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.

The Shareholders' meeting approves 2009 financial statements

PIRELLI & C. SPA SHAREHOLDERS’ MEETING:

• 2009 FINANCIAL STATEMENTS APPROVED

• DIVIDEND DISTRIBUTION OF 0.0145 EUROS PER ORDINARY SHARE AND 0.0406 EUROS PER SAVINGS SHARE APPROVED
  • THRESHOLD FOR PRESENTATION OF LISTS FOR BOARD OF STATUTORY AUDITORS REDUCED TO 1.5% OF SHARE CAPITAL

  Milan, 21 April 2010 – The Shareholders of Pirelli & C. SpA met today in an ordinary and an extraordinary session.

  In the ordinary session, the Shareholders’ meeting approved the 2009 financial statements, resolving upon distribution of a dividend of 0.0145 euros per ordinary share and 0.0406 euros per savings share. The dividend per share attributed to savings shares includes the 2009 dividend (0.0203 euros) and, as foreseen by the By-laws, what was not assigned for the 2008 fiscal year (0.0203 euros). The payment date will be 27 May 2010 (coupon 24 May 2010).

  The Shareholders’ meeting, in its extraordinary session, resolved to reduce to 1.5% of share capital the threshold foreseen by the By-laws for presentation of lists for renewal of the Board of Statutory Auditors. The threshold approved is lower than the one established by Consob for this year (2% of capital), confirming the importance the Company gives to the real possibility of participation in corporate governance bodies by minority shareholders.

  In line with certain laws recently approved, the Shareholders’ meeting also voted to introduce into the By-laws the possibility for the Company to call the shareholders’ meetings approving the financial statements within 180 days of the end of the fiscal year, in lieu of the current 120 days.

  §

  The annual financial report of Pirelli & C. SpA including the Company’s balance sheet and the consolidated balance sheet as of 31 December 2009, as well as further documentation foreseen by laws in force, is available to the public, at the headquarters in Milan, Viale Piero e Alberto Pirelli 25, and at Borsa Italiana SpA. The Sustainability report and the corporate governance report and ownership structure for 2009 have been published together with the afore-mentioned documents. This same documentation is available on the website www.pirelli.com.

  Minutes of the meeting will be made available to the public with the same means within the deadline established by governing laws and regulations.

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