Pirelli, profits at 115 million. Waiting for government decisions on golden power – Corriere.it

Growing revenues for some of the industry companies that yesterday announced their financial results in the first quarter of the year. Those of Prysmian amount to 3.99 billion, with organic growth of 9% with a group net profit of 182 million, up 44.4% compared to a year ago. In light of the results above expectations, said the CEO Valerio Battista, the group has confirmed its guidance for 2023.

Revenues up to 216.9 million also for the Italian electrochemical multinational De Nora (+8.4%) but with a drop in profits to 25 million euro (-5.8%). Positive start to the year for the Recordati pharmaceutical group which in the first quarter recorded revenues of 551.4 million euros, up 31.5% compared to the first quarter of 2022 and a profit up 28.2% to 124 million.
Iveco group revenues also increased by 11.5% with a net profit of 63 million. Results that mark our stable performance improvement commented CEO Gerrit Marx.

Pirelli’s results also rose with revenues of 1,699.7 million euros (+11.7%), a net profit which rose by 4.7% to 115 million and a gross operating margin of 359.7 million euro (+8%). The trend in sales volumes of Pirelli in the first quarter of 2023 was equal to -3.1% but the trend in revenues was supported by the significant increase (+15.1%) in the price/mix due to price increases to counter the growing inflation of production factors and the improvement of the product mix. The group, awaiting the government’s decisions on the golden power, decided to convene the meeting for 29 June to approve the financial statements and postpone the renewal of the board to a subsequent meeting, to be convened by 31 July. Consequently, the presentation of the update of the Business Plan to 2025, which will be made by the end of 2023, and not in the second quarter of 2023 as previously communicated, has also been postponed. The Italian government’s assessment of the Golden Power legislation linked to the renewal of the shareholders’ agreement between the main Chinese shareholder of Pirelli, Sinochem-ChemChina, and the Italian shareholders of the Bicocca group, Camfin and Marco Tronchetti Provera Spa. a proceeding in progress and we don’t expect a result before the end of May/beginning of June. So is the executive vice president and CEO of Pirelli, Marco Tronchetti Provera. There is nothing we can say, so far we only know that the procedure has been postponed due to issues raised by other countries. The proceeding in progress.