25 Feb 2015
Prysmian S.p.a. Full Year 2014 Results
The Board of Directors of Prysmian S.p.A. has approved today the Company's consolidated financial statements and separate financial statements for 2014.
"Our Group's performance in 2014 confirms signs of a slight recovery in sales volumes, accompanied by a generally stable level of profitability," commented CEO Valerio Battista. "The decisive contributions to this result were from the strategic Submarine Cables and Systems businesses, with strong growth, and from Optical Cables, with recovering volumes and profitability. This is a particularly significant result, having been achieved in a still difficult scenario, that has seen demand recover for some businesses, like Optical Cables and Renewables, but ongoing weakness in the more cyclical sectors, like Trade & Installers and Power Distribution, as well as a slowdown in the Oil & Gas market. In this context, the Group has relentlessly pursued its actions to contain costs and reorganise its manufacturing footprint. This commitment, combined with efficient financial management, has helped to ensure good cash flows and a decidedly better net financial position than initially expected. We are pleased to have achieved the profit targets announced to the market and we are able to reward our shareholders with a proposed dividend in line with 2013."
Group Sales amounted to €6,840 million, posting organic growth of +1.8% assuming the same group perimeter and excluding metal price and exchange rate effects (excluding the adverse impact of the Western Link project, organic growth would have been +2.7%). The decisive contribution to this good sales performance came from submarine cables and systems, where the Group had double-digit growth, proving, through this demonstration of market confidence, to have more than overcome the impact of the problems arising with the Western Link project. Telecom Cables also posted a solid recovery, while Trade & Installers saw an upturn in volumes. Performance by High Voltage Cables and SURF was broadly in line with 2013, while there were no signs of recovery for Power Distribution. Performance by certain segments of the Industrial Cables OEM market was affected by increased competitive pressure, while Oil & Gas was affected by market sector weakness, nonetheless delivering a performance in line with 2013.
Complete press release is available on the corporate website www.prysmiangroup.com