QUARTERLY OVERVIEW
Adj. EBITDA rose to €167million in Q2
from€115million in Q1 of 2013
4
Prysmian Group Insight
In the first half of 2013 Prysmian
Group sales amounted to
€
3,622
million compared with
€
3,916
million in the first half of 2012.
The organic change was a negative
5.3%, even if sales showed some
recovery in the second quarter.
Adjusted EBITDA amounted to
€
282
million, compared with
€
308 million
in the corresponding period of 2012,
with a basically stable margin on
sales (7.8% vs 7.9%).
The trend towards stabilisation and
improvement in performance in the
second quarter was also reflected
in the profitability measure, with
second-quarter adjusted EBITDA
rising to
€
167 million from
€
115
million in the first quarter.
EBITDA in the first half
amounted
to
€
256 million, compared with
€
266 million in the first half of
2012, reflecting the impact of
€
26 million in non-recurring
expenses, particularly in relation to
reorganisation and manufacturing
efficiency projects.
Adjusted operating income
amounted to
€
204 million,
compared with
€
229 million in the
first half of 2012. Operating income
was
€
134 million, compared with
€
178 million in the first half of
2012, partly due to the negative
change of
€
37 million in the
fairvalue of metal derivatives.
Utilities
T&I
Industrial
Telecom
Adj. EBITDA by business
49
72
Q1'13
Q2'13
14
23
Q1'13
Q2'13
27
36
Q1'13
Q2'13
24
33
Q1'13
Q2'13
E
million
Net finance income and costs
reported a negative balance of
€
76 million, compared with
€
51
million in the corresponding
prior year period. Adjusted net
profit amounted to
€
115 million,
compared with
€
129 million in the
first half of 2012, while margin
on sales was broadly stable at
3.2%, compared with 3.3% in the
corresponding period of 2012. The
net result was a profit of
€
41 million
compared with
€
89 million in the
first half of 2012, mainly due to the
negative change in the fair value of
metal derivatives as well as to the
non-recurring costs associated with
the Term Loan's partial refinancing.
Net financial position at the end
of June 2013 amounted to
€
1,248
million, a significant improvement
compared with
€
1,396 million
as of 30 June 2012, having been
particularly affected by a positive
cash flow from operating activities
of
€
215 million and by a negative
impact of
€
367 million from
changes in working capital, due to
the seasonality in stock levels and
strong growth in working capital
in the submarine cables business,
net operating investments of
€
50
million, payment of
€
91 million in
dividends versus
€
45 million in the
first half of 2012.
