JUNE 2010:

• FIRST HALF OPERATING RESULTS SIGNIFICANTLY IMPROVED OVER THE SAME PERIOD OF 2009

• IN THE SECOND QUARTER PIRELLI TYRE REPORTS RECORD QUARTERLY OPERATING PROFIT 

• 2010 TARGETS OF PIRELLI GROUP AND PIRELLI TYRE RAISED AGAIN:

PIRELLI GROUP: 2010 REVENUE TARGET IMPROVED (EXCLUDING PIRELLI RE) TO 4.8-4.9 BILLION EUROS, COMPARED WITH  4.6-4.7 BILLION EUROS ESTIMATED IN MAY, WITH EBIT OF ABOUT 7% (IN MAY TARGET WAS AT LEAST 6.5%); INVESTMENTS  RISING TO MORE THAN 350 MILLION EUROS FROM MORE THAN 300 MILLION EUROS, WITH CONFIRMATION OF THE TARGET FOR A NET FINANCIAL POSITION OF – 700 MILLION EUROS 

PIRELLI TYRE: 2010 REVENUE TARGET RAISED, REVENUES EXPECTED TO RISE ORGANICALLY UP TO 15%, COMPARED WITH A TARGET OF MORE THAN 10% ORGANIC GROWTH ESTIMATED IN MAY; EBIT IN ABSOLUTE VALUE EQUAL TO AT LEAST 360 MILLION EUROS COMPARED WITH 320- 330 MILLION EUROS ESTIMATED IN MAY

• BOND ISSUE APPROVED, TO TAKE PLACE WITHIN 12 MONTHS, POSSIBLY IN MORE THAN ONE INSTALLMENT, OF UP TO 800 MILLION EUROS TO OPTIMIZE THE DEBT STRUCTURE 

• CARLO PURI NEGRI RESIGNS. VITTORIO MALACALZA COOPTED TO THE BOARD OF DIRECTORS 

PIRELLI & C. GROUP

• REVENUES: +19.8% TO 2,426.5 MILLION EUROS (2,026.2 MILLION EUROS AS OF 30 JUNE 2009)

• EBIT: +62.8% TO 193.4 MILLION EUROS (118.8 MILLION EUROS AS OF 30 JUNE 2009)

• NET INCOME OF CONTINUING OPERATIONS 80.8 MILLION EUROS, MORE THAN DOUBLE COMPARED WITH 30.3 MILLION EUROS IN THE FIRST HALF OF 2009 

• TOTAL CONSOLIDATED NET RESULT NEGATIVE FOR 175.6 MILLION EUROS DUE TO ACCOUNTING EFFECT OF THE SEPARATION OF PIRELLI RE (NEGATIVE FOR 256.4 MILLION EUROS)

• OPERATING CASH FLOW POSITIVE FOR 55.6 MILLION EUROS (-18.5 MILLION EUROS IN THE FIRST HALF OF 2009); INVESTMENTS UP TO 135.5 MILLION EUROS (65.4 MILLION EUROS IN THE FIRST HALF OF 2009); NET FINANCIAL POSITION NEGATIVE FOR 696.9 MILLION EUROS (- 528.8 MILLION EUROS AS OF 31 DECEMBER 2009)

PIRELLI TYRE

• REVENUES: +21.4% TO 2,325.3 MILLION EUROS (1,915.9 MILLION EUROS IN THE FIRST HALF OF 2009); OPERATING INCOME: +59% TO 217.3 MILLION EUROS (136.8 MILLION EUROS IN THE FIRST HALF OF 2009), WITH EBIT MARGIN RISING TO 9.3% FROM 7.1%

• REVENUES IN THE SECOND QUARTER: +22.9% TO 1,215.3 MILLION EUROS (989.0 MILLION EUROS IN THE SECOND QUARTER OF 2009); OPERATING INCOME: +54% TO 121.8 MILLION EUROS (79.3 MILLION EUROS IN THE SECOND QUARTER OF 2009), WITH EBIT MARGIN RISING TO 10% FROM 8%

The prize is based on the opinions of over 700 national and international investors and analysts. The other Italian companies shortlisted for the award were Azimut Holding, Fiat Group and Intesa San Paolo.

http://www.insideinvestorrelations.com/events/2010/ir-magazine-europe-awards-2010/winners/

• 2009 FINANCIAL STATEMENTS APPROVED

• DIVIDEND DISTRIBUTION OF 0.0145 EUROS PER ORDINARY SHARE AND 0.0406 EUROS PER SAVINGS SHARE APPROVED
  • THRESHOLD FOR PRESENTATION OF LISTS FOR BOARD OF STATUTORY AUDITORS REDUCED TO 1.5% OF SHARE CAPITAL

  Milan, 21 April 2010 – The Shareholders of Pirelli & C. SpA met today in an ordinary and an extraordinary session.

  In the ordinary session, the Shareholders’ meeting approved the 2009 financial statements, resolving upon distribution of a dividend of 0.0145 euros per ordinary share and 0.0406 euros per savings share. The dividend per share attributed to savings shares includes the 2009 dividend (0.0203 euros) and, as foreseen by the By-laws, what was not assigned for the 2008 fiscal year (0.0203 euros). The payment date will be 27 May 2010 (coupon 24 May 2010).

  The Shareholders’ meeting, in its extraordinary session, resolved to reduce to 1.5% of share capital the threshold foreseen by the By-laws for presentation of lists for renewal of the Board of Statutory Auditors. The threshold approved is lower than the one established by Consob for this year (2% of capital), confirming the importance the Company gives to the real possibility of participation in corporate governance bodies by minority shareholders.

