Prysmian S.P.A. publishes first-half 2013 results

Further improvement expected in second half, €600-€650M target confirmed for FY ADJ EBITDA - Power Transmission order book climbs to record level of more than €2.8 billion.

The Board of Directors of Prysmian S.p.A. has approved today 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."

1st half 2013

 1st half 2012 (*)

 % Change

Sales

3,622

3,916

-7.5%

EBITDA

256

266

-4.0%

Adjusted EBITDA

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