PRYSMIAN S.P.A. FY 2016 RESULTS

  • Adj. EBITDA target achieved in high-end of guidance range
  • Adj EBITDA €711M (+14.1%), highest ever
  • Increased margins in all businesses (except for O&G)
  • Surge in net profit attributable to owners of the parent to €246M (+15.0%)
  • Strong growth by high-tech businesses: Energy Projects +18.5%; Telecom +8.5%
  • Net Financial Position improves to €537M (€750M at end of 2015)
  • Proposed dividend €0.43 per share
  • Drivers of competitiveness: technological innovation, new assets and capabilities for project execution, optimisation of manufacturing footprint and operational excellence, business sustainability

    Milan, 1/3/2017. The Board of Directors of Prysmian S.p.A. has examined today the Company’s consolidated financial statements and separate financial statements for 2016 [1].

    ”We have closed 2016 on a note of profitability, with Adj EBITDA at €711 million, the highest ever in the company’s history,” commented Valerio Battista, CEO of Prysmian Group. ”Excellent sales performance in higher value-added businesses has been reflected in a significant improvement in profitability, also fostered by our focus on operational efficiency and manufacturing footprint optimisation. The technological innovations introduced by our Energy Projects business, like the new 600 kV P-Laser cable and the 700 kV PPL cable, represent milestones for the entire industry. With a view to providing a turn-key service, significant progress has also been made in developing our project engineering and execution capabilities, also thanks to expansion of our fleet of cable-laying vessels. Driving the Telecom business are our renewed competitiveness in fibre manufacturing and our creation of manufacturing centres of excellence, allowing the business to make the most of opportunities in a growing market. The outlook remains positive, both for submarine cables and systems, where we aim to win new power interconnection and offshore wind farm projects, and for the Telecom business, where optical cable demand remains high. Strong sales performance and improved profitability have helped to further strengthen the financial structure, with a better net financial position than expected,” said Battista in conclusion.

    [1] The statutory audit of the consolidated financial statements and separate financial statements had not yet been completed as at today’s date.

    Read the full press release here