retained earnings at Jan.1 - GE share
Profit/Loss
2.893.320,38
79.220,44
(2.000,00)
(3.359.487,48)
388.946,66
PROFIT AND LOSS DETAILS

(U.S. $)
31.12.2008
Net sales billed to external customer
Sales of products and services to NP Group
Provvigion income to NP Group
Intercompany others w/n own echel. above gr.
Intercompany others consolidated components
All Other cost and expenses
- direct materials sales
- direct labor sales
- other Vc
Base cost line lex
- Fx gain / loss
- other BC
OM
Interest on bank loan notes and inst. payable
Interest on other transactions
Total Profit / Loss
(456.709,46)
(1.021.227,15)
0,00
(6.226,93)
0,00
0,00
60.068,24
49.021,62
241.269,00
0,00
(128.675,15)
1.647.161,46
384.681,63
85,75
4.179,28
388.946,66
163
Pignone Engineering Headquarters: London

BALANCE SHEET

(Thousands )
(Thousands )
31.12.2008
31.12.2008
Fixed assets
Intangible assets:
Intangibles
Goodwill
Total
Tangible assets:
Investment property
Land and buildings
Plant & machinery
Fixtures & fittings, office equipment
Motor vehicles/other
Finance leases
Operating leases
Total
Investments:
Shares in subsidiary companies
Interests in associates
Other investments
Total
0
0
0
0
1,000,306
90,804
0
0
0
0
1,091,110
0
0
0
0
Current assets
Stocks and work in progress
Debtors(third party)
Finance lease receivables
Debtors intra-group
Cash and bank balances
Total
0
155,866
0
9,376,762
-1,210
9,531,418
Creditors (Third party) due within one year

Creditors intra-group
-1,239,754
-183,118
Net current assets
8,108,546
Total
9,199,656
Creditors (Third party) due after more than one year

Creditors intra-group
Provisions for liabilities and charges
Pension asset
Pension liability
Total net assets
0
0
0
0
0
9,199,656
(Turnover)
Cost of sales
(Gross Profit)
-952,534
0
-952,534
Selling and distribution costs

Administrative expenses
(Other operating income) / charges
(Profit before exceptional items)
0
1,324,262
-418,148
-46,420
(Exceptional income) / expenses

(Trading profit)
0
-46,420
(Investment income - include dividends from subsidiaries etc.)

(Profit before interest)
0
-46,420
(Interest receivable)
Interest payable
(Profit on ordinary activities before tax)
-440,870
0
-487,290
Taxation on profit on ordinary activities

(Profit on ordinary activities after tax)
273,806
-213,484
Minority interest
(Profit for the financial year)
0
-213,484
Dividends payable
(Retained profit for the financial year)
0
-213,484
BALANCE SHEET - CAPITAL EMPLOYED

(Thousands )
31.12.2008
Called up share capital
Share premium account
Retained earnings
Revaluation reserve
Other reserves
Employee share based equity reserve
Partnership accounts
-70.001
0
-9,129,655
0
0
0
0
Total
-9,199,656
Minority interest
Total capital employed
164
0
-9,199,656
GE Capital Funding Services S.r.l. Headquarters: Milan

STATO PATRIMONIALE
Attivo
(Valori in Euro)
Passivo
31.12.2008
Crediti
Attivit materiali
1.068.990.282
12.449
31.12.2008
Debiti
Passivit fiscali
2.242
a) correnti
Attivit fiscali
169.532
b) differite
a) correnti
106.979
Altre passivit
Attivit immateriali
b) anticipate
62.553
Altre attivit
1.975.204
Trattamento di fine rapporto del personale

Capitale
Sovrapprezzi di emissione
Totale dellattivo
1.071.149.709
(Valori in Euro)
Riserve
Utile (perdita) desercizio
Totale del passivo e del Patrimonio Netto
937.476.059
6.212.803
0
6.212.803
13.984.073
476.231
35.120.000
7.792.588
61.935.664
8.152.291
1.071.149.709
CONTO ECONOMICO
(Valori in Euro)
31.12.2008
Interessi attivi e proventi assimilati
78.821.295
Interessi passivi e oneri assimilati
(55.215.866)
Margine di interesse
23.605.429
Commissioni attive
Commissioni passive
Commissioni nette
Margine di intermediazione
6.670.006
(966.989)
5.703.017
29.308.446
Rettifiche / Riprese di valore nette per deterioramento di:
(829.860)
a) crediti
(829.860)
Spese amministrative:
(a) spese per il personale
(b) altre spese amministrative
Rettifiche di valore nette su attivit materiali
Rettifiche di valore nette su attivit immateriali
Altri oneri di gestione
Altri proventi di gestione
(17.184.083)
(3.152.717)
(14.031.366)
(19.397)
(2.986)
0
1.923.023
Risultato netto della gestione operativa
13.195.143
Utile (Perdite) della operativit corrente al lordo delle imposte
13.195.143
Imposte sul reddito dellesercizio delloperativit corrente
(5.042.852)
Utile (Perdita) della operativit corrente al netto delle imposte
8.152.291
Utile (Perdita) di esercizio
8.152.291
165
Bently Nevada Italia S.r.l. Headquarters: Agrate Brianza (MI)

STATO PATRIMONIALE
Attivo
(Valori in Euro)
Passivo
31.12.2008
A) Crediti verso soci per versam. ancora dovuti
(di cui gi richiamati)
B) Immobilizzazioni
1) Costi di impianto e di ampliamento
7) Altre
625
23.925
24.550
31.12.2008
A) Patrimonio netto
I - Capitale
IV - Riserva legale
VII - Altre riserve distintamente indicate:
- Riserva non distribuibile ex art. 2426
IX - Utile (Perdita) dellesercizio
Totale patrimonio netto
3) Attrezzature industriali e commerciali
4) Altri beni

Totale immobilizzazioni
I - Rimanenze
II - Crediti
1) Verso clienti
- entro 12 mesi
3bis) Verso imprese consociate
- entro 12 mesi
- entro 12 mesi
4bis) Per crediti tributari
- entro 12 mesi
4ter) Per imposte anticipate
- entro 12 mesi
5) Verso altri
- entro 12 mesi
84.893
1.730.981
1.149.654
340.319
129.827
67.287
7.492
3.425.560
0
IV - Disponibilit liquide
D) Ratei e Risconti
- vari
Totale attivo
80.000
16.000
1.498
1.096.583
1.194.081

2) Per per imposte differite
1.478
Totale fondi per rischi e oneri
1.478

immobilizzazioni
Totale attivo circolante
166
55.715
4.628
60.343
(Valori in Euro)
C) Trattamento di fine rapporto di

lavoro subordinato
D) Debiti
4)
Debiti verso banche
- entro 12 mesi
5)
Debiti verso altri finanziatori
- entro 12 mesi
7)
Debiti verso fornitori
- entro 12 mesi
10bis) Debiti verso imprese consociate
- entro 12 mesi
- entro 12 mesi
- entro 12 mesi
13) Debiti verso istituti di previdenza e
di sicurezza sociale
- entro 12 mesi
14) Altri debiti
- entro 12 mesi
Totale debiti
3.425.560
14.520
3.524.973
E) Ratei e risconti
TOTALE PASSIVO
Conti dordine
221.095
78
1.014.192
372.673
347.835
0
65.819
122.174
185.548
2.108.319
0
3.524.973
0
Bently Nevada Italia S.r.l. Headquarters: Agrate Brianza (MI)

