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Sales to third parties by the Energy segment amounted to
Euro 6,382 million at the end of 2012, compared with Euro
6,268 million at 31 December 2011, posting an increase of
Euro 114 million (+1.8%). Compared with the pro-forma figure
of Euro 6,542 million, Energy sales to third parties posted a
decrease of Euro 160 million (-2.4%).
This negative change is attributable to the following principal
factors:
• negative change of Euro 154 million (-2.3%) in sales prices
due to fluctuations in metal prices;
• negative change of Euro 54 million (-0.8%) due to non-
consolidation of the results of Ravin Cables Limited
(India) and Power Plus Cable CO LLC (Middle East – 49%
consolidated) for the period 1 April – 31 December 2012;
• positive change of Euro 6 million (+0.1%) due to
consolidation of Global Marine Systems Ltd starting from 15
November 2012;
• organic decrease in sales of Euro 91 million (-1.4%);
• positive exchange rate effects of Euro 133 million (+2.0%).
Adjusted EBITDA came to Euro 487 million at 31 December
2012, posting an increase of Euro 40 million (+8.9%) on the
corresponding figure of Euro 447 million at the end of 2011,
and an increase of Euro 29 million (+6.3%) on the 2011 pro-
forma figure.
The following paragraphs describe market trends and financial
performance in each of the Energy segment’s business areas.
The results of each business area are compared with the pro-
forma figures for full year 2011. Some reclassifications have
been made to the pro-forma figures within each business area
in order to make them fully comparable with the 2012 figures.
Given the limited usefulness and lack of significance for
comparative purposes, it has been decided not to present the
consolidated figures by business area for full year 2011 (which
included Draka for only the period March-December).
