PIRELLI & C. S.P.A. TWO-PHASE PLAN: IN 2022 RETURN TO PRE-COVID 2019 VALUES, IN 2025 LEADER IN HIGH VALUE SPECIALTIES WITH ELEVATED CASH GENERATION
CENTRALITY OF HIGH VALUE CONFIRMED WITH FOCUS ON TYRES ABOVE 19 INCHES, SPECIALITIES AND ELECTRIC
IN ORIGINAL EQUIPMENT CUSTOMER BASE SELECTIVE GROWTH,
IN REPLACEMENT CAPITALISATION OF THE HOMOLOGATIONSPULL-THROUGHEFFECTACCELERATION OF PROCESS AND PRODUCT INNOVATION WITH 44 NEW LINES BY 2025
PRESENCE IN NEW MOBILITY WITH TYRES FOR ELECTRIC VEHICLES, SENSOR-FITTED, AND CYCLING
INVESTMENTS: IN THE 2-YEAR PERIOD 21-22 BETWEEN ~710 AND ~730 MILLION EURO ESSENTIALLY FOR TECHNOLOGICIAL UPGRADE AND PRODUCTIVITY INCREASE. IN THE 3-YEAR PERIOD 23-35 BETWEEN ~1.2 AND ~1.3 BILLION ALSO FOR NEW HIGH VALUE CAPACITY IN COUNTRIES WITH LOWER PRODUCTION COSTS
COMPLETION OF COMPETITIVENESS PLAN WITH NET EFFICIENCIES OF ~170 MILLION EURO IN THE 2-YEAR PERIOD 2021-2022 (110 MILLION IN 2020). BY 2025 ADDITIONAL ~70 /~100 MILLION MAINLY THANKS TO THE BENEFITS OF DIGITAL TRANSFORMATION
SUSTAINABILITY AT THE CORE OF THE BUSINESS STRATEGY
NEW MANAGEMENT INCENTIVE PLAN (LTI) TO SUPPORT INDUSTRIAL PLAN TARGETS
TARGETS
Targets for 2-year period 2021- 2022
REVENUES AT END 2022 BETWEEN ~5.1 AND~5.3 BILLION EURO
ADJUSTED EBIT MARGIN AT END 2022 BETWEEN>16% AND ~17%
NET CASH FLOW PRE-DIVIDEND FOR 2-YEAR PERIOD 2021-2022 BETWEEN ~700 AND ~800 MILLION EURO
NET FINANCIAL POSITION AT END 2022 BETWEEN~2.75 AND~2.65 BILLION EURO,
EQUAL TO 2 TIMES ADJUSTED EBITDA
Targets for 3-year period 2023- 2025
REVENUES AT END 2025 BETWEEN ~5.7 AND~6.2 BILLION EURO
ADJUSTED EBIT MARGIN AT END 2025 BETWEEN ~19% AND ~20%
NET CASH FLOW PRE-DIVIDEND FOR 3-YEAR PERIOD 2023-2025 BETWEEN~1.7 AND~1.9 BILLION EURO
NET FINANCIAL POSITION AT END 2025 BETWEEN~1.6AND~1.4BILLION EURO,
EQUAL TO ~1 TIMES ADJUSTED EBITDA
DIVIDENDS: ~50% OF 2021-2022 CONSOLIIDATED PROFIT
AND ~40% OF 2023-2024 CONSOLIIDATED PROFIT
***
BOARD OF DIRECTORS APPROVES PROPOSED NOMINATION OF GIORGIO LUCA BRUNO
AS DEPUTY-CEO BEGINNING 15 JUNE 2021
***
2020 CONSOLIDATED RESULTS APPROVED
CONSOLIDATED NET PROFIT 42.7 MILLION (457.7 MILLION AT 31 DECEMBER 2019)
PARENT COMPANY NET PROFIT: 44 MILLION (273.2 MILLION AT 31 DECEMBER 2019)
AT THE SHAREHOLDERS' MEETING, CALLED ON 15 JUNE, THE BOARD OF DIRECTORS WILL PROPOSE THE DISTRIBUTION OF A DIVIDEND OF 0.08 EURO PER SHARE FOR A TOTAL OF 80 MILLION
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Pirelli & C. S.p.A. published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2021 10:35:03 UTC.
