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Tag: pirelli

  • Pirelli revenues down 31.6% compared to 30 June 2019

    Pirelli revenues down 31.6% compared to 30 June 2019

    Pirelli revenues at 1,816.4 million euro, down 31.6% compared to 30 June 2019 (-28.5% the organic variation) due to the strong reduction in demand and foreign exchange volatility, while the price mix improves.

    Adjusted Ebit at 66.7 million euro thanks to the contribution of efficiencies and cost containment actions that limited the impact of the reduction in demand and the slowdown (440.5 million euro in the first half of 2019).

    Total net result: -101.7 million euro (+307 million euro in the first half of 2019)

    Net cash flow: -757.5 million euro (-817.4 million euro in the first half of 2019, -640.5 million euro net of dividends distributed in 2019)

    Net financial position: -4,264.7 million euro substantially unchanged compared to -4,261 million euro as at 31 March 2020

    Liquidity Margin: 2,174.1 million euro as at 30 June 2020, the maturities on financial debt guaranteed for approximately 3 years

  • Marco Tronchetti Provera nominated as the ”new” Pirelli CEO

    Marco Tronchetti Provera nominated as the ”new” Pirelli CEO

    The Board of Directors of Pirelli nominated Marco Tronchetti Provera as Executive Vice Chairman and Chief Executive Officer (CEO) attributing to him the powers for the operational management of Pirelli.

    Marco Tronchetti Provera is Chief Executive Officer of Pirelli since 1992 and Executive Vice Chairman since 20 October 2015.

    The Chairman Ning Gaoning was attributed the legal representation of the Company and other powers foreseen in the current bylaws, notwithstanding the powers and prerogatives of the Board of Directors.

    The Board of Directors is composed of Ning Gaoning (Chairman), Marco Tronchetti Provera (Executive Vice Chairman and Chief Executive Officer), Yang Xingqiang, Bai Xinping, Wei Yintao (independent), Domenico De Sole (independent), Giovanni Tronchetti Provera, Zhang Haitao, Fan Xiaohua (independent), Marisa Pappalardo (independent), Tao Haisu (independent), Carlo Secchi (independent), Giovanni Lo Storto (independent), Paola Boromei (independent) e Roberto Diacetti (independent).

    The Board of Directors confirmed Francesco Tanzi, the group’s Chief Financial Officer, as the manager responsible for the preparation of the company’s accounting documents and nominated the supervisory body, which expired together with the Board that had nominated it, confirming, in continuity with the previous mandate, Carlo Secchi (Chairman), Antonella Carù, Maurizio Bonzi and Alberto Bastanzio.

  • Which are Pirelli’s tyre compounds for the first races of the Formula 1 season

    Which are Pirelli’s tyre compounds for the first races of the Formula 1 season

    Pirelli has announced the compounds for the initial eight races of the 2020 Formula 1 season – in Austria, Hungary, Great Britain, Spain, Belgium and Italy.

    The company confirmed just three colours at each race in 2020, with five different compounds available: C1 is the hardest, C5 is the softest.

    Each driver must save one set of the softest of the three nominated compounds for Q3. This set will then be returned for those who qualify in the top 10, but the remaining drivers will keep it for the race.

    Each driver must have one set of P Zero White hard and P Zero Yellow medium available for the grand prix and one of them must be used.

    Each driver has 13 sets available in total for the weekend.

    „With so many variables at the start of this delayed season, and a flexible calendar that doesn’t leave much time to react to changing circumstances, it was agreed with the Teams, the promoter and the FIA to announce the compound nominations for the first eight races this year all together. As usual, these compounds have been chosen to best match the characteristics of the individual circuit and provide interesting opportunities for race strategy”, said Mario Isola, Pirelli Head of F1 and car racing.

  • Pirelli to screen employees in Italy for Covid-19

    Pirelli to screen employees in Italy for Covid-19

    Pirelli will offer the group’s roughly 3.100 employees in Italy, the possibility of undergoing serological screening for Covid-19 aimed at further strengthening the safe restart of activities after the lockdown.

    Pirelli will offer rapid testing, through needle prick to the fingertip, and, should the result call for it, conduct at the same time venous exams and swabs as well.

    The serological screening will be carried out with the maximum level of safety inside company areas with the support of qualified health workers.

