We strengthened our positioning in the High Value segment, with a market share increase in the key Regions (Europe, North America and Asia Pacific), and a higher contribution from High Value to the overall results: ~58% of total revenues (+2 p.p. vs previous year) and ~83% of EBIT (+2 p.p. vs previous year).
We posted a sound profitability improvement: the adjusted EBIT before start-up costs reached €927 million (+10% YoY), well in line with the target, despite the lower than expected top line growth. The gap versus our Revenue target was mainly attributable to higher Forex volatility and accelerated reduction of our exposure to the Standard segment.
The optimal management of financial and fiscal charges resulted into a strong increase of the Net Income (+60% year over year).
Finally, Pirelli posted a strong cash flow generation (€200 million before extraordinary transactions) that led to a Net Financial Position to adjusted EBITDA ratio of 2.7 times.
2017 results highlights
1. EBIT adjusted excluding PPA amortization, non recurring, one-off, extraordinary items and start-up costs;;
Source: FY2017 Results Presentation
Last revised: 05/07/2018