Pirelli & C. 2001 preliminary and unaudited consolidated financial statements
Milano, 8th February 2002 - The Board of Directors has today examined the Group's consolidated financial statements, which are still preliminary and unaudited, for the year ended 31 December 2001.
Consolidated sales revenues have risen slightly from 7,750 million in 2000 to over 7,697 million in 2001.
The gross operating profit has shifted from 850 million in 2000 (11% of sales) to roughly 700 million (8.8% of sales). Operating profit goes from 432 million in 2000 (5,6% of sales) to approximately 297 (3,8% of sales). This result was conditioned by the considerable worsening of the economy in general during the second half of the year and the telecom cables and systems market in particular. The smaller contribution from the supply agreement with Cisco, equal to 59 million compared to 83 million in 2000, played its part too.
Pirelli & C Real estate activity recorded an improvement of operating margin from 34.5 million to approximately 44 million, with an increase of 27.5% on the previous year, aided also by the good performance of the sector.
Net financial position of the Group Pirelli & C at the end of December 2001 is negative for 2000 million, in comparison to a cash position of 1397 million on June 30th, 2001 and of 2635 million at the end of 2000. Variation with regard to June is principally connected to the investment in Olimpia SpA ( 3120 million) and to the acquisition of Pirelli SpA shares (for approximately 280 million). Olimpia SpA, which holds a stake of 28.7% in Olivetti SpA, has equity of 5.2 bn and non recourse debt for 3,5 bn.
Forecasts for the first quarter of the current year remain prudent, even if improving on the last quarter 2001, due to the weakness of the market as a whole and with particular reference to the trend of demand in the Telecom Cables and Systems sector. Positive expectations remain for the Real Estate activity.
The final Pirelli & C and Group's consolidated financial statements for the year 2001 will be submitted for the approval of the Board of Directors of the Company on 28th March 2002.
The 2002 calendar of main corporate events and financial announcements is set out below:
PIRELLI & C.: CALENDAR OF MAIN CORPORATE EVENTS:
Scheduled Date | Corporate Events and Planned Financial Announcements |
28 March 2002 | Meeting of Board of Directors to examine draft financial statements of the Company and draft consolidated financial statements for the year ended 31 December 2001.The above documents will be published within the 90 day period following the end of the financial year and, consequently, in accordance with art. 82 of Consob resolution 11971/99, the report for fourth quarter 2001 will not be drawn up. |
10/13 May 2002 | Annual General Meeting of the Shareholders for the approval of the financial statements.Prior to the AGM, the Board of Directors will meet to examine the consolidated results for the first quarter 2002. |
10 September 2002 | Meeting of the Board of Directors to examine the report for the six months ended 30 June 2002.The above document will be published by 13 September 2002 and, consequently, in accordance with art. 82 of Consob resolution 11971/99, the quarterly report for the second quarter 2002 will not be drawn up. |
12 November 2002 | Meeting of the Board of Directors to examine the consolidated results for the third quarter 2002. |
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