Pirelli reports 2003 year end results

The Pirelli Group has announced preliminary results for 2003 showing group revenues at 6,679 million Euro, down 0.6 per cent on the previous year’s 6,718 million Euro revenue. However, this still represented a growth of 7.

2 per cent given comparable conditions. The operating income (EBIT) more than doubled to 266 million Euro and the Net debt was reduced to 1,755 million Euro, down by 300 million from the previous year. Overall the industrial operations staff numbers were reduced from 35,247 to 33,401 in 2003.

Tyre sector sales accounted for 2,965 million Euro, an increase of 11.4 per cent; 7 per cent due to increased volume, the balance on prices and mix. Operating income from the tyre operation was 220 million Euro, an improvement of 15 per cent on the 2002 figure.