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Annual Report “For more than 140 years Pirelli has been anticipating customer needs, bringing to the market high-end products on the pillars of innovation and technical excellence. It starts with the inspiration, ambition and sense of belonging of our people, who each leave their unique mark by turning innovative ideas into reality. Today Pirelli delivers complete solutions to its customers – a combination of premium tyres and related services. And now that new changes and challenges are on the horizon, such as new mobility and digital technology, we are ready to seize these new opportunities with the same passion, imagination and commitment.„ In cover: Pokras Lampas (3x3.30 m) PIRELLI & C. S.p.A. - Milan CONTENTS LETTER FROM CHAIRMAN pag. 4 LETTER FROM CEO pag. 6 PRESentation OF 2015 PIRELLI INTEGrateD Report pag. 8 01.DIRECTors’ REPORT ON OPERATIONS pag. 12 2 Macroeconomic AND MARKET SCENARIO pag. 14 SiGnificant EVENTS 2015 pag. 18 GROUP performance AND RESUltS pag. 21 RESEARCH AND DEVelopment ACTIVITIES pag. 35 HIGHLIGHTS OF other actiVITIES pag. 37 HIGHLIGHTS PARENT companY pag. 38 RISK factorS AND UncertaintY pag. 40 SIGnificant EVENTS SUBSEQUENT to THE END OF THE YEAR pag. 50 AlternatiVE performance INDicatorS pag. 51 OTHER information pag. 52 02.REPORT ON VALUE CHAIN RESPONSIBLE MANAGEMENT pag. 54 Contents / 2015 ANNUAL REPORT Economic DIMENSION pag. 64 ENVironmental DIMENSION pag. 79 SOCIAL DIMENSION pag. 95 03.CONSOLIDATED FINANCIAL STATEMENTS pag. 130 FINANCIAL StatementS FormatS pag. 132 EXplanatorY noteS pag. 140 DIRECTors’ Scope OF CONSOLIDation pag. 210 REPORT 04.PARENT ON OPERATIONS pag. 12 FINANCIAL Macroeconomic AND MARKET SCENARIO pag. 14 3 SiGnificant EVENTS 2015 pag. 18 STATEMENTS pag. 220 GROUP performance AND RESUltS pag. 21 FINANCIAL StatementS FormatS pag. 222 RESEARCH AND DEVelopment ACTIVITIES pag. 35 EXplanatorY noteS pag. 228 HIGHLIGHTS OF other actiVITIES pag. 37 ANNEXES to THE EXplanatorY noteS pag. 262 HIGHLIGHTS PARENT companY pag. 38 Report OF THE BoarD OF StatUtorY AUDitorS to THE SHAREHOLDERS MEETING pag. 270 RISK factorS AND UncertaintY pag. 40 SIGnificant EVENTS SUBSEQUENT to THE END OF THE YEAR pag. 50 05.RESOLUTIONS pag. 278 AlternatiVE performance INDicatorS pag. 51 OTHER information pag. 52 06.CERTIFICATIONS pag. 282 INDIPENDENT AUDitor’s Report ON THE conSOLIDateD FINANCIAL Statement pag. 284 INDIPENDENT AUDitor’s Report ON THE parent FINANCIAL Statement pag. 286 SUStainaBILITY ASSURANCE Statement pag. 288 SUMMARY TABLES GRI G4 + UNGC pag. 292 Letter from Chairman / 2015 ANNUAL REPORT LETTER FROM CHAIRMAN Dear Stakeholders, This is the first time that I am speaking to you in my role as Chairman of Pirelli and it is something I take great pride in. It is the pride of someone who, together with you, will be part of the future of a company that represents Italian 4 excellence in the world thanks to those elements that have always distinguished it: the quality of its people, its capacity to innovate and its technology. From the beginning, the Vice Chairman and CEO, Marco Tronchetti Provera, and I were united in the conviction that the sustainable growth of a company is based on product inno- vation, attention to one’s clients and team work. Pirelli will continue to focus on these values, now also able to count a strong industrial partner in ChemChina, alongside Camfin and Lti, in its shareholder structure, it will in fact give additional impetus to the company, which is already a leader, enabling it to strengthen its overall position in a strategic market like Asia and, in the Industrial segment, to become one of world leaders through the union of its assets with those of Cnrc, ChemChina’s tyre unit. In China alone, there were 279 million vehicles at the end of last year and it is foreseen that the 107 people per thousand who today own a vehicle will rise to 257 per thousand by 2024. The country aims to meet this growth by encouraging demand for alternative energy vehicles and therefore also stimulating demand for “green” tyres. It is a great opportunity for a company like Pirelli, whose Green Performance tyres last year accounted for 48% of tyre sales. Pirelli remains entrusted to the ability demonstrated over the years by its management, whose values I share. These include passion, multi-culture and care for employees, all of which I fervently believe in and which each year, among other things, bring me to personally visit the BlueStar International Summer Camps, a gathering of employees’ children from around the world. Working together also means each of us learning Letter from Chairman / 2015 ANNUAL REPORT from the strengths of the others, contributing not only to the development of Pirelli, but to the responsible growth of the global economy in a world which is becoming ever bigger. ChemChina’s international alliances are based on a strategic, long term vision. This is what has made 5 them success stories and which will enable us to build Pirelli’s future. The Chairman Ren Jianxin Letter