Pirelli in Figures - 9M 2023

Latest update Nov, 9th 2023

Financial Highlights
Full year figures
Interim figures

Adjusted revenues details

Full year figures
Interim figures

Adjusted EBIT bridge

Full year figures
Interim figures

Balance sheet
Full year figures
Interim figures

Cash flow
Full year figures
Interim figures

Legenda
Blue: Input
Black: Formula
Green: Link

Disclaimer
The "Pirelli in Figures" contains historical Pirelli financial figures for the years 2014-2022

2014-2016 carve-out figures: prepared for the IPO, in order to represent the new Company perimeter after the assignation
of Industrial activities to Marco Polo International Italy S.p.A. (“Marco Polo”) in March 2017.

2016-2021 restated / reported figures: include the Industrial business among the “discontinued operation”. The results for
the period for the “discontinued operation” were reclassified to the Income Statement as a single item, “net income (loss)
related to discontinued operations”, and includes the financial result for the first quarter of 2017 for the Industrial Business,
which no longer comes under the consolidation perimeter of the Group as a result of the assignment, as well as the twelve
month results for some of the residual Industrial activities currently in the process of being separated. In accordance with the
relevant accounting standard, the comparable financial data for 2016 was subjected to restatement. Cash flow for 2017 and
2016 followed the same approach and includes in one single line item the cash flow of the discontinued operation.
Balance Sheet 2017 figures report in one single item named “asset held for sale” the amount of the net asset related to the
residual industrial activities currently in the process of being separated. Balance sheet 2016 in accordance to relevant
accounting principles has not been restated including figures related to industrial activities in one single line item.
Financial Highlights - Full Year figures
€ million

Selected Financial Measures FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

reported reported reported reported reported reported

Adjusted Revenues (1) 5,352.3 5,194.5 5,323.1 4,302.1 5,331.5 6,615.7

o/w High Value 3,079.2 3,309.9 3,539.9 3,029.8 3,778.0 4,691.4
o/w Standard 2,273.1 1,884.5 1,783.2 1,272.3 1,553.5 1,924.3

Adjusted EBITDA (2) 1,137.7 1,234.7 1,310.1 892.6 1,210.7 1,408.3

Adjusted EBITDA (2) margin 21.3% 23.8% 24.6% 20.7% 22.7% 21.3%

Adjusted EBIT (3) 876.4 955.0 917.3 501.2 815.8 977.8

Adjusted EBIT (3) margin 16.4% 18.4% 17.2% 11.6% 15.3% 14.8%

EBIT 673.6 703.1 742.7 219.1 577.1 791.5

Tax rate -13.4% -10.6% -26.4% -25.6% -26.4% -26.8%

Net income (loss) from continuing operations 263.3 448.8 457.7 42.7 321.6 435.9
Net Income (Loss) 175.7 442.4 457.7 42.7 321.6 435.9
o/w Minorities (0.7) 10.8 19.6 12.9 18.8 18.1

Net Income Adjusted (4) 386.8 576.3 514.3 245.5 468.8 570.4
Net Income Adjusted (4) margin 7.2% 11.1% 9.7% 5.7% 8.8% 8.6%

Adjusted EBITDA (2) - Investments 648.3 771.3 919.6 752.6 865.1 1,010.6
Cash conversion ratio (5) 57% 62% 70% 84% 71% 72%

Net Financial Position 3,218.5 3,180.1 3,507.2 3,258.4 2,907.1 2,552.6

Total Net Leverage (7) 2.7 2.49 2.68 3.65 2.40 1.81

Research & Development costs 221.5 219.0 232.5 194.6 240.4 263.9
o/w dedicated to High Value products and services 199.9 202.9 215.7 182.5 225.1 247.1
R&D costs / Adjusted Revenues (1) 4.1% 4.2% 4.4% 4.5% 4.5% 4.0%
High Value R&D costs / High Value Revenues (1) 6.5% 6.1% 6.1% 6.0% 6.0% 5.3%

1. Adjusted Revenues: calculated by subtracting the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. (to account for the deconsolidation of such company) from Revenues from sales and
services.

