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Strong growth in Operating Results

The Board of Directors approves results for 3 months to 31 March 2011

ALL INDICATORS IMPROVED
CONSOLIDATED NET PROFIT MORE THAN DOUBLED
FURTHER INCREASE IN PROFITABILITY
2011 REVENUE TARGET RAISED

PIRELLI & C. SPA

  • REVENUES 1,400.9 MILLION EUROS, +23.4%  COMPARED WITH 1,135.0 MILLION EUROS ON 31 MARCH 2010

  • OPERATING RESULT  (EBIT) AFTER RESTRUCTURING CHARGES 143.3 MILLION EUROS  (+63.6% COMPARED WITH 87.6 MILLION EUROS ON 31 MARCH 2010),  WITH PROFITABILITY (EBIT/SALES) RISING TO 10.2% FROM 7.7%
  • TOTAL CONSOLIDATED NET PROFIT  81.4 MILLION EUROS, MORE THAN DOUBLE COMPARED WITH 38.9 MILLION EUROS ON 31 MARCH 2010;
    ATTRIBUTABLE CONSOLIDATED NET PROFIT 82.8 MILLION EUROS (39.2 MILLION EUROS ON 31 MARCH 2010)
  • NET FINANCIAL POSITION NEGATIVE 712.8 MILLION EUROS  (678.4 MILLION EUROS ON 31 MARCH 2010),  AFTER TOTAL INVESTMENT ALMOST DOUBLED TO 96.9 MILLION EUROS FROM 50.2 MILLION EUROS IN Q1 2010

PIRELLI TYRE

  • REVENUES 1,384.5 MILLION EUROS, +24.7% COMPARED WITH 1,100.0 MILLION EUROS ON 31 MARCH 2010

  • OPERATING RESULT (EBIT) AFTER RESTRUCTURING CHARGES 152.4 MILLION EUROS, +59.6% COMPARED WITH 95.5 MILLION EUROS ON 31 MARCH 2010;
    PROFITABILITY (EBIT/SALES) AT RECORD LEVEL OF 11% (8.6% IN Q1 2010)


2011 TARGETS

  • REVENUE TARGET REVISED FROM “ABOVE 5.55 BILLION EUROS” TO “ABOVE 5.85 BILLION EUROS”.  TAKES INTO ACCOUNT PRICE RISES TO OFFSET RAW MATERIAL COST INCREASES BEYOND INDUSTRIAL PLAN ESTIMATES

  • PROFITABILITY TARGETS CONFIRMED: EBIT MARGIN POST GROUP RESTRUCTURING COSTS BETWEEN 8.5% AND 9.5%, PIRELLI TYRE BETWEEN 9% AND 10%

INVESTMENT ABOVE 500 MILLION EUROS CONFIRMED AND NET FINANCIAL POSITION EXPECTED AT AROUND NEGATIVE 700 MILLION EUROS

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'China Auto Aftersales Summit Forum'

Over the next three years, Pirelli will invest 300 million euros in China to meet the growing demand of the biggest car market in the world.

And it was in that country that Pirelli gained its most recent recognition in the form of the best marketing award, which it received recently during the China Auto Aftersales Summit Forum.

The prestigious award was presented to Giovanni Angelo Ponzoni, Pirelli’s director of marketing in the Asia-Pacific area, who was visibly pleased to receive this authoritative recognition. He said, “We are honoured to have won the best marketing award, which gratifies us and recognises the efforts Pirelli makes in this area.

“We are fully concentrated on our green performance products, a reason for which the F1 teams and many luxury car manufacturers chose us”, Mr. Ponzoni continued. He concluded by recalling Pirelli’s strong commitment in China, saying, “Over the next few years, Pirelli will continue to invest in the development of its products, brand marketing and technological innovation in the Chinese market and in general throughout Asia”.