Financial highlights

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Revenues

€ million

Revenues drivers ∆ '16 vs. '15 ∆ '17 vs. '16 ∆ '18 vs. '17 ∆ '19 vs. '18

Volumes 3.5% 1.0% -3.1% -2.0%
Of which High Value 15.5% 12.5% 11.0% 6.4%
Price/Mix 3.4% 6.9% 6.8% 4.2%
Foreign Exchange -4.4% -0.7% -5.9% 0.3%
Perimeter/other 1.5% 0.4% -0.7% 0.0%
Total Revenue Growth 4.0% 7.6% -2.9% 2.5%

Adjusted2 EBIT without start-up costs6

€ million

€ million FY 20157 FY 20167 FY 2017 FY 2018 FY 2019 ∆ '19 vs. '18


Revenues 4,785 4,976 5,352 5,195 5,323 +2.5%
Of which High Value 52% 55% ~58% 64% 67%
Of which Standard 48% 45% ~42% 36% 33%


Adjusted1 EBITDA without start-up costs6 1,021 1,082 1,175 1,279 1,351 +5.6%
Adjusted1 EBITDA margin w/o start–up costs6 21.3% 21.7% 22.0% 24.6% 25.4%


Adjusted2 EBIT without start-up costs6 769 844 927 1,003 959 -4.4%
Of which High Value 77% 81% ~83% 83% 84%
Of which Standard 23% 19% ~17% 17% 13%
Adjusted2 EBIT margin w/o start-up costs6 16.1% 17.0% 17.3% 19.3% 18.0%


Adjusted2 EBIT 769 844 876 955 917 -3.9%
Adjusted2 EBIT margin 16.1% 17.0% 16.4% 18.4% 17.2%
Net Income (loss) from continuing operations (364) 164 263 449 458
Net Income adjusted3 389 297 387 576 514
Net Income adjusted3 margin 8.1% 6.0% 7.2% 11.1% 9.7%
Adjusted1 EBITDA - CapEx 672 742 648 771 920
Cash conversion ratio4 66% 69% 57% 62% 70%
CapEx on Revenues 7.3% 6.8% 9.1% 8.9% 7.3%
Net Financial Position8 1,241 4,961 3,219 3,180 3,024
Total Net Leverage5 1.2X 4.6X 2.7X 2.49X 2.42X
Research & Development costs 187 209 221 219 232
R&D costs / Revenues 3.9% 4.2% 4.1% 4.2% 4.4%
  • 1. 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.
  • 2. 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.
  • 3. Net income adjusted: calculated by adjusting Total net income (loss) for EBIT adjustments, the Venezuela deconsolidation, Net financial expenses and Tax.
  • 4. Cash conversion ratio: calculated by dividing Adjusted EBITDA - CapEx by Adjusted EBITDA.
  • 5. Total Net Leverage: calculated by dividing Net Financial Debt by Adjusted EBITDA without start-up costs.
  • 6. 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.
  • 7. Carve-out figures.
  • 8. Excluding IFRS 16 impact.

Last Revised: 2 Mar 2020

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