Pirelli has recorded revenues up 9% to 4,038 billion euros in the first nine months of 2017 with an operating profit of 541,1 million (from 513,7 million). Adjusted operating profit, before including charges and start-up costs, is 642,2 million (from 620,7). The net profit from continuing operations, i.e. relating to the consumer tire business, is 198,9 million compared to 35,8 million a year ago. Net financial debt as at 30 September amounted to 4,287 billion euros with an EBITDA/debt ratio of 3,7 times. The quarterly is Pirelli's first post return to quotation, which took place in October.
As for forecasts for the whole of 2017, the group estimates a 9% growth compared to the previous year and operating income adjusted before non-recurring and restructuring charges and start-up costs expected at €930 million (from €844 million). The ratio of net financial position to adjusted EBITDA is estimated at “less than 3 times” from 4,6 times at the end of 2016.
In the first nine months of 2017, reads a note from Pirelli, the incidence on revenues of high-end tires increased slightly compared to the standard segment: the "high value" products generated 2,34 billion euros in revenues (58% of the total), the standard part instead 1,694 billion (42%). In terms of volumes, Pirelli reported +13% in the high range and -5% in the standard. As for the geographical distribution of turnover, the Asia Pacific area improved by approximately 18% to 597 million (14,8% of the total for 9 months), the Latin America area by 11,5% to 682 million (16,9 .9,1%), North America by 756,3% to 18,7 million (+6,7%) and Europe by 1,698% to 42 billion (18,6%). In addition to the result from continuing operations, the result from equity investments is negative for 52,7 million euros (-75 million a year ago) while the result from discontinued operations, i.e. the vehicle tire segment industrialists which was spun off, was negative by 13,6 million (-123,9 million a year ago). Considering these two items, the total net result is positive for 22,7 million from +XNUMX million a year ago.
