Sustainability Channel

First quarter shows significant improvement

The Board of Directors of Pirelli & C. SpA approves financial statements as of 31 March 2010 and approves plan for separation of Pirelli RE 

THE BOARD OF DIRECTORS OF PIRELLI & C. SPA APPROVES FINANCIAL STATEMENTS AS OF 31 MARCH 2010: 

FIRST QUARTER SHOWS SIGNIFICANT IMPROVEMENT

• THANKS TO THE GOOD PERFORMANCE OF PIRELLI TYRE, 2010 GROUP REVENUE TARGET RAISED, NOW FORECAST BETWEEN 4.9 AND 5 BILLION EUROS COMPARED WITH 4.7-4.8 BILLION EUROS PREVIOUSLY FORECAST, WITH EBIT OF AT LEAST 6.5%;

NET FINANCIAL POSITION TARGET CONFIRMED NEGATIVE FOR 700 MILLION EUROS 

• PIRELLI TYRE: 2010 REVENUE TARGET RAISED, FORECAST TO GROW MORE THAN 10% COMPARED WITH +6%/+8% FORECAST PREVIOUSLY;

EBIT FLOOR IN ABSOLUTE VALUE AT LEAST IN LINE WITH PREVIOUS PROFITABILITY TARGET (320-330 MILLION EUROS) 

***

FINANCIAL RESULTS AS OF 31 MARCH 2010 

PIRELLI & C. SPA 

• REVENUES: 1,212.0 MILLION EUROS, +16.2%  COMPARED WITH 1,043.0 MILLION EUROS AS OF 31 MARCH 2009
• EBIT: 91.7 MILLION EUROS, DOUBLE (+95.9%) THE FIGURE OF 46.8 MILLION EUROS AS OF 31 MARCH 2009, UP TO 7.6% AS A PERCENTAGE OF REVENUES FROM 4.5 % 
• TOTAL CONSOLIDATED NET PROFIT: 38.9 MILLION EUROS (1.1 MILLION EUROS AS OF 31 MARCH 2009).  ATTRIBUTABLE CONSOLIDATED NET PROFIT: 39.2 MILLION EUROS (9.5 MILLION EUROS AS OF 31 MARCH 2009)
• NET FINANCIAL POSITION NEGATIVE FOR  678.4 MILLION EUROS (528.8 MILLION EUROS AT THE END OF 2009) 

PIRELLI TYRE

• REVENUES 1,110.0 MILLION EUROS, +19.8% COMPARED WITH 926.9 MILLION EUROS AS OF 31 MARCH 2009
  
• EBIT 95.5 MILLION EUROS, +66% COMPARED WITH 57.5 MILLION EUROS AS OF 31 MARCH 2009, UP TO 8.6% AS A PERCENTAGE OF REVENUES FROM 6.2%

Diplomats at the Bumbesti Jiu factory

Romania, County of Gorj: Pirelli Eco Technology recently received a visit of the new Italian ambassador to Bucharest, Mario Cospito, accompanied by his staff.
Purpose of the mission was a meeting of the Italian diplomats in Romania with the staff of Pirelli Eco Technology and Pirelli Tyres, who were joined by the local political and administrative authorities, including Victor Ponta, president of the Social Democratic Party, Ion Calinoiu, president of the County of Gorj and Florin Carciumaru, mayor of Tg Jiu.

An important mission for Pirelli Eco Technology, the success of which in Romania was achieved also with thanks to the optimum relations that Pirelli has been able to develop with the local authorities.