INSIGHT 2|2019

32 | Prysmian Group I N S I G H T QUARTERLY OVERVIEW T he Board of Directors has approved Prysmian Group’s consolidated results for the first nine months of 2019 that showed improved profitability . Chief Operating Officer Valerio Battista commented: “The sound operating performance continued to be primarily driven by North America, in geographical terms, and by the Telecom and Energy & Infrastructure businesses”. The Projects business was impacted by the phasing on order execution but is expected to improve as early as late 2019, with an expanding order portfolio and a robust project pipeline. Mr Battista noted that the Group “is proving particularly dynamic in seizing opportunities in the renewable energy sector, with the acquisition of important contracts for cabling offshore wind farms, such as Vineyard in the US and Dolwin5 in Germany, and for special cables for wind turbines, following the agreement with Siemens Gamesa, as well as with Dongfang in China for new 10MW turbines”. Synergies from the integration with General Cable were in line with forecasts. Profitability improvement, with an increase in margins in the first nine months, made it possible to confirm the targets for the full year, with Adjusted EBITDA expected in the range of €950M to €1,020M”. Profitability improved, driven by Energy & Infrastructure and Telecom. Solid performance in North America. Order book grows again reaching €2.15 billion; intense tendering activity driven by projects related to energy transition and renewables. Net profit increased. FY 2019 guidance confirmed. STRONG RESULTS IN THE FIRST 9 MONTHS