45 348
45
2014
2013 (*)
Change %
2012 (*)
Sales
6,840
6,995
-2.2%
7,574
Adjusted EBITDA before share of net profit/(loss)
of equity-accounted companies
466
578
-19.5%
619
% of sales
6.8%
8.3%
8.2%
Adjusted EBITDA
509
613
-17.0%
650
% of sales
7.4%
8.8%
8.6%
EBITDA
496
563
-12.2%
549
% of sales
7.2%
8.1%
7.2%
Fair value change in metal derivatives
7
(8)
14
Remeasurement of minority put option liability
-
-
7
Fair value stock options
(3)
(14)
(17)
Amortisation, depreciation, impairment & impairment reversal
(188)
(173)
(180)
Operating income
312
368
-15.6%
373
% of sales
4.5%
5.3%
4.9%
Net finance income/(costs)
(140)
(150)
(134)
Profit/(loss) before taxes
172
218
-21.3%
239
% of sales
2.5%
3.1%
3.2%
Taxes
(57)
(65)
(72)
Net profit/(loss) for the year
115
153
-24.7%
167
% of sales
1.7%
2.2%
2.2%
Attributable to:
Owners of the parent
115
149
166
Non-controlling interests
-
4
1
Reconciliation of Operating Income / EBITDA to Adjusted Operating Income / Adjusted EBITDA
Operating income (A)
312
368
-15.6%
373
EBITDA (B)
496
563
-12.2%
549
Non-recurring expenses/(income):
Company reorganisation
48
50
74
Antitrust
(31)
(6)
1
Draka integration costs
-
-
9
Tax inspections
-
-
3
Environmental remediation and other costs
-
(3)
3
Italian pensions reform
-
-
1
Gains on asset disposals
-
(5)
(3)
Effect of YOFC dilution
(8)
-
-
Acquisition price adjustment
(1)
(22)
-
-
Other net non-recurring expenses
26
14
13
Total non-recurring expenses/(income) (C)
13
50
101
Fair value change in metal derivatives (D)
(7)
8
(14)
Fair value stock options (E)
3
14
17
Remeasurement of minority put option liability (F)
-
-
(7)
Impairment and impairment reversal of assets (G)
44
25
24
Adjusted operating income (A+C+D+E+F+G)
365
465
-21.5%
494
Adjusted EBITDA (B+C)
509
613
-17.0%
650
FINANCIAL PERFORMANCE
(*) The previously published prior year comparative figures have been restated following the introduction of IFRS 10 and IFRS 11 and a new method of classifying
the share of net profit (loss) of associates and joint ventures.
(1) This refers to the acquisition in November 2012 of Global Marine Systems Energy Ltd (now renamed Prysmian PowerLink Services Ltd) from Global Marine
Systems Ltd.
(in millions of Euro)