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© Prysmian Business | July 28, 2017

Prysmian with 2Q recovery

Prysmian 1H/2017 sales amounted to EUR 3,936 million, displaying a second-quarter recovery (organic growth +0.6%) thanks to recovery of the phasing in the Energy Projects segment and to an improvement for Industrial & Network Components.
"The first half of the year has seen a sharp increase in profitability, with improving margins in the strategic Energy Projects and Telecom businesses," explained CEO Valerio Battista. "Sales have posted a marked improvement in the second quarter after a poor start due to adverse phasing in the Energy Projects business. The Group's profitability has continued to grow thanks to the contribution of the Telecom and Energy Projects businesses. The Industrial business has also enjoyed a positive trend with an order backlog providing a strong outlook for the rest of the year. The major projects awarded not only in the Energy Projects business for the IFA2 interconnector and new offshore wind farm cabling in France but also in the Telecom business with the USD 300 million Verizon agreement, validate the Group's investment strategy aimed at building up submarine project execution capabilities and optical fibre and optical cable production capacity. The FY 2017 outlook is confirmed with an increase of Adjusted EBITDA forecast in the range of EUR 710-750 million."

Six-month organic sales retreated by –1.5 percent on the first half of 2016. Adjusted EBITDA climbed 4.3% on the first half of 2016 to EUR 362 million (before net expenses for company reorganisation, net non-recurring expenses and other net non-operating expenses totalling EUR 31 million). Group Operating Income came to EUR 207 million, compared with EUR 217 million in the first half of 2016 (-4.6%), adversely affected by the fair value change in metal derivatives (negative impact of EUR 11 million versus positive impact of EUR 20 million in the first half of 2016).

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December 13 2017 10:15 PM V8.9.2-1