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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 RECEIVES THE “OSCAR MASI FOR INNOVATION” AWARD

AIRI (Italian Association for Industrial Research) has awarded Pirelli the “Oscar Masi for Innovation” award whose main subject for 2016 was “innovative products and processes in line with future smart manufacturing”.

The award was handed over to Pirelli’s researchers Gianni Mancini and Vincenzo Boffa, who have been working for four years to the project “Prototype CVA: Automatic Visual Control of the tyre”.

The project was born in Pirelli’s R&D laboratories in Milan and has seen the important collaboration of the University of Bologna and of the Turin Polytechnic.

The CVA is an automatic system of product’s analysis which uses innovative technologies of artificial vision and automation to assess potential defects of the final product.

Pirelli has developed the algorithms necessary to elaborate images and see potential defects, introducing a really interesting innovation which could be very useful in a process which today can only be made manually.

Pirelli’s CEO Mr. Tronchetti Provera stated: “this award is an incentive for our researchers to continue creating advanced solutions, is an incentive for the Group to continue with research in collaboration with the most prestigious universities and research centers and is also an incentive for the Country to always consider research as the driver of growth and innovation”.


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THE DAY OF THE FUTURE 2016: PIRELLI DEUTSCHLAND OPEN THE DOORS TO YOUNG STUDENTS

Source: Carlo Furgeri Gilbert, 2008, Pirelli Foundation’s Historical Archive

Two groups of boys and girls from eleven to fourteen years old have participated to the “Girls’ and Boys’ Day” to discover the world of Pirelli’s manufacturing in Germany.

For the 15th time, Breuberg plant opened its doors to young students so that they could discover the manufacturing process and the different careers in the tyre industry.

It was a way to discover aptitudes and carriers which in the past were considered as a specific gender exclusive but that today have certainly overcome all gender barriers.

Divided into two groups, the students participated to a special “behind the scenes” tour into the Breuberg plant and in the nearby Pirelli Museum.

A great opportunity for education and to discover the different professions and careers paths.