Sustainability Channel

Pirelli ‘Top employer’ in Germania

Pirelli is a ‘Top Employer Automotive 2010/2011’ in Germany. That has been confirmed by CFR, the international research institute that provides comparative analyses on HR management and best company practices.

Business culture, work-life balance, pay, training, career development opportunities and innovation management; those were the aspects examined this year in the CFR study, which has rewarded 25 companies in the automotive sector, from the major car manufacturers to small replacement product suppliers. Now in its fourth year, the research was carried out in collaboration with the consultancy company A.T. Kearney, CAR (the Centre for Automotive Research), the University of Duisburg-Essen and the Association of the German Motor Industry.

In particular, Pirelli distinguished itself in the primary benefit, career opportunities and innovation management categories. “For us and our employees, these are very important. To create an environment in which people feel at ease and can develop their abilities is, for us, a fundamental task. The award we have received makes us very happy and even more motivated in our commitment to work well for our employees”, declared Josef Lottes, head of human resources and organisation at Pirelli Germany.

CFR is an independent research company with operations in 12 countries on three continents. The HR projects of the CFR Institute include Top Employers (known locally as Best Employers South Africa, Top Arbeitgeber Deutschland und Der Schweiz and Top Employeurs France) plus projects in specific sectors such as Top Arbeitgeber Automotive, Top IT Employers, Britain’s Top Legal Employers and Careers SA.

For more information visit site:
http://de.toparbeitgeber.com/TopAutomotive.aspx

Meeting of the Board of Directors of Pirelli & C. Spa

Review of prelimiinary data for 9 months ended 30 September 2010

Strong growth in operating results, upward revision of 2010 Group and Pirelli Tyre targets

Pirelli Group: 2010 revenue target above 4.9 billion euros with an ebit margin over 7.5% (about 7% forecast in july) and ebit of approximately 380 million euros

Net financial debt target improved to below 700 million euros, compared with approximately 700 million euros forecast in July

Pirelli Tyre: 2010 revenue target above 4.7 billion euro with an ebit margin above 8.5% with ebit approximately 420 million euros (at least 360 million euros seen in july)

Vittorio Malacalza nominated vice president

The Board of Directors of Pirelli & C. SpA met today and reviewed preliminary data for the nine months ended 30 September 2010, in view of the definition the new 2011-2013 three-year plan. The positive performance of Pirelli Tyre in the first nine months of the year and the present market context permit a further upward revision of 2010 targets, which had already been raised when first quarter and first half results were announced. In particular, the following is foreseen:

Pirelli & C. Group

- revenue above 4.9 billion euros;
- an Ebit margin above 7.5% compared with the prior estimate of approximately 7%, with an ebit of about 380 million euros;
- net financial debt below 700 million euros compared with the earlier forecast of about 700 million euros.

Pirelli Tyre
- revenue above 4.7 billion euros;
- Ebit margin over 8.5% with ebit of approximately 420 million euros, higher than the prior ebit forecast of at least 360 million euros.

Preliminary data for the nine months ended 30 September 2010

The first nine months of 2010 confirm the positive trend seen in the first half of the year and show a marked improvement in operating results compared with the same period a year earlier.

In the first nine months of 2010, the Pirelli group registered revenue at the consolidated level of approximately 3.7 billion euros, an increase of 19% compared with the same period in 2009 (3.1 billion euros). The operating result after restructuring charges was over 300 million euros, an increase of over 65% from 30 September 2009 (182.4 million euros). The Ebit margin rose to over 8% from 5.9% in the first nine months of 2009.

For Pirelli Tyre, volume growth and a positive price/mix contribution, combined with internal efficiencies, more than compensated for the impact of higher raw material costs and other production factors, with a consequent improvement in the operating results.

In the first nine months of 2010, Pirelli Tyre’s operating result, after restructuring charges, climbed to more than 330 million euros, an increase of approximately 50% from 222.7 million euros on 30 September 2009, and equal to 9.4% (7.5% in the first nine months of 2009) of revenue of approximately 3.5 billion euros (+20% from 2,958.6 million euros on 30 September 2009).

The group’s net financial debt on 30 September 2010 was approximately 700 million euros compared with 696.9 million euros on 30 June 2010 (528.8 million euros at end December 2009).

Vittorio Malacalza nominated vice president

The Board of Directors also proceeded to nominate Vittorio Malacalza as the company’s Vice President, already co-opted during the Board meeting on July 29.

***

Pirelli will present its new three-year plan for the period 2011-2013, with its vision of the scenario to 2015, to the financial community on 4 November 2010.

PDF

My Time for Haiti:news of the project