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| 2012 annual report prysmian group
bilancio consolidato >
Relazione della gestione
INCOME STATEMENT
The net result for 2012 was a profit of Euro 171 million, versus a consolidated loss of Euro 145
million at 31 December 2011.
The Group’s sales came to Euro 7,848 million at the end
of 2012, compared with Euro 7,583 million at 31 December
2011, posting a positive change of Euro 265 million (+3.5%).
Compared with the pro-forma figure of Euro 7,973 million, the
Group’s sales posted a negative change of Euro 125 million
(-1.6%).
This decrease was due to the following factors:
• positive exchange rate effects of Euro 177 million (+2.2%);
• negative change of Euro 159 million (-2.0%) in sales prices
due to fluctuations in metal prices (copper, aluminium and
lead);
• positive change of Euro 46 million (+0.6%) for the
line-by-line consolidation of Telcon Fios e Cabos para
Telecomuniçaoes S.A. starting from the second quarter;
• positive change of Euro 6 million (+0.1%) for the
consolidation of Global Marine Systems Ltd as from
November 2012;
• negative change of Euro 54 million (-0.7%) due to non-
consolidation of the results of Ravin Cables Limited
(India) and Power Plus Cable CO LLC (Middle East – 49%
consolidated) since 1 April 2012;
• organic decrease in sales of Euro 141 million (-1.8%).
Despite the organic decrease in sales, reflecting uncertainties
in European markets throughout the period that intensified in
the second half of the year, the strategic validity of the Draka
Group’s acquisition and integration is nonetheless confirmed.
The enlargement of the Group’s perimeter has made it
possible to improve the geographical distribution of sales, in
favour of markets in Northern Europe, North America and Asia
in general, as well as to extend the product range offered. This
has allowed the Group to offset the steep decline in demand
in Southern Europe and in lower value-added businesses,
like Trade & Installers and Power Distribution. The efforts
to improve customer service, combined with technological
innovation, quality improvements and increased flexibility of
production in its high value-added businesses (High Voltage,
Submarine, Industrial Cables) have allowed the Group to
quickly take advantage of market opportunities, in conditions
of extremely tough competition.
Adjusted EBITDA amounted to Euro 647 million, up 13.9%
from Euro 568 million in the prior year equivalent period and
up 10.4% from the pro-forma figure of Euro 586 million at 31
December 2011. The like-for-like increase is attributable to
positive performances, particularly by the Telecom segment
and by the Energy segment’s Industrial business area and
