Pirelli & C. S.p.a. · MIL:PIRC
Pirelli & C — 9M 2007 Earnings Presentation
26 slides from Pirelli & C's earnings presentation, Nov 9, 2007
Slide 1: 9M 2007 Group Results
9M 2007 Group Results 9th November 2007
Slide 2: Statement
STATEMENT The Manager mandated to draft corporate accounting documents of Pirelli & C. S.p.A., Claudio De Conto, attests – as per art.154-bis, comma 2 of the Testo Unico della Finanza (D.Lgs. 58/1998) – that all the accounting information contained in this presentation correspond to the documented r
Slide 3: Proposals of the BoD to the Shareholders
PROPOSALS OF THE BOD TO THE SHAREHOLDERS • On 25th October 2007, Pirelli & C. SpA, sold its stake in Olimpia with a cash in of €3,329 mn • The Board of Directors today has approved the proposal of a share capital reimbursment finalized to the distribution of an “extraordinary dividend” for €0.154 pe
Slide 4: Capital Reimbursement Proposal
CAPITAL REIMBURSMENT PROPOSAL • Reduction of the shares par-value from €0.52 to €0.29, with creation of available reserves for €1,235 mn • Distribution to shareholders of €0.154 per share for a total of €827 mn • Available reserves for a total amount of €408 mn 3
Slide 5: Time Table
TIME TABLE • 9 November 2007: Approval of the proposal by the BoD and call of Shareholders Meetings • 12 December 2007: Extraordinary Shareholders Meeting to approve share capital reduction and the distribution of reserves to shareholders • 14 December 2007: Savings Shareholders Meeting • Mid-March
Slide 6: 9M 07 Pirelli Group Financial Highlights
9M 07 PIRELLI GROUP FINANCIAL HIGHLIGHTS 9M 07 9M 06 IAS/IFRS IAS/IFRS ∆ 07/06 €/mn Net Sales (as reported) 5,234.4 3,623.1 +44.5% Net Sales (2007 excluding DGAG effect) (*) 3,951.2 3,587.3 +10.1% EBIT including Result from Equity Part. 450.0 813.2 (**) Net Income (Loss) before Discontinued Operatio
Slide 7: Pirelli Group NFP Variation – 3Q 2007 Balance Sheet
PIRELLI GROUP NFP VARIATION – 3Q 2007 BALANCE SHEET 2,969.2 2,328.8 49.5 28.5 82.5 110.3 (885.8) (25.4) NFP AT DGAG OPERATING P&C REAL FINANCIAL/ P&C REAL P&C NFP AT 30.06.2007 DECONSOL. CASH FLOW ESTATE TAX ESTATE PURCHASE 30.09.2007 EFFECT IN ORDINARY INVEST. INOCOME/ SHARES BUY- OF P&C REAL P&C R
Slide 8: 9M 2007 Pirelli Tyre Results
Reco 9M 2007 Pirelli Tyre Results
Slide 9: 9M 07 Pirelli Tyre Results
9M 07 PIRELLI TYRE RESULTS €/mn 9M 07 9M 06 IAS/IFRS IAS/IFRS Variation ∆Price/mix: +4.5% Net ∆Volumes: +3.5% 3,191.8 2,990.6 +6.7% Sales ∆Actual Variation: + 8.0% ∆Exch. Rates: -1.3% EBITDA 430.6 418.1 +3.0% ∆Total: +6.7% EBITDA margin 13.5% 14.0% ∆Commercial Variations: € 100.0 mn EBIT 286.2 271.4
Slide 10: 9M Pirelli Tyre Results by Business Segment
9M 07 PIRELLI TYRE RESULTS BY BUSINESS SEGMENT €/mn 9M 07 9M 06 Variation IAS/IFRS IAS/IFRS CONSUMER Sales 2,212.2 2,072.0 +6.8% EBIT 201.8 188.8 +6.9% ROS 9.1% 9.1% INDUSTRIAL Sales 979.6 918.6 +6.6% EBIT 84.4 82.6 +2.2% ROS 8.6% 9.0% • Consumer sales organic growth 8,2%, driven by volumes mainly i
Slide 11: Pirelli Tyre Ongoing Investments
PIRELLI TYRE ONGOING INVESTMENTS ITALY BRAZIL CAR BRAZIL TRUCK 10
Slide 12: Agenda
AGENDA - November 27, 2007: Yanzhou - New Car Tyre Opening Ceremony - November 29, 2007: Shanghai - “The Cal 2008” launch 11
Slide 13: 9M 2007 Pirelli Broadband Solutions Results
9M 2007 Pirelli Broadband Solutions Results
Slide 14: 9M 07 Pirelli Broadband Solutions Results
