Key Developments: Pirelli & C SpA (PECI.MI)
8.98EUR
17 May 2013
€0.33 (+3.82%)
€8.65
€8.67
€8.98
€8.67
3,817,500
2,917,423
€9.76
€6.88
Latest Key Developments (Source: Significant Developments)
Pirelli & C SpA Approves Authorization of Share Repurchase
Pirelli & C SpA announced that shareholders approved the authorization requested by the Board of Directors for the buyback and disposition of own shares up to 10% of Company Capital and for a maximum period of 18 months, as well as some modifications to the bylaws in relation to the adoption of the discipline regarding gender balance within the administrative and control bodies of listed companies, and to put in motion the reception of new legal and regulatory dispositions. Full Article
Pirelli & C SpA Confirms FY 2013 Revenues and EBIT Guidance
Pirelli & C SpA announced it has confirmed the Company's revenues and EBIT guidance for fiscal year 2013. The Company expects to report for fiscal year 2013 revenues between EUR 6.3 billion and EUR 6.4 billion and a consolidated EBIT between EUR 810 million and EUR 850 million, with margin in line with or slightly higher than fiscal year 2012. According to I/B/E/S Estimates, analysts on average are expecting the Company to report for fiscal year 2013 revenues of EUR 6,313.29 million and EBIT of EUR 828.66 million. Full Article
Pirelli & C SpA to Subscribe to NewCo Capital Increase for EUR 23 Million and in Prelios SpA to Maximum of EUR 2.3 Million; Reconfigures EUR 173.5 Million Credit With Prelios SpA Into Shares
Pirelli & C SpA announced that, in relation to the extraordinary operation of the re-launch of Prelios SpA, Pirelli aims at the reconfiguration of the entire EUR 173.5 million of credit towards Prelios on December 31, 2012, by subscribing approximately EUR 26.3 million in ordinary Prelios shares not bound by a lock-up, variable as a function of the degree to which the market subscribes to the capital increase; and approximately EUR 147.2 million in equity linked bonds destined for conversion, with a cash option for Prelios (of 7 years’ duration) and with possible early conversion if certain events come to pass. Pirelli also aims at contributing in new funds to a total maximum value of EUR 25.3 million, of which approximately EUR 23 million to subscribe to the capital increase of the newly constituted company vehicle (NewCo); and, approximately EUR 2.3 million to subscribe to a portion of any part of the Prelios capital increase offered as an option to its shareholders that is eventually not taken up by the market. At the conclusion of the first phase of the operation it is foreseen that Pirelli will have a maximum direct stake of 17% in the voting capital of Prelios and approximately 33% of NewCo and a share of equity linked bonds destined for conversion which could vary in value between a minimum of EUR 147.2 million and a maximum of EUR 173.5 million depending on the degree to which the market subscribes to the capital increase offered by Prelios to its shareholders. Full Article
Pirelli & C SpA to Propose Dividend Distribution for FY 2012; Issues FY 2013 EBIT and Revenues Guidance In-Line With Analysts' Estimates
Pirelli & C SpA announced that the Board of Directors will propose to shareholders the distribution for fiscal year 2012 of a dividend of EUR 0.32 per ordinary share (EUR 0.27 for fiscal year 2011) and EUR 0.39 euro per savings share (EUR 0.34 for fiscal year 2011), equal to a total dividend outlay of EUR 156.7 million. The dividend will be paid from May 23, 2013 (the ex-dividend date will be May 20, 2013 and record date May 22, 2013). Pirelli & C SpA also announced that it has issued the Company's EBIT and revenues guidance for fiscal year 2013. The Company expects to report for fiscal year 2013 consolidated EBIT between EUR 810 million and EUR 850 million and total revenues between EUR 6.3 billion and EUR 6.4 billion. According to I/B/E/S Estimates, analysts on average are expecting the Company to report for fiscal year 2013 EBIT of EUR 862.16 million and revenues of EUR 6,416.53 million. Full Article
Pirelli & C SpA's Subsidiary Signs Joint Venture with Clean Diesel Technologies Inc
Pirelli & C SpA announced that Pirelli & C. Ambiente SpA and Clean Diesel Technologies, announced the signing of an agreement to form a joint venture company to market and sell emissions control products for both gasoline and diesel applications in Europe and the CIS countries. The new joint venture company, Eco Emission Enterprise Srl, will be located in Milan, Italy, and is expected to begin operations in March 2013. Full Article
Pirelli & C SpA in Joint Venture with Russian Technologies Launches Second Production Line at Voronezh
Pirelli & C SpA announced that, together with Russian Technologies, it has launched on January 30, 2013 a second production line at their joint venture’s Voronezh plant in southwest Russia. The new production line – Voronezh 2 – has been upgraded to Pirelli’s technological standards and will enable the production, from March 2013, of the compounds needed to produce Pirelli high performance tyres, especially for the Winter segment. The plant’s modernization included the installation of new equipment, fully compliant with Pirelli’s standards, and required an investment of approximately EUR 56 million in 2012. The total investment in Voronezh will therefore be EUR 100 million, as already announced to the market by Pirelli in the Company's three-year industrial plan. Full Article
Pirelli & C SpA Signs Agreement with Rosneft
Pirelli & C SpA announced that it has signed with Rosneft an agreement to develop cooperation in trade and marketing. The agreement was signed by Igor Sechin, President and Chairman of the Management Board at Rosneft, and Marco Tronchetti Provera, Chairman and Chief Executive Officer of Pirelli & C. S.p.A. The two companies plan to run joint marketing projects and sell products made by Pirelli, a global tyre manufacturer, at Rosneft’s chain of filling stations. Full Article
Pirelli & C SpA Issues FY 2012 Operating Profit Guidance In-Line With Analysts' Estimates
Pirelli & C SpA announced that it has issued operating profit guidance for fiscal year 2012. The Company expects to report for fiscal year 2012 operating profit of approximately EUR 800 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report for fiscal year 2012 operating profit of EUR 802.00 million. Full Article
Pirelli & C SpA Lowers FY 2012 Revenues Guidance and Confirms FY 2012 EBIT Guidance
Pirelli & C SpA announced that it has lowered the Company's revenues guidance for fiscal year 2012 to approximately EUR 6.4 billion, compared to its previous guidance at approximately EUR 6.45 billion. The change has been due to a total volume reduction of -3/-4% linked to a more rapid exit from less profitable standard products. Pirelli & C also announced that it has confirmed the Company's EBIT guidance for fiscal year 2012 of at least EUR 800 million. The confirmation has been due to the continued growth, stable pricing policy and efficiencies raised to approximately EUR 150 million from EUR 120 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report for fiscal year 2012 revenues of EUR 6,371.89 million and EBIT of EUR 811.43 million. Full Article
Pirelli & C SpA Acquires 100% of Dackia Holding AB
Pirelli & C SpA announced that in line with its strategy of reinforcement on markets with growth in high-end, high margin segments, has acquired 100% of the capital of Dackia Holding AB, one of the main multi-brand tyre distribution chains in Sweden from the private equity group Procuritas Capital Investors IV LP and minority shareholders for SEK 625 million, or approximately EUR 70 million. Full Article
Investors in talks to buy stake in Pirelli holding company
MILAN - Industrial and financial investors are in talks to buy a stake in Camfin , a holding company that controls tiremaker Pirelli , key investor Marco Tronchetti Provera said on Friday.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