2.Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring, restructuring expenses, other adjustments, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to
the consolidated financial statements made by the Steelcord activities.

3. Adjusted EBIT: calculating by adjusting Operating profit (EBIT) for amortization of intangible assets included in PPA, non-recurring, restructuring expenses, other adjustments, the contribution to the consolidated financial
statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
4. Net Income Adjusted: calculated by adjusting Total net income (loss) for EBIT adjustments, the Venezuela deconsolidation, Net financial expenses and Tax.
5. Cash conversion ratio: calculated by dividing (Adjusted EBITDA - CapEx) by Adjusted EBITDA.
6. Start-up costs are related to (i) the start-up phase of programs addressing new customer requirements such as connectivity (cyber assets) and our return to the bicycles business (the Velo project), (ii) activities addressing the
digital transformation of society, and (iii) work on the conversion of the Aeolus car factory acquired on October 1, 2016, from the production of Aeolus-brand products to Pirelli-brand products.
Financial Highlights - Interim figures
€ million

Selected Financial Measures 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022
reported reported reported reported reported reported reported reported reported

Revenues 1,051.6 764.9 1,277.4 1,208.3 1,244.7 1,320.1 1,414.5 1,352.2 1,521.1
o/w High Value 732.2 553.4 917.7 826.5 903.8 940.5 997.4 936.3 1,121.3
o/w Standard 319.3 211.4 359.7 381.8 340.9 379.7 417.1 415.9 399.8

Adjusted EBITDA (1) 244.2 23.7 309.4 315.4 266.5 307.4 320.2 316.7 333.1
Adjusted EBITDA (1) margin 23.2% 3.1% 24.2% 26.1% 21.4% 23.3% 22.6% 23.4% 21.9%

Adjusted EBIT (2) 141.1 (74.4) 213.7 220.8 168.8 208.6 221.4 217.0 228.5
Adjusted EBIT (2) margin 13.4% -9.7% 16.7% 18.3% 13.6% 15.8% 15.7% 16.0% 15.0%

EBIT 88.4 (145.2) 152.4 123.5 97.4 151.2 177.7 150.8 192.6

Tax rate -24.0% -24.3% -24.2% -25.4% -26.4% -26.4% -26.4% -26.3% -26.7%
Net income (Loss) from continuing operations 38.5 (140.2) 83.9 60.6 42.2 89.4 104.6 85.4 109.8
Net Income (Loss) 38.5 (140.2) 83.9 60.6 42.2 89.4 104.6 85.4 109.8
o/w Minorities 1.3 0.3 4.1 7.2 3.2 5.2 (2.7) 13.1 2.3

Net Income Adjusted (6) 76.3 (89.7) 128.6 130.4 93.9 130.4 135.8 108.6 135.6
Net Income Adjusted (6) margin 7.3% -11.7% 10.1% 10.8% 7.5% 9.9% 9.6% 8.0% 8.9%

1. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring and restructuring expenses, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the
Steelcord activities.
2. Adjusted EBIT: calculating by adjusting Operating profit (EBIT) for amortization of intangible assets included in PPA, non-recurring, restructuring expenses and other adjustments.
3. Start-up costs are related to (i) the start-up phase of programs addressing new customer requirements such as connectivity (cyber assets) and our return to the bicycles business (the Velo project), (ii) activities addressing the digital transformation of society,
and (iii) work on the conversion of the Aeolus car factory acquired on October 1, 2016, from the production of Aeolus-brand products to Pirelli-brand products.
4. obtained as a difference between 1H 2017 carve-out and 1Q 2017 reported; Net Income (Loss) from discontinued operations not applicable
5. obtained as a difference between 9M 2017 reported and 1H 2017 carve-out; Net Income (Loss) from discontinued operations not applicable
6. Net Income Adjusted: calculated by adjusting Total net income (loss) for EBIT adjustments, the Venezuela deconsolidation, Net financial expenses and Tax.
Revenues drivers - Full Year figures
€ million

Adjusted Revenues drivers vs. previous year FY 2014 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
carve-out reported reported reported reported reported reported

