2011 intangibles report bilancio dell’intangibile …

INTANGIBLES REPORT BILANCIO DELL’INTANGIBILE

Abstract

2011

2 Abstract Intangibles Report 2011

Quality, trust and transparency to generate value Excellence through intangiblesReading guide

1. PIROLA PENNUTO ZEI & ASSOCIATI

2. HUMAN CAPITAL

3. ORGANIZATIONAL CAPITAL

4. RELATIONAL CAPITAL

INTELLECTUAL CAPITAL INdICATORS

468

10

18

28

36

48

BILANCIODELL’INTANGIBILE 2011

Abstract

INTANGIBLESREPORT 2011

INDEX


QUALITY, TRUST AND TRANSPARENCY TO GENERATE VALUE

dear stakeholder,

the current national and international market system has left us all highly vulnerable. We must follow this scenario with rigour and attention, but at the same time we are aware that the intangible resources of our organization allow u to successfully compete in the market and responsibly carry out our work, building professional relationships based on transparency and trust.

it is in years such as these that the capacity to evaluate and communicate the quality of our intangibles becomes a crucial project so that we may respond to the need to furnish the many interest holders, with whom we interact on a daily basis, with information on the assets we possess which can create value to their benefit. under the current global competitiveness, in a scenario that is open to the knowledge economy, the evaluation o fan individual’s skills and expertise, know-how and organizational innovation, quality and trust in the relationship with our stakeholders are not only possible but necessary for an organization like ours that strives to generate excellence for its clients and growth and stability for its people.

the 2011 results reward our commitment dedicated to improve the excellence and specialization of the services we provide, to safeguard our various business areas and our international presence. in the face of new expectations and opportunities, we have also strengthened our commitment to carry out our business responsibly in the conviction that this is essential to the success of our firm in the long term. We have undertaken this commitment because we believe that a sustainable organization must take into account its impact on all the stakeholders it faces in each of its activities and towards whom it is called upon to operate with ever increasing transparency.

the future is tied to our ability to use expertise and skills that we possess and that we will continue to transfer to our young professionals, combining the commitment to the development of our intellectual capital and our responsibility to society.

Giuseppe Pirolachairman


EXCELLENCE THROUGH INTANGIBLES

the dynamic description of an organization from the point of view of its intangibles allows the highlighting of its intellectual capital and the evaluation of its competitiveness.the publication of pirola pennuto zei & associati’s intangibles Report allows us to delineate and measure our firm, with a particular attention to policies and resources used to support growth and the constant pursuit of excellence. it is a fact-finding document of particular importance both with respect to the generation of value within our firm as well as to share it with our stakeholders, who we want to be aware of our intellectual capital, formed by the expertise of our people, our organizational processes and our ability to continuously stimulate the creation and development of knowledge, which represents for them a crucial resource.

our 2011 results were achieved in an extremely critical situation and therefore we consider them more important in proportion to the challenges we are facing. We closed 2011 with a turnover in line with 2010 figures. our leadership in providing excellent professional services is shown not only in terms of turnover, but also by the quality of work and the expertise of our people. over the last year we have increased our personnel and hired new resources, with particular commitment to professional growth and the development of our best talent’s value.

We work in a particularly complex market and it is essential to be focused on innovation and to adapt to a changing world; therefore, also in 2011 we reinforced information technology and internal processes with the purpose of improving our activity in terms of effectiveness and efficiency. this new edition of our intangibles Report represents pirola pennuto zei & associati’s increasing commitment in reporting the value of its intangible resources in an ever more clear and complete manner to demonstrates the commitment to enhancing and increasing the value of our intellectual capital for our clients and for the whole market.