from CEO / 2015 ANNUAL REPORT LETTER FROM CEO Dear Stakeholders, in 2015 we laid the foundations to guarantee further growth for Pirelli. The agreement signed by our shareholders in Marco Polo Industrial Holding reconfigured the group’s profile, rein- forcing the company structure, further enlarging its international footprint and also offering new and significant 6 perspectives for growth. The partnership will allow us to make the Industrial segment stronger, following a long search for a partner of the right international and production scale to enable us to tackle the challenges of the market. As well, even the Consumer segment will benefit from the new industrial link, which brings Pirelli the full potential of a fast growing market like Asia. We will devote 2016 to taking advantage of all the opportunities offered by the new alliance, after managing in 2015 to meet all the operational targets we had set, notwithstanding global economic instability. Our widespread international presence enabled us to offset the economic weakness of areas like Latin America with positive performances in the Nafta, Apac and European markets, where the demand for tyres, above all high end and very high end, was sustained. The profitability of the Consumer business grew to 16.2%, above target, while Premium revenues climbed above 60% of total Consumer revenues, exceeding the goals set in the Industrial Plan presented in London in 2013. The performance of the Industrial business, despite the difficult macro-economic conditions, above all in South America, achieved profitability in line with our expectations, with an Ebit margin of 8.8%. We will set off from these positive results to tackle a new year full of opportunities. We will continue to rely on our people, technology, inno- vation and the sustainable management of our products and processes to ensure our company a solid future. Facing Letter from CEO / 2015 ANNUAL REPORT and overcoming challenges with passion, as we do every day in the many sporting competitions in which we take part, beginning with Formula 1 where we will continue to be the exclusive supplier for the next three years. 7 Thank you again to all our Stakeholders. The Chairman and CEO Marco Tronchetti Provera Presentation of 2015 Integrated Report / 2015 ANNUAL REPORT PRESENTATION OF 2015 INTEGRATED REPORT The Pirelli 2015 integrated report (Annual Report 2015) aims to provide a comprehensive overview of the process of creating value for the Company’s Stakeholders, as resulting from the integrated management of the financial, productive, intellectual, human, natural, social and relational capitals. Reporting reflects the business model adopted by Pirelli, which is inspired by the United Nations’ Global Compact, the principles of Stakeholder En- gagement set forth by the AA1000, and the Guidelines of ISO 260001. The financial capital, which comprises the company’s financial resources, drives the sustainable management 8 of the other capitals and is in turn influenced by the value created by the latter. In 2015, the management of the business produced an EBIT before non-recurring and restructuring expenses equal to euro 918.5 million (14.6% the EBIT Margin), with a growth of 6% as compared to the previous year and a return on investment (ROI) exclud- ing financial assets and before restructuring costs equal to 24%, which represents an increase of two percentage points as compared to 2014. In turn, the Company’s productive capital, which includes 20 tyre factories in four continents, is managed in a perspective of reducing environmental impacts, with targets by 2020 in terms of an increase in waste recovery and a reduction of the specific indices of energy consumption, emissions and water withdrawal. In this regard, the Company’s efforts in 2015 made it possible to contain the energy and emission inefficiency stemming primar- ily from the drop in volumes in Brazil. At the same time, investment in renewable resources continued through projects employing biomass for the production of steam (Brazil) and the use of wind energy (Mexico). A reduction in the specific water withdrawal was then recorded, alongside an increase in the rate of waste recovery. All this has helped to achieve efficiencies on costs amounting to 94.4 million euro in total. The research and development activities, which have always been at the heart of Pirelli’s strategy, contribute substantially to the improvement of environmental efficiency along the entire product life-cycle, from the inno- vative raw materials to the process, distribution, use and up to the end of life of tyres. In 2015, Pirelli invested 214.4 million euro in research and development, i.e. 5.8% of premium revenues and 3.4% of total revenues. In turn, Presentation of 2015 Integrated Report / 2015 ANNUAL REPORT Pirelli’s Green Performance products, which combine performance and respect for the environment, at the end of 2015 represent 48%2 of total tyre turnover (46% in 2014 and 43% in 2013).
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