Volumes 1.0% -3.1% -2.0% -15.3% 15.7% -1.0%

o/w High Value 12.5% 11.0% 6.4% -9.0% 20.2% 4.7%
o/w Standard -5.3% -14.0% -9.7% -21.4% 11.2% -6.3%

Price/Mix 6.9% 6.8% 4.2% 1.2% 9.1% 19.7%

Exchange rate / hyperinflation accounting in Argentina -0.7% -5.9% 0.3% -5.1% -0.9% 5.4%

Perimeter / Other (1) 0.4% -0.7% 0.0% 0.0% 0.0% 0.0%

Total 7.6% -2.9% 2.5% -19.2% 23.9% 24.1%

1. Aeolus Car / Velo up to FY'17; for 1Q-4Q 2018: in accordance with IFRS 15 (starting from January 1st, 2018), costs incurred for sales promotion are required to be treated as variable components of consideration and therefore have the effect of
reducing revenues
Revenues drivers - Interim figures
€ million

Adjusted Revenues drivers vs. previous year 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022
reported reported reported reported reported reported reported reported reported reported

Volumes -17.2% -41.6% -3.8% 1.1% 22.2% 69.9% -0.4% -7.3% -1.4% -0.6%

Price/Mix -1.3% 3.3% 2.3% 0.6% 2.3% 4.0% 10.9% 16.3% 20.4% 20.4%

Exchange rate / hyperinflation accounting in Argentina -1.5% -4.7% -6.0% -7.8% -6.1% -1.3% 0.2% 2.9% 3.2% 7.1%

Perimeter / Other (1) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Total -20.0% -43.0% -7.5% -6.1% 18.4% 72.6% 10.7% 11.9% 22.2% 26.9%

1. Aeolus Car / Velo up to FY'17; for 1Q-4Q 2018: in accordance with IFRS 15 (starting from January 1st, 2018), costs incurred for sales promotion are required to be treated as variable components of consideration and therefore have the effect of reducing revenues
Adjusted EBIT bridge - Full Year figures
€ million

Adjusted EBIT bridge drivers FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
restated reported reported reported reported reported reported

Adjusted EBIT at the beginning of the period 769.2 844.3 876.4 955.0 917.3 501.2 815.8

Volumes 58.0 23.2 (68.3) (44.8) (350.6) 266.6 (21.8)

Price/Mix 100.0 277.5 238.7 122.9 19.5 282.7 890.7

Efficiencies 98.0 46.6 70.1 70.0 159.6 154.6 136.0

Start-up costs 0.0 (50.2) 2.5 6.4

D&A / Other (72.9) (39.9) (20.7) (50.7) (114.5) (80.9) (54.7)

Raw materials (5.0) (164.8) (52.0) (66.7) (20.0) (211.9) (491.5)

Other input costs (70.0) (53.6) (48.3) (76.6) (50.0) (85.0) (327.4)

Exchange rate (33.0) (6.7) (43.4) 1.8 (60.1) (11.5) 30.7

Adjusted EBIT at the end of the period 844.3 876.4 955.0 917.3 501.2 815.8 977.8
Adjusted EBIT bridge - Interim figures
€ million

Adjusted EBIT bridge drivers 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022
reported reported reported reported reported reported reported reported reported reported

Adjusted EBIT at the beginning of the period 219.2 221.3 244.5 232.3 141.1 (74.4) 213.7 220.8 168.8 208.6

Volumes (95.0) (237.2) (22.4) 4.0 95.9 219.1 (5.5) (42.9) (7.4) (3.5)

Price/Mix (14.9) 21.9 14.4 (1.9) 16.0 31.0 103.0 132.7 206.2 229.2

Efficiencies 31.2 32.6 45.0 50.8 25.8 56.7 27.2 44.9 28.6 23.1

D&A / Other 20.2 (78.5) (30.9) (25.3) (77.1) 26.7 (18.3) (12.2) (0.5) (10.1)

Raw materials (3.3) (11.5) (5.0) (0.2) (11.1) (27.6) (75.0) (98.2) (119.9) (116.1)

