The Board of Directors of Pirelli & C. SpA, which met today, examined and approved the interim management report as at 30 September 2015. The results for the first nine months of 2015 were characterized in particular by estimates for 2015, which the company revised downwards to reflect the worsening of Russia and Brazil accentuated in the summer.
The accounts for the first nine months of the year show instead revenues up 4% to 4,711 billion and an operating result before non-recurring charges of 657,2 million (+1,5%). Ebit after extraordinary charges is 648,1 million (+2,9%). There was a slight decrease in the net profit from continuing operations, which stood at 291,2 million from 297,5 million a year ago and discounted the effects of the devaluation of the Venezuelan bolivar and the increase in interest rates in some countries outside the eurozone.
The group, recently released from Piazza Affari, announced it expects full-year revenues to grow about 4% above €6,25 billion, versus the previous estimate of over €6,35 billion, and EBIT before restructuring and non-recurring charges around 925 million (from around 960 million in the previous target). The final EBIT, expected at around 870 million (around 930 million the latest forecast), will instead discount non-recurring charges which have increased to 55 million from 30 million mainly attributable to the restructuring actions in South America and to the costs for the separation of the tire business industrial.
Confirmed the prediction of one negative net financial position of approximately 850 million. The accounts for the first nine months of the year show revenues up by 4% to 4,711 billion and an operating profit before non-recurring charges of 657,2 million (+1,5%). Ebit after extraordinary charges is 648,1 million (+2,9%). There was a slight decrease in the net profit from continuing operations, which stood at 291,2 million from 297,5 million a year ago and discounted the effects of the devaluation of the Venezuelan bolivar and the increase in interest rates in some countries outside the eurozone.
