Consolidated Financial Position
|Pirelli in figures (9,61 MB)|
In line with the seasonality of the business, in the first three months of 2013 net financial position increased by 475 million euro. The cash absorption in the first quarter is essentially due to:
- typical growth of trade receivables at the beginning of the year with full contribution of Russian activities and Däkia retail chain (this trend will reverse its course in the coming Quarters of 2013);
- Foreign Exchange variations which impacted by approximately 50 million euro (mostly Venezuelan Bolivar, UK Pound and Mexican peso);
- 80 million euro of CapEx (1.1x depreciation) with specific focus on Premium capacity ramp-up (Mexico, Romania, China, Russia) and on conversion of existing standard production to Premium.