Massimo CremonaManaging partner


READING GUIDE

this abstract refer to our intangibles Report, which was created with the purpose of providing an overall picture of our firm’s intellectual heritage, which can be understood as the knowledge, expertise, organization and relationships as the elements that are essential for the creation of value.

this document was prepared pursuant to the main reporting guidelines on intangible resources1 such as, in the first instance, the intellectual capital disclosure model proposed by aiaf, italian association of financial analysts. this model follows the example of international best practices and proposes an analysis and description of intellectual capital as a sum of its three dimensions: Human capital, organizational or structural capital and Relational capital.

information and data provided in this Report refer to 2011 and we report markers over a three years period to evaluate their dynamic trend over the years.

the evaluation of the intellectual capital of pirola pennuto zei & associati follows the description of the firm and of its distinguishing qualities and is divided into the following sections:

• the Human Capital, which describes the qualities, evolution and potential of our professionals and staff;

• the Organizational Capital, which analyzes organization and working procedures to promote the development of know-how and the sharing of information throughout the organization;

• the Relational Capital, which describes the relationships built by pirola pennuto zei & associati with the market through its relationship with clients, suppliers and business partners, and with academia and the professional world to promote exchange and cooperation.

1 Economic value added – Eva, balanced scorecard, Knowledge capital formula, Market-to-book value, Q di tobin, skandia business navigator, intangible asset Monitor, value chain scoreboard.


pirola pennuto zei & associati is among the foremost professional firms in italy providing audit, management consulting, tax and legal advice services.over the years strategies and activities of our firm have developed on critical successful factors which have allowed us to become a centre of professional excellence in italy.

LEAdERSHIPthe firm was established at the beginning of the 80’s as a professional partnership based on experience garnered in the 70’s by a group of specialists and since then we have built a solid reputation and have gained a thorough knowledge of the financial and economic system, for the benefit of our stakeholders.

dIMENSION We combine widespread knowledge of the national and local environment with a realistic international dimension. our offices are located in 9 italian cities, as well as in london and beijng and we cooperate with networks and international professional offices in order to offer skilled, integrated and flexible assistance as well as customized solutions for the worldwide market.

CULTURE OF MERIT ANd TALENTour firm’s identity is founded on two values: merit and talent, leveraged on the knowledge, expertise and skill of our people. partners, professionals, employees and staff have the opportunity to excel and improve their professional and personal potential and to be granted stability.

FAIRNESS ANd TRUSTour relationships with stakeholders are built on fairness and trust, nurturing an ethical approach and strong relationship with the business community, academia, the professional world, the community as a whole and our reference communities.


SPECIALIZATION, TECHNICAL EXCELLENCE ANd PERFORMANCEWe are able to combine an high degree of specialization with a multidisciplinary style to offer professional services based on quality, efficiency and continuing improvement in the following areas:

• tax • legal • corporate finance • specialized services (transfer pricing, vat, high net

worth individuals taxation, etc;)

dIFFERENTIATEd SERVICESto enhance our competitiveness and adjust to the growing demand for differentiated services, we work in a constantly renewing team and have built a network that operates in diverse market segments: business review and organization, statutory audits, corporate social responsibility, philanthropy advisory services.

2011 key figures

• 531 total personnel • 74.3 million euro turnover • 36% turnover derives from clients that have been

with the firm for more than 10 years • 9 offices in italy and 2 subsidiaries abroad • 67,807 supplied hours of training (+ 33%) • 417 professionals (+ 4.5%) • 252 professionals registered in the Rolls (+ 6,8%) • 110 new hires • 36 average age • 9 organized conferences

THE FIRM ANd KEY FIGURES



NETWORK

over the years pirola pennuto zei & associati has created a comprehensive network of professionals and firms specialized in various fields that acting in a synergistic and integrated manner, allow us to enrich and distinguish the professional services offered to our clients.

PIROLA PENNUTO ZEI & ASSOCIATI With over four hundred professionals, 9 locations throughout the country and a turnover in 2011 of 74.3 million euro, pirola pennuto zei & associati is one of the preeminent italian professional service providers, supplying statutory audit, business advisory, tax and legal services to businesses.www.pirolapennutozei.it

