26
July
2001
|
00:00
Europe/Amsterdam
Pirelli SpA financial statements at 30.06.2001
Milan, July 26, 2001 - The Board of Directors of Pirelli
SpA, which met today, examined the Group's consolidated,
preliminary and unaudited financial statements at June 30,
2001.
Consolidated sales revenues have risen 9.7% and amount to approximately 3,946 million compared to the 3,598 million for the same period 2000.
The gross operating profit, with an increase of around 7.5%, has risen from 402 million for the first half of 2000 to roughly 432 million.
Even more significant is the increase of over 14% in the operating profit before interest and tax, which rises from 213 million for the first six months of 2000 (5.9% of sales) to around 243 million (6.2% of sales). The profit before extraordinay items and tax shows an increase of 52.5% and is equal to 276 million versus 181 million for the first half of 2000.
Overall during the first half of 2001 the Energy Cables and Systems Sector was faced with a still stagnant market, while it continued to pursue actions directed at optimizing manufacturing efficiency started up after the acquisition of BICC energy cables activities; the Telecom Cables and Systems Sector's sales on the other hand were buoyant. As regards the Tyre Sector, although market conditions are not favourable, Pirelli has managed to maintain positions reached in the same period previous year.
The first six months of the year was characterized by a sharp upturn in investments, as announced in the last Financial Statements Report's Outlook for 2001. These primarily concerned the optimization of manufacture and the start-up of new plants for the production of tyres using the new Mirs technology, as well as for Research and Development, with an outlay of over 500 million versus depreciation of roughly 190 million. The first half of 2001 was also burdened with an outlay of over 900 million by way of dividends and taxes, already forecasted and planned and provided for, connected to last year's extraordinary performance. The Group's net financial position at 30 June 2001 is positive therefore to an extent of 2,225 million ( 3,495 million at 31 December 2000).
According to the forecasts, the second half of 2001 will see a slow down in the third quarter followed by a recovery in the last part of the year. In particular these forecasts show: a recovery for the Energy Cables and System Sector also thanks to the improvements in manufacturing efficiency secured by the Group; an annual growth rate for the Telecom Cables and Systems Sector in line with initial forecasts, despite the generalized business downturn in terms of sales and margins envisaged for the second half of the year, which is particularly significant in the United States; a confirmation of the trend witnessed in the first six months for the Tyre Sector.
The foregoing allows the Company to confirm that, as announced in the Report on the Financial Statements for 2000, it expects operating and net profits for the full year 2001 to be at least in line with 2000 (last year's extraordinary items excluded).
The final Pirelli S.p.A. and consolidated Group figures for the first half of 2001 will be presented to the Company's Board of Directors at the meeting scheduled for September 10; the customary meeting with the Press, Financial Analysts and Investors will take place on the same day. The half year report will be published by September 13.
Consolidated sales revenues have risen 9.7% and amount to approximately 3,946 million compared to the 3,598 million for the same period 2000.
The gross operating profit, with an increase of around 7.5%, has risen from 402 million for the first half of 2000 to roughly 432 million.
Even more significant is the increase of over 14% in the operating profit before interest and tax, which rises from 213 million for the first six months of 2000 (5.9% of sales) to around 243 million (6.2% of sales). The profit before extraordinay items and tax shows an increase of 52.5% and is equal to 276 million versus 181 million for the first half of 2000.
Overall during the first half of 2001 the Energy Cables and Systems Sector was faced with a still stagnant market, while it continued to pursue actions directed at optimizing manufacturing efficiency started up after the acquisition of BICC energy cables activities; the Telecom Cables and Systems Sector's sales on the other hand were buoyant. As regards the Tyre Sector, although market conditions are not favourable, Pirelli has managed to maintain positions reached in the same period previous year.
The first six months of the year was characterized by a sharp upturn in investments, as announced in the last Financial Statements Report's Outlook for 2001. These primarily concerned the optimization of manufacture and the start-up of new plants for the production of tyres using the new Mirs technology, as well as for Research and Development, with an outlay of over 500 million versus depreciation of roughly 190 million. The first half of 2001 was also burdened with an outlay of over 900 million by way of dividends and taxes, already forecasted and planned and provided for, connected to last year's extraordinary performance. The Group's net financial position at 30 June 2001 is positive therefore to an extent of 2,225 million ( 3,495 million at 31 December 2000).
According to the forecasts, the second half of 2001 will see a slow down in the third quarter followed by a recovery in the last part of the year. In particular these forecasts show: a recovery for the Energy Cables and System Sector also thanks to the improvements in manufacturing efficiency secured by the Group; an annual growth rate for the Telecom Cables and Systems Sector in line with initial forecasts, despite the generalized business downturn in terms of sales and margins envisaged for the second half of the year, which is particularly significant in the United States; a confirmation of the trend witnessed in the first six months for the Tyre Sector.
The foregoing allows the Company to confirm that, as announced in the Report on the Financial Statements for 2000, it expects operating and net profits for the full year 2001 to be at least in line with 2000 (last year's extraordinary items excluded).
The final Pirelli S.p.A. and consolidated Group figures for the first half of 2001 will be presented to the Company's Board of Directors at the meeting scheduled for September 10; the customary meeting with the Press, Financial Analysts and Investors will take place on the same day. The half year report will be published by September 13.