THE BOARD OF PIRELLI & C. SPA REVIEWS CONSOLIDATED RESULTS TO 31 MARCH 2023
- Revenues: 1,699.7 million euro with growth of +11.7% compared with first quarter 2022 (organic variation +12% excluding forex effect of -0.3%)
- Price/Mix: +15.1% thanks to price increases and improved mix
- High value position strengthened with growth in Car ≥18’’ of +4.9% compared with market’s +2.6%
- Adjusted ebit: 248.1 million euro with growth of +8.6% compared with first quarter 2022. The improvement of the price/mix and efficiencies more than offset the impact of the external context (raw materials, inflation, and forex)
- Adjusted Ebit Margin at 14.6%
- Net profit rises to 115.0 million euro (109.8 million euro in first quarter 2022)
- Net cash flow before dividends: -691.4 million euro (-672.9 million in first quarter 2022)
- Net Financial Position: -3,244.0 million euro (-3,580 million on 31 March 2022)
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2023 TARGETS
- Confirmation of full-year 2023 targets announced to the market on 22 February 2023
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- The Board of Directors decides to call shareholders meeting
- At the shareholders meeting on 29 June there will be a proposal to postpone the renewal of the Board of Directors to a subsequent shareholder meeting to be called presumably by 31 July 2023, in consideration of the time foreseen for the conclusion of the Golden Power Procedure
- Considering the proposal to postpone the renewal of the Board, the updating of the industrial plan to 2025 will take place by the end of 2023
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Milan, 11 May 2023 – The Board of Directors of Pirelli & C. Spa met today and approved results to 31 March 2023 that, thanks to the implementation of the “key programs” of the Industrial Plan 2021-2022|2025, show growth of the main economic indicators despite the persistent volatility of the macroeconomic and market context.