The 10th, 11th and 12th of May. Three days devoted to an interactive exhibition on supplementary welfare at the Italian Stock Exchange under the patronage of the Presidency of the Republic of Italy. Taking place as part of the National Day of Welfare, the exhibition focuses on those systems of social protection introduced by companies involved in that area every day.
The event comprised 80 stands, three conferences on the subjects of welfare, the young and women plus a packed programme of conventions and seminars. Visitors had the opportunity to personally confront the main public and private welfare organisations to be updated on the spot on their pension situation.
Pirelli decided to be an active protagonist at this exhibition, which wound its way between the past, present and future: from a pioneering past with its first formulae for workers’ welfare assistance, to working people of the future and welfare that also extends ever more towards the families.
The Pirelli Foundation made historic and archive material available for the occasion, necessary to testify to our commitment to a working reality which is increasingly made to measure for people.
For Pirelli Romania, a week devoted to sustainability.
From 5-12 May, our colleagues developed three projects for the environment and the community.
The first, Sport and Family, involved the protagonists of Intercampus with their respective families. No fewer than 100 people took part in an entire day devoted to sport and healthy competition at the Pirelli Stadium.
The second initiative, Let’s Clean the Strehareti Forest, has become a tradition for our colleagues. And to confirm the sensitivity displayed by Pirelli Romania to that tradition, 180 volunteers took part.
The third and last project had our colleagues very much to the fore again, planting ornamental trees in a public area not far from the Intercampus football pitch.
But it’s not finished yet: next, participation in City Cross is on the cards, an event organised by the Romanian Olympic Committee. At the event called, Corporate Games, there will be a Pirelli football team, which will compete in a competition between multinationals.
REVENUES 1,556.5 MILLION EURO, +11.1% COMPARED WITH 1,400.9 MILLION EURO ON 31 MARCH 2011
OPERATING RESULT (EBIT) AFTER RESTRUCTURING CHARGES 209.4 MILLIONI EURO (+46.1% COMPARED WITH 143.3 MILLION EURO ON 31 MARCH 2011)
EBIT MARGIN ON 31 MARCH 2012 AT 13.5% COMPARED WITH 10.2% FOR THE SAME PERIOD IN 2011
CONSOLIDATED NET PROFIT 125.3 MILLION EURO, AN INCREASE OF 54% COMPARED WITH 81.4 MILLION EURO AT END MARCH 2011
ATTRIBUTABLE CONSOLIDATED NET PROFIT 122.9 MILLION EURO, AN INCREASE OF 48.4% COMPARED WITH THE PRIOR 82.8 MILLION EURO
NET FINANCIAL POSITION NEGATIVE 1,305 MILLION EURO, AN INCREASE FROM NEGATIVE 737.1 MILLION EURO AT END DECEMBER 2011
TYRE BUSINESS
REVENUES 1,542.6 MILLION EURO, +11.4% COMPARED WITH 1,384.5 MILLION EURO ON 31 MARCH 2011
PREMIUM REVENUES 584.4 MILLION EURO, +29.2% FROM 31 MARCH 2011
OPERATING RESULT (EBIT) AFTER RESTRUCTURING CHARGES 215.2 MILLION EURO, +41.2% COMPARED WITH 152.4 MILLION EURO ON 31 MARCH 2011
EBIT MARGIN ON 31 MARCH 2012 GREW TO RECORD LEVEL OF 14% COMPARED WITH 11% IN THE SAME PERIOD OF 2011
2012 TARGETS
• REVENUE TARGET REVISED TO APPROXIMATELY 6.45 BILLION EURO, AN INCREASE OF 14% COMPARED WITH 2011 (PREVIOUS TARGET: ~6.6 BILLION EURO, UP 17%)
• EBIT FORECAST: AT LEAST 800 MILLION EURO, MARGIN ABOVE 12% (PREVIOUS ESTIMATE: MARGIN ABOVE OR EQUAL TO 12%)
• INVESTMENT TARGET LOWERED TO APPROXIMATELY 500 MILLION EURO (PREVIOUS ESTIMATE: APPROXIMATELY 560 MILLION EURO)
• NET FINANCIAL POSITION TARGET CONFIRMED NEGATIVE AT BELOW 1 BILLION EURO BEFORE DIVIDENDS
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ORGANIZATIONAL MODEL RE-DEFINED. INTRODUCES ROLES OF CTO (CHIEF TECHNICAL OFFICER) AND CCO (CHIEF COMMERCIAL OFFICER) REPORTING TO THE CHAIRMAN AND CEO
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The Board of Directors of Pirelli & C. SpA today reviewed and approved intermediate results for the 3 months ended 31 March 2012.
The continual strengthening of production in rapidly growing economies and the focus on the Premium segment, which as well as being the most profitable segment is also the tyre market’s fastest growing, enabled Pirelli to end the first quarter of 2012 with further improvements in key economic indicators and profitability, notwithstanding the persistent macro-economic slowdown, particularly in Western economies.
Consolidated revenues on 31 March 2012 totaled 1,556.5 million euro, an increase of 11.1% compared with 1,400.9 million euro in first quarter 2011. The consolidated operating result after restructuring charges was 209.4 million euro, with an increase of 46.1% compared with 143.3 million euro in first quarter 2011 and saw the margin on revenues rise by over three percentage points to 13.5% compared with 10.2% in the same period of 2011. The net result was 125.3 million euro, an increase of 54% from 81.4 million euro in first quarter 2011.
The consolidated net financial position was negative 1,305.0 million euro compared with 737.1 million at end 2011 (negative 712.8 million euro on 31 March 2011), reflecting a normal seasonal variation in the business working capital, as well as payment, of 154.5 million euro, for the acquisition of the Russian plants in Kirov and Voronezh.
For the Tyreactivities, which represent almost all (99%) group sales, the quarter registered a further increase in sales (+11.4% to 1,542.6 million euro) and a further increase in profitability which reached the record level of 14% compared with 11% in the same period of 2011. In a market context discounting the global economic slowdown, these results were achieved thanks to the continual improvement of the sales mix – increasingly focused on Premium products – and the ability to use the price lever to offset increases in the cost of raw materials, which in the quarter had an impact of approximately 85 million euro, as well as constant improvement in efficiencies, which totaled 26 million euro in the period.
With regard to the Premium segment, in particular, in the first quarter of 2012 revenues grew 29.2% compared with the same period a year earlier in 2011 to 584.4 million euro, and in the Car business represented 52.6% of the total, with an increase of over five percentage points compared with 47.4% in the same period of 2011.
