The Pirelli stock shines in Piazza Affari, gaining more than six points one hour after the opening, clearly taking the lead in the increases of the Ftse Mib. The wave of purchases comes after the communication on the accounts arrived yesterday after the markets were closed. Operators particularly appreciate the confirmation of the 2013 targets: total revenues expected between 6,3 and 6,4 billion euros, consolidated ebit between 810 and 850 million euros and a margin in line or slightly higher than in 2012. The planned investments are approximately 400 million euro, cash generation before dividends should be positive and above 200 million euro, with a ratio to turnover of approximately 3%, while the net financial position should be less than 1,2 billion euros before the reclassification of the Prelios credit.
In the first quarter, however, the group's net profit fell to 72,1 million euros (-41,7% compared to 123,6 million as at 31 March 2012), while revenues amounted to 1.536,3 million euros (-1,3%) up by 3,6% net of the exchange rate effect. Overall volumes rose by 3,9%, with premium +4% and industrial business +11,7%. The EBIT amounted to 179,8 million euros (-15,5% on an annual basis), with an EBIT margin of 11,7% (13,7% as at 31 March 2012). The net financial position is negative for 1.680,2 million euro (1.205,2 million as at 31 December 2012).
“The first quarter of 2013 – explains Pirelli – was characterized by a macroeconomic scenario still strongly influenced by the crisis affecting Europe, where the demand for goods and services continues to experience a phase of contraction. Overall, the market in Europe recorded a reduction compared to 2012, more marked in the consumer segment where the replacement channel had a drop of 11%”.
“In this channel, the Premium segment was also affected by this trend, recording a reduction that was in any case lower than the overall figure. The performance of the South American markets was positive in both segments, and of China for the Consumer part; in these areas the growth of the Premium segment continued, positive also in the NAFTA area. The group's results were consequently affected by the overall macroeconomic trend, with a reduction in sales and results in Europe, partially offset by growth in other geographical areas".
