|Adjusted1 Revenues||∆ '15 vs. '14||∆ '16 vs. '15||∆ '17 vs. '16|
|Of which High Value||17.1%||15.5%||12.5%|
|Total Revenue Growth||6.8%||4.0%||7.6%|
Adjusted3 EBIT without start-up costs7
|€ million||FY 20148||FY 20158||FY 20168||CAGR '14-’16||FY 2017||∆ '17 vs. '16|
|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 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%||
|Net Financial Position||1,038||1,241||
|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
Latest update: 08/03/2018