FIdIGER S.P.A. fidiger s.p.a., a business Review and organization company, was established in 1970 and has offices located in Milan and Rome. in 2011 the firm realized a turnover of 8.6 million euro. it provides administrative, bookkeeping and management consulting services thanks to a team of 76 professionals and staff who are constantly provided with professional training through specialization and updating courses. www.fidiger.it STUdIO dI REVISORI ASSOCIATIstudio di Revisori associati is a professional partnership, with a turnover in 2011 that amounted to 17.3 million euro, which supplies accounting services, focusing its activity on legal oversight of accounts through appointments to boards of statutory auditors of prestigious companies. OFFICINA ETICA CONSULTING SRLofficina Etica consulting s.r.l. is a company offering strategic consulting services on corporate social Responsibility (csR) and sustainability. officina Etica consulting assists companies and organizations in the development of reporting instruments (corporate annual Report/sustainability/Mission Report, intangibles Report), in research, training and communication on csR issues, in defining and implement partnerships and stakeholder engagements. www.officinaetica.it



INTERNATIONAL dIMENSION

pirola pennuto zei & associati has strengthened its presence in the international markets through representative offices and increased its personnel abroad thanks to strategic partnerships with correspondents and worldwide tax and legal advice networks with the purpose of supporting new business opportunities.

EUROPA E USAthe position of the firm in more mature markets is well-established through the activity of the subsidiary pirola pennuto zei uK llp and to its participation in the Meritas law firms Worldwide network, which totals 170 offices in 60 countries.pirola pennuto zei uK llp is a company incorporated pursuant to uK law, with offices in london, which provides tax and legal services and is principally strategic for making contact with potential clients and for initiating collaboration with international partners.

CINApirola pennuto zei beijing provides tax and legal advice to italian companies operating in china and is speciali-zed in the following principal areas of chinese law: com-mercial law, corporate law, M&a and business reorga-nizations; litigation, arbitration and intellectual property.pirola pennuto zei beijing also has significant experience in assisting italian clients in china in the practice areas of labour law, bankruptcy law, Real Estate, Environmen-tal law, sports law and media and Entertainment law. our china desk in italy contemporaneously provides pro-fessional support to large chinese companies investing in italy and provides them not only with tax and legal advice, but with payroll and accounting services, as well as specialized assistance for foreign expatriate staff.

INdIA ANd OTHER ASIAN COUNTRIESthe strategy for entering the indian market has been supported by the activity of the india desk, which offers highly skilled assistance in connection with commercial and financial transactions regulated by italian and indian law and provides tax, legal and corporate finance servi-ces. the india desk also provides services in the areas of Real Estate, customs law, Environmental and public works law, sports law, and Media and Entertainment law. the india desk cooperates regularly with the china desk and with pirola pennuto zei uK llp and is therefore also able to supply professional assistance in connec-tion with investments of italian companies in other asian countries such as pakistan, bangladesh and sri lanka.


2. HUMAN CAPITAL

STABILITY, GROWTH ANd INNOVATION

Evolution of pERsonnEl bY catEgoRY

2009 2010 2011

partners 117 116 118

senior consultants 67 66 63

consultants 56 54 71

professionals and trainees 170 163 165

administrative staff 17 16 15

staff 104 101 99

Total 531 516 531

Evolution of pERsonnEl

2009

531

2010

516

2011

531

notwithstanding the serious economic crisis in 2011, the firm has been able to increase its personnel and guarantee stability to its resources, in order to strengthen its competitiveness and meet new and increasing market demands.

Relying on growth and innovation on the one hand and stability and loyalty on the other, our firm strives to create solid teams, motivated by talent, that unites the initiative and ambition of young professionals with the experience and knowledge of senior professionals.the progressive development of the firm is reflected in the evolution of its number of partners.

Tab. 3Evolution of paRtnERs

2009

117

2010

116

2011

118

Evolution of paRtnERs bY catEgoRY

2009 2010 2011 2012*

Equity partners 32 34 34 34

Associati Anziani 20 22 23 25

Associati Ordinari 23 22 22 23

Associati Giovani 38 34 34 35

Honorary partners 4 4 5 4

Total 117 116 118 121

* updated in January 2012


STABILITY, GROWTH ANd INNOVATION

gRaduatEs aMong nEW HiREs

2009

82.9%

2010

90.4%

2011

89.9%

tRainEEs as at 31.12

2009

71

2010

65

2011

84

nEW HiREs duRing tHE YEaR

2009

70

2010

94

2011

110

the firm aims to attract and keep the best talented, dynamic and highly motivated young professionals: the average age of the personnel remains 36, 70% of which are under 40.