CONTO ECONOMICO

1) Ricavi delle vendite e delle prestazioni
- vari
Totale valore della produzione
6) Per materie prime, sussidiarie, di consumo e di merci
7) Per servizi
8) Per godimento di beni di terzi
9) Per il personale
b) oneri sociali
e) altri costi
nellattivo circolante e delle disponibilit liquide
14)
Oneri diversi di gestione
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
9.334.815
457.000
9.791.815
4.256.789
1.582.150
160.227
C) Proventi ed oneri finanziari

d) da proventi diversi dai precedenti
- da imprese consociate
- altri
17)
Interessi ed altri oneri finanziari

- da imprese consociate
- altri
17bis) Utili e perdite su cambi

Totale proventi e oneri finanziari
1.325.461
370.785
70.407
23.925
1.790.578
14.498
14.781
30.000
59.279
184.633
Totale costi della produzione
8.033.656

produzione (A - B)
1.758.159
1.908
2.403
4.311
22.712
28
22.740
29.772
11.343
D) Rettifiche di valore di attivit finanziarie
E) Proventi ed oneri straordinari
Risultato prima delle imposte (ABCDE)

22) Imposte sul reddito dellesercizio correnti,
differite e anticipate
a) Imposte correnti
b) Imposte differite (anticipate)
26) Utile (perdita) dellesercizio
1.769.502
602.907
70.012
672.919
1.096.583
167
GE Transportation Systems S.p.A. Headquarters: Florence

STATO PATRIMONIALE
Attivo
(Valori in Euro)
Passivo
31.12.2008
A) Crediti verso soci per versamenti ancora dovuti con
separata indicazione della parte gi richiamata
II - Riserva da sopraprezzo delle azioni
IV - Riserva legale

e diritti di utilizzazione delle opere dellingegno
506.100
7) Altre
558.437
1.064.537
227.730
579.995
4) Altri beni
217.071
1.024.796
4) Prodotti finiti e merci
4 bis) Crediti tributari

4 ter) Imposte anticipate
5) Verso altri
VIII - Utili (Perdite) portati a nuovo
Per imposte, anche differite
14.331
3)
Altri
2.103.664
2.943.265
565.748
508.806
148.437
3.209.158
4.432.149
0
16.690.429
23.266.409
0
2.154.648
Totale fondi per rischi ed oneri
2.154.648
C) Trattamento di fine rapporto di lavoro subordinato
2.879.029
D) Debiti, con separata indicazione, per ciascuna voce,

degli importi esigibili oltre lesercizio successivo
4.699.700
4)
Debiti verso banche
27.811.889
6)
Acconti
659.040
7)
15.219.861
2.231.100
II - Crediti con separata indicazione, per ciascuna voce,

degli importi esigibili entro lesercizio successivo:
VII - Altre riserve, distintamente indicate:

1) Fondo sopravvenienze attive
2) Fondi da condono Legge 516/82
3) Fondo speciale Legge 46/82
4) Riserva straordinaria
2)
36.113.894
1) Verso clienti
334.300
VI - Riserve statutarie
14.331
I - Rimanenze
2) Prodotti in corso di lavoraz. e semilav.
249.531
2) Crediti:
1) Materie prime, sussidiarie e di consumo
1.560.000
V - Riserva per azioni proprie in portafoglio
III - Immobilizzazioni finanziarie con separata indicazione,

per ciascuna voce dei crediti, degli importi esigibili entro
lesercizio successivo:
A) Patrimonio netto
d) verso altri
31.12.2008
I - Capitale
B) Immobilizzazioni con separata indicazione di quelle

concesse in locazione finanziaria:
(Valori in Euro)
6.159.482
0
302.581
0
7.465
629.108
13) Debiti verso istituti previdenziali e

di sicurezza sociale
1.077.376
14) Altri debiti
1.521.099
Totale debiti
20.686.009
4.149.958
191.021
E) Ratei e risconti, con separata indicazione

dellaggio su prestiti
143.173
10.803.042
immobilizzazioni
TOTALE PASSIVO
0
Conti dordine
Fidejussioni bancarie e assicurative
36.587.063
32.064
Fidejussioni di terzi
286.661
6.870
Beni di terzi in conto deposito
355.834
38.934
Contratti derivati verso banche

D) Ratei e risconti con separata indicazione
del disaggio su prestiti
Totale attivo
168
49.129.268
46.955.870
Beni in leasing
Totale conti d'ordine
69.734
49.129.268
0
57.383
37.286.941
GE Transportation Systems S.p.A. Headquarters: Florence

CONTO ECONOMICO
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
C) Proventi ed oneri finanziari:

1)
Ricavi delle vendite e delle prestazioni
90.596.026
2)
Variazioni delle rimanenze di

prodotti in corso di lavorazione, semilavorati e finiti
-6.574.366
3)
Variazioni dei lavori in corso su ordinazione
-2.928.857
5)
Altri ricavi e proventi, con separata indicazione dei

contributi in conto esercizio
11.410.798
Totale valore produzione
92.503.601

Acquisti di materie prime,
sussidiarie, consumo e merci
15.777.167
7)
Per servizi
22.211.377
8)
Per godimento beni di terzi
9)
Per il personale:
b) oneri sociali
1.209.221
17) Interessi e altri oneri finanziari, con separata indicazione

di verso imprese controllate e collegate e verso
controllanti
17 bis) Utili e perdite su cambi
132.035
1.176.776
-10.517
-1.055.258

19) Svalutazioni
a) di partecipazioni
10.085.544
3.218.446
482.661
13.786.651
10) Ammortamenti e svalutazioni:

a) ammortamento
354.809
b) ammortamento
377.497
d) svalutazioni dei crediti compresi nellattivo circolante

e delle disponibilit liquide
d) proventi diversi dai precedenti, con separata

indicazione di quelli da imprese controllate e
collegate e di quelli da controllanti
Risultato della gestione finanziaria
6)
11.167.133
11.899.439
11) Variazioni delle rimanenze

di materie prime, sussidiarie, di consumo e merci
121.641
426.448
791.254
Totale costi di produzione
66.223.198
Differenza tra valore e costi

della produzione (A-B)
26.280.403
E) Proventi e oneri straordinari:

20) Proventi, con separata indicazione delle plusvalenze da
alienazioni i cui ricavi non sono iscrivibili al n.5)
608.501
21) Oneri, con separata indicazione delle minusvalenze da

alienazioni i cui effetti contabilii non sono iscrivibili al
n. 14) e delle imposte relative ad esercizi precedenti
- sopravvenienze passive
83.607
Totale partite straordinarie

(A-B+/-C+/-D+/-E)
22) Imposte sul reddito dell'esercizio, correnti, differite e
anticipate
23) Utile (Perdita) desercizio
524.894
25.750.039
9.059.610
16.690.429
169
Consorzio Tragaz Headquarters: Milan

