59
Submarine business line within the Utilities business area, and
to the Group’s ability to reduce its cost structure, thanks to the
contribution of synergies from integrating the Draka Group.
EBITDA includes Euro 101 million in non-recurring expenses
(Euro 299 million at 31 December 2011), mainly attributable to
the following factors:
• Euro 74 million in costs for reorganisation projects and to
improve the Group’s industrial efficiency;
• Euro 9 million in costs associated with the Draka Group’s
integration process;
• Euro 1 million in costs connected with the Antitrust
investigations;
• Euro 13 million in other non-recurring expenses.
Amortisation, depreciation and impairment totalling Euro
188 million was Euro 8 million higher than the year before.
Impairment losses include Euro 11 million in relation to plant
and machinery in the Energy segment’s Spain and Russia
CGUs, and Euro 13 million in relation to land, buildings,
plant and machinery at production facilities undergoing
restructuring (mainly Eschwelier and Wuppertal).
Other expenses reflect Euro 17 million for the cost of the fair
value of stock options linked to the incentive plan approved
by the Parent Company’s shareholders, and Euro 7 million in
income from remeasuring the liability for put options granted
to certain minority shareholders.
Group operating income was a positive Euro 362 million at 31
December 2012, compared with a positive Euro 19 million at
the end of the prior year, marking an improvement of Euro 343
million.
Net finance costs, inclusive of the share of income/(loss) from
associates and dividends from other companies, were Euro
118 million at the end of 2012, slightly below the consolidated
figure of Euro 120 million (-1.7%) at 31 December 2011.
Taxes of Euro 73 million accounted for around 30% of pre-tax
profit.
The net result for 2012 was a profit of Euro 171 million,
compared with a consolidated loss of Euro 145 million at 31
December 2011.
Adjusted net profit
1
was Euro 282 million, compared with Euro
231 million in the prior year.
1
Adjusted net profit is defined as net profit before non-recurring income and
expenses, the fair value change in metal derivatives and in other fair value
items, the effect of currency and interest rate derivatives, exchange rate dif-
ferences and the related tax effects