against the significant reduction of the turnover rate, 110 new professionals were employed in 2011, among whom are graduates as well as professionals. after 30 years of presence in italy, the firm has contributed to training young professionals in the development of their professional career path within the firm, or in enterprises located worldwide. as is underscored by the large number of young professionals hired in 2011 (84), an increase of 29% as compared to 2010, the firm continues to attract brilliant graduates who are eager to start a personal and professional career path in the firm.

the firm is determined to constantly develop and innovate, as well as to strengthen the relationship with its professionals and staff to improve the stability of the organization over the time and its competitiveness in the market.


2. HUMAN CAPITAL

SPECIALIZATION ANd MULTIdISCIPLINARIANISM

nuMbER of pRofEssionals

2009

410

2010

399

2011

417

Multidisciplinarianism is one of the strategic assets that allows the firm to offer comprehensive and synergistic advice with high added value thanks to diverse, but strongly and complementary professional skills.

the firm avails itself of a team of professionals with a multidisciplinary background and a thorough knowledge in all sectors. the availability of diverse expertise and skills, integrated at various level within the organization, ensure the firm’s competitiveness, as well as its ability to increase the various types of services offered over the time.

in 2011 senior and junior professionals totalled 417 individuals: increase over the past year was mainly due to the increase in professionals in the tax practice (+ 6.4%), the core business of the firm. the number of professionals in the legal practice also increased (+ 2.7%).

nuMbER of pRofEssionals bY businEss aREa

2009 2010 2011

tax services

legal services

labour law advice and individual taxation

257251

267

113110113

403837


2. HUMAN CAPITAL

PROFESSIONAL dEVELOPMENT ANd TRAINING

appointMEnts of nEW paRtnERs and sEnioR consultants

2009 2010 2011

partners 3 1 4

senior consultants 17 11 7

pirola pennuto zei & associati continuously invests in the development of talent and expertise of its people. along with on the job training, the firm offers its staff comprehensive training and ongoing professional updating courses. in addition to basic training courses for new hires, the firm offers advanced courses and specialization courses along a professional’s development and career path.

the development of the professional career path is closely related to quality, growth and maturity of an individual, together with the achievement of individual objectives that are settled each year.

appointments and promotions are characterized by rigorous selection and objectivity and are based on a system that rewards individual and team results for the purpose of encouraging our people to make the best of their potential.

the significant commitment to training is a core element in the improvement of the performance of the organization and the development of our personnel’s talent and was realized by supplying an average of 128 hours training to each professional.

tRaining HouRs

2009

64,257

2010

51,063

2011

67,807

HouRs of tRaining pRo-capita

2009

121

2010

99

2011

128

With respect to professional development, once again in 2011 the firm has allocated considerable resources to enhance the development of the skills and expertise of its people. the continuous development and changes in the market and target sectors of pirola pennuto zei & associati require a regular updating of the qualifications and skill of its people – professionals and staff – with a view to an effective and appropriate management of their professional career path.

technical and specialized training referred to business activities and processes, as well as to administrative and management procedures, are increasing, together with training on regulatory issues aimed at guaranteeing the firm’s compliance with the main regulations in the professional services sector and to disseminate a greater understanding of the importance of the rules of conduct by each of its professionals.in 2011 the firm supplied 67,807 hours training and updating, with an increase of 32.8% as compared to 2010.



dYNAMISM, FLEXIBILITY ANd WIdESPREAd PRESENCE

the firm consistently maintains the improvement of its business efficiency and effectiveness, enhancing the trend towards dynamism and innovation in order to increase its excellence and to develop its competitiveness in ever more global markets.pirola pennuto zei & associati has always been committed to the concept of joint effort, thus favouring the enhancement of the potential of its people and the development of stronger and more constructive relationships. the organizational approach of the firm is focused on three strategic elements:

• responsiveness and client orientation; • ability to work in group; • operational efficiency.

