Pirelli upbeat on 2012 results despite €1.2bn group deficit
ERJ staff report (BC)
Milan, Italy – The Pirelli group issued its results for the year 2012 on 11 February, citing “growth in the key economic indicators compared with 2011, in particular in profitability, notwithstanding the difficult macro-economic context especially in European markets.”
Pirelli claims profitability among the highest in the tire sector, which it attributes to operating efficiencies as well as positioning in premium products and the markets of rapidly growing economies.
Notwithstanding this upbeat analysis, the group posted a “negative net financial position” of €1 205m.
Highlights of group results
• EBIT up 34.2% over 2011 at €780.8m
• EBIT margin up to 12.9% from 10.3% at end 2011 against target of “about 13%”
• Revenue up 7.4% over 2011 at €6 071.5m
• Net profit up 27.4% over 2011 at €398.2m
• Premium segment revenue up 20.9% over 2011 at €2 075.4m.
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