MILAN, Italy
,
May 11, 2022
(press release)
–
PIRELLI: MARKED GROWTH OF REVENUES (+22.2%) AND ADJUSTED EBIT (+35.4%) PRICE/MIX AT RECORD +20.4% BECAUSE OF PRICE INCREASES AND MIX IMPROVEMENT NET PROFIT RISES TO 109.8 MILLION EURO (FROM 42.2 MILLION EURO) *** - Revenues: +22.2% to 1,521.1 million euro compared with the first quarter 2021 (+19.0% organic variation excluding the forex effect of +3.2%). High Value revenues at 74% of total (73% in first quarter 2021) - Price/Mix: 20.4%, a record level thanks to price increases and mix improvement - Adjusted Ebit: +35.4% at 228.5 million euro (168.8 million euro in first quarter 2021). The improvement of the price/mix and efficiencies more than compensated for the impact of the external context (raw materials and inflation) - Adjusted Ebit margin at 15.0% (13.6% in first quarter 2021) - Net profit: +160.2% at 109.8 million euro (+42.2 million euro in first quarter 2021) - Net cash flow before dividends: -672.9 million euro (-653.5 million in first quarter 2021) because of the business’s usual seasonality - Net financial position: -3,580.0 million euro (-3,911.9 million on 31 March 2021 and -2,907.1 million euro on 31 December 2021) - Liquidity margin: 1,940.7 million euro, maturities with banks and other financiers guaranteed until February 2024 *** - The Board co-opts Yang Shihao as new member replacing Yang Xingqiang *** 2022 OUTLOOK AND TARGETS - 2022 macro-economic outlook held back by geopolitical tensions, inflation and drop in demand due to lockdown in China - Further measures planned, in addition to efficiencies and price/mix, to compensate for the external scenario - Estimated revenue between ~5.9 and ~6.0 billion euros (previous estimate ~5.6 and ~5.7 billion euros), with expected volumes between ~+0.5% and ~+1.5% (previous indication ~+1.5% and ~+2.5%) driven by High Value ~+5.5% / ~+6% (previous indication ~+6% / ~+7%) - Price/mix growing between ~+10% and ~+11% (previous indication ~+5.5% / ~+6.5%) - Adjusted Ebit Margin expected to be ~15% (previous estimate between ~16% and ~16.5%) due to Russia-Ukraine crisis and drop in demand in China due to lockdown - Net cash generation before dividends expected to be ~450 million (confirmed to be at the lower end of the previous indication between ~450 and ~480 million euros) - Confirmed investments of ~390 million euros (~6.5% of revenues) Confirmed net financial position of ~-2.6 billion euros
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