the firm’s goal is to provide timely professional services by adopting a working groups method, a flexible and dynamic organizational structure, which can be rapidly changed in order to manage new engagements and projects.the firm’s working groups act according to a method that allows them to provide tax and legal advice, as well as specialized services supporting the other advice activities through a precise and efficient division of roles, expertise and responsibility.

the ability to meet the requirements of clients with a dynamic and innovative approach is closely related to the widespread presence of pirola pennuto zei & associati throughout the country, allowing it to offer services that meet the specific expectations of the clients. the firm operates as a partnership and guarantees companies the supply of real professional knowledge.

pERsonnEl bY officE

Milan

Rome

turin

verona

padua

brescia

bologna

naples

parma

326

94

27

25

24

8

12

8

7

310

96

31

20

21

8

12

10

8

315

97

34

20

23

13

12

9

8

2009 2010 2011



COMMUNICATION ANd KNOLEdGE SHARING

the generation, management and sharing of knowledge through the enhancement of the value of our skills and expertise and the encouragement to dialogue at all levels of our organization allow the firm to improve quality and efficiency of its business processes and ensure continuity in assisting clients.

in a context in which knowledge is the primary resource for organizations, internal communication processes take on a strategic importance for the achievement of objectives. thus the firm has adopted processes which are capable of improving the exchange of information between the different components of our organization, encouraging the development of communication flows involving partners, professionals, staff, project teams and working groups.

Recently the firm began the implementation of an important project aiming at creating an internal web portal in which the firms’ informational assets flows. this project continued throughout 2011 as the firm’s technical material – i.e. texts, databases, news and fiscal, legal and tax updating was transferred into the portal – is fundamental to the constant updating of our professionals and for the optimal provision of our professional services.

another important activity carried out in 2011 was the new cataloguing of all books of the library of the Milan head office and the uploading on-line of their titles and tables of contents to create an instrument capable of interfacing with all the firm’s offices to further support the work of all our professionals.

the tax Research office has the goal of increasing and enhancing the intellectual capital of our professionals by developing internal research, study and in-depth reports in the areas of the firm’s expertise, by engaging in publishing ventures, by supporting educational activities and projects in collaboration with external partners such as professional Rolls, universities and training schools and professional associations. the tax Research office develops thorough information activities for professionals, clients and outside partners on subjects regarding tax and legal issues, by editing reports and newsletters.



INNOVATIVE PROCESSES

invEstMEnts in infoRMation tEcHnologY (in €)

2009 2010 2011

total investments 588,000 683,000 501,000

pro-capita investments 1,107 1,324 943

being competitive in a rapidly evolving market means also being able to promptly innovate and renew structures and processes with a view to total efficacy and effectiveness. the firm has therefore adopted sophisticated technologies to assist its professionals’ performance, thus allowing for optimization of administrative, internal communication and connectivity costs. information technologies favour connectivity among the firm’s people and contemporaneously foster continuous dialogue with clients.

in 2011 the firm continued the implementation of the new information technology system, created in the past year, when the start-up implied for the firm the disbursement of significant economic resources. in 2011 work was mainly devoted to the operation of the system. substantial investments made in 2010 refer to the purchase of software licences covering several years.



BUSINESS dEVELOPMENT ANd MAINTENANCE OF LOYALTY OF LONG TERM CLIENTS

pirola pennuto zei & associati continues to grow by supporting and increasing the diverse areas of activity offering itself as a trustworthy partner and integrating its work with clients’ needs and business dynamics, working closely with entrepreneurs and management. notwithstanding the current recessionary climate and the continuing worldwide economic crisis, in 2011 the firm’s turnover amounted to 74.3 million euro, in line with the past three years.

clients – mainly italian companies, subsidiaries of foreign groups, multinationals and top executives – refer to pirola pennuto zei & associati to obtain high level professional skills and solid support with regard to issues that impact on their competitiveness. the number of clients has basically remained unchanged as compared to the past year. the firm counts on the creation of new business opportunities, new markets, and the loyalty of already acquired clients to support its business development and continuity.