Other input costs (15.2) (7.6) (13.5) (13.7) (10.8) (21.2) (18.6) (34.4) (53.3) (87.6)

Exchange rate (1.2) (15.3) (18.4) (25.2) (11.0) (1.7) (5.1) 6.3 6.0 9.5

Adjusted EBIT at the end of the period 141.1 (74.4) 213.7 220.8 168.8 208.6 221.4 217.0 228.5 253.1
Balance Sheet - Full Year
€ million

Key Balance Sheet metrics FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
reported reported reported reported reported reported

Current Ratio (1) 1.1 1.2 1.1 1.6 1.2 1.3

Quick Ratio (2) 0.8 0.8 0.8 1.3 0.9 0.9
Net Financial Position (3) 3,218.5 3,180.1 3,507.2 3,258.4 2,907.1 2,552.6

Reclassified balance items FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

reported reported reported reported reported reported

Fixed assets excl. IFRS 16 9,121.0 9,017.8 9,007.2 8,423.1 8,447.2 8,464.3
Fixed assets incl. IFRS 16 9,121.0 9,017.8 9,469.8 8,857.1 8,912.4 8,911.1
Net Working Capital (234.2) 112.1 212.7 140.4 125.8 163.2
Net invested capital 8,947.6 9,140.5 9,682.5 8,997.5 9,038.2 9,074.3

Net equity 4,177.0 4,550.9 4,826.6 4,551.9 5,042.6 5,453.8

Provisions 1,552.1 1,409.5 1,348.7 1,187.3 1,088.4 1,067.9
Net Financial Position excl. IFRS 16 3,218.5 3,180.1 3,024.1 2,792.5 2,402.7 2,067.1
Lease liabilities (IFRS 16) n.a. n.a. 483.2 465.9 504.4 485.5
Net Financial Position incl. IFRS 16 3,218.5 3,180.1 3,507.2 3,258.4 2,907.1 2,552.6
Source of financing 8,947.6 9,140.5 9,682.5 8,997.5 9,038.2 9,074.3

IAS balance items: Assets FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
reported reported reported reported reported reported

Non-current assets 9,464.8 9,353.9 10,012.9 9,453.8 9,598.3 9,475.2

Current assets 3,208.4 3,667.1 3,921.6 4,284.8 4,284.8 4,422.3
Total Assets 12,733.9 13,031.7 13,934.5 13,738.6 13,883.2 13,897.5

IAS balance items: Liabilities and Equity FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
reported reported reported reported reported

Non-current liabilities 5,646.7 5,474.7 5,503.4 6,470.6 5,216.5 5,101.5

Current liabilities 2,910.2 3,006.0 3,604.5 2,716.1 3,624.0 3,342.2
Total Liabilities 8,556.9 8,480.8 9,107.8 9,186.7 8,840.5 8,443.7

Total Equity 4,177.0 4,550.9 4,826.6 4,551.9 5,042.6 5,453.8

Total Liabilities and Equity 12,733.9 13,031.7 13,934.5 13,738.6 13,883.2 13,897.5

1. obtained as: Current Assets / Current Liabilities

2. obtained as: (Current Assets - Inventories) / Current Liabilities
3. including the impact of the application of the new accounting standard IFRS 16 - Leases from 2019
Balance Sheet - Interim figures
€ million

Key Balance Sheet metrics 1Q 2020 1H 2020 9M 2020 FY 2020 1Q 2021 1H 2021 9M 2021 FY 2021 1Q 2022
reported reported reported reported reported reported reported reported reported

Current Ratio (1) 1.2 1.4 1.4 1.6 1.5 1.0 1.0 1.2 1.2
Quick Ratio (2) 0.8 1.1 1.1 1.3 1.1 0.7 0.7 0.9 0.8
Net Financial Position (3) 4,260.7 4,264.7 4,252.5 3,258.4 3,911.9 3,818.7 3,714.9 2,907.1 3,580.0

