Cash flow Pirelli & C. S.p.A.

Equities

PIRC

IT0005278236

Tires & Rubber Products

Market Closed - Borsa Italiana Other stock markets 11:45:00 2025-01-23 am EST			5-day change	1st Jan Change
5.828 ^EUR	0.00%		+1.64%	+6.47%

Jan. 21	Global companies likely to be affected by Trump's promised tariffs	RE
Jan. 17	Blauer and Pirelli Launch a Capsule Collection of Four Outerwear Pieces for FW 25-26	CI

c91fcdfc85a2a0971162afae97.GTE5PtCrRtkdR8_gbIjAAfzv9gcmc4-YGfCc1r0tJS4.dUh_S6XsJJhsdafNKruBWIWExVZNB9f5cqH97vwbFWFtS2hk6dkUrlsijg

Published financial data: PIRELLI & C. S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	5.32B	4.3B	5.33B	6.62B	6.65B
Other Revenues, Total	302M	244M	263M	285M	263M
Total Revenues	5.62B	4.55B	5.59B	6.9B	6.91B
Cost of Goods Sold, Total	1.78B	1.48B	1.72B	2.27B	2.25B
Gross Profit	3.84B	3.07B	3.88B	4.63B	4.67B
Selling General & Admin Expenses, Total	1.33B	1.16B	1.34B	1.44B	1.52B
Provision for Bad Debts	-	-	7.91M	-5.18M	-5.6M
Depreciation & Amortization - (IS)	507M	506M	509M	544M	558M
Other Operating Expenses	1.23B	1.15B	1.44B	1.84B	1.76B
Other Operating Expenses, Total	3.06B	2.82B	3.29B	3.82B	3.83B
Operating Income	780M	250M	585M	812M	838M
Interest Expense, Total	-131M	-122M	-122M	-125M	-205M
Interest And Investment Income	127M	15.77M	23.73M	41.74M	50.69M
Net Interest Expenses	-4.04M	-106M	-98.29M	-83.4M	-154M
Income (Loss) On Equity Invest.	-9.68M	-5.63M	1.7M	2.92M	11.65M
Currency Exchange Gains (Loss)	-50.92M	-23.05M	-13.06M	-81.88M	-144M
Other Non Operating Income (Expenses)	-24.38M	-17.48M	-17.12M	-27.23M	-21.92M
EBT, Excl. Unusual Items	691M	96.99M	458M	622M	530M
Restructuring Charges	-20.47M	-	-	-	-
Gain (Loss) On Sale Of Investments	-29.12M	-17.8M	2.74M	15.13M	171M
Gain (Loss) On Sale Of Assets	1.3M	6.19M	1.79M	2.89M	1.14M
Asset Writedown	-	-11.1M	-8.51M	-22.42M	-30.49M
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-20M	-16.91M	-17.56M	-22.25M	-41.3M
EBT, Incl. Unusual Items	622M	57.37M	437M	596M	630M
Income Tax Expense	165M	14.69M	115M	160M	134M
Earnings From Continuing Operations	458M	42.67M	322M	436M	496M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	458M	42.67M	322M	436M	496M
Minority Interest	-19.56M	-12.89M	-18.8M	-18.14M	-16.82M
Net Income - (IS)	438M	29.78M	303M	418M	479M
Net Income to Common Incl Extra Items	438M	29.78M	303M	418M	479M
Net Income to Common Excl. Extra Items	438M	29.78M	303M	418M	479M
Per Share Items
Net EPS - Basic	0.44	0.03	0.3	0.42	0.48
Basic EPS - Continuing Operations	0.44	0.03	0.3	0.42	0.48
Basic Weighted Average Shares Outstanding	1B	1B	1B	1B	1B
Net EPS - Diluted	0.44	0.03	0.3	0.42	0.48
Diluted EPS - Continuing Operations	0.44	0.03	0.3	0.42	0.48
Diluted Weighted Average Shares Outstanding	1B	1B	1B	1B	1B
Normalized Basic EPS	0.41	0.05	0.27	0.37	0.31
Normalized Diluted EPS	0.41	0.05	0.27	0.37	0.31
Dividend Per Share	-	0.08	0.16	0.22	0.2
Payout Ratio	42.4	-	26.4	44.38	46.52