  In line with certain laws recently approved, the Shareholders’ meeting also voted to introduce into the By-laws the possibility for the Company to call the shareholders’ meetings approving the financial statements within 180 days of the end of the fiscal year, in lieu of the current 120 days.

  §

  The annual financial report of Pirelli & C. SpA including the Company’s balance sheet and the consolidated balance sheet as of 31 December 2009, as well as further documentation foreseen by laws in force, is available to the public, at the headquarters in Milan, Viale Piero e Alberto Pirelli 25, and at Borsa Italiana SpA. The Sustainability report and the corporate governance report and ownership structure for 2009 have been published together with the afore-mentioned documents. This same documentation is available on the website www.pirelli.com.

  Minutes of the meeting will be made available to the public with the same means within the deadline established by governing laws and regulations.

  • PDF Version (40KB)

  Related News

  • The Board of Directors approves 2009 Financial Statements

Francesco Gori, managing director of Pirelli Tyre and director general of Tyre and Parts, spoke as president of the ETRMA (European Tyre and Rubber Manufacturers’ Association) at the international conference on road safety, which took place on Wednesday 2 December at the European Commission in Brussels.

Inaugurated by vice-president Antonio Tajani, the European Transport Commissioner, the conference presented the guidelines of its new action plan for road safety for the period 2011-2020 and sought the commitment of everyone – institutions, experts, companies, citizens – in pursuit of the objective of a reduction in the number of victims of road accidents.

Francesco Gori, special testimonial at the session on the safety of vehicles and the infrastructure, presented the priorities of the ETRMA, placing an accent on the fundamental role of the tyre, the only point of contact between the vehicle and the road. Checking tyre pressures, the use of winter tyres and of homologated tyres were among the crucial components for travelling in safety.

To know more:

http://ec.europa.eu//road safety/ 

http://www.erscharter.eu/

The acquisition of an already existing factory in addition to building a new industrial plant

In addition to the plan already announced by the Parties to build a new industrial plant in the Russian region of Samara in the second half of 2010, the new agreement foresees the acquisition of an already existing factory, which is currently being identified among some potentially interesting Russian enterprises. It is foreseen that the acquisition will take place in 2010.

The agreement was signed today in Rome in the presence of Russian President Dmitry Medvedev and Italian Prime Minister Silvio Berlusconi, by the Director General of Russian Technologies Sergey Chemezov and the Chairman of the Pirelli Group Marco Tronchetti Provera.

 The new industrial hub will be established on the territory of Togliatti industrial technology park (Samara region).

 The hub establishment will begin as soon as the Russian authorities make the decision on the area for production of automotive components, which is expected in the second half of 2010. The new factory will be built in two phases. In the first phase a factory for radial tyres for industrial vehicles will be built. The second phase foresees a factory to manufacture steelcord. At full capacity, the industrial hub will employ about 1500 workers.

 In the five-year period, the new factories together with the expected acquisition will guarantee manufacturing capacity of more than 4 million pieces, as foreseen by the initial plans. Total resources to be committed by the joint venture, in line with what has already been announced, will amount to about 300 million euros. 
Download the Press Release (PDF Version)

Read the Press Release accessing our site (Media section).

More financial information on Investors section.

Pirelli, official co-sponsor of the event, participated with a stand that showed the company’s entire Cinturato ecological range and that of the newborn Winter Snowcontrol Series II. In addition, Pirelli launched an initiative for the general public called ‘A Record Change’, a fastest tyre change challenge to make training interactive and fun.

On Saturday 17 October, Francesco Gori, managing director of Pirelli Tyre, also took part in the convention on new development scenarios of the car market and its contribution to the recovery from the crisis, together with other experts of the sector.

The event concluded with the announcement of the new Peugeot Crossover as the Auto Europa 2010 (2010 European Car of the Year), recognition that the UIGA (Union of Italian Motoring Journalists) assigned to the vehicle based on the parameters of originality, performance, safety and eco-compatibility.

To learn more: www.vivalauto.it

Promoted by the Sodalitas Foundation, AIAF (Associazione Italiana Imprese Familiari), AIDDA (Associazione Imprenditrici Donne Dirigenti d’Azienda), Impronta Etica, UCID (Unione Cristiana Imprenditori Dirigenti), the Ufficio Nazionale Consigliera di Parità with the support of the Ministry of Work, Health and Social Policies and the Ministry for Equal Opportunity, the Document provides a picture of reference evaluation to guide companies adherent to its application, containing non-detailed regulations but few programmatic commitments based on the principals and key elements of effective programmes of change, tested with success by committed companies that have been associated with the subject for some time.

Sixteen Italian companies voluntarily signed the document on the conclusion of a convention that took place, among the speakers at which were Maurizio Sacconi, Minister of Work, Health and Social Policies and Simonetta Matone, Head of the Cabinet at the Ministry for Equal Opportunity. Among the companies were Abb, Bpm, Bracco, IBM, Nestlé, l’Oréal Italia and Unipol. After having illustrated the commitment of the Group in drafting the Document and the diffusion of a culture of equal opportunity, Antonio Calabrò, director of Institutional and Cultural Affairs and a member of the Presidential Committee of Assolombarda for culture and social responsibility in business, signed the Document for Pirelli, a commitment for the diffusion of policies and resources free of discrimination and prejudice, also contributing in that way to the competitiveness and success of  the company.

To learn more go to pirelli.com

The ship that begins this journey on the web flies the Italian flag. A tyre-narrator welcomes visitors and accompanies them through the years and in the areas built up by Pirelli, while sound effects and music recall the most significant stages, together with a video and multi-media material that mark the road, going deeper into the principal stages. In short, a young and entertaining account of a story that has become 80 years old, but which conserves the flavour and freshness of “being Brazilian in Brazil”.