Financial Highlights

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Adjusted1 Revenues

€ million (carve-out figures)

Adjusted1 Revenues drivers ∆ '15 vs. '14 ∆ '16 vs. '15
Volumes 0.7% 3.5%
Of which High Value 17.1% 15.5%
Price/Mix 4.1% 3.4%
Foreign Exchange 2.0% -4.4%
Perimeter7 0.0% 1.5%
Total 6.8% 4.0%

Adjusted3 EBIT

€ million (carve-out figures)

€ million (carve-out figures) FY 2014 FY 2015 FY 2016 CAGR '14-’16
Adjusted1 Revenues 4,480 4,785 4,976 5.4%
Of which High Value 2,035 2,484 2,755 16.4%
Of which Standard 2,445 2,301 2,222 -4.7%
Adjusted2 EBITDA 890 1,021 1,082 10,3%
Adjusted2 EBITDA margin 19.9% 21.3% 21.7%
Adjusted3 EBIT 654 769 844 13.6%
Of which High Value 447 596 686 23.9%
Of which Standard 207 174 158 -12.7%
Adjusted3 EBIT margin 14.6% 16.1% 17.0%
Net Income adjusted4 281 388 297
Net Income adjusted4 margin 6.3% 8.1% 6.0%
Adjusted2 EBITDA - CapEx 592 672 742
Cash conversion ratio5 67% 66% 69%
Net Financial Debt6 1,093 1,284 5,045
Total Net Leverage7 1,23 1,26 4,66
  • 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. Net Financial Debt: Net Financial Position before non current financial receivables.
  • 7. Total Net Leverage: calculated by dividing Net Financial Debt by Adjusted EBITDA.

Adjusted1 Revenues

€ million (reported figures)

Adjusted1 Revenues drivers ∆ YoY
Volumes 1.2%
Of which High Value 12.9%
Price/Mix 6.5%
Foreign Exchange 0.6%
Perimeter7 0.7%
Total 9.0%

Adjusted3 EBIT w/o Start-Up costs6

€ million (reported figures)

€ million (reported figures) 9M 2016 9M 2017 ∆ YoY
Adjusted1 Revenues 3,706 4,038 9.0%
Of which High Value 2,077 2,344 12.9%
Of which Standard 1,630 1,695 4.0%
Adjusted2 EBITDA 801 836 4.4%
Adjusted2 EBITDA margin 21.6% 20.7%
Adjusted3 EBIT 621 642
Adjusted3 EBIT margin 16.7% 15.9%
Adjusted3 EBIT without Start-Up costs6 621 681 9.7%
Adjusted3 EBIT without Start-Up costs6 margin 16.7% 16.9%
Net Income adjusted4 133 258
Net Income adjusted4 margin 3.6% 3.4%
  • 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.
  • 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. Perimeter driver: change in scope of consolidation.

Latest update: 06/11/2017