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
Categories: Corporate Pirelli Pirelli & Sustainable Development Sustainability
The Pirelli Technological Centre at Settimo Torinese played a protagonist’s role as part of the celebrations to mark the 150th anniversary of the Unification of Italy. Accompanied by the Pirelli chairman Marco Tronchetti Provera and other members of Pirelli top management, the President of the Italian Republic, Giorgio Napolitano, and his wife Clio visited the Group’s most technologically advanced factory, where they were enthusiastically welcomed by employees present for the event. Addressing the blue collar workers, the Head of State declared,“Here, people work for peace; if research has the means, it can produce the answers we are looking for”. The President therefore underlined the technological excellence of the Settimo site. An excellence also reiterated by chairman Tronchetti Provera, who remarked, “The visit of the Head of State has increased the enthusiasm that already exists in this factory, which is the most modern of its kind in the world, with more than 70 patents and advanced technologies”. The visit, in which the leaders of the local institutions and the academic world (the president of the Piedmont Region, Roberto Cota, the president of the Province of Turin, Antonio Saitta, the Mayor of Settimo Torinese, Aldo Corgiat Loia, the prefect of Turin, Alberto Di Pace and the rector of the Turin Polytechnic, Francesco Profumo, concluded with the presentation to President Napolitano of a Tricolour Formula 1 Pirelli tyre, created ad hoc as a memento of an event that will remain part of the history of the Group.