In the Telecom business, the performance was supported by the renewed competitiveness in fibre manufacturing and the creation of manufacturing centres of excellence, that allowed 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.
The innovative technological solutions realised over the year by the Energy Projects Segment represented milestones for the entire industry.
The all time high reached in 2016 in terms of Adjusted EBITDA, that rose by 14.1% over the previous year to €711 million with the target achieved in the high-end of the guidance range, showed that the strategy of focusing on innovation rewarded strong results.
Year 2016 closed on a note of profitability, at highest ever in the company’s history, as it reflected the excellent sales performance in higher value-added businesses and the company’s constant focus on operational effciency and manufacturing footprint optimisation.
The technological innovations introduced by the Energy Projects business, like the new 600 kV P-Laser cable and the 700 kV PPL cable, represented milestones for the entire industry.
With a view to providing a turn-key service, significant progress has also been made in developing the project engineering and execution capabilities, also thanks to expansion of the fleet of cable-laying vessels.