Consolidated Financial Statements >
Directors’ Report
56
| 2012 annual report prysmian group
GROUP PERFORMANCE AND RESULTS
(in millions of Euro)
2012
2011 (*)
% Change
2010
Sales
7,848
7,583
3.5%
4,571
Adjusted EBITDA
647
568
13.9%
387
% of sales
8.2%
7.5%
8.5%
EBITDA
546
269
102.7%
365
% of sales
7.0%
3.4%
8.0%
Fair value change in metal derivatives
14
(62)
28
Remeasurement of minority put option liability
7
(1)
13
Fair value stock options
(17)
(7)
-
Amortisation, depreciation and impairment
(188)
(180)
4,3%
(99)
Operating income
362
19
n.a
307
% of sales
4.6%
0.3%
6.7%
Net finance income/(costs)
(135)
(129)
(96)
Share of income from investments in associates and dividends
from other companies
17
9
2
Profit/(loss) before taxes
244
(101)
n.a
213
% of sales
3.1%
-1.3%
4.7%
Taxes
(73)
(44)
68.0%
(63)
Net profit/(loss) for the year
171
(145)
n.a
150
% of sales
2.2%
-1.9%
3.3%
Attributable to:
Owners of the parent
168
(136)
148
Non-controlling interests
3
(9)
2
Reconciliation of Operating Income / EBITDA to Adjusted Operating Income / Adjusted EBITDA
Operating income (A)
362
19
n.a
307
EBITDA (B)
546
269
102.7%
365
Non-recurring expenses/(income):
Company reorganisation
74
56
11
Antitrust
1
205
5
Draka integration costs
9
12
-
Tax inspections
3
-
(2)
Environmental remediation and other costs
3
5
1
Italian pensions reform
1
-
-
Other non-recurring expenses
13
-
1
Draka acquisition costs
-
6
6
Effects of Draka change of control
-
2
-
Release of Draka inventory step-up
-
14
-
Gains on disposal of assets held for sale
(3)
(1)
-
Total non-recurring expenses/(income) (C)
101
299
22
Fair value change in metal derivatives (D)
(14)
62
(28)
Fair value stock options (E)
17
7
-
Remeasurement of minority put option liability (F)
(7)
1
(13)
Impairment of assets (G)
24
38
21
Adjusted operating income (A+C+D+E+F+G)
483
426
13.1%
309
Adjusted EBITDA (B+C)
647
568
13.9%
387
(*) Includes the Draka Group’s results for the period 1 March – 31 December 2011.