STATO PATRIMONIALE
Attivo
(Valori in Euro)
Passivo
31.12.2008
Attivo circolante
Crediti
Verso Clienti
- entro lesercizio successivo
Verso Altri
- consorzio entro lesercizio successivo
Tributari
Totale
Disponibilit liquide
Depositi bancari e postali
Denaro e valori in cassa
A) Patrimonio netto
Fondo consortile
Utili/perdite dellesercizio
51.646
0
Totale
51.646
25.020
0
0
25.020
Totale
Verso Altri
- Fondo rischi
Totale
Banche
Tributari
26.626
0
26.626
51.646
Totale attivo
31.12.2008
Debiti
Verso fornitori
- Consorziate - entro lesercizio successivo
- Diversi - entro lesercizio successivo
Totale
Risconti
Altri
(Valori in Euro)
Totale
0
51.646
Totale passivo
Conti dordine
0
51.646
0
CONTO ECONOMICO
(Valori in Euro)
(Valori in Euro)
31.12.2008
Ricavi delle vendite e delle prestazioni
Altri ricavi e proventi
0
607.726
Totale
607.726

Lavoro
Acquisti per materie prime, sussidiarie, consumo e merci
Costi per servizi
Oneri diversi di gestione
0
0
25.988
600.618
Totale
626.606

produzione
-18.880
Accantonamenti
170
31.12.2008
Proventi ed oneri finanziari
Proventi finanziari diversi
Interessi ed altri oneri finanziari
20.909
-436
Totale
20.473
Proventi ed oneri straordinari

Proventi straordinari
Oneri straordinari
Totale
0
404
-404
1.189
Imposte sul reddito Italia

Imposte sul reddito Russia
-1.189
0
Totale
-1.189
Utile (perdita) dellesercizio
Jenbacher S.r.l. Headquarters: Bolzano

STATO PATRIMONIALE
Attivo
(Valori in Euro)
(Valori in Euro)
31.12.2008
A) Crediti verso soci per
versamenti ancora dovuti
B) Immobilizzazioni
2) Costi di ricerca, sviluppo e di pubblicit
4) Concessioni, licenze, marchi e diritti simili
5) Avviamento
7) Altre
Totale immobilizzazioni immateriali
4) Altri beni
Totale immobilizzazioni materiali
b)imprese collegate
c) imprese controllanti
d) altre imprese
2) Crediti:
a) verso imprese controllate
- entro esercizio
- oltre esercizio
b) verso imprese collegate esigibili
- entro esercizio
- oltre esercizio
c) verso impresecontrollanti
- entro esercizio
- oltre esercizio
d) verso altri
- entro esercizio
- oltre esercizio
3) Altri titoli
4) Azioni proprie
- valore nominale complessivo
Totale immobilizzazioni finanziarie
0
378
2.619
0
0
0
0
2.997
0
33.772
256.649
75.300
0
365.721
0
0
0
0
0
0
0
0
0
0
0
0
0
31.12.2008
II - Crediti
1) Crediti verso clienti
esigibili entro lesercizio
esigibili oltre lesercizio
2) Crediti verso imprese controllate
3) Crediti verso imprese collegate
4) Crediti verso controllanti
4-bis) Crediti tributari
entro lesercizio
oltre lesercizio
4-ter) Imposte anticipate
entro lesercizio
oltre lesercizio
5) Crediti verso altri
entro lesercizio
oltre lesercizio
Totale crediti
III - Attivit finanziarie che non costituiscono immobilizzazioni
1) Partecipazioni in imprese controllate
2) Partecipazioni in imprese collegate
3) Partecipazioni in imprese controllanti
4) Altre partecipazioni
5) Azioni proprie (valore nominale)
6) Altri titoli
Totale attivit finanziarie che non costituiscono
immobilizzazioni
2) Assegni
Totale disponibilit liquide
C) Totale attivo circolante
D) Ratei e risconti
1) Disaggio su prestiti
2) Altri
0
0
Totale attivo
B) Totale Immobilizzazioni
I - Rimanenze
2) Prodotti in corso di lavoraz. e semilavorati
5) Acconti
Totale rimanenze
22.031.493
22.031.493
0
0
0
0
0
0
0
8.416.332
8.416.332
0
340.391
340.391
0
172.209
172.209
0
18.066
18.066
0
30.978.491
0
0
0
0
0
0
0
0
0
373
373
32.583.903
0
53.808
53.808
33.006.429
368.718
0
0
0
836.665
768.374
1.605.039
171

STATO PATRIMONIALE
Passivo
A) Patrimonio netto
I - Capitale Sociale
IV - Riserva legale
VI - Riserva per azioni proprie in portafoglio
VII - Altre riserve, distintamente indicate:
- riserva straordinaria
Totale Patrimonio Netto
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
258.000
0
0
51.874
0
0
9.574.979
9.574.979
0
5.766.907
15.651.760

1) Per trattamento di quiescenza e obblighi simili
2) Per imposte, anche differite
3) Altri
Totale fondi per rischi ed oneri
0
0
500.000
500.000
531.332
D) Debiti
1) Obbligazioni
esigibili entro e oltre lesercizio
2) Obbligazioni convertibili
6) Acconti
8) Debiti rappresentati da titoli di credito
9) Debiti verso imprese controllate
10) Debiti verso imprese collegate
172
0
0
0
7.212
0
0
5.747.717
0
9.560.703
0
0
0
0
384.890

13) Debiti verso istituti di previdenza e sicurezza sociale
14) Altri debiti
Totale debiti
E) Ratei e Risconti
- Aggio su prestiti
- Altri
Totale ratei e risconti
TOTALE PASSIVO
Conti dordine
A) Conti dordine del sistema improprio dei beni altrui presso di noi
B) Conti dordine del sistema improprio degli impegni
C) Conti dordine del sistema improprio dei rischi:
128.755
0
121.839
0
371.478
0
16.322.594
0
743
743
33.006.429
622.155
300.267
145.664
Fidejussioni a favore di imprese controllate
Fidejussioni a favore di imprese collegate
Fidejussioni a favore di controllanti
Fidejussioni a favore di consociate
Altre Fidejussioni
145.664
Avalli a favore di imprese controllate
Avalli a favore di imprese collegate
Avalli a favore di controllanti
Avalli a favore di consociate
Altri avalli
Altre garanzie personali a favore di imprese controllate
Altre garanzie personali a favore di imprese collegate
Altre garanzie personali a favore di controllanti
Altre garanzie personali a favore di consociate
Altre garanzie personali
Altre garanzie reali a favore di imprese controllate
Altre garanzie reali a favore di imprese collegate
Altre garanzie reali a favore di controllanti
Altre garanzie reali a favore di consociate
Altre garanzie reali

D) Conti dordine del sistema improprio dei nostri beni presso terzi
E) Raccordo tra norme civili e fiscali
Totale conti dordine
0
0
0
1.068.086