in the current difficult context the firm has been able to cope with the negative market trend by strengthening the relationships based on trust and cooperation with long term clients. the increase of the turnover from long term clients (acquired before 2011) confirms the increase in the use of the professional services of pirola pennuto zei & associati

in relation to the firm’s business areas, in 2011 tax services accounted for 71.4% of the total turnover, showing an increase against a slight decrease of the turnover of legal and labor advice services.

tuRnovER bY businEss aREa (%)

2009 2010 2011

tax services

legal services

labour law advice

individual taxation

69%70.6%

71.4%

26%25.2%

24.5%

4%4%3.9%

1%0.2%0.2%

nuMbER of cliEnts

Clients 2009 2010 2011

new clients acquired in the year 941 830 774

long term clients (prior to 2011) 2,460 2,632 2,618

Total number of clients 3,401 3,462 3,392

tuRnovER bY tYpE of cliEnt (in €/000)

2009 2010 2011

turnover from clients acquired in the year

10,052 9,011 7,295

turnover from long term clients (prior to 2011)

64,154 65,930 67,010

Total turnover 74,206 74,941 74,305

total tuRnovER (in €/000)

2009

74,206

2010

74,941

2011

74,305


VALUE OF THE BRANd ANd QUALITY OF THE RELATIONSHIP WITH CLIENTS

our brand is an essential element of the relational capital of the firm, in which clients recognize the identity and history of the organization, its values and the modus operandi of its professionals. the reputation of the brand pirola pennuto zei & associati is closely related to the quality and reliability of our professional services, hence allowing the firm to improve its ability to attract potential clients and allowing the firm to uniquely position itself with respect to competitors and, at the same time to strengthen its identity within its organization.thanks to a recent analysis2 conducted for toplegal, an italian monthly legal magazine, the value of the brand pirola pennuto zei & associati was estimated to be 27.96 million euro, placing third among the biggest italian firms.

2 this analysis was submitted on february 2011 and carried out for toplegal by barzanò and zanardo, a firm specialized in patents, trademarks and intellectual property. the firm analysed the first 10 italian legal advice firms according to toplegal 100, on the basis of their revenues, excluded international groups having firms in italy, in order to have a more homogeneous group.

the professionals of the firm undertake intense publishing activities and actively participate in events to broaden knowledge and technical discussions on tax and legal issues, to share their intellectual capital and increase its value over time. these activities also allow them time to consolidate their relationships with clients, professional partners and the business community, marked at inception by fairness, integrity and transparency. the whole business community, which can be understood as regulatory bodies, oversight authorities and stockbrokers, use the firm as a reference point in promoting proper ethical performance and respect of the regulations governing professional relations within the economic environment.the commitment to consolidating its relationships with clients is also demonstrated by the continuous supply of information on tax and legal issues with periodical newsletters and regulatory flash news and updating memoranda.

Each year the firm organizes an high-profile art event held in Milan, an important cultural event reserved for its clients and institutional partners. between october 2011 and february 2012 the cézanne exhibition: “cézanne. les atéliers du midi” at palazzo Reale was opened three nights for the exclusive attendance of our clients.



COOPERATION WITH ACAdEMIA ANd NETWORKING

the trust in cooperation and the aim to share information and dialogue with other partners to improve and develop knowledge, efficiency and competitiveness have led over the years to the establishment of a broad network of contacts with universities, research and training centers, institutions and public and private entities.

UNIVERSITY ANd RESEARCH CENTERSthe firm has always cooperated with academia and editorial bodies, with some of its professionals being lecturers at universities and at specialized masters courses of study organized by the main professional training players, holding discussion groups and conferences in italy and abroad and writing reports on the most important tax and legal publications. the firm regularly cooperates with the most prestigious italian universities: università cattolica del sacro cuore and università commerciale luigi bocconi in Milan, sda bocconi school of Management, università luiss guido carli in Rome and università degli studi in brescia. the firm’s professionals also cooperate with educational institutions and centers which are fundamental for professional training and updating, such as the school of Economy and finance, the training school of il sole 24 ore, the Euroconference group and ipsoa. finally, it gives its contribution to the educational activities of the italian association of financial analysis (aiaf) and the inland Revenue office.

