Pirelli, in 2022 the profit will rise to 436 million. Wang Feng joins the Corriere.it board of directors

Pirelli closed 2022 with a net profit of 435.9 million euros (+35.5%) and an adjusted operating result of 978 million euros (+19.9%) on revenues of 24.1% at 6, 61 billion euros. Results above expectations. The adjusted EBIT margin therefore stands at 14.8% compared to 15.3% in 2021. After a record year, the company expects a period of consolidation, in a world where a general slowdown in economic growth is expected on weighed down by geopolitical tensions and the persistence of inflation in production factors (raw materials, energy and logistics). The net cash flow before dividends in 2022 was positive and equal to +515.5 million euros (above the target indicated in November of 480 million euro), an improvement of 84.3 million compared to the 431.2 million euro of 2021. The net financial position at 31 December 2022 amounted to -2,552.6 million euro (-3,390.5 million euro euro at 30 September 2022 and -2,907.1 million euro at 31 December 2021).

The forecast for 2023

In this scenario, the financial targets point to stable or slightly growing revenues between 6.6 and 6.8 billion euro, continuing to improve the price mix; an adjusted ebit margin between greater than 14% and 14.5%; expected net cash generation before dividends of between 440 and approximately 470 million euro, thanks to operating performance and efficient working capital management. The expected net financial position is equal to -2.35 billion euro with a ratio between NFP/adjusted ebitda between 1.65 /1.7 times.

Wang Feng joins the board

The company also announced that Aeolus chairman and CEO Wang Feng is joining the board in place of outgoing director Bai Xinping. The board of Pirelli, according to a note, proceeded with the co-optation and appointed him as a member of the remuneration committee, the nomination and succession committee and the strategies committee. Furthermore, the Chinese shareholder CNRC communicated that it will submit the notification required under the golden power legislation in relation to the renewal of the shareholders’ agreement signed on May 16 between CNRC, Marco Polo International, Camfin and Marco Tronchetti Provera & C., which will enter into force with the convening of the shareholders’ meeting to approve the financial statements as at 31 December 2022.