Prysmian S.P.A First-Half results 2016

Sales rise to €3,785 M (+1.8%), strong impetus from strategic businesses
Organic growth by Energy Projects +22.7%, Telecom +5.8%

ADJ EBITDA climbs to €347 M (+10.5% on 1H2015)
Marked improvement in profitability with margin at 9.2% (8.4% in 1H2015)
Net profit attributable to owners of the parent €115 million (+43.8% on 1H2015)

Net financial position €1,031 M (€811 M excluding acquisitions; €979 M at 30/6/2015)

Milan, 28/7/2016. The Board of Directors of Prysmian S.p.A. has approved today the Group’s consolidated results for the first half of 2016.

“The Prysmian Group’s first-half results are marked by revenue growth and a significant improvement in profitability,” explained CEO Valerio Battista. “The biggest drivers of growth have been Energy Projects and Telecom. The important set of technological innovations introduced between end of 2015 and 2016, involving the launch of the 600kV and 700kV cable systems, combined with greater project execution capabilities, involving the commissioning of Ulisse, the Group’s third cable vessel, mean the Group is well positioned to continue taking advantage of the opportunities offered by the market. In the Telecom business, growth has been driven by the recovery in optical fibre competitiveness and the new optical cable manufacturing capacity in Eastern Europe. Performance by the higher value-added businesses has contributed to a fresh upturn in profitability, with a significant improvement in margins, also thanks to our actions to reduce fixed costs and rationalise manufacturing footprint. The newly acquired Oman Cables Industry has also made an important contribution in this regard.”

Read the full press release here