Pirelli approved the results for the first three months of 2018, filed with revenues of 1,31 billion euros, with organic growth of 5,7% compared to the first quarter of 2017. Including the exchange rate effect (-7,3% ) and the change in scope deriving from the application of the new accounting standard on revenues (-0,6%), the overall change in revenues was equal to -2,2%. In detail, the High Value segment recorded an (organic) growth in revenues of 13,4%, with an incidence on turnover of 63,6%. High Value volumes increased by 12,8%.
Net profit soars, rising by 86,7% to 92,4 million euros thanks to the increase in sales of value-added tyres.
Adjusted EBITDA before start-up costs at 31 March 2018 amounted to 298 million euros, up 5,8% compared to 281,7 million euros in the same period of 2017. Adjusted operating income before start-up costs increased by 4,5% to 229,4 million euros, while operating income amounted to 184 million euros, up 9,1% from 168,7 million euros of the first three months of 2017.
As at 31 March, the net financial position was negative by 3,94 billion from the loss of 5,52 billion in the first quarter of 2017 and from the 3,22 billion euro at the end of 2017.
By virtue of the results achieved, the 2018 objectives were confirmed with the incidence of "high value" products equal to or greater than 60% of total revenues and an operating result net of extraordinary expenses of approximately one billion euro.
UPDATE MAY 15th
After the quarterly results, the Pirelli shareholders' meeting approved the 2017 financial statements. In the same context, the shareholders gave the go-ahead to increase the number of members of the board of directors to 15, and appointed Giovanni Lo Storto as new director .
Finally, the new board of statutory auditors was appointed and the new LTI plan and the remuneration policy were approved.