Reclassified balance sheet items 1Q 2020 1H 2020 9M 2020 FY 2020 1Q 2021 1H 2021 9M 2021 FY 2021 1Q 2022
reported reported reported reported reported reported reported reported reported

Fixed assets incl. IFRS 16 9,174.9 9,067.7 8,908.8 8,857.1 8,870.6 8,887.5 8,822.5 8,912.4 8,910.8
Net Working Capital 998.2 876.0 1,016.2 140.4 828.6 760.6 839.7 125.8 1,044.2
Net invested capital 10,173.1 9,943.7 9,925.0 8,997.5 9,699.3 9,648.1 9,662.2 9,038.2 9,955.0

Net equity 4,590.3 4,404.1 4,403.9 4,551.9 4,632.8 4,798.7 4,910.9 5,042.6 5,294.0
Provisions 1,322.1 1,274.9 1,268.7 1,187.3 1,154.5 1,030.7 1,036.4 1,088.4 1,081.0
Net Financial Position incl. IFRS 16 4,260.7 4,264.7 4,252.5 3,258.4 3,911.9 3,818.7 3,714.9 2,907.1 3,580.0
Source of financing 10,173.1 9,943.7 9,925.0 8,997.5 9,699.3 9,648.1 9,662.2 9,038.2 9,955.0

IAS balance sheet items: Assets 1Q 2020 1H 2020 9M 2020 FY 2020 1Q 2021 1H 2021 9M 2021 FY 2021 1Q 2022
reported reported reported reported reported reported reported reported reported

Non-current assets 9,804.1 9,670.3 9,430.5 9,453.8 9,481.7 9,591.1 9,503.5 9,598.3 9,652.4
Current assets 3,288.2 3,646.2 3,498.5 4,284.8 3,017.6 3,223.3 3,322.9 4,284.8 3,744.5
Total Assets 13,092.3 13,316.5 12,929.0 13,738.6 12,499.2 12,814.4 12,826.3 13,883.2 13,396.9

IAS balance sheet items: Liabilities and Equity 1Q 2020 1H 2020 9M 2020 FY 2020 1Q 2021 1H 2021 9M 2021 FY 2021 1Q 2022
reported reported reported

Non-current liabilities 5,835.4 6,395.7 6,021.1 6,470.6 5,886.2 4,943.7 4,735.4 5,216.5 5,069.3
Current liabilities 2,666.7 2,516.6 2,504.0 2,716.1 1,980.2 3,072.0 3,180.0 3,624.0 3,033.6
Total Liabilities 8,502.1 8,912.3 8,525.1 9,186.7 7,866.4 8,015.7 7,915.4 8,840.5 8,102.9

Total Equity 4,590.3 4,404.1 4,403.9 4,551.9 4,632.8 4,798.7 4,910.9 5,042.6 5,294.0

Total Liabilities and Equity 13,092.3 13,316.5 12,929.0 13,738.6 12,499.2 12,814.4 12,826.3 13,883.2 13,396.9

1. obtained as: Current Assets / Current Liabilities

2. obtained as: (Current Assets - Inventories) / Current Liabilities
3. including the impact of the application of the new accounting standard IFRS 16 - Leases from 2019
Cash Flow - Full Year
€ million

Reclassified Cash Flow view FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
reported reported reported reported reported reported

Adjusted EBITDA (1) 1,137.7 1,234.7 1,310.0 892.6 1,210.7 1,408.3

Investments (489.4) (463.4) (390.5) (140.0) (345.6) (397.7)
Increase rights of use IFRS 16 0.0 0.0 (51.2) (68.5) (122.4) (79.7)
Δ Working Capital / Other 123.8 (388.2) (60.8) (92.8) 50.9 77.9
Operating Cash Flow 772.1 383.1 807.5 591.3 793.6 1,008.8
Taxes (135.5) (119.0) (142.0) (90.7) (125.6) (205.5)
Financial Income / Expenses (362.6) (196.3) (109.4) (156.4) (144.3) (201.7)
Other (84.0) (154.8) (194.6) (102.9) (96.3) (86.1)
Net Cash Flow before dividends, extraordinary transactions & investments 190.0 (87.0) 361.5 241.3 427.4 515.5
Asset disposal / acquisition 10.3 135.3 (17.4) 0.0 3.8 0.0
EU electric cables market cartel sanction 0.0 0.0 0.0 (33.7) 0.0 0.0
Net Cash Flow before dividends & convertible bond impact 200.3 48.3 344.1 207.6 431.2 515.5

