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Given its available liquidity and an intent to optimise
borrowing costs, on 22 February 2013 the Prysmian Group
made an early repayment of Euro 186 million in respect of the
payments due in 2013 and in the first half of 2014 against the
Term Loan granted on 3 May 2012, which now stands at Euro
484 million.
During 2012, following growing concerns about Eurozone
and US debt sustainability, the world economy continued
the decelerating trend in progress since the second half of
2011. This has led to a gradual deterioration in consumer
and business confidence, with a consequent reduction in
industrial output and investments worldwide.
In such an economic context, the Group expects in 2013 that
demand for medium voltage cables for Utilities, for building
wires and for those products in the Industrial sector most
exposed to cyclical trends will remain weak, at least in the
first half of the year. Instead, positive developments in
demand are confirmed for the high value-added businesses of
power transmission and offshore Oil & Gas. Market recovery
is expected in the second half of the year for fibre optic
cables. Lastly, the Prysmian Group will carry on during 2013 to
integrate and rationalise activities with the goal of achieving
the projected cost synergies and of further strengthening its
presence in all its areas of business.
SIGNIFICANT EVENTS
AFTER THE REPORTING
PERIOD
BUSINESS OUTLOOK
Demand in 2013 for medium voltage cables,
for building wires and in the Industrial sector is
expected to be weak, at least in the first half
of the year.
The positive trend in power transmission and
offshore Oil & Gas is confirmed. The fibre
cables market is expected to recover in the
second half of the year.
