pirelli & c. (PC) Snapshot

Pirelli & C. SpA reported group earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of EUR 1,536.3 million compared to EUR 1,556.5 million reported in the same period last year. EBITDA before restructuring costs was EUR 255.3 million against EUR 279.1 million reported last year. EBIT before restructuring costs was EUR 183.0 million against EUR 214.7 million reported last year. EBIT was EUR 179.8 million against EUR 212.7 million reported last year. Profit before tax was EUR 114.6 million against EUR 188.8 million reported last year. Attributable net income was EUR 72.9 million against EUR 121.3 million reported last year. Net debt at the end of the period was EUR 1,680.2 million against EUR 1,305.0 million reported last year. Net operating cash out flow was EUR 417.9 million against EUR 149.1 million reported last year. Lower EBIT, as compared with first quarter 2012, was mainly attributable to the mentioned increase in the industrial cost, approximately EUR 10 million, which weight on consumer profitability and weight [ph] gradually produce increasingly benefit in the industrial business; higher cost of input, approximately EUR 20 million; the impact of ForEx, EUR 7 million; higher depreciation cost, EUR 7 million; and higher business seasonality [ph] associated with the recently acquired asset in Russian and Sweden. For the year 2013, the company expects revenues in the range of EUR 6.3 billion to EUR 6.4 billion. EBIT in the range of EUR 810 million to EUR 850 million. Capital expenditure will be EUR 400 million and net cash flow will be more than EUR 200 million.

Pirelli & C. SpA, Q1 2013 Earnings Call, May 07, 2013

Rosneft and Pirelli signed a protocol of understanding for the construction of Pirelli's Premium tyre store in Russia, which will be located within the new Rosneft flagship filling station in Sochi. The Protocol also envisages the subsequent development of other points of sale at selected Rosneft filling stations and joint marketing activity, Safe Road with Rosneft and Pirelli.