9M 07 PIRELLI BROADBAND SOLUTIONS RESULTS 3Q 07 3Q 06 9M 07 9M 06 Net Sales 36.1 29.9 91.9 102.6 ∆% 20.7% -10.4% EBITDA (2.5) 0.0 (8.4) (0.1) EBIT (3.2) (0.4) (10.1) (1.0) Net Income (loss) (4.7) 0.8 (12.6) (2.5) NFP 46.0 9.0 13
Slide 15: 3Q 2007 Pirelli Real Estate Results
3Q 2007 Pirelli Real Estate Results
Slide 16: Pirelli RE Recent Achievements
PIRELLI RE RECENT ACHIEVEMENTS • Assets under Management (Real Estate and NPLs) €15.5 bn, of which around 27% is co-invested by Pirelli RE •EBIT including Income from Equity Participations, net of DGAG consolidated effects stood at €141,2 million or 22% increased compared with 9 months 2006 •Consoli
Slide 17: 9M 07 Pirelli RE Consolidated P&L
9M 07 PIRELLI RE CONSOLIDATED P&L 9M 07 9M 06 ∆ 07/06 IAS/IFRS IAS/IFRS % €/mn Pro-quota Aggregate Revenues (*) 1,071.9 915.1 +17% Consolidated Revenues (*) 612.5 464.4 EBIT Incl. Income from Equity Participations (**) 164.0 115.6 Profit before taxes 123.4 114.6 Net Attributable Income 95.8 84 +14%
Slide 18: 9M 07 Pirelli RE Consolidated Balance Sheet
9M 07 PIRELLI RE CONSOLIDATED BALANCE SHEET 9M 07 9M 07 FY 06 After €/mn IAS/IFRS DGAG decons. IAS/IFRS Fixed Assets 855.4 868 581.7 (of which Investments in Participated Company and Funds) 569.1 582 426.1 Net Working Capital 256.1 240 283.3 Net Invested Capital 1,111.5 1,108 865.0 Shareholders’ Equ
Slide 19: Pirelli Group Outlook 2007
PIRELLI GROUP OUTLOOK 2007 WE CONFIRM 2007 INCREASE IN P&L RESULT, WITH A SOUND FINANCIAL STRUCTURE 18
Slide 20: Disclaimer
DISCLAIMER This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current ex
Slide 21: Back-up Slides
BACK-UP SLIDES ItRecu 20
Slide 22: Pirelli New Group Structure
PIRELLI NEW GROUP STRUCTURE Main Shareholders (*) Pirelli & C. Camfin 19.6% Mediobanca 4.4% Edizione Holding 4.4% Fondiaria SAI 4.2% R.A.S. 4.2% 100% Assicurazioni Generali 4.2% Pirelli Labs 100% 61.1% 53.3% 51% Pirelli Pirelli Pirelli Pirelli Broadband Tyre Real Estate Ambiente Solutions (*) The st
Slide 23: 9M 2006 – Pirelli Group Results
9M 2006 – PIRELLI GROUP RESULTS PIRELLI PIRELLI PIRELLI GRUPPO ALTRO GRUPPO TYRE BROADB.SOLUT. REAL ESTATE AMBIENTE PIRELLI &C. CONS. €/mn 30.09.07 30.09.06 30.09.07 30.09.06 30.09.07 30.09.06 30.09.07 30.09.06 30.09.07 30.09.06 30.09.07 30.09.06 Sales 3,191.8 2,990.6 91.9 102.6 1,895.7 464.4 50.7 5
Slide 24: Pirelli Broadband Solutions: Fields of Activity
PIRELLI BROADBAND SOLUTIONS: FIELDS OF ACTIVITY BBA: ENLARGING CLIENTS PORTFOLIO PHOTONICS: AND PRODUCTS BECOMING A REALITY • CWDM City 8TM enhancement to 10 Gbits • ADSL2/2+ deployment on track • DTL and ITLA market sales • SET-TOP-BOX sales and new tenders • Launch of Transponder MSA300 expected A
Slide 25: Pirelli Ambiente: Environmental Group's Solutions
PIRELLI AMBIENTE: ENVIRONMENTAL GROUP’S SOLUTIONS PIRELLI AMBIENTE PIRELLI AMBIENTE SOLAR UTILITY SpA ECO TECHNOLOGY RENEWABLE ENERGY (50% STAKE) Energy recovery from JV in the photovoltaic Gecam TM, Filters municipal solid waste energy sector (SRF-P) Reducing the Reducing CO 2 emissions of emission
Slide 26: 9M 07 Pirelli Ambiente Results
9M 07 PIRELLI AMBIENTE RESULTS €/mn 9M 07 9M 06 Variation IAS/IFRS IAS/IFRS Net 50.7 54.5 -7.0% Sales EBIT (5.0) 0.9 (*) n.m. Net Income (5.3) 0.5 n.m. (*) Including €2.9 mn of agreement with RE Energy for CDR • Sales consolidation of Gecam and start-up of anti-particulate filters for industrial veh