    The scheme, employee participation in which will be voluntary, is one of a number measures Pirelli has adopted for the restart of activities aimed at protecting the health of all employees, which is the company’s priority.

  • Pirelli revenues, decline of 20% compared with March 2019

    Pirelli revenues, decline of 20% compared with March 2019

    Pirelli revenues in Q1 2020, of 1,051.6 million euro, show a decline of 20% compared with 31 March 2019 because of sharp drop in demand.

    Total net profit was 38.5 million euro (101.4 million euro in Q1 2019) and net cash flow: -753.5 million euro, substantially in line with -712.9 million euro in Q1 2019.

    Covid-19 impact on Pirelli factories

    In the first quarter of 2020, the tyre sector was significantly impacted by the Covid-19 emergency at the global level and by the related lockdown measures, with a general deterioration of economic conditions, fall in consumption and production.

    In the first quarter, the demand for car tyres registered a fall of 20% in sales’ volumes, in both Original Equipment (-22.7% in line with car production) and Replacement (-19.3% because of restrictions on mobility).

    The fall in demand struck the Standard segment in particular (-22% for Car tyres ≤17’’) and to a lesser degree New Premium (-11.6% for Car tyres ≥18’’), the more resilient segment.

    During the quarter, production at Pirelli underwent significant discontinuities because of the suspension of activities in countries where this became progressively necessary both to protect workers’ health and because of the marked fall in demand.

    The experience gained in China, where production and commercial activities are returning to normal, enabled Pirelli to respond quickly to the deep changes in the global scenario, defining an action plan and new 2020 targets.

  • Logistics and industrial market in Romania can reach 8 million sqm

    Logistics and industrial market in Romania can reach 8 million sqm

    • Modern industrial and logistic facilities reached 4.6 million square meters, up by approximately 10% compared to the previous year;
    • Nearly 9% of the total stock was delivered just in 2019;
    • The market has potential to almost double to 8 million square meters in the next years.

    Romania’s stock of modern industrial & Logistic spaces posted a record increase of 50% over the last three years, but there is still significant room for growth compared to other CEE countries, Money Buzz! learned from an Colliers International report.

    In the Czech Republic, modern I&L surfaces are at roughly 9 million square meters, while in Poland are around 19 million square meters.

    “We see a lot of potential for expansion for the industrial and logistic real estate submarket, especially if major infrastructure works are to be delivered in the coming years, with automotive and retail being the most active drivers of demand. New and more restrictive EU rules regarding transportation are also likely to change the industrial and logistics landscape in Romania over the next years, increasing the need for regional storage hubs”, says Laurențiu Duică, Partner & Head of Industrial Agency at Colliers International.

    Modern leaseble industrial and logistics spaces delivered in 2019 amounted to over 400.000 sqm, which means that 1 in 11 leasable stock was delivered last year. Bucharest accounted for 62% or a total of 284,000 square meters of all deliveries. Another 500,000 square meters are expected to be delivered in 2020, with risks to this call tilted rather to the upside.

    New surfaces delivered last year are already leased

    However, new surfaces delivered last year are already leased, with vacancy rates remaining in the low: around 5% in Bucharest, while in other parts of the country, they can be as low as 3%, due to the high demand and the small area available in the completed projects. Next, the market remains dominated by projects built according to the specifications of the tenants, type Build-to-Suit.

    Rents for prime warehouse spaces remained broadly stable in 2019, between 3.9 – 4.0 euro per square meter in the Bucharest area and 3.8 – 3.9 euro per square meter in other hubs around the country. For comparison, in the area of ​​Warsaw the rents amount to 5 euro per square meter and in Budapest they reach 6 euro per square meter.

    Pirelli, most important industrial development in 2019

    In 2019, automotive was the biggest driver on the demand side, generating close to one third of the deals, or 141.000 square meters, followed by retail. Pirelli’s new logistic facility in Slatina was the most important development, covering 62,000 square meters.

    In the retail sector, a relevant trend is e-tailers looking to improve logistics in order to fasten deliveries to the final customers, which creates traction for last mile logistics.

    In fact, Bucharest – especially the North and West areas, which provide good connection with the ring road and highways – and Slatina concentrated most of the demand for industrial and logistics spaces last year, followed by Timisoara and Sibiu. In general, developments are concentrated near the Pan-European Transport Corridor IV.