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Financial Highlights

Adjusted1 Revenues

€ million

Adjusted1 Revenues ∆ '15 vs. '14 ∆ '16 vs. '15 ∆ '17 vs. '16

Volumes 0.7% 3.5% 1.0%
Of which High Value 17.1% 15.5% 12.5%
Price/Mix 4.1% 3.4% 6.9%
Foreign Exchange 2.0% -4.4% -0.7%
Perimeter6 0.0% 1.5% 0.4%
Total Revenue Growth 6.8% 4.0% 7.6%

Adjusted3 EBIT without start-up costs7

€ million

€ million FY 20148 FY 20158 FY 20168 CAGR '14-’16 FY 2017 ∆ '17 vs. '16


Adjusted1 Revenues 4,480 4,785 4,976 5.4% 5,352 7.6%
Of which High Value 45% 52% 55% 16.4% ~58% 11.8%
Of which Standard 55% 48% 45% -4.7% ~42% 2.3%


Adjusted2 EBITDA without start-up costs7 890 1,021 1,082 10.3% 1,175 8.6%
Adjusted2 EBITDA margin w/o start–up costs7 19.9% 21.3% 21.7%
22.0%


Adjusted3 EBIT without start-up costs7 654 769 844 13.6% 927 9.7%
Of which High Value 68% 77% 81%
~83%
Of which Standard 32% 23% 19%
~17%
Adjusted3 EBIT margin w/o start-up costs7 14.6% 16.1% 17.0%
17.3%


Adjusted3 EBIT 654 769 844 13.6% 876 3.8%
Adjusted3 EBIT margin 14.6% 16.1% 17.0%
16.4%
Net Income from continuing operations 220 (364) 164
263
Net Income adjusted4 281 388 297
387
Net Income adjusted4 margin 6.3% 8.1% 6.0%
7.2%
Adjusted2 EBITDA without start-up costs7 - CapEx 592 672 742
686
Cash conversion ratio5 67% 66% 69%
58%
CapEx on Revenues 6.6% 7.3% 6.8%
9.1%

Net Financial Position 1,038 1,241
4,961

3,219
Total Net Leverage6 1.2X 1.2X 4.6X
2.7X
Research & Development costs 181 187 209
221
R&D costs / Adjusted1 Revenues 4.0% 3.9% 4.2%
4.1%
  • 1. Adjusted Revenues: calculated by subtracting the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. (to account for the deconsolidation of such company) from Revenues from sales and services.
  • 2. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
  • 3. Adjusted EBIT: calculating by adjusting Operating profit (EBIT) for amortization of intangible assets included in PPA, non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
  • 4. Net income adjusted: calculated by adjusting Total net income (loss) for EBIT adjustments, the Venezuela deconsolidation, Net financial expenses and Tax.
  • 5. Cash conversion ratio: calculated by dividing Adjusted EBITDA - CapEx by Adjusted EBITDA.
  • 6. Total Net Leverage: calculated by dividing Net Financial Debt by Adjusted EBITDA without start-up costs.
  • 7. Start-up costs are related to (i) the start-up phase of programs addressing new customer requirements such as connectivity (cyber assets) and our return to the bicycles business (the Velo project), (ii) activities addressing the digital transformation of society, and (iii) work on the conversion of the Aeolus car factory acquired on October 1, 2016, from the production of Aeolus-brand products to Pirelli-brand products.
  • 8. Carve-out figures

Revenues

€ million (reported figures)

Revenues drivers ∆ YoY
Volumes -1.5%
Of which High Value +12.8%
Price/Mix +7.2%
Foreign Exchange -7.3%
IFRS 15 Accounting Standard -0.6%
Total -2.2%

Adjusted3 EBIT w/o Start-Up costs4

€ million

€ million 1Q 2017 1Q 2018 ∆ YoY
Revenues 1,339 1,310 -2.2%
Of which High Value 775 834 +7.5%
Of which Standard 564 476 -15.5%
Adjusted2 EBITDA 270 288 +6.5%
Adjusted2 EBITDA margin 20.2% 22.0%
Adjusted3 EBIT without Start-Up costs4 220 229 +4.5%
Adjusted3 EBIT without Start-Up costs4 margin 16.4% 17.5%
Adjusted3 EBIT 205 218 +6.5%
Adjusted3 EBIT margin 15.3% 16.7%
Net Operating Income 50 92
Net Income margin 3.7% 7.0%
  • 1. Net of Forex and IFRS 15 Accounting Standard effects.
  • 2. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
  • 3. Adjusted EBIT: calculating by adjusting Operating profit (EBIT) for amortization of intangible assets included in PPA, non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
  • 4. Start-up costs are related to (i) the start-up phase of programs addressing new customer requirements such as connectivity (cyber assets) and our return to the bicycles business (the Velo project), (ii) activities addressing the digital transformation of society, and (iii) work on the conversion of the Aeolus car factory acquired on October 1, 2016, from the production of Aeolus-brand products to Pirelli-brand products..

Last revised: 15 May 2018

Further information on the company's financial communications is available in the

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