American Depositary Receipts Ratio (ADR)	3	3	3	3	3
Supplemental Items
EBITDA	1.19B	657M	993M	1.24B	1.27B
EBITA	897M	367M	702M	929M	955M
EBIT	780M	250M	585M	812M	838M
EBITDAR	1.23B	681M	1.02B	1.28B	1.32B
Effective Tax Rate - (Ratio)	26.45	25.61	26.37	26.82	21.3
Total Current Taxes	198M	107M	144M	182M	205M
Total Deferred Taxes	-33.9M	-92.24M	-28.75M	-22.46M	-70.94M
Normalized Net Income	412M	47.73M	268M	371M	314M
Interest on Long-Term Debt	38.69M	36.39M	42.05M	43.17M	59.9M
Non-Cash Pension Expense	3.39M	12.62M	1.75M	-1.61M	-2.95M
Supplemental Operating Expense Items
Advertising Expense	215M	193M	208M	225M	253M
Selling and Marketing Expenses	215M	193M	208M	225M	253M
Research And Development Expense From Footnotes	309M	271M	317M	341M	365M
Net Rental Expense, Total	36.9M	24.28M	31.07M	37.27M	42.22M
Imputed Operating Lease Interest Expense	7.56M	4.16M	5.38M	7.62M	16.3M
Imputed Operating Lease Depreciation	29.35M	20.12M	25.69M	29.66M	25.92M
Maintenance & Repair Expenses, Total	50.49M	41.44M	57.28M	66.07M	69.94M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.61B	2.28B	1.88B	1.29B	1.25B
Trading Asset Securities, Total	55.15M	59.29M	114M	250M	229M
Total Cash And Short Term Investments	1.66B	2.33B	2B	1.54B	1.48B
Accounts Receivable, Total	680M	623M	692M	672M	679M
Other Receivables	403M	340M	354M	455M	329M
Notes Receivable	26.13M	88.77M	81.4M	79.02M	74.99M
Total Receivables	1.11B	1.05B	1.13B	1.21B	1.08B
Inventory	1.09B	836M	1.09B	1.46B	1.37B
Other Current Assets, Total	53.41M	82.96M	66.38M	219M	31.16M
Total Current Assets	3.92B	4.31B	4.28B	4.42B	3.97B
Gross Property Plant And Equipment	-	4.44B	4.86B	5.29B	5.57B
Accumulated Depreciation	-	-1.28B	-1.57B	-1.89B	-2.16B
Net Property Plant And Equipment	3.65B	3.16B	3.29B	3.4B	3.41B
Long-term Investments	192M	115M	142M	155M	152M
Goodwill	1.89B	1.88B	1.88B	1.88B	1.88B
Other Intangibles, Total	3.79B	3.7B	3.6B	3.5B	3.38B
Accounts Receivable Long-Term	15.8M	11.17M	6.71M	7.2M	3.99M
Loans Receivable Long-Term	5.58M	5.83M	6.66M	6.93M	7.24M
Deferred Tax Assets Long-Term	81.19M	109M	138M	177M	203M
Other Long-Term Assets, Total	330M	470M	530M	347M	525M
Total Assets	13.88B	13.76B	13.88B	13.9B	13.53B
Liabilities
Accounts Payable, Total	1.61B	1.27B	1.63B	1.97B	2B
Accrued Expenses, Total	235M	254M	255M	330M	333M
Current Portion of Long-Term Debt	1.37B	862M	1.41B	726M	709M
Current Portion of Leases	77.8M	75.4M	91.61M	88.99M	99.1M
Current Income Taxes Payable	81.77M	99.5M	134M	102M	105M
Unearned Revenue Current, Total	12.84M	12.21M	13.81M	19.58M	15.33M
Other Current Liabilities	213M	167M	95.33M	102M	103M
Total Current Liabilities	3.6B	2.74B	3.62B	3.34B	3.36B
Long-Term Debt	3.55B	4.67B	3.38B	3.29B	2.79B
Long-Term Leases	405M	390M	413M	396M	383M
Pension & Other Post Retirement Benefits	203M	244M	221M	181M	180M
Deferred Tax Liability Non Current	1.06B	1.01B	1.03B	1.04B	991M
Other Non Current Liabilities	224M	161M	169M	189M	202M
Total Liabilities	9.05B	9.21B	8.84B	8.44B	7.91B
