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Pirelli & C. Spa board approves results for 6 months ended 30 June 2016

-      Further growth of Premium with revenues at 65.1% of the Consumer business

-      Improved overall price/mix: +6% thanks to price increases and improved sales mix

-      Efficiencies of 51.3 million euros (45.8 million in first half 2015), 68% of 2014-2017 plan’s 350 million euros target achieved

-      Improved profitability with an EBIT (before charges) of 14.5% (14.2% in the same period of 2015 and same perimeter)

-      Profitability of Consumer business at 16.4% (15.7% in first half of 2015 with same perimeter)

-      Industrial Business impacted by persisting weakness in South America

-      Profitability increases in Europe and NAFTA. Apac confirmed as area of greatest profitability

-      Successful conclusion of debt refinancing

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Comments on the economic data for the six months ended on 30 June 2016 – if not otherwise indicated – refer to comparisons with economic data for the six months ended 30 June 2015 for only the Pirelli Group and applying the same perimeter.

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The Board of Directors of Pirelli & C. SpA today reviewed and approved the group’s results for the six months ended on 30 June 2016. The semester was characterized by following key elements:

-       Revenues of 2,968.6 million euro, with organic growth (with the same perimeter and net of negative forex effect of 8.8%) of 5.9%, thanks to great improvement in the price/mix component (+6.0%) because of price increases in emerging markets, higher sales in the Replacement channel and different geographic and product mixes. The increase in revenues at the organic level was underpinned by the performance of the Consumer business (+7.4% organic growth) thanks to the performance of the Premium segment and mature markets, while the Industrial segment (+0.4% organic growth) was impacted by the weakness of the tyre market in South America and other emerging markets. Overall volumes were stable, with different dynamics in Consumer (+1.9%) and Industrial (-7.3%);

-       Further reinforcement of Premium, with volume growth of 13.4% (+15% solely in the second quarter after +11.7% in the first quarter) above the global Premium market trend (+9.4%). The Premium’s organic revenues increased by 11.3% to 1,607.2 million euro, growing to 65.1% of total Consumer revenues from 61.5% in the same period of 2015 (with the same perimeter);

-       Improved profitability thanks to the effect of internal levers of price/mix and efficiencies achieved to contrast forex volatility and the decline of some markets mainly in the Industrial business;

-       EBITDA margin before non-recurring and restructuring charges improved to 19.5% compared with 19.2% in the same period of 2015 and the same perimeter. EBITDA before non-recurring and restructuring charges was 578.7 million euro (588.0 million euro in the same period of 2015 and the same perimeter);

-       EBIT margin before non-recurring and restructuring charges grew to 14.5% compared with 14.2% in the first half of 2015 and the same perimeter. This results benefits, among other things, from the achievement of efficiencies of 51.3 million euro (45.8 million euro in the first half of 2015). Since 2014 total efficiencies of 238.1 million euro have been achieved, equal to 68% of the target set in the 2014-2017 4-year plan of 350 million euro. EBIT before non-recurring and restructuring charges of 429.1 million euro (434.8 million in the first half of 2015 and the same perimeter);

-       At the geographic level profitability improved in Europe and NAFTA thanks to strong growth of the Premium segment. APac was confirmed as the most profitable area with an EBIT margin above 20%.

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Pirelli Germany welcomes young students

On July 5th, Pirelli Breuberg plant organised the second “Industrial-Engineering-Production-Experience” day.

Young students from German secondary schools were invited to take a tour of Pirelli’s factory to better understand tyres’ production process: from the construction of a green tyre carcass to the production of a steel belt, to the fabrication of a prototype.

During the plant visit the participants also received information on the professional opportunities provided by the Company.

Pirelli, thanks to the thirty apprentice positions reserved to middle schools and universities, is one of the largest training companies at local Odenwald region.


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NEW FIA AND PIRELLI FOUR-YEAR AGREEMENT IN SUPPORT OF THE FIA ACTION FOR ROAD SAFETY CAMPAIGN

NEW FIA AND PIRELLI FOUR-YEAR AGREEMENT IN SUPPORT OF THE FIA ACTION FOR ROAD SAFETY CAMPAIGN

Milan, 22 June 2016. The FIA and Pirelli have today signed a new four-year agreement in support of the FIA’s Action for Road Safety campaign.

One of the primary goals of the campaign, launched in support of the UN Decade of Action for Road Safety 2011-2020, is to educate and better inform road users on the importance of respecting the rules of the road. According to the World Health Organisation, road crashes are today the number one killer worldwide of people aged between 15 and 29.

As a Global Partner of the campaign, Pirelli will promote the FIA’s ’10 Golden Rules’ for road safety through all of its networks. Pirelli will also organise training programmes, as well as projects to raise awareness on safe driving, in collaboration with a selection of FIA Member Clubs.

During this week’s 2016 FIA Sport Conference in Turin, Pirelli CEO Marco Tronchetti Provera said: “Safety has always been one of Pirelli’s primary objectives. As well as being the maximum expression of high technology and performance, guaranteeing total driving pleasure, our tyres constantly strive to achieve the highest levels of safety, both for people and the environment.”

FIA President Jean Todt said: “I am delighted that Pirelli have agreed to support the FIA Action for Road Safety campaign. Working together with our member clubs, this partnership can help spread the road safety message and the importance of respecting other road users to an even wider audience”.

The existing partnership between the FIA and Pirelli relating to the FIA Mobility Conferences and FIA Sport Conferences has also been extended.


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