The Board of Directors of Pirelli & C. Spa approves results for the year to 31 December 2015:

-      Operating results in line with targets -      Premium performance above expectations, revenues equal to 60% of Consumer business -      Strong price/mix growth:  +7.1% thanks to price increases and better sales mix -      Operating result (Ebit before non-recurring and restructuring charges): +5.7% at 918.5 million euro -      Consumer business profitability markedly improved, at 16.2% in  2015 -      Apac and Nafta areas with greatest revenue and profitability growth -      Venezuelan unit deconsolidated -      Board renewed, Ren Jianxin confirmed as Chairman and Marco Tronchetti Provera as CEO and Executive Vice Chairman The Board of Directors of Pirelli & C. SpA, today reviewed and approved the group’s results for the year ended on December 31st, 2015. Pirelli’s 2015 operating performance was in line with targets and characterized by: -       Revenue growth of 4.8% to 6,309.6 million euro, above the 2015 target of “over 6.25 billion” euro, thanks to the great improvement in the price/mix component (+7.1% compared a target of  “equal to or above” +5.5%) as a consequence of price increases, greater sales in the Replacement channel, diverse geographic and product mixes. This performance more than offsets the decline in volumes (-1.6%, mainly in emerging markets and the Industrial business) and forex volatility (-0.6%); -       Premium segment performance above all forecasts, with an increase in volumes of +12.7% (target “equal to or above” +10%) and grew as a percentage of Consumer revenues to 60% from 55% at the end of 2014; -       Ebitda before non-recurring and restructuring charges grew 6.4% to 1,242.7 million euro (1,168.0 million euro in the same period of 2014); -       Ebit before non-recurring restructuring charges grew by 5.7% to 918.5 million euro (2015 target 925 million euro, 869.2 million euro in 2014), with a margin of 14.6% (14.4% in 2014). This result benefits from the achievement of efficiencies of 94.4 million euro in implementation of the 350 million euro 4-year 2014-2017 plan (92 million euro of efficiencies in 2014); -       At the geographic level, Apac is confirmed as the area of greatest growth both in terms of revenue and profitability (revenues +26.4% and Ebit margin above 20%), followed by the Nafta (revenues + 21.7%, Ebit in the low twenties); -       Research and development expenses totaled 214.4 million euro, equal to 3.4% of total sales, of which 176.5 million euro for activities linked to Premium products, approximately 6% of segment sales; -       Significant progress towards the Group’s sustainability targets. In 2015, Green Performance tyres accounted for 48% of Tyre sales.


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