50 348
Consolidated Financial Report |
DIRECTORS’ REPORT
2014 Annual Report
Prysmian Group
50
2014
2013 (*)
Change %
2012 (*)
Sales
1,355
1,360
-0.3% 1,250
Adjusted EBITDA before share of net profit/(loss)
of equity-accounted companies
154
232
-33.6% 197
% of sales
11.4%
17.0%
15.8%
Adjusted EBITDA
154
231
-33.5% 197
% of sales
11.3%
17.0%
15.8%
EBITDA
195
234
-16,7% 196
% of sales
14.4%
17.2%
15.7%
Amortisation and depreciation
(40)
(39)
(37)
Adjusted operating income
114
192
-40.9% 162
% of sales
8.4%
14.1%
13.0%
Reconciliation of Operating Income / EBITDA to Adjusted Operating Income / Adjusted EBITDA
EBITDA (A)
195
234
-16.7% 196
Non-recurring expenses/(income):
Company reorganisation
1
4
3
Antitrust
(31)
(6)
1
Gains on asset disposals
-
(2)
(2)
Acquisition price adjustment
(1)
(22)
-
-
Other net non-recurring expenses/(income)
11
1
(1)
Total non-recurring expenses/(income) (B)
(41)
(3)
1
Adjusted EBITDA (A+B)
154
231
-33.5% 197
(*) 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.
The Energy Projects Operating Segment covers high-tech
businesses whose focus is on projects and their execution, as
well as on product customisation: High Voltage underground,
Submarine and SURF (umbilicals, flexible pipes and special
DHT (Downhole Technology) solutions for the oil industry).
The Group engineers, produces and installs high and extra
high voltage cables for electricity transmission both from
power stations and within transmission and primary distri-
bution grids. These highly specialised, high-tech products
include cables insulated with oil or fluid-impregnated paper
for voltages up to 1100 kV and extruded polymer insulated
cables for voltages up to 500 kV. These are complemented by
laying and post-laying services, grid monitoring and preven-
tive maintenance services, power line repair and maintenance
services, as well as emergency services, including intervention
in the event of damage.
REVIEW OF ENERGY PROJECTS OPERATING SEGMENT
(in millions of Euro)