OREANDA-NEWS.  The Board of Directors of Pirelli & C. SpA, today reviewed and approved the group’s results for the year ended on December 31st, 2015. Pirelli’s 2015 operating performance was in line with targets and characterized by:

-       Revenue growth of 4.8% to 6,309.6 million euro, above the 2015 target of “over 6.25 billion” euro, thanks to the great improvement in the price/mix component (+7.1% compared a target of  “equal to or above” +5.5%) as a consequence of price increases, greater sales in the Replacement channel, diverse geographic and product mixes. This performance more than offsets the decline in volumes (-1.6%, mainly in emerging markets and the Industrial business) and forex volatility (-0.6%);

-       Premium segment performance above all forecasts, with an increase in volumes of +12.7% (target “equal to or above” +10%) and grew as a percentage of Consumer revenues to 60% from 55% at the end of 2014;

-       Ebitda before non-recurring and restructuring charges grew 6.4% to 1,242.7 million euro (1,168.0 million euro in the same period of 2014);

-       Ebit before non-recurring restructuring charges grew by 5.7% to 918.5 million euro (2015 target 925 million euro, 869.2 million euro in 2014), with a margin of 14.6% (14.4% in 2014). This result benefits from the achievement of efficiencies of 94.4 million euro in implementation of the 350 million euro 4-year 2014-2017 plan (92 million euro of efficiencies in 2014);

-       At the geographic level, Apac is confirmed as the area of greatest growth both in terms of revenue and profitability (revenues +26.4% and Ebit margin above 20%), followed by the Nafta (revenues + 21.7%, Ebit in the low twenties);

-       Research and development expenses totaled 214.4 million euro, equal to 3.4% of total sales, of which 176.5 million euro for activities linked to Premium products, approximately 6% of segment sales;

-       Significant progress towards the Group’s sustainability targets. In 2015, Green Performance tyres accounted for 48% of Tyre sales.