First half operating results

THE BOARD OF DIRECTORS OF PIRELLI & C. SPA APPROVES FINANCIAL STATEMENTS AS OF 30

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%

Investor Relations, Pirelli, the leader in Italy

Pirelli has won the ‘Country Award  2010′ for Italy, awarded in London by the important IR Magazine Europe to the best companies and professionals in investor relations.

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/

The Shareholders' meeting approves 2009 financial statements

PIRELLI & C. SPA SHAREHOLDERS’ MEETING:

• 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)

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  • The Board of Directors approves 2009 Financial Statements