CONTO ECONOMICO

2) Variazioni delle rimanenze di prodotti
in corso di lavorazione, semilavorati e prodotti finiti
3) Variazioni dei lavori in corso su ordinazione
4) Incrementi di immobilizzazioni per lavori interni
5) Altri ricavi e proventi:
- altri
Totale valore produzione (A)
6) Per materie prime, sussidiarie, di consumo e di merci
7) Per servizi
8) Per godimento beni di terzi
9) Per il personale:
b) oneri sociali
d) trattamento di quiescenza e simili
e) altri costi
10) Ammortamenti e svalutazioni:
a) ammortamento
b) ammortamento
c) altre svalutazioni delle immobilizzazioni
d) svalutazione dei crediti compresi nellattivo circolante
e delle disponibilit liquide
11) Variazioni delle rimanenze
di materie prime, sussidiarie, di consumo e merci
Totale costi di produzione (B)
Differenza tra valore e costi
della produzione (A-B)
15) Proventi da partecipazioni:
a) in imprese controllate
b) in imprese collegate
c) in altre imprese
16) Altri proventi finanziari
a) da crediti iscritti nelle immobilizzazioni:
1) in imprese controllate
2) in imprese collegate
3) in imprese controllanti
4) in altre imprese
b) da titoli iscritti nelle immobilizzazioni che non
costituiscono partecipazioni:
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
56.323.724
0
0
0
0
305.301
c) da titoli iscritti nellattivo circolante

che non costituiscono partecipazioni
d) proventi diversi dai precedenti:
4) altri
0
0
0
526.174
14.579
540.753
56.629.025
17) Interessi e altri oneri finanziari:

4) altri
42.451.991
2.314.668
378.657
17-bis) Utili e perdite su cambi
0
0
0
14.807
14.807
-62
Totale proventi e oneri finanziari (C)
525.884
2.423.149
752.098
146.738
0
3.201
3.325.186
10.581
138.548
0
100,000
249.129
-19.430
0
0
19.846

18) Rivalutazioni
b) di immobilizzazioni finanziarie che
non costituiscono partecipazioni
c) di titoli iscritti nellattivo circolante che
19) Svalutazioni
b) di immobilizzazioni finanziarie che
c) di titoli iscritti nellattivo circolante che
Totale delle rettifiche di valore di
attivit finanziarie (D)
E) Proventi e oneri straordinari
20) Proventi:
a) plusvalenze da alienazioni
b) altri proventi
48.720.047
7.908.978
0
0
0
0
0
0
0
0
21) Oneri:
a) minusvalenze da alienazioni
b) imposte relative ad esercizi precedenti
c) altri oneri
Totale partite straordinarie (20-21)

Risultato prima delle imposte (A-B+-C+-D+-E)
22) Imposte sul reddito dell'esercizio:
a) imposte correnti
b) imposte differite e anticipate
26) Utile (Perdita) desercizio
0
0
0
0
0
0
25.549
174.174
199.723
0
0
106.976
106.976
92.747
8.527.609
2.760.643
59
2.760.702
5.766.907
173
GE Medical Systems Information Technologies S.r.l. Headquarters: Milan

STATO PATRIMONIALE
Attivo
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
A) Crediti verso soci per versamenti ancora dovuti

B) Immobilizzazioni
2) Costi di ricerca, di sviluppo e di pubblic.
4) Concessioni, licenze, marchi e diritti sim.
5) Avviamento
7) Altre
4) Altri beni
1) Partecipazioni
2) Crediti:
a) verso imprese controllate esigibili entro les. successivo
verso imprese controllate esigibili oltre les. successivo
b) verso imprese collegate esigibili entro les. successivo
verso imprese collegate esigibili oltre les. successivo
c) verso controllanti esigibili entro les. successivo
verso controllanti esigibili oltre les. successivo
d) verso altri esigibili entro les. successivo
verso altri esigibili oltre les. successivo
3) Altri titoli
4) Azioni proprie
Totale crediti
180.270.007
174

5) Azioni proprie
6) Altri titoli
7) Crediti verso imprese consociate
2) Assegni
0
180.270.007
344.726
0
0
0
0
175.316
67.401
1.270
588.713
25.995.407
0
207
207
26.584.327
D) Ratei e Risconti:
- Disaggio sui prestiti
- Altri
Totale ratei e risconti attivi (D)
Totale attivo (A+B+C+D)
I - Rimanenze
5) Acconti
Totale rimanenze
II - Crediti
1) Verso clienti esigibili entro les. successivo
Verso clienti esigibili oltre les. successivo
2) Verso imprese controllate esigibili entro les. successivo
Verso imprese controllate esigibili oltre les. successivo
3) Verso imprese collegate esigibili entro les. successivo
Verso imprese collegate esigibili oltre les. successivo
3bis) Verso imprese consociate esigibili entro les. successivo
Verso imprese consociate esigibili oltre les. successivo
4) Verso controllanti esigibili entro les. successivo
Verso controllanti esigibili oltre les. successivo
4bis) Crediti tributari esigibili entro les. successivo
Crediti tributari esigibili oltre les. successivo
4ter) Imposte anticipate esigibili entro les. successivo
Imposte anticipate esigibili oltre les. successivo
5) Verso altri esigibili entro les. successivo
Verso altri esigibili oltre les. successivo
206.854.334

STATO PATRIMONIALE
Passivo
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
8)
Debiti rappresentati da titoli di credito
1.736.137
9)
Debiti verso imprese controllate
202.679.436
10)
Debiti verso imprese collegate
A) Patrimonio netto
10bis) Debiti verso imprese consociate

IV - Riserva legale
1.146.501
- Esigibili entro lesercizio successivo
- Esigibili oltre lesercizio successivo
V - Riserva per azioni proprie in portafoglio
11) Debiti verso controllanti:
VI - Riserve statutarie
VII - Altre riserve

- Riserva per avanzo di fusione
290.045
14.916.210
-14.253.145

9.494

Totale patrimonio netto (A)
206.225.139


1) Per trattam. di quiescenza e obblighi simili
14) Altri debiti
2) Per imposte
3) Altri
Totale fondi per rischi ed oneri (B)

149.480
149.480
58.480

Totale debiti (D)
451.089
E) Ratei e risconti
- Aggio su prestiti
- Altri
28.626
28.626
D) Debiti
1) Obbligazioni
2) Obbligazioni convertibili
TOTALE PASSIVO (B+C+D+E)
629.195

TOTALE PASSIVO E NETTO (A+B+C+D+E)

77
Conti dordine
1) Sistema improprio dei beni altrui presso noi

6) Acconti
2) Sistema improprio degli impegni
165.384
3) Sistema improprio dei rischi

206.854.334
92.993
4) Raccordo tra norme civili e fiscali

165.384
175

CONTO ECONOMICO

- vari
- contributi in conto capitale (quota esercizio)
Totale valore della produzione (A)
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
-3.055
0
312.296
16) Interessi e altri proventi finanziari:

d) proventi diversi da:
- imprese collegate
- imprese controllanti
- altre
17) Interessi ed altri oneri finanziari da:
- consociate
- altri
Totale costi della produzione (B)

produzione (A - B)
15) Proventi da partecipazioni
- imprese controllate
- imprese collegate
- altre
176
0
0
0
309.241

6) Acquisti per materie prime, sussidiarie, consumo e merci
7) Costi per servizi
8) Costi per godimento di beni di terzi
9) Costi per il personale
b) oneri sociali
d) trattamento quiescenza e simili
e) altri costi del personale
nellattivo circolante e delle disponib. liquide
materie prime, sussidiarie e di consumo
1.041.679
930
119.365
6.044
0
0
0
0
0
0
0
1.041.679

finanziarie
18) Rivalutazioni
19) Svalutazioni
-15.021.069
Totale rettifiche valore att.fin. (D)
-15.021.069

