Pirelli & C. SpA's preliminary financial statements for 2003 indicate revenues of 6.679 billion euros for the year ended Dec. 31. That compares to revenues of 6.718 billion euros (a decrease of .6%) for the previous year.
Operating income (EBIT) amounted to 266 million euros, more than double the operating income of 118 million euros in 2002.
"In 2003 Pirelli substantially completed a wide process aimed at simplifying and financially strengthening the company structure as well as at significantly adapting production capacity of industrial activities to dramatically changed market conditions in both Energy and Telecom Cables and Systems sectors," said the company.
"Efficiency actions undertaken have already shown their significant results in 2003 performance of these sectors, whose profitability stood at top levels of reference markets. Tyres Sector confirmed its strong growth -- both in profitability and market shares -- and set new challenging targets for the expansion in very important and potentially high-growth markets, like the U.S. and China."
Pirelli's Tyres Sector recorded sales of 2.965 billion euros, a year-on-year increase of 11.4%; "of this percentage, 7% refers to increased volumes and the remaining to prices/mix, thus confirming the focus on high performance market segments," says the company.
Operating income totaled approximately 220 million euros.
The board of directors appointed Carlo Secchi, chancellor of Bocconi University, as a director. Secchi also was appointed to the board's Audit Committee for Internal Control and Corporate Governance.
