Pirelli closed 2017 with a Net income equal to 175,7 million, an increase compared to 147,6 million in 2016. revenues, which mark an increase of 7,6% to 5,352 billion euros, slightly below the consensus of analysts at 5,4 billion.
THEprofit from current assets rose from 164 to 263,3 million euro, while adjusted Ebitda (excluding non-recurring and restructuring charges from the calculation) stood at 1,137 billion (estimates 1,1144 billion) from 1,082 billion. up theadjusted ebit (which also excludes the amortization of intangible assets) which reaches 876,4 billion from 844 million.
Down there net financial position which stands at 3,218 billion euros (from 4,91 billion at the end of 2016).
Pirelli has updated estimates for 2018. Revenues are expected to "grow by 6% or more, equal to around +10% excluding the exchange rate effect", with the weight of the segment with the highest added value growing to around 60% (57,5% in 2017 ). Adjusted Ebit (gross operating margin excluding extraordinary items) before non-recurring and restructuring charges and start-up costs is expected to exceed 1 billion euros (926,6 million euros in 2017), “with an incidence of the High Value equal to or greater than 83% (about 83% in 2017)”. The ratio between net financial position and EBITDA adjusted for non-recurring charges and start-up costs, which was 2017 times at the end of 2,7, is expected to be approximately 2,3 times at the end of 2018.
In addition to the accounts, the tire group has announced that, on the agenda of the shareholders' meeting convened for May 15th, there will be the expansion of the number of directors from the current 14 to 15 "through the appointment of a director indicated by the current minority shareholders". The same shareholders' meeting will be called to renew the board of statutory auditors and to express an advisory vote on the remuneration policy and on the adoption of the long-term incentive plan aimed at management, around 290 people, linked to the achievement of the objectives for the 2018/20 period.