20) Proventi:
b) altri proventi straordinari
21) Oneri:
c) altri oneri straordinari
Totale partire straordinarie (E)
0
36.805
0
86.070
-49.265
0
Risultato prima delle imposte (A-B+-D+-E)
79.343
1.485
22) Imposte sul reddito dellesercizio:

a) imposte correnti
b) imposte differite
-13.926.581
290.045
36.519
326.564
207.167
102.074
-14.253.145
GE Medical Systems Italia S.p.A. Headquarters: Milan

STATO PATRIMONIALE
Attivo
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
I - Rimanenze
1) Materie prime, sussidiarie, di consumo
2) Prodotti in corso lavor. e semilavorati
5) Acconti

B) Immobilizzazioni
2) Costi di ricerca, sviluppo, pubblicit
e diritti di utilizzazione delle
opere dellingegno
4) Concessioni e licenze
5) Avviamento
7) Altre immobilizzazioni
3) Attrezzature industriali
e commerciali
4) Altri beni
5) Immobilizzazioni in corso
e acconti
b) imprese collegate
d) altre imprese
Totale partecipazioni
2) Crediti
a) verso imprese controllate entro e oltre 12 mesi
b) verso imprese collegate entro e oltre 12 mesi
c) verso controllanti entro e oltre 12 mesi
d) verso altri entro 12 mesi
verso altri oltre 12 mesi
e) verso consociate entro e oltre 12 mesi
Totale crediti
9.156.417
7.849
Totale rimanenze
53.169.934
48.096
53.225.879
285.021
409.968
694.989
II - Crediti
1) Verso clienti entro 12 mesi
Verso clienti oltre 12 mesi
2) Verso imprese controllate entro e oltre 12 mesi
3) Verso imprese collegate entro e oltre 12 mesi
4) Verso controllanti entro 12 mesi
4bis) Crediti tributari
4ter) Imposte anticipate
5) Crediti verso altri entro 12 mesi
- Verso consociate
- Altri
Totale crediti
5) Azioni proprie, con indicaz. valore compl.
6) Altri titoli
7) Crediti verso imprese controllanti
Totale attivit finanziarie
118.833
21.001.349
26.919.099
1.865.376
1.562.224
18.041.286
10.616.635
3.361.567
62.366.187
186.578.429
186.578.429
3.204
370
3.574
118.833
269.949.539
118.833
D) Ratei e Risconti con separata indicazione

del disaggio su prestiti
- Ratei attivi
- Risconti attivi
- Disaggi
3) Altri titoli
4) Azioni proprie, con indicaz. valore sociale complessivo
7.337.186
4.507.746
54.039.701
Totale ratei e risconti attivi (D)

Totale attivo
0
8.046.358
8.046.358
332.035.598
177

STATO PATRIMONIALE
Passivo
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
A) Patrimonio netto
I - Capitale
5.000.000
141.452.752

IV - Riserva legale
1.000.000
VII - Altre riserve
3.466
33.120.709
18.052.639
198.629.566

1)
Fondi trattam. quiescienza e obblighi sim.
2)
Fondi per imposte
3)
Altri accantonamenti

1.953.112
12.532.090
14.485.202
8.973.832
D) Debiti
178
1)
Obbligazioni
2)
Obbligazioni convertibili
3)
Debiti v/soci per finanziamenti
4)
Debiti verso banche
5)
6)
Acconti
7)

a) debiti verso consociate entro 12 mesi
debiti verso consociate oltre 12 mesi
b) altri entro 12 mesi
altri oltre 12 mesi
8)
Debiti rappresentati da titolo di credito
9)
Debiti verso controllate

- entro 12 mesi
- oltre 12 mesi
13) Debiti verso istituti di previdenza
e di sicurezza sociale
- entro 12 mesi
- oltre 12 mesi
14) Altri debiti
- entro 12 mesi
- oltre 12 mesi
Totale debiti
E) Ratei e risconti con separata indicazione
dellaggio su prestiti
- Ratei passivi
- Risconti passivi
- Aggio su prestiti
Totale ratei e risconti passivi (E)
TOTALE PASSIVO E NETTO
3.405.205
21.290.884
28.431.792
4.014.098
8.091.753
92.547.183
2.030.629
15.369.186
17.399.815
332.035.598
Conti dordine
3) Rischi
6) Crediti ceduti pro-solvendo
97
27.313.354
5.622.148
77.728.308

CONTO ECONOMICO

3) Variazioni dei lavori in corso su ordinaz.
4) Incrementi di immobiliz. per lavori interni
b) oneri sociali
e) altri costi
c) altre svalutazioni
delle immobilizzazioni
11) Variazioni delle rimanenze di materie prime,
sussidiari, di consumo
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
324.112.202
1.650.394
5.082.194
330.844.790
140.004.696
58.863.402
32.172.307
27.607.485
9.003.577
1.995.527
2.398
428.667
13.842.596
210.083
243.488
-119.351
2.707.415
3.862.257
589.978
291.414.525

produzione (A - B)
39.430.265

a) proventi da crediti iscritti nelle immobilizzazioni
b) proventi da titolo iscritti nelle immobilizzazioni
c) proventi da titolo iscritti nellattivo circolante
- proventi finanziari diversi da controllate
- proventi finanziari diversi da collegate
- proventi finanziari diversi da controllanti
- altri proventi finanziari
17) Interessi ed altri oneri finanziari:

- interessi e altri oneri finanziari da controllate
- interessi e altri oneri finanziari da collegate
- interessi e altri oneri finanziari da controllanti
- altri oneri finanziari
Totale prov. e oneri finanz
0
-19.004.476
-601.818
-12.320.900

Totale rettifiche attivit finanz. (D)
20) Proventi con separata indicazione delle
b) Altri proventi straordinari
21) Oneri, con separata indicazione delle
b) imposte relative agli esercizi precedenti
c)Altri oneri straordinari
Totale partite straordinarie
Risultato prima delle imposte (A-B+-C+-D+-E)
2.868.784
-874.321
1.994.463
29.103.828

a) imposte correnti
b) imposte anticipate
c) imposte differite
13.856.127
-2.804.938
23) UTILE (PERDITA) D'ESERCIZIO
18.052.639
1.274.152
0
0
5.810.329
200.913
179
GE Healthcare S.r.l. Headquarters: Milan

STATO PATRIMONIALE
Attivo
(Valori in Euro)
Passivo
31.12.2008
B) Immobilizzazioni
5) Avviamento
7) Altre
4) Altri beni
d) altre imprese
2) Verso altri:
- entro 12 mesi
- oltre 12 mesi
31.12.2008
A) Patrimonio netto
2.000
0
348.151
350.151
853.681
959.853
441.191
2.254.725
IV - Riserva legale
VII - Altre riserve
IX - Utile (perdite) dellesercizio
3)
Altri

260
II - Crediti entro 12 mesi:

1) Verso clienti
4) Verso la controllante
4 bis) Per Crediti tributari
4 ter) Per Imposte anticipate
5) Verso altri
1) Depositi bancari

D) Ratei e Risconti
Totale attivo
180
5.164.568
293.144
0
(1.102)
3.302.525
8.759.135
B) Fondo per rischi e oneri

1.026.976
540.638
D) Debiti
Debiti entro 12 mesi
25.000
5.450
30.710
2.635.585
4)
Debiti verso banche
5)

