Prysmian S.P.A. FY 2015 results
- Good sales growth (organic growth +5.3%)
- Excellent performance by Energy Projects; (+15.8%)
- Solid trend for Telecom (+9.9%) and recovery by Energy & Infrastructure (+3.0%)
- Profit objectives achieved, with Adj. EBITDA at €623M, +22.6%
- Net profit leaps to €214 million
- Net financial position better than expected at €750M (€529M excluding acquisitions)
- Proposed dividend €0.42 per share
- Acquisitions of Oman Cables and Gulf Coast boost presence in Middle East and improve O&G competitiveness
Milan, 24/2/2016. The Board of Directors of Prysmian S.p.A. has approved today the Company's consolidated financial statements and separate financial statements for 2015
"Revenue growth, improved profitability and solidity of the financial structure have all characterised 2015 which has closed with better-than-expected results," commented CEO Valerio Battista. Our ability to defend the more strategic, high value-added businesses continues to be decisive. The market for submarine cables and systems has rewarded our project execution capability, which has been further enhanced by investments in technological innovation, production capacity and in installation with the new cable-laying vessel "Cable Enterprise". In the Telecom business, the recovery of optical fibre competitiveness and our ability to develop innovative technological solutions for broadband, are allowing us to take full advantage of the opportunities in what is proving a solid market. The Group has also continued its commitment to containing costs and reorganising its manufacturing footprint, taking the number of plants closed to as many as 12 since initiating the integration process with Draka. This commitment, combined with careful financial management, has helped to ensure strong cash flows and a considerably better net financial position than expected. We are pleased to have achieved our original profit targets and we are able to propose shareholders a dividend in line with 2014."