The upward trend of the Pirelli share continues, which after the +1,5% achieved in Monday's session, rises by 1,3% (to 5,904 euros) about an hour and a half after the opening of trading, while the Ftse Mib floats around parity.
The purchases on Pirelli were triggered by the news, which arrived on Monday, that the Brazilian tax authorities recognized Pirelli Pneus Ltda, the group's subsidiary in the South American country, the right to exemption from a tax.
The novelty will bring with it a positive income component of 107 million euros. The cash benefits will be spread over the five-year period 2020/24.
In detail, Pirelli envisages:
– positive impact on the Operating Result (Ebit) for approximately 80 million euro
– positive impact on financial income of approximately 82 million euro
– negative tax impact of approximately -55 million euro.
