What developments will relations between Pirelli and the shareholders Chinese? The Italian Tronchetti Provera-Brembo axis will be consolidated and the Government will curb the role of the Chinese by applying the rules of the Golden Power that protect the Italian spirit of strategic companies that the market does not like? They are questions that yesterday weighed on the performance of the share on the Stock Exchange which lost 6,4% and which precisely due to the Golden Power effect, notified to the company on 6 March, led the Board of Directors to postpone the meeting on the balance sheet from the end of May to June 29th.
Regardless of future corporate developments, Pirelli is in full health and profits are on the rise.
Pirelli postpones the Shareholders' Meeting for the Golden Power node
The Chinese company, after the recent merger with ChemChina, is the current largest shareholder of the group, through the subsidiary Marco Polo International, with a 37% stake, followed by 14,1% of Camfin (the financial holding company of Tronchetti Provera) and 6% of Brembo. A month ago, the same Chinese company had denied any idea of selling its stake, while tensions were growing globally between China and the West.
Following the renewal of the shareholders' agreement dated May 16, 2022 between China National Chemical Corporation (Cnrc), Marco Polo International, Camfin and Marco Tronchetti Provera & C, the Chinese shareholder had notified the Government of the changes pursuant to the Golden Power legislation. However, the amendments to the agreement became effective only with the convocation of the Assembly, which took place on 6 March. The renewal of the shareholders' agreement is expected to enter into force with the publication of the notice calling the shareholders' meeting. For this Sinochem (Cnrc) has asked the Board of postpone the Assembly of shareholders for the approval of the 2022 financial statements as at 29 June 2023 (instead of Tuesday 30 May). In order to give the Government time to express itself and the company to convene the Assembly with a definitive agenda.
Pirelli confirms positive 2021 results but the Golden Power node weighs on the title
Pirelli has approved i 2022 results and proposed the distribution of a dividend of 0,218 euro per share. In particular, as already announced, the 2022 financial year closed with a consolidated net profit of 435,9 million euros, up by 35,5% compared to the 321,6 million euros of the 2021 financial year, and revenues in increase of 24,1% to 6.615,7 million euros. Furthermore, the year saw a further improvement in sustainability performance.
In accordance with the policy of dividends of the 2021-2022|2025 industrial plan, the distribution of a dividend of 0,218 euro per share (0,161 euro per share in 2021) will be proposed to the shareholders' meeting for a total of 218 million euro. The dividend for the 2022 financial year will be paid starting from 26 July 2023 (ex-dividend date 24 July 2023 and record date 25 July 2023).
The CDP case
The real game will be played on a much more delicate front: the presence of the Chinese State Grid in the shareholding structure of Cdp Networks. This company owns the majority shares of Terna (29,5%), Snam (31,35%) and Italgas (25,99%). Alongside Cassa Depositi (59%) in the company's shareholding is the Chinese state-owned company State Grid with 35%. The presence of one of Beijing's largest utilities - albeit limited in terms of governance - in the safe that manages the country's electricity and gas networks is of considerable concern to the Government.