I - Rimanenze
(Valori in Euro)
14) Altri debiti
219
88.847
4.470.133
1.523.095
344.326
17.493.193
23.919.813
281.393
3.153.382
3.434775
Debiti oltre 12 mesi

298.807
298.807
21.205.227
48.100
1.046.690
5.722.450
28.022.467
0
0
31.457.242
453.984
34.546.811
Totale debiti
E) Ratei e risconti
24.218.620
1.443
TOTALE PASSIVO
34.546.811
Conti dordine
14.365.019
GE Healthcare S.r.l. Headquarters: Milan

CONTO ECONOMICO

- Vari
- Contributi in conto esercizio

b) oneri sociali
nellattivo circolante
produzione
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
2.477.078

- altri
- altri
17 bis) Utili (perdite) su cambi
2.477.078
57.171.662
(2.169.229)
0
57.479.511
24.955.303
14.057.299
1.026.472
4.378.672
1.187.818
277.634
1.540
5.845.664
142.824
2.953.692
50.619
(2.760.250)

20) Proventi:
- varie
21) Oneri:
- minusvalenze da alien. Beni
- varie
Totale partire straordinarie

a) imposte correnti
b) imposte anticipate
6.010.001
3.302.525
3.004.112
(296.636)
2.707.476
253.316
722.928
669.777
1.646.021
0
345.028
833.474
48.709.260
8.770.251
181
GE Healthcare Clinical Systems S.r.l. Headquarters: Milan

STATO PATRIMONIALE
Attivo
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008

B) Immobilizzazioni
2) Costi di ricerca, di sviluppo e di pubblic.
4) Concessioni, licenze, marchi e diritti sim.
5) Avviamento
7) Altre
4) Altri beni
2) Crediti:
a) verso imprese controllate entro 12 mesi
verso imprese controllate oltre 12 mesi
b) verso imprese collegate entro 12 mesi
verso imprese collegate oltre 12 mesi
c) verso controllanti entro 12 mesi
verso controllanti oltre 12 mesi
d) verso altri entro 12 mesi
verso altri oltre 12 mesi
3) Altri titoli
4) Azioni proprie
I - Rimanenze
5) Acconti
Totale rimanenze
182
0
2.891.754
47.119
2.938.873
3.848
101.389
211.204
316.441
II - Crediti
1) Verso clienti entro 12 mesi
2) Verso imprese controllate entro 12 mesi
Verso imprese controllate oltre 12 mesi
3) Verso imprese collegate entro 12 mesi
Verso imprese collegate oltre 12 mesi
3 bis) Verso imprese consociate entro 12 mesi
Verso imprese consociate oltre 12 mesi
4) Verso controllanti entro 12 mesi
Verso controllanti oltre 12 mesi
4 bis) Per Crediti tributari entro 12 mesi
Per Crediti tributari oltre 12 mesi
4 ter) Per Imposte anticipate entro 12 mesi
Per Imposte anticipate oltre 12 mesi
5) Verso altri entro 12 mesi
Verso altri oltre 12 mesi
Totale crediti
1.028.166
656.504
335.780
37.335
20.066.612

5) Azioni propri
6) Altri titoli
7) Verso imprese consociate
10.305.950
2) Assegni
16.125.759
0
0
1.829.742
0
53.326
4.841
1.096
5.937
40.033.290
3.255.314
D) Ratei e Risconti
- Disaggio su prestiti
- Altri
1.882.817
1.882.817

0
6.867.719
2.787.072
9.654.791
45.171.421
Conti dordine
3.879.581
3.879.581

STATO PATRIMONIALE
Passivo
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
A) Patrimonio netto
5.200.000
II - Riserva da soprapprezzo delle azioni

IV - Riserva legale
742.681
VII - Altre riserve
- Riserva arrotondamento Euro
1
132.459
9.908.331
IX - Utile (perdita) dellesercizio
-1.192.210
14.791.262

1)
Per trattam. di quiescenza
2)
Per imposte
3)
Altri

74.819
0
Obbligazioni
2)
Obbligazioni convertibili
3)
Debiti verso soci per finanziamenti
4)
Debiti verso banche esigibili entro lesercizio successivo

Debiti verso banche esigibili oltre lesercizio successivo
5)
6)
Acconti
7)
Debiti verso fornitori esigibili entro lesercizio successivo

Debiti verso fornitori esigibili oltre lesercizio successivo
8)
Debiti rappresentati da titoli di credito
9)
Debiti verso imprese controllate
10)
Debiti verso imprese collegate
11) Debiti verso controllanti esigibili entro lesercizio successivo

Debiti verso controllanti esigibili oltre lesercizio successivo
12) Debiti tributari esigibili entro lesercizio successivo
Debiti tributari esigibili oltre lesercizio successivo
esigibili entro lesercizio successivo
Debiti verso istituti di previdenza e sicurezza sociale
esigibili oltre lesercizio successivo
14) Altri debiti esigibili entro lesercizio successivo
Altri debiti esigibili oltre lesercizio successivo
Totale debiti (D)
E) Ratei e risconti
- Aggio su prestiti
- Altri
13.348.097
790.000
3.082.311
1.049.582
2.434.709
25.363.354
1.905.944
1.905.944
756.193
TOTALE PASSIVO (B+C+D+E)
30.380.159
TOTALE PASSIVO (A+B+C+D+E)
45.171.421
831.012
2.279.849
Conti dordine
D) Debiti
1)
10 bis) Debiti verso imprese consociate

esigibili entro lesercizio successivo
Debiti verso imprese consociate
esigibili oltre lesercizio successivo
381
3.879.581
3.879.581
4.658.274
183

CONTO ECONOMICO

- Vari
- Contributi in conto esercizio
- Contributi in conto capitale (quota esercizio)
b) oneri sociali
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
47.090.576
2.712.289
0
1.148.978
50.951.843


- da imprese controllate
- da imprese collegate
- da controllanti
- altri
25.781.651
8.666.112
3.288.741
7.356.659
2.379.980
558.078
523.821
88.730
84.704
697.255
322.851
423.316
49.479.643

produzione (A - B)
1.477.200

20) Proventi:
- altri proventi straordinari
2.935.595
936
2.936.531
10.801
-2.301.848
0
0
21) Oneri:
c) altri oneri straordinari

a) imposte correnti
b) imposte differite (anticipate)
184
5.864
623.882

finanziarie
18) Rivalutazioni:
19) Svalutazioni:

- altri
618.018
Totale rettifiche valore att. fin. (D)

10.294.717


- da controllanti
- altre
0
-824.648
1.192.200
-824.638
367.562
-1.192.210
GE Sensing & Inspection Technologies S.r.l. Headquarters: Milan

STATO PATRIMONIALE
Attivo
(Valori in Euro)
Passivo
31.12.2008
31.12.2008
A) Patrimonio netto
B) Immobilizzazioni
- (Ammortamenti)
- (Ammortamenti)