Net Financial Position at the beginning of the period 4,912.8 3,218.5 3,180.1 3,507.2 3,258.4 2,907.1
Net Cash Flow before dividends & convertible bond impact (200.3) (48.3) (344.1) (207.6) (431.2) (515.5)
Convertible bond impact 0.0 0.0 0.0 (41.2) 0.0 0.0
Dividends 0.0 0.0 176.9 0.0 79.9 161.0
Industrial reorganization (304.6) 9.9 0.0 0.0 0.0 0.0
Capital increase (1,189.4) 0.0 0.0 0.0 0.0 0.0
Net Financial Position at the end of the period (excl. IFRS 16 impact) 3,218.5 3,180.1 3,024.1 n.m. n.m. n.m.
Lease liabilities at transition date 0.0 0.0 494.3 n.a. n.a. n.a.
IFRS 16 cash flow impact 0.0 0.0 (11.2) n.a. n.a. n.a.
Net Financial Position at the end of the period (incl. IFRS 16 impact) 3,218.5 3,180.1 3,507.2 3,258.4 2,907.1 2,552.6

IAS Cash Flow view FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
reported reported reported reported reported reported

A. Net cash flows provided by (used in) operating activities 1,137.7 658.3 1,022.7 618.4 919.1 1,131.6

B. Net cash flows provided by (used in) investing activities (398.4) (410.2) (375.8) (251.7) (256.4) (326.6)

C. Net cash flows provided by (used in) financing activities (946.5) (35.1) (331.1) 439.4 (1,084.6) (1,404.7)

D. Total financial cash flow provided by (used in) discontinued operations (135.6) 37.1 0.0 0.0 0.0 0.0
E. Total cash flows provided (used) during the period (A+B+C+D) (342.8) 250.2 315.9 806.1 (422.0) (599.7)

F. Cash and cash equivalents at the beginning of the period (2) 1,523.9 1,109.6 1,303.9 1,600.6 2,269.7 1,883.5
G. Exchange differences from translation of cash and cash equivalents (71.5) (55.9) (19.1) (137.0) 35.8 (0.5)
H. Venezuela deconsolidation 0.0 0.0 0.0 0.0 0.0 0.0
I. Cash and cash equivalents at the end of the period (E+F+G+H) 1,109.7 1,303.9 1,600.6 2,269.7 1,883.5 1,283.4

1. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring, restructuring expenses, other adjustments, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord
activities.
2. The balance of cash and cash equivalents at the beginning of the period of the cash flow for the year ended December 31, 2016 differs from the balance of cash and cash equivalents at the end of the period of the cash flow for the year ended December 31, 2015 as the former reflects
the balances actually conferred / split on January 1, 2016.
Cash Flow - Interim figures
€ million

Reclassified Cash Flow view 1Q 2020 1H 2020 9M 2020 FY 2020 1Q 2021 1H 2021 9M 2021 FY 2021 1Q 2022 1H 2022
reported reported reported reported reported reported reported reported reported reported

