The group Pirelli closes the first semester with a Net income more than doubled compared to the same period of 2017, from 67,7 to 177,2 million euros, while the profitability it rose 1,5 percentage points to 18%.
I revenues they rose in organic terms by 5,5%, to 2,63 billion euros, thanks to the positive contribution of the High Value segment. The overall performance, on the other hand, decreased by -2%, due to the exchange rate effect and the change in the perimeter deriving from the application of the new IFRS 15 accounting standard on revenues.
La net financial position at 30 June 2018 it was negative by 3.916,5 million euros compared to 4.176,5 million euros in the first half of 2017 and 3.218,5 million euros at 31 December 2017.
Pirelli then confirmed i target 2018 profitability with adjusted ebit before start-up accounts exceeding one billion and expected revenues of approximately 5,4 billion.
The board also co-opted the board Ning Gaoning who was appointed chairman to replace Ren Jianxin, who resigned on July 30, 2018. Gaoning will have the legal representation of the company.
Also approved repurchase of bond issues up to 150 million euros.
Also in the first semester, the overall volumes recorded a decrease of 1,2%: on the one hand there was the strong increase in High Value volumes, on the other the decrease of 11,3% in standard volumes. The trend, he explains in a press release, reflects the decline in standard demand on mature markets (Europe, Nafta and Apac), the negative effect of a carrier strike in Brazil in May and Pirelli's decision to accelerate the reduction of volumes on less profitable products in Europe, Latam, Meai and Apac.
Geographically, Europe recorded organic growth in revenues of +2018% in the first half of 4,1 (+2,3% including the exchange rate effect of -0,5% and the effect of the adoption of the new IFRS 15 accounting standard to -1,4%) supported by the trend of High Value (+11,2% organic growth).
La profitability it is positioned at mid-teens levels, an improvement compared to the first half of 2017 mainly due to the continuous improvement of the mix.
