Milano,
26
February
2019
|
17:46
Europe/Amsterdam
Board of Pirelli & C. S.p.A. has approved the consolidated results to 31 December 2018
TOTAL NET PROFIT: + 152% TO 442.4 MILLION EURO (175.7 MILLION AS AT 31 DECEMBER 2017)
THE BOARD WILL PROPOSE FOR THE SHAREHOLDERS’ MEETING THE DISTRIBUTION OF A DIVIDEND OF 0,177 EURO FOR EVERY SHARE, EQUIVALENT TO A TOTAL DIVIDEND OF 177 MILLION EURO
Results for the 12 months ended 31 December 2018
- Revenues at 5,194.5 million euro, +3.7% at the organic level
- High Value Revenues: +10.3% at organic level thanks to strengthening in all Regions. Weight on total sales rises to 63.7% from 57.5% on 31 December 2017
- High Value Volumes: +11%, with volumes of ‘New Premium’ Car (≥18 inches) +14.3%
- Price/mix: +6.8% underpinned by the growing weight of High Value and improved product and channel mix (price/mix +8.1% in fourth quarter)
- Adjusted Ebit before start-up costs: +8.2% to 1,002.7 million euro, with a Ebit margin adjusted before start-up costs at 19.3% (17.3% in 2017), thanks to High Value which reached a weight of over 83%
- Adjusted Ebit: +9% at 955 million euro (876.4 million euro on 31 December 2017), with a Ebit margin adjusted of 18.4% (16.4% on 31 December 2017, 20.1% in fourth quarter 2018)
- Total net profit: +152% to 442.4 million euro (175.7 at 31 December 2017)
- Net financial position: negative 3,180.1 million euro, an improvement compared 4,038.3 million euro on 30 September 2018 and 3,218.5 million on 31 December 2017. The Net Financial Position at the end of 2018 includes approximately 140 million euro consisting of advances on financial investments in the JV in China and the slowdown/restructuring in Brazil to be recouped between now and 2020. Consequently the Net Financial Position/Adjusted Ebitda before start-up costs reached 2.49x (2.7x in 2017, 2.35x the 2018 target)
- Investments of 463.4 million euro (489.4 million euro in 2017) mainly destined to the growth of High Value and the improvement of mix and quality
- Research & Development expenditure: 219 million euro in 2018 (4.2% of sales), of which 202.9 million euro for High Value activities (6.1% of revenues in the segment)
- Further improvement of environmental, social and economic results: Pirelli global leader in sustainability in the Automobiles & Components sector in the Dow Jones World and Europe indices