PIRELLI: MARKED GROWTH IN REVENUES (+18.4%) AND EBIT (+19.6%)
HIGH VALUE STRENGTHENED, +33.3% CAR VOLUMES≥18' (MARKET +20%)
NET PROFIT RISES TO 42.2 MILLION EURO
IMPROVED CASH FLOW COMPARED WITH FIRST QUARTER 2020
- Revenues: 1,244.7 million euro, an increase of 18.4% compared with first quarter 2020 (organic variation +24.5%). High Value revenues reach 72.6% of total revenues, +3 basis points compared with the first quarter of 2020
- Total volumes grew 22.2%: +33.3% Car volumes≥18' (market +20%) with the performance in Apac double the market and +39% volumes≥19' (market +26%)
- Price/mix +2.3% in first quarter 2021 (-1.3% in the first quarter 2020) thanks to the over-performance of High Value and improved product mix
- Adjusted ebit: +19.6% to 168.8 million euro (141.1 million in first the quarter 2020), with a margin at 13.6% (13.4% in the first quarter 2020)
- The adjusted Ebit margin, in line with company expectations, discounts the impact of some costs with a seasonality concentrated in the first quarter. Profitability seen improving in the coming quarters thanks to the contribution of internal levers and the normalization of the seasonality of costs
- Net profit: +9.6% to 42.2 million euro (+38.5 million euro in the first quarter 2020)
- Net cash flow: -653.5 million euro, an improvement compared with -753.5 million euro in the first quarter 2020) thanks to the operating performance and management of working capital
- Net financial position:-3,911.9million euro (-3,258.4 million euro on 31 December 2020 and-4,260.7 million euro on 31 March 2020)because of the usual seasonality of working capital
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2021TARGETSConfirms 2021targets issued on31 March with presentation of Industrial Plan2021-2022| 2025
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Pirelli & C. S.p.A. published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 15:51:04 UTC.