QUARTERLY OVERVIEW
6
Prysmian Group Insight
Gradual recovery expected in 2014
FY target impacted by Western Link
Target Price*
Brokers’ Recommendation*
FY 2014 Adj. EBITDA target Vs FY 2013 (€613 million)
Min
2008
Initial expected
Adj.EBITDA FY Target
Current Adj.EBITDA
FY Target
Mid-point €625 million
Mid-point €555 million
-€70
million
Assuming FY’14 €70m negative
Western Link effect based on
current visibility on production
issue (final assessment to be
completed in the next quarters)
Neutral
Positive
0
0
5
200
10
400
15
600
20
800
25
1000
1200
1400
Average
2009
Max
2010 2011 J 2011 A 2012 2013 2014
16.5 18.6
22.5
The macroeconomic environment in
the first part of 2014, especially in
those areas hardest hit by the crisis,
has shown signs of stabilisation
and improvement compared with
the recessionary trend experienced
since the second half of 2011. In
this context, the Group is forecasting
for 2014 that demand for medium
voltage cables for utilities will
continue to slow, especially in
the first half of the year, and that
building wires and products in the
industrial market most exposed to
cyclical trends will make a gradual
recovery over the course of coming
quarters. It also confirms the
positive trend in demand in the high
value-added businesses of power
transmission and offshore Oil &
Gas, as well as the steady recovery
of demand for optical fibre cables
from the record lows reported in
2013. Against this background, and
based on the existing order book,
while also considering the negative
impacts of the Western Link project
and exchange rates, the Group is
forecasting Adjusted EBITDA for
FY 2014 in the range of
€
530-580
million. Excluding the negative
impact of the Western Link project
(estimated at
€
70 million for the full
year) it would have been
€
600-650
million compared to
€
613 million
achieved in 2013.
On 16 April 2014, the
of Prysmian S.p.A. was
held in single call to vote on several
items on the agenda, including
the approval of the 2013 financial
statements, the appointment of a
Director, the authorisation of a share
buy-back and disposal programme,
the approval of a long term incentive
plan for Group’s management and
the proposal to increase the share
capital free of charge to be reserved
to Prysmian Group employees for
the implementation of the long term
incentive plan. The meeting, which
was attended by more than 1,200
shareholders, in person or by proxy,
AGM: number of attendees
42%
*as of May 28, 2014
Public Company (no controlling shareholders)
Number of Shareholders
attending at AGM
Annual General Meeting
representing approx. 59% of the
share capital, approved every item
on the agenda with a majority vote.
The AGM also approved the
58%
• 1
st
Half financial results:
July 31, 2014
• 9 months financial results:
November 6, 2014
Investor calendar
600
530
650
580
distribution of a dividend of Euro
0.42 per share. The dividend was
paid on 25 April 2014, involving a
total pay-out of Euro 89 million.
