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Prysmian reveals first-half 2014 results

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Oilfield Technology,

First half results 2014

  • Sales: €3287 million (+1.3% organic change on 1H 2013; +3.4% excluding W. Link).
  • Adjusted ebitda:  €204 million (-27.8% on 1H 2013); €278M excluding Western Link (-1.4% on 1H 2013).
  • Adjusted operating income: €133 million (-22.7% on 1H 2013); €207M excluding W. Link (-0.5% on 1H 2013).
  • Adjusted net profit: €59 million (-48.7% on 1H 2013); €111M excluding W. Link (-3.5% on 1H 2013).
  • Net financial position: €1209 million, of which approx. €70M for W. Link impact (€1186M at 30 june 2013).

The Board of Directors of Prysmian S.p.A. has approved the Group's consolidated results for the first half of 2014.

"The results of the first half of 2014 include the financial impact of the problems encountered in the execution of the Western Link project and the effects of exchange rate trends" explains CEO Valerio Battista. "Excluding these two major factors, it is important to note the recovery in volumes and slight improvement in profitability since the start of the year, albeit less visible than in the first quarter. With regard to the Western Link project, I am pleased to report that the extensive and rigorous testing performed to ensure the perfect execution of such an important project has been successfully completed on the submarine cables and now allows us to have a realistic view of the overall impact on the project’s profitability. The power transmission business has continued to grow and, thanks to intensive tendering and continuous customer confidence, our Group's order book has reached a record €3 billion."

Adapted from a press release by David Bizley

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