Italy: Prysmian Adjusted EBITDA Drops to EUR 282 Million

The Board of Directors of Prysmian S.p.A. has approved the Group’s consolidated results for the first half of 2013.

 “The Group’s half-year results show signs of improvement from the second quarter. In fact, in the second quarter 2013 both sales and profitability increased on the first quarter 2013, while still remaining below the same period in 2012,” explains CEO Valerio Battista. “These signs acquire special relevance in a market scenario that, despite the beginnings of a stabilisation phase, remains difficult, especially because of the construction industry crisis in Europe and uncertainties over broadband stimulus programmes in North and South America. Profitability is expected to improve in the second half, particularly thanks to high voltage underground and submarine cables for Power Transmission, whose order book has risen to more than €2.8 billion. With the goal of achieving the expected full-year targets, the Group also confirms its focus on cost containment and rationalisation of organisational and production structures, as well as on the synergies with Draka, recently revised up to €175 million. Lastly, we are also expecting to see results from the commercial initiatives to leverage the product portfolio and improve customer service.”

30 JUNE 2013 RESULTS

• Sales: €3,622 million (€3,916 million in 1H 2012; organic change -5.3%)
• Adj Ebitda: €282 million (€308 million in 1H 2012; -8.3%)
• Adj operating profit: €204 million (€229 million in 1H 2012; -10.5%)
• Adj net profit: €115 million (€129 million in 1H 2012; -10.9%)
• Net financial position €1,248 million (€1,396 million at 30 June 2012)

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Press release, August 2, 2013; Image: prysmian