Pirelli closed a record half-year with revenues up 24.6% to 3,197 million euros and a net profit of 233 million (+ 77.1%). On the strength of these results, the group announces an increase in targets “thanks to the effectiveness of the business model and the measures to compensate for the external scenario”. Now, a note reads, revenues for the year are expected between approximately 6.2 and 6.3 billion euros (from 5.9 and 6 billion) and the generation of net cash before dividends between 450 and 470 million (450 million).
The key programs of the business plan have responded to the macroeconomic challenges. Consolidation continued in the sector of top-of-the-range tires, driving innovation with approximately 160 technical homologations and 4 new product lines; there were savings of € 51.7 million (around 35% of the annual target of € 150 million); the plants worked at 90% of their capacity; coverage of the main factories was started with Industrial Internet of Things technology. Finally, a look at Russia where Pirelli has suspended its investments with the exception of those destined for safety. “Russia in 2021 represented 3% of turnover, an incidence substantially unchanged also in the first half of 2022” underlines a note. To mitigate the impact of the conflict, it “oriented production to the domestic market; activated supplies of finished products from Turkey and Romania to European markets; diversified logistics service providers in order to ensure the continuity of supplies of finished products and raw materials; financial support guaranteed through local banks “.
Source: Ansa
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