IV - Riserva legale
518.887
262.751
256.136
1.221.023
1.122.985
98.038
37.747
391.921
I - Rimanenze
II - Crediti
1) entro 12 mesi
oltre 12 mesi
1.251.882
3.852.438
6.668.754
D) Ratei e Risconti
Totale attivo
561.595
1.002.839
165.563
7.226.238
(Valori in Euro)
VII - Altre riserve
10.000
2.000
146.785
3.910.695
IX - Utile (perdita) dellesercizio
(181.707)
3.887.773
586.272
659.395
D) Debiti
- entro 12 mesi
- oltre 12 mesi
E) Ratei e risconti
2.086.571
2.086.571
6.227
TOTALE PASSIVO
7.226.238
Conti dordine
1.664.908
1.664.908
185
GE Sensing & Inspection Technologies S.r.l. Headquarters: Milan

CONTO ECONOMICO

- Vari
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
8.556.734
(128.248)
2.723.134

- da societ del gruppo
191.107

- da societ del gruppo
854.393
11.151.620

b) oneri sociali
produzione (A - B)
186
5.561.029
1.117.003
307.927
2.017.203
658.819
159.915
65.465
2.901.402
61.207
37.792
21) Oneri:
c) varie
Totale partire straordinarie
3.000
101.999
505.154
10.518.560
633.060
(657.465)

20) Proventi:
- varie

a) imposte correnti
b) imposte differite (anticipate)
24.046
5.821
6.221
(6.221)
(30.626)
450.629
(299.548)
151.081
(181.707)
GE Industrial Financing Ireland Limited Headquarters: Dublin

BALANCE SHEET
($)
($)
31.12.2008
31.12.2008
Financial Assets
Investments
Current assets
Debtors
Creditors: amounts folling due within one year
Net current (liabilities)
Total assets less current liabilities
Capital and reserves

Called up share capital
Other reserves
Profit and loss account
Shareholders funds
33
100
59,658,603
(59,735,104)
(76,401)
(76,434)
(76,434)
(76,401)

($)
31.12.2008
Administrative expenses
(59,735,139)
Operating loss
(59,735,139)
Income from fixed assets & dividends

Interest receivable
(Loss) / profit on ordinary activities before taxation
Tax on loss on ordinary activities
Loss for the financial year
35
(59,735,104)
(59,735,104)
187
Fondazione Pignone Headquarters: Florence

STATO PATRIMONIALE
Attivo
(Valori in Euro)
Passivo
31.12.2008
A) Crediti verso associati per versamento quote
B) Immobilizzazioni
(Valori in Euro)
31.12.2008
A) Patrimonio netto
I - Patrimonio libero
1) Risultato gestionale esercizio in corso
2) Risultato gestionale da esercizi precedenti
3) Riserve statutarie
4) Contributo in conto capitale liberamente utilizzabili
162.302,81
62.302,81
(102.106,44)
164.409,25

II - Fondo di dotazione dellente
100.000,00
560.666,35
III - Patrimonio vincolato
I - Rimanenze
II - Crediti
1) Crediti pverso socio fondatore
2) Crediti verso clienti
1) Crediti verso altri
453.901,00
450.000,00
3.901,00

2) Assegni
D) Ratei e Risconti
1) Ratei attivi
2) Risconti attivi
Totale attivo
106.765,36
106.175,64
589,71
7.313,74
7.313,74
567.980,09
Conti dordine
- Impegni di erogazione
- Altri
Totale generale

1) Per trattam. di quiescenza e obblighi simili
2) Altri
D) Debiti
1) Debiti per contributi ancora da erogare
4) Debiti tributari
6) Altri debiti
567.980,09
Conti dordine
- Impegni di erogazione
- Altri
Totale generale
188
405.677,28
-
E) Ratei e risconti
1) Ratei passivi
2) Risconti passivi
TOTALE PASSIVO
567.980,09
405.677,28
567.980,09
Fondazione Pignone Headquarters: Florence

CONTO ECONOMICO
ONERI
1) Oneri da attivit tipiche
1.1) Materiali di consumo per i corsi
1.2) Costi per la organizzazione dei corsi
1.3) Assegni e rimborsi spese agli studenti
1.4) Salari e stipendi
1.5) Accantonamento TFR
1.6) Oneri sociali
1.7) Altri oneri per attivit istituzionale
2)
2.1)
2.2)
2.3)
Oneri promozionali e di raccolta fondi

Oneri per attivit informazione
Oneri per convegni e congressi
Oneri promozionali
3)
Oneri da attivit accessorie
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
682.679,36
3.565,68
163.467,27
109.228,26
406.418,15
99.263,52
13.875,69
85.387,83
-
4) Oneri finanziari e patrimoniali

4.1) Spese bancarie
4.2) Altri oneri finanziari
631,92
332,40
299,52
5)
319,30
Oneri straordinari
6)
6.1)
6.2)
6.3)
6.4)
6.5)
6.6)
Oneri di supporto generale

Salari e stipendi
Oneri sociali
Accantonamento TFR
Altri costi del personale
Ammortamento beni materiali e immateriali
Godimento di beni di terzi
- Locazioni e noleggi automezzi
- Locazioni e noleggi diversi
6.7) Costi per servizi
- Compensi e rimborsi organi statutari
- Oneri per consulenze e prestazioni di terzi
- Altri costi per servizi
6.8) Oneri diversi di gestione
- Personale distaccato
- Rimborsi spese
- Cancelleria
- Alri beni e materiali di consumo
- Altri oneri
6.9) Imposte e tasse
- Imposte dell'esercizio
- altre imposte
182.678,13
TOTALE ONERI
965.572,23
Risultato gestionale positivo/ (negativo)
(102.106,44)
PROVENTI
1) Proventi da attivit tipiche
1.1) Da contributi su progetti
1.2) Da contratti con enti pubblici
1.3) Da soci e associati
1.4) Da non soci
1.5) Altri proventi
858.673,98
858.673,98
2)
Proventi da raccolta fondi
3)
Proventi da attivit accessorie
4) Proventi finanziari e patrimoniali

4.1) Da depositi bancari
4.2) Altri proventi finanziari
5) Proventi straordinari
TOTALE PROVENTI
4.791,81
4.791,81
863.465,79
9.872,05
2.860,62
7.011,43
23.320,23
7.124,00
16.196,23
140.141,85
137.799,27
2.342,58
9.344,00
9.344,00
189
Everest Vit Italia S.r.l. Headquarters: Agrate Brianza (MI)

STATO PATRIMONIALE
Attivo
(Valori in Euro)
Passivo
31.12.2008
31.12.2008
A) Patrimonio netto
A) Crediti verso soci
B) Immobilizzazioni
- immobilizzazioni immateriali lorde
- ammortamenti
- svalutazioni
Totale immobilizzazioni immateriali nette
(Valori in Euro)
20.954
(20.954)
0
0
IV - Riserva legale
IX - Utile (perdite) dellesercizio
15.000
3.000
388.149
570.193
976.342

- immobilizzazioni materiali lorde
- ammortamenti
- svalutazioni
Totale immobilizzazioni immateriali nette
I - Rimanenze
56.995
(47.733)
0
9.262
0
9.262

D) Debiti
Debiti entro 12 mesi
6)
10) Debiti verso societ del gruppo

12.511
13) Altri debiti
17.807
170.619
1.460.793
43.576
1.504.369
706.129
2.381.118
D) Ratei e Risconti attivi
2.621
2.393.001
190
79.221
1.048.370
158.953
12) Debiti verso istituti di previdenza e assistenza
Totale debiti (D)