Common Stock, Total	1.9B	1.9B	1.9B	1.9B	1.9B
Retained Earnings	438M	29.78M	303M	418M	479M
Comprehensive Income and Other	2.38B	2.51B	2.7B	3B	3.11B
Total Common Equity	4.72B	4.45B	4.91B	5.32B	5.49B
Minority Interest	102M	104M	135M	130M	125M
Total Equity	4.83B	4.55B	5.04B	5.45B	5.62B
Total Liabilities And Equity	13.88B	13.76B	13.88B	13.9B	13.53B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1B	1B	1B	1B	1B
ECS Total Common Shares Outstanding	1B	1B	1B	1B	1B
Book Value / Share	4.72	4.45	4.91	5.32	5.49
Tangible Book Value	-956M	-1.13B	-578M	-59.04M	231M
Tangible Book Value Per Share	-0.96	-1.13	-0.58	-0.06	0.23
Total Debt	5.41B	6B	5.29B	4.51B	3.98B
Net Debt	3.75B	3.66B	3.29B	2.97B	2.5B
Debt Equivalent of Unfunded Proj. Benefit Obligation	116M	68.24M	-67.71M	-50.54M	-47.34M
Debt Equivalent Oper. Leases	295M	194M	249M	298M	338M
Minority Interest, Total (Incl. Fin. Div)	102M	104M	135M	130M	125M
Equity Method Investments, Total	80.85M	72.59M	80.89M	80.23M	86.4M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	129M	115M	183M	313M	215M
Inventories - Work In Process, Total	58.18M	51.53M	69.41M	85.54M	83.58M
Inventories - Finished Goods, Total	906M	669M	838M	1.06B	1.07B
Inventories - Others	895K	526K	1.41M	2.35M	817K
Land - (BS)	-	147M	144M	148M	151M
Buildings, Total	-	787M	848M	909M	911M
Machinery, Total	-	2.96B	3.28B	3.65B	3.92B
Full Time Employees	30.67K	29.36K	29.02K	29.75K	29.6K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	65.97M	66.34M	72.98M	69.88M	71M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	438M	29.78M	303M	418M	479M
Depreciation & Amortization - CF	382M	378M	379M	410M	419M
Amortization of Goodwill and Intangible Assets - (CF)	118M	118M	117M	117M	117M
Depreciation & Amortization, Total	499M	496M	496M	527M	536M
Amortization of Deferred Charges, Total - (CF)	8.09M	10.22M	12.67M	16.95M	22.18M
(Gain) Loss on Sale of Investments - (CF)	6.85M	-293K	-7K	123K	36K
Asset Writedown & Restructuring Costs	20.47M	11.1M	8.51M	22.42M	30.49M
(Income) Loss On Equity Investments - (CF)	4.15M	5.56M	-3.97M	-5.97M	-15.92M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	189M	158M	198M	208M	234M
Change In Accounts Receivable	-44.64M	-35.32M	-51.35M	37.38M	-51.47M
Change In Inventories	28.3M	141M	-222M	-342M	29.28M
Change In Accounts Payable	18.82M	-185M	215M	273M	133M
Change in Other Net Operating Assets	-146M	-12.74M	-35.35M	-22.6M	-36.49M
Cash from Operations	1.02B	618M	919M	1.13B	1.36B
Capital Expenditure	-370M	-178M	-256M	-303M	-377M
Sale of Property, Plant, and Equipment	7.66M	5.4M	8.53M	4.1M	2.21M
Cash Acquisitions	-	-	-	-	-
Divestitures	10.7M	69K	4.41M	-	-
Sale (Purchase) of Real Estate properties	-16K	-	-	-	-
Sale (Purchase) of Intangible assets	-20.81M	-15.25M	-30.34M	-31.64M	-21.62M
Investment in Marketable and Equity Securities, Total	505K	-64.09M	14.82M	1.18M	-299K
Other Investing Activities, Total	9.29M	65K	2.27M	3.23M	4.27M
