Italian tire manufacturer with profit decline in Corona year 2020.
The tire range has been expanded by one type.
The Italian tire manufacturer Pirelli now wants to grow again and become more profitable after a year plagued by the corona pandemic. For 2021, the management expects an increase in sales of around 9 to almost 12 percent to 4.7 to 4.8 billion euros, the group announced on Wednesday evening in Milan.
Around 14 to 15 percent of sales should remain as operating profit – in 2020 this value was 11.6 percent. The inflow of funds is expected to rise sharply to EUR 300 to 340 million.
Pirelli hopes for recovery
Above all, Pirelli hopes that the global tire market will recover in the current year and is anticipating growth in the high single-digit percentage range.
In the final quarter of 2020, Pirelli increased its own sales by 1.7 percent to 1.21 billion euros. If you include unfavorable exchange rate effects, however, there was a decrease of 6.1 percent compared to the same quarter of the previous year.
16 percent drop in profits
Adjusted for special effects, earnings before interest, taxes, depreciation and amortization fell by almost five percent to EUR 220.8 million. The bottom line was that the profit fell by 16 percent to 60.5 million euros.
