Prysmian's operating income increased 11 percent YoY

Adjusted EBITDA was sharply up, reaching EUR 711 million (+14.1%), the highest ever for the company. Group Operating Income came to EUR 447 million (+11.5% on 2015). Net Profit amounted to EUR 262 million, an improvement of +22.4% on 2015 (of which EUR 246 million attributable to owners of the parent). A total of EUR 222 million, excluding the acquisition of the Shen Huan Cable assets, was invested in 2016 (EUR 210 million in 2015). With the Fast Forward Operations program, the Group aims to improve the competitiveness of its industrial footprint. The process of regaining efficiency in the manufacturing footprint has led to the closure of six smaller factories, whose activities have been relocated and concentrated in other, more competitive factories, to the strengthening of production capabilities at the two Submarine cable factories in Pikkala (Finland) and Arco Felice (Italy), to the recouping of fibre manufacturing competitiveness at the factories in Battipaglia (Italy) and Douvrin (France), and to the creation of important centres of excellence for optical cable manufacturing in Slatina (Romania) and for data cables in Presov (Slovakia). "We have closed 2016 on a note of profitability, with Adj EBITDA at EUR 711 million, the highest ever in the company’s history," commented Valerio Battista, CEO of Prysmian Group. "Excellent sales performance in higher value-added businesses has been reflected in a significant improvement in profitability, also fostered by our focus on operational efficiency and manufacturing footprint optimisation. The technological innovations introduced by our Energy Projects business, like the new 600 kV P-Laser cable and the 700 kV PPL cable, represent milestones for the entire industry. With a view to providing a turn-key service, significant progress has also been made in developing our project engineering and execution capabilities, also thanks to expansion of our fleet of cable-laying vessels. Driving the Telecom business are our renewed competitiveness in fibre manufacturing and our creation of manufacturing centres of excellence, allowing the business to make the most of opportunities in a growing market. The outlook remains positive, both for submarine cables and systems, where we aim to win new power interconnection and offshore wind farm projects, and for the Telecom business, where optical cable demand remains high. Strong sales performance and improved profitability have helped to further strengthen the financial structure, with a better net financial position than expected."