Pirelli closed 2011 with revenues of 5,654 billion, up 16,6% on 2010, and with a total net profit jumped to 440,7 million, against 4,2 million in 2010, after a positive impact of 128 million for previous deferred tax assets. The BoD will propose a dividend of 0,27 euro per ordinary share, up on the 0,165 euro of the previous year, and 0,34 euro per savings share (from 0,229 euro).
In the wake of these numbers, the Pirelli stock jumped in the early afternoon on Piazza Affari by 3,84%.
The company also achieved its 2011 profitability and debt targets. The consolidated ebit margin is 10,3%, the tire ebit margin is 11,5%. The net financial position is negative for 737,1 million (-455,6 million at the end of 2010), compared to the forecast of approximately 750 million, after investments up by 43%, to 626 million.
In 2011, the operating result (EBIT) after restructuring costs amounted to 581,9 million, up by 42,7% compared to 2010, with an EBIT margin of 10,3% (8,4% in 2010). The net result from continuing operations amounted to 312,6 million (+37,1%).
In Tire, revenues amounted to 5.601,6 million (+17,4%), with sales in the premium segment growing by 27,3% to 1.844 million. The operating result after restructuring costs amounted to 643,9 million (+42,1%), with an EBIT margin of 11,5%. The cash flow from operating activities was positive for 215,5 million.
