Tyre >
9M'09 Pirelli Tyre results (Sales ~3 bn €, Ebit margin 7.5%) allow the Company to increase its 2009 FY target:
- revenue expected to reach about 3.9 bl € (original target: 3.8 bl €)
- EBIT margin post restructuring charges is foreseen at year end equal to or greater than 7% (6.5%-7% the range forecast in the industrial plan), despite the increase in the prices of some raw materials, thanks to benefits deriving from restructuring actions, the positive channel mix and prices holding up.
- 2009 target for the net financial position (-1.3 billion euros) was reached a quarter ahead of time and is expected to slightly improve at the end of the year.
Pirelli RE >
- Pirelli RE continued to work on completing the turnaround announced in its three-year plan for 2009/2011. The Company in the first nine months of 2009 achieved 47 million euros of cost-saving; consequently the full-year target for 2009 of 50 million euros has been revised up to around 65 million euros. Thanks to the success of Pirelli RE capital increase the net debt, excluding shareholder loans granted, stands at €447.4 million, from €861.8 million at December 31st, 2008. The ratio between net financial position and net equity is 0.65 at the end of September compared with 2.35 at December 31st, 2008
- The previously announced target level for full-year EBIT including net income from investments before restructuring costs and property writedowns/revaluations (between -25 million euros and -35 million euros) is confirmed
Pirelli Eco-Technology >
As a results of the delay in implementing existing regulations limiting polluting traffic, together with the difficult economic crisis and delays in obtaining homologations for development of new markets, Pirelli Eco Technology will close 2009 with negative EBIT