COOPERATION WITH PROFESSIONAL ROLLS, FOREIGN-ITALIAN CHAMBERS OF COMMERCE ANd PROFESSIONAL ASSOCIATIONSthe firm also invests in the development and enhancement of the value of its intellectual capital by establishing important professional, scientific and cultural partnerships. it cooperates with professional Rolls, in particular the ordine dei dottori commercialisti in the cities of Milan, Rome and brescia, and with various foreign-italian chambers of commerce (german, british, swiss, french and american) as well as with several professional associations.

CULTURE ANd SOCIETYthe firm aims to become a prominent partner in cultural, artistic and social events of significant importance, which could have a positive effect on the entire community. the firm renewed its corporate subscription for the theatre season 2011/2012 of the teatro alla scala in Milan, as part of its desire to support an important cultural and artistic institution. through this initiative the firm wanted to contribute to enhancing the value of one of the oldest and prestigious italian music institution that represents a part of the permanent cultural heritage of Milan and the whole country. the firm has also renewed its collaboration with the accademia di santa cecilia, supporting it in the development of its artistic, educational and cultural initiatives as a socio Mecenate.

in 2011 the firm was contributing partner with the diocese of Rome in the beatification of John paul ii, celebrated in saint peter’s square on 1 May. We took pride in being active participants in this historic event remembering a man representing faith and solidarity for present and future generations throughout the world.



INTELLECTUAL CAPITAL INdICATORS / INTANGIBLES REPORT 2011

HUMAN CAPITAL

1 Evolution of pERsonnEl

2 Evolution of pERsonnEl bY catEgoRY

3 Evolution of paRtnERs

4 Evolution of paRtnERs bY catEgoRY

5 avERagE agE (years and months)

6 2011 pERsonnEl bY agE catEgoRY

7 tuRnovER of pERsonnEl bY catEgoRY (%)

8 EXists fRoM fiRM bY catEgoRY (n.)

9 nEW HiREs duRing tHE YEaR

10 gRaduatEs aMong nEW HiREs

11 tRainEEs

12 sEnioRitY bY catEgoRY (years and months)

13 avERagE absEncE RatE

14 nuMbER of pRofEssionals

15 nuMbER of pRofEssionals bY businEss aREa

16 nuMbER of pRofEssionals REgistEREd WitH a pRofEssional Roll

17 appointMEnts of nEW paRtnERs and sEnioR consultants

18 appointMEnts bY paRtnER catEgoRY

19 tRaining HouRs

20 HouRs of tRaining pRo-capita

21 total tRaining costs (in euro)

ORGANIZATIONAL CAPITAL

22 pERsonnEl bY officE

23 invEstMEnts in intERnal REsEaRcH activitiEs (in €/000)

24 invEstMEnts in infoRMation tEcHnologY (in €)

RELATIONAL CAPITAL

25 total tuRnovER (in €/000)

26 tuRnovER bY businEss aREa (%)

27 tuRnovER bY businEss aREa (in €/000)

28 tuRnovER bY gEogRapHical aREa (in €/000)

29 nuMbER of cliEnts

30 tuRnovER bY tYpE of cliEnt (in €/000)

31 cliEnts bY longEvitY

32 subdivision of tuRnovER bY longEvitY of cliEnts

33 infoRMation and updating suppoRt


Milano via vittor pisani, 20 20124 Milanotel. +39 02 669951fax +39 02 6691800

Roma viale castro pretorio,122 00185 Roma tel. +39 06 570281fax +39 06 570282600

Torino via bertola, 34 10122 torino tel. +39 011 5743611fax +39 011 5627062

www.pirolapennutozei.it


the abstract of the the intangibles Report 2011 was prepared by:

PIROLA PENNUTO ZEI & ASSOCIATI

planning and compilation:

OFFICINA ETICA CONSULTING SRL

graphic design:

STUdIO dIAMETRO SNC

illustrations:

IMAGE BANK SHUTTERSTOCK

print:

INdUSTRIA GRAFICA SAT SRL

2011 intangibles report bilancio dell’intangibile …

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