Pirelli

Pirelli Half Year Results for 2011

Positive tyre sector demand was seen in Pirelli & C. Spa’s results for the six months ending June 20, 2011.

A full 99 per cent of the Italian manufacturer’s group sales are made in the tyre sector and the company report that results from the first half of the year “demonstrate continuous growth and improvement of all economic indicators.”

Pirelli states these results were obtained as a consequence of the positive effects of continuing efficiency actions and above all, the effectiveness of price/mix actions that have seen sales increasingly concentrated in the premium segment, enabling raw material costs to be offset.

At the consolidated level, the Pirelli Group closed the first half with revenues of 2,789.3 million euros, an increase of 17.7 per cent compared with the same period of 2010, and an operating result (EBIT) after restructuring costs of 290.1 million euros, an increase 51.2 per cent year-on-year.

Profitability – expressed as the operating result over sales – reached 10.4 per cent, with an improvement of over two percentage points from 8.1 per cent in the first half of 2010.

The second quarter, in particular, saw revenues increase 12.5 per cent to 1,388.4 million euros and EBIT improve by 40.7 per cent to 146.8 million euros, with profitability of 10.6 per cent, as opposed to 8.5 per cent in the same period of 2010.

Pirelli Tyre

The revenues of Pirelli Tyre on 30 June 2011 amounted to 2,760.9 million euros, with an increase of 18.7 per cent compared with 2,325.3 million euros of the same period in 2010.

One a like-for-like basis, growth in the first half was 19.4 per cent, with a positive contribution from the volume component (+3.5%), and the price/mix component (+15.9%) against the negative impact of 0.7% from the exchange rate component.

The gross operating margin (Ebitda) before restructuring charges was 427.9 million euros, an increase of 32.1% compared with 323.9 million euros in first half 2010, growing as a percentage of sales from 15.5% from 13.9% on 30 June 2010.

For the full financial report, please go to http://www.pirelli.com/press/2011/07/27/the-board-of-directors-approves-results-for-the-6-months-ended-30-june-2011/

Tags: Pirelli Group