57
(**) The pro-forma figures are calculated by aggregating the Draka Group’s results for the two-month pre-acquisition period (January-February) with the consolidated
figures.
In accordance with the integration process, started in 2011, as
from 2012 the Group’s results are being analysed as a whole
(without distinguishing any more between the two Prysmian
and Draka groups). The figures for full year 2012 are compared
with those from the consolidated financial statements at
31 December 2011, and, in the case of the key performance
indicators, with those presented on a pro-forma basis in which
Draka’s results are reported as if they had been consolidated
from 1 January 2011.
The Prysmian Group’s sales in 2012 came to Euro 7,848 million,
compared with Euro 7,583 million at 31 December 2011.
The increase of Euro 265 million (+3.5%) is mostly attributable
to the consolidation of the Draka Group’s 2011 results from
1 March 2011 (sales in the first two months of that year were
equal to Euro 390 million).
However, sales for 2012 were down on the 2011 pro-forma
figure of Euro 7,973 million, reporting a decrease of Euro 125
million (-1.6%).
Assuming a consistent group perimeter and excluding changes
in metal prices and exchange rates, the organic change in sales
was negative (-1.8%), analysed between the two operating
segments as follows:
• Energy -1.4%;
• Telecom -3.5%.
The above organic change in sales excludes for the Telecom
segment, the consolidation of the remaining 50% of Telcon
Fios e Cabos para Telecomuniçaoes S.A. for the period 1 April
– 31 December 2012, and for the Energy segment, both the
consolidation of the results of Global Marine Systems Ltd in
the period November - December 2012 and the effect of not
consolidating the results of Ravin Cables Limited (India) and
Power Plus Cable CO LLC (Middle East) for the second, third
and fourth quarters of 2012. It has been impossible for the
Prysmian Group to be able to obtain reliable, updated financial
information about these last two companies since the second
quarter of 2012; as a result, the consolidation includes their
figures only up until 31 March 2012.
The Energy segment managed to almost entirely make up
for the contraction in volumes in the Trade & Installers and
Power Distribution businesses reported in Central and South
European markets, thanks to major international submarine
projects and the recovery in demand in North and South
America. The Telecom segment suffered a setback in demand
for its optical fibre cables business, particularly in the second
half of the year, due to a downturn reported in the American
continent that neutralised the positive trend in the first few
months of the year.
Group Adjusted EBITDA (before Euro 101 million in non-
recurring expenses) came to Euro 647 million, posting an
increase of Euro 79 million (+13.9%) on the corresponding
figure at 31 December 2011 of Euro 568 million, and an increase
of Euro 61 million (+10.4%) on the 2011 pro-forma figure. The
change against pro-forma reflects increased contributions by
both the Energy and Telecom segments, partly due to targeted
actions to rationalise and contain fixed costs.
(in milions of Euro)
2012
2011(**)
Pro-forma
% Change
Prysmian
Draka Adjustments
Total
Sales
7,848
5,363
2,669
(59)
7,973
-1.6%
Adjusted EBITDA
647
419
167
-
586
10.4%
% of sales
8.2%
7.8%
6.3%
7.3%
Adjusted operating income
483
342
107
(14)
435
11.1%
% of sales
6.2%
6.4%
4.0%
5.5%