Adjusted EBITDA (1) 244.2 267.9 577.3 892.6 266.5 573.9 894.0 1,210.7 333.1 695.3
Investments (56.6) (81.4) (106.1) (140.0) (89.8) (152.8) (213.3) (345.6) (48.6) (115.7)
Increase rights of use IFRS 16 (22.9) (47.0) (62.2) (68.5) (26.7) (49.9) (59.6) (122.4) (8.1) (41.3)
Δ Working Capital / Other (861.2) (729.3) (902.3) (92.8) (717.2) (643.9) (705.6) 50.9 (841.6) (703.0)
Operating Cash Flow (696.5) (589.8) (493.3) 591.3 (567.2) (272.7) (84.5) 793.6 (565.2) (164.7)
Taxes (31.4) (53.8) (70.0) (90.7) (37.1) (72.0) (98.8) (125.6) (32.9) (104.4)
Financial Income / Expenses (32.5) (73.2) (113.3) (156.4) (40.0) (71.8) (106.9) (144.3) (43.6) (89.6)
Other 6.9 (40.8) (68.7) (102.9) (13.0) (68.3) (90.3) (96.3) (31.2) (105.0)
Net Cash Flow before dividends, extraordinary transactions & investments (753.5) (757.6) (745.3) 241.3 (657.3) (484.8) (380.5) 427.4 (672.9) (463.7)
Asset disposal / acquisition 0.0 0.0 0.0 0.0 3.8 3.8 3.8 3.8 0.0 0.0
EU electric cables market cartel sanction 0.0 0.0 0.0 (33.7) 0.0 0.0 0.0 0.0 0.0 0.0
Net Cash Flow before extraordinary operations (753.5) (757.6) (745.3) 207.6 (653.5) (481.0) (376.7) 431.2 (672.9) (463.7)

NFP at the beginning of the period (reported) 3,507.2 3,507.2 3,507.2 3,507.2 3,258.4 3,258.4 3,258.4 3,258.4 2,907.1 2,907.1
Net Cash Flow (incl. IFRS 16 impact) 753.5 757.6 745.3 (207.6) 653.5 481.0 376.7 (431.2) 672.9 463.7
Convertible bond impact 0.0 0.0 0.0 (41.2) 0.0 0.0 0.0 0.0 0.0 0.0
Dividends 0.0 0.0 0.0 0.0 0.0 79.3 79.8 79.9 0.0 159.9
Net Financial Position at the end of the period (excl. IFRS 16 impact) n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m.
Lease liabilities n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
IFRS 16 cash flow impact 0.0 0.0 0.0 n.a. 0.0 0.0 0.0 n.a. 0.0 0.0
Net Financial Position at the end of the period (incl. IFRS 16 impact) 4,260.7 4,264.8 4,252.5 3,258.4 3,911.9 3,818.7 3,714.9 2,907.1 3,580.0 3,530.7

IAS Cash Flow view 1Q 2020 1H 2020 9M 2020 FY 2020 1Q 2021 1H 2021 9M 2021 FY 2021 1Q 2022 1H 2022
reported reported reported reported reported reported reported reported reported reported

A. Net cash flows provided by (used in) operating activities (660.2) (545.8) (466.8) 618.4 (524.7) (232.7) (17.8) 919.1 (518.4) (135.8)

B. Net cash flows provided by (used in) investing activities (102.0) (149.7) (210.8) (251.7) (71.4) (117.5) (197.7) (256.4) (90.5) (157.8)

C. Net cash flows provided by (used in) financing activities (6.2) 626.9 318.6 439.4 (964.0) (1,151.0) (1,304.7) (1,084.6) (454.4) (738.8)

E. Total cash flows provided (used) during the period (A+B+C+D) (768.4) (68.6) (359.0) 806.1 (1,560.1) (1,501.2) (1,520.2) (422.0) (1,063.3) (1,032.3)

F. Cash and cash equivalents at the beginning of the period (2) 1,600.6 1,600.6 1,600.6 1,600.6 2,269.7 2,269.7 2,269.7 2,269.7 1,883.5 1,883.5
G. Exchange differences from translation of cash and cash equivalents (54.0) (94.5) (127.0) (137.0) 1.2 14.4 20.6 35.8 18.7 28.1
I. Cash and cash equivalents at the end of the period (E+F+G+H) 778.3 1,437.5 1,114.6 2,269.7 710.9 782.8 770.0 1,883.5 839.0 879.3

1. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring, restructuring expenses and other adjustments.
2. elimination of IFRS 16 impact on Adjusted EBITDA, CapEx, Working Capital and Interests
3. The figures refer to the restated consolidated financial statements of Pirelli following the classification of the Industrial business data in the item "Net income (loss) from discontinued operations".