II - Crediti
1) Verso clienti
2) Verso altri
98.629
E) Ratei e risconti passivi

TOTALE PASSIVO
1.316.862
1.168
2.393.001
Everest Vit Italia S.r.l. Headquarters: Agrate Brianza (MI)

CONTO ECONOMICO

b) oneri sociali
produzione (A - B)
(Valori in Euro)
(Valori in Euro)
31.12.2008
31.12.2008
3.614.630
94.020
30.038
3.738.688
2.275.287
238.147
51.537
196.721
80.520
18.586
10.911
306.738
234

a) da crediti iscritti nelle immobilizzazioni
b) da titolo iscritti nelle immobilizzazioni
c) da titoli iscritti nellattivo circolante che
non costituiscono part.ni
b) proventi diversi
17) Interessi ed altri oneri finanziari
0
0
0
4.552
4.552
(1.205)
(1.205)
5.757

20) Proventi
21) Oneri
0
0
841.127
270.934
570.193
4.993
7.000
12.227
0
0
0
19.382
2.903.318
835.369
191
GE Oil & Gas
Statutory Auditors Report

for the Consolidated
(in conformance with Article 2429 of the Italian Civil Code)
Statutory Auditors Report for the Consolidated Financial Statements as at and for the year ended December 31, 2008
Dear Shareholders,
The consolidated financial statements at 31 December 2008, submitted here by the Board of
Directors for your approval, show a profit of 194,612 thousand Euro, of which 849 thousand
Euro pertaining to minority interests and 193,763 thousand Euro pertaining to the group, and
are summarised as follows (all figures are expressed in thousands of Euro):
BALANCE SHEET
Assets
Euro
5,507,006
Liabilities
- Group
- Minority interests
269,714
37,221
306,935

Payables and other liabilities
332,992
70,650
4,761,989
34,440
5,507,006
INCOME STATEMENT
Difference between production revenues and cost
Financial income and expenses
Euro
484.997
-113.443
-14.674
Extraordinary income and expenses
12.199
Income taxes for the year

Minority interests
Group net profit for the year
-174.467
194.612
-849
193.763
The memorandum accounts, shown at the foot of the balance sheet, amount to
6,392,683 Euro.
The Board of Statutory Auditors is called upon to convey its considerations also with
regard to the said consolidated financial statements comprising, as legally required, the
Balance Sheet, Income Statement and Notes.
The Report on Operations presented by the Board of Directors provides, in summary form,
a complete and exhaustive description of the Groups business and financial transactions
and position.
It is the Boards opinion that the Report on Operations is able to suitably ensure the
requirement of consistency set forth by the relevant regulations in force.
Having performed the necessary checks, the Board declares its approval of the
accounting policies adopted and certifies that the information and data used for
consolidation purposes refer to the financial statements at 31 December 2008 drawn up
for approval by the respective Shareholders Meetings.
194
Statutory Auditors Report for the Consolidated Financial Statements as at and for the year ended December 31, 2008
The consolidation method, as described in the notes, has been correctly applied.
The scope of consolidation includes the financial statements of the parent company and
the Italian and foreign companies over which the parent company directly or indirectly
exercises control pursuant to Article 23 of Legislative Decree 127, with the exception of
some subsidiaries considered non-relevant, which have been measured using the equity
method.
It should be remembered that, starting from the year 2004, the Company has exercised
its option for consolidated taxation in its capacity as consolidator, pursuant to Articles 117
et seq. of the Italian Consolidated Income Tax Act (T.U.I.R.).
The following companies have elected to participate in the national tax consolidation
scheme: Nuovo Pignone Holding S.p.A. (consolidator), GE Transportation Systems S.p.A.,
Jenbacher S.r.l., GE Sensing & Inspection Technologies S.r.l., GE Healthcare S.r.l., GE Medical
Systems Information Technologies S.r.l., GE Healthcare Clinical Systems S.r.l..
In view of the foregoing, we certify that the values shown under the various entries of the
consolidated financial statements correspond to the accounting records of the parent
company Nuovo Pignone Holding S.p.A. and the information provided by the investee
companies.
We thank you for the confidence placed in us.
THE BOARD OF STATUTORY AUDITORS

DR. COSIMO IMBRIOSCIA
DR. ANGELO CIAVARELLA
DR. ANTONIO ANGELO MANZONI
195
Independent Auditors Report
196
COMK/MARK 11-2009
Designed by: Studio Tre Fasi
Printed by: Sagraf
2009 Nuovo Pignone S.p.A.
All Rights Reserved

via F. Matteucci, 2
www.ge.com/oilandgas
GE Oil & Gas
Annual Report and Financial Statements of Nuovo Pignone Holding S.p.A. - Consolidated Annual Report and Financial Statemenmts of Nuovo Pignone Group - at December 31, 2008
Annual Report and Financial Statements

of Nuovo Pignone Holding S.p.A.
Consolidated Annual Report and
of Nuovo Pignone Group

GE

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

GE

Uploaded by

Copyright:

Available Formats

Nuovo Pignone S.p.A.

GE Oil & Gas

Annual Report and Financial Statements

GE Oil & Gas

Annual Report of Nuovo Pignone Holding S.p.A.

Consolidated Annual Report of the Nuovo Pignone Group

Structure of the Group

Financial position and results

Economic situation and outllok

Reclassified Income Statement

Performance of the business sectors

Reclassified Balance Sheet

Elements of risk and uncertainty

Transactions with the parent company, with General Electric

Research and development

Tangible fixed assets

Activities carried out by the subsidiaries during the year

Intangible fixed assets

Nuovo Pignone S.p.A.

Quality Lean Six Sigma

GE Medical Systems Italia S.p.A.

National tax consolidation scheme

GE Healthcare S.r.l. (formerly Amersham)

GE Healthcare Clinical Systems S.r.l.

Financial position and results

GE Transportation Systems S.p.A.

Reclassified Income Statement

Reclassified Balance Sheet

GE Sensing & Inspection Technologies S.r.l.

Nuovo Pignone International S. r.l.

Transactions with parent companies

GE Industrial Financing Ireland Ltd.

Treasury shares and shares of parent companies

GE Capital Funding Services S.r.l.

Significant post balance sheet events

Elements of risk and uncertainty

Treasury shares and shares of parent companies

Management and coordination activities

Consolidated Financial Statements of Nuovo Pignone Group

Consolidated Balance Sheet

Significant post balance sheet events

Financial Statements of Nuovo Pignone Holding S.p.A.

Consolidated Income Statement

Notes to the Consolidated Financial Statements

Consolidated statement of cash flows

Financial Statements of Subsidiary Companies

Notes to the Financial Statements

Statutory Auditor's Report for the

Statement of Cash Flows

Independent Auditor's Report

Statutory Auditor's Report for the Financial Statements

Independent Auditor's Report

Resolutions from Shareholders' meeting

Substitute Auditors Luca Bonanno

The contribution was carried out on 24 September

on 4 December 2008, the subsidiary GE Industrial

Financial position and results

Reclassified income statement

Reclassified balance sheet

Intangible fixed assets

Short-term net financial debt increased from 318

Transactions with the parent company,

its capacity as parent, pursuant to Articles 117 et

HE-S Reciprocating Compressor