Milan,
12
May
2021
|
17:46
Europe/Amsterdam

PIRELLI & C. SPA BOARD APPROVES CONSOLIDATED RESULTS TO 31 MARCH 2021

PIRELLI: MARKED GROWTH IN REVENUES (+18.4%) AND EBIT (+19.6%)

HIGH VALUE STRENGTHENED, +33.3% CAR VOLUMES 18” (MARKET +20%)

NET PROFIT RISES TO 42.2 MILLION EURO

IMPROVED CASH FLOW COMPARED WITH FIRST QUARTER 2020

  • Revenues: 1,244.7 million euro, an increase of 18.4% compared with first quarter 2020 (organic variation +24.5%). High Value revenues reach 72.6% of total revenues, +3 basis points compared with the first quarter of 2020
  • Total volumes grew 22.2%: +33.3% Car volumes 18” (market +20%) with the performance in Apac double the market and +39% volumes 19” (market +26%)
  • Price/mix +2.3% in first quarter 2021 (-1.3% in the first quarter 2020) thanks to the over-performance of High Value and improved product mix
  • Adjusted ebit: +19.6% to 168.8 million euro (141.1 million in first the quarter 2020), with a margin at 13.6% (13.4% in the first quarter 2020)
  • The adjusted Ebit margin, in line with company expectations, discounts the impact of some costs with a seasonality concentrated in the first quarter. Profitability seen improving in the coming quarters thanks to the contribution of internal levers and the normalization of the seasonality of costs
  • Net profit: +9.6% to 42.2 million euro (+38.5 million euro in the first quarter 2020)
  • Net cash flow: -653.5 million euro, an improvement compared with -753.5 million euro in the first quarter 2020) thanks to the operating performance and management of working capital
  • Net financial position: -3,911.9 million euro (-3,258.4 million euro on 31 December 2020 and -4,260.7 million euro on 31 March 2020) because of the usual seasonality of working capital

 

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2021 TARGETS

Confirms 2021 targets issued on 31 March with presentation of Industrial Plan 2021-2022| 2025

Published on: 12 May 2021, 17:46 CET