Cash from Investing	-362M	-252M	-256M	-327M	-393M
Long-Term Debt Issued, Total	-	2.58B	886M	1.32B	1.13B
Total Debt Issued	-	2.58B	886M	1.32B	1.13B
Long-Term Debt Repaid, Total	-101M	-1.91B	-1.75B	-2.23B	-1.75B
Total Debt Repaid	-101M	-1.91B	-1.75B	-2.23B	-1.75B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-186M	-	-79.94M	-185M	-223M
Common & Preferred Stock Dividends Paid	-186M	-	-79.94M	-185M	-223M
Other Financing Activities, Total	-57.56M	-231M	-136M	-315M	-130M
Cash from Financing	-344M	439M	-1.08B	-1.4B	-980M
Foreign Exchange Rate Adjustments	-19.09M	-137M	35.82M	-491K	-21.96M
Net Change in Cash	297M	669M	-386M	-600M	-34.54M
Supplemental Items
Cash Income Tax Paid (Refund)	142M	90.69M	126M	205M	139M
Levered Free Cash Flow	570M	331M	500M	445M	981M
Unlevered Free Cash Flow	651M	408M	576M	523M	1.11B
Change In Net Working Capital	-47.18M	61.32M	11.89M	194M	-426M
Net Debt Issued / Repaid	-101M	671M	-869M	-904M	-627M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.62	1.13	2.65	3.65	3.82
Return on Total Capital	4.97	1.5	3.51	5	5.36
Return On Equity %	9.76	0.91	6.7	8.31	8.96
Return on Common Equity	9.53	0.65	6.47	8.17	8.86
Margin Analysis
Gross Profit Margin %	68.33	67.44	69.29	67.09	67.52
SG&A Margin	23.62	25.47	23.94	20.87	21.98
EBITDA Margin %	21.14	14.45	17.74	18.02	18.41
EBITA Margin %	15.95	8.08	12.54	13.46	13.82
EBIT Margin %	13.86	5.49	10.46	11.76	12.13
Income From Continuing Operations Margin %	8.14	0.94	5.75	6.32	7.17
Net Income Margin %	7.79	0.66	5.41	6.05	6.93
Net Avail. For Common Margin %	7.79	0.66	5.41	6.05	6.93
Normalized Net Income Margin	7.33	1.05	4.78	5.37	4.55
Levered Free Cash Flow Margin	10.13	7.29	8.93	6.44	14.19
Unlevered Free Cash Flow Margin	11.58	8.97	10.3	7.57	16.04
Asset Turnover
Asset Turnover	0.42	0.33	0.41	0.5	0.5
Fixed Assets Turnover	1.67	1.34	1.73	2.06	2.03
Receivables Turnover (Average Receivables)	7.99	6.6	8.11	9.7	9.85
Inventory Turnover (Average Inventory)	1.6	1.53	1.78	1.78	1.59
Short Term Liquidity
Current Ratio	1.09	1.57	1.18	1.32	1.18
Quick Ratio	0.76	1.2	0.84	0.8	0.74
Operating Cash Flow to Current Liabilities	0.28	0.23	0.25	0.34	0.4
Days Sales Outstanding (Average Receivables)	45.66	55.42	45.02	37.62	37.06
Days Outstanding Inventory (Average Inventory)	227.65	238.63	204.88	204.89	229.91
Average Days Payable Outstanding	336.03	430.89	272.16	249.15	335.75
Cash Conversion Cycle (Average Days)	-62.71	-136.84	-22.27	-6.64	-68.77
Long Term Solvency
Total Debt/Equity	112.11	131.73	104.95	82.61	70.87
Total Debt / Total Capital	52.86	56.85	51.21	45.24	41.47
LT Debt/Equity	82.05	111.13	75.22	67.66	56.49
Long-Term Debt / Total Capital	38.68	47.96	36.7	37.05	33.06
Total Liabilities / Total Assets	65.22	66.92	63.68	60.76	58.47
EBIT / Interest Expense	5.97	2.04	4.79	6.49	4.09
EBITDA / Interest Expense	9.79	6.1	8.86	10.7	6.71
(EBITDA - Capex) / Interest Expense	6.96	4.64	6.76	8.28	4.87
Total Debt / EBITDA	4.23	8.04	4.9	3.36	2.9
Net Debt / EBITDA