Pirelli approved the draft financial statements for 2015, which records operating results in line with the targets and growth beyond expectations in the revenues of the Premium segment. However, the year closed with a loss of approximately 369 million due to the deterioration of the macroeconomic scenario, the growing restrictions on the conversion of foreign currency and the reduction in the availability of US dollars which affect Pirelli's operations in Venezuela. The group therefore decided to deconsolidate Pirelli de Venezuela CA by recognizing the investment at fair value, at 18,9 million, and recording a negative impact of 2015 million on the 559,5 accounts (of which 277,7 million from the positive net financial position of the controlled).
Pirelli therefore closed 2015 with a net loss from continuing operations of 368,9 million euros which also discounts 107,6 million of the non-recurring tax impact linked to the write-down of deferred taxes after the Pirelli-Marco Polo Holding reorganization. Without these non-recurring items, Pirelli would have recorded a consolidated profit of 298,2 million from 315,2 million in 2014.
Revenues grew 4,8% to $6,309 billion, exceeding the $6,25 billion target. Ebitda before non-recurring and restructuring charges grew by 6,4% to 1,242 billion. Ebit before non-recurring and restructuring charges rose by 5,7% to 918,5 million.
Already in the first part of 2015, Pirelli had signaled "the continuation of the difficult economic situation" in Venezuela, and also in Argentina, outlining a possible reduction in the use of production capacity in Venezuela in the event of a further worsening of the local situation. The Venezuela issue also has a negative impact on the group's net financial position, which was negative at 31 December 2015 by 1,19 billion, compared to 979,6 million a year ago, while it would have improved to 921,4 million without considering the deconsolidation .
“Compared to the 2015 target of 850 million euros – reads the company note – the net financial position at 31 December 2015 also suffers from the postponement to 2016 of the sale of some financial investments for approximately 120 million euros included in the annual target”.
As per the agreements between the new Pirelli shareholders, the entire board of directors of the company has resigned with effect from today's date in order to allow the sole shareholder Marco Polo Industrial Holding to proceed with the appointment of a new board. The meeting, held today, resolved to appoint for three financial years and therefore until the meeting for the approval of the financial statements at 31 December 2018 directors: Ren Jianxin, Yang Xingqiang, Bai Xinping, Ze'ev Goldberg, Wang Dan, Jiao Chonggao, Zhang Haitao and Yang Xun (representing shareholder China National Tire & Rubber Corporation Ltd); Marco Tronchetti Provera, Giorgio Bruno, Luca Rovati, Carlo Acutis and Gustavo Bracco (representing the shareholder Camfin); Igor Sechin, Andrey Kostin and Emerson Milenski (representing partner Long Term Investment SA).
