OREANDA-NEWS. May 14, 2015. The Board of Directors of Pirelli & C. SpA today reviewed and approved the intermediary results for the quarter ended 31 March 2015. The results for the first quarter of 2015, which show growth in the main economic indicators, were characterized in particular by:

  • further strengthening of the Premium segment, as seen in the 10% volume growth. In line with 2015 guidance, in particular in emerging markets, Apac, Latam, Meai and Russia, where Pirelli increased its market share; while the growth trend in Europe and Nafta is in line with the market’s performance.  Premium climbed to about 59% of Consumer revenues, an improvement of 2 percentage points compared with the first quarter of 2014;
  • revenue growth of 6.5% (+2.4% at the organic level), in line with full-year targets thanks to the positive performance of Consumer business (+9.6%), while the Industrial business (revenues -3.8%) continues to discount the general decline of the market, in particular in South America;
  • The positive performance of the price/mix component (+3.7%), in line with 2015 guidance;
  • The positive Consumer volumes (+0.4%), with Premium the growth of Premium (+10%) offsetting weakness in non-Premium. The Industrial business (volumes -6.7%) discount the weakness of the truck and agro market in South America. Total volumes saw a decline of 1.3%;
  • The achievement of efficiencies of 21.1 million euro (23% of the full-year target of 90 million euro) in the context of the 4-year (2014-2017) efficiency plan of 350 million euro announced in November 2013 (92 million euro efficiencies achieved in 2014);
  • The growth of the operating result (Ebit) by 4.5% to 210.1 million euro compared with the first quarter of 2014, with an Ebit margin of 13.4% (substantially in line with 13.6% in the first quarter of 2014);
  • net result of continuing operations of 101.4 million euro (+12.2% compared with 90.4 million in the first quarter of 2014);
  • Net financial position of negative 1,732.9 million euro, compared with negative 979.6 million euro on 31 December 2014 due to the seasonality of working capital which entails the usual increase of commercial credits in the first quarter of the year in view of their receipt in the second quarter.