Pirelli said its 2015 operating performance was in line with targets after it booked revenue growth of 4.8% year on year to EUR6,309.6m (US$7078m), above the 2015 target of "over EUR6.25bn" thanks to the "great" improvement in the price/mix component (+7.1% compared to a target of "equal to or above" 5.5%) as a consequence of price increases, greater replacement sales and more diverse geographic and product mixes.
This performance more than offsets the decline in volumes (-1.6%, mainly in emerging markets and the industrial business) and forex volatility (-0.6%). The premium segment performance was above all forecasts with an increase in volumes of +12.7% (target "equal to or above" 10%) and grew as a percentage of consumer revenues to 60% from 55% at the end of 2014.
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EBITDA before non-recurring and restructuring charges grew 6.4% to EUR1,242.7m (EUR1,168.0m in 2014). EBIT before non-recurring restructuring charges grew 5.7% to EUR918.5m (2015 target EUR925m, EUR869.2m in 2014), with a margin of 14.6% (14.4% in 2014). This result benefited from efficiencies worth EUR94.4m in implementation of the EUR350m four-year 2014-2017 plan (vs EUR92m in 2014).
In 2015, Green Performance tyres accounted for 48% of tyre sales, Pirelli noted.
