CONSOLIDATED FINANCIAL STATEMENTS >
DIRECTORS’ REPORT
14
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
(1) Organic growth: growth on 2011 pro-forma amounts, calculated net of changes in the group structure, in metal prices and exchange rates.
(2) Adjusted EBITDA is defined as EBITDA before non-recurring income/(expenses).
(3) Adjusted Operating Income is defined as Operating Income before non-recurring income/(expenses) and the fair value change in metal derivatives
and in other fair value items.
(4) Adjusted Net Profit is defined as net profit/(loss) before non-recurring income/(expenses), the effect of derivatives and of other fair value items,
exchange rate differences, non-monetary interest on the convertible bond and the related tax effects.
(5) Net Operating Working Capital means Net Working Capital excluding the effect of derivatives. The percentage is calculated as Net Working Capital/
Annualised last-quarter sales.
(*) Draka consolidated from 1 March 2011.
KEY FINANCIALS (*)
Amounts in millions of Euro – Percentages on sales
SALES
ADJ. NET PROFIT
(4)
ADJ. OPERATING INCOME
(3)
NET FINANCIAL POSITION
ADJ. EBITDA
(2)
NET OPERATING
WORKING CAPITAL
(5)
2011
2012
2013
7,583
7,848
7,273
-1.8%
(1)
SALES
-3.1%
(1)
2011
2012
2013
426
483
457
5.6%
6.2%
6.3%
ADJ. OPERATING
INCOME
(3)
2011
2012
2013
568
647
612
ADJ. EBITDA
(2)
7.5%
8.2%
8.4%
2011
2012
2013
231
280
268
3.0%
3.6% 3.7%
ADJ. NET PROFIT
(4)
2011
2012
2013
1,064
918
834
NET FINANCIAL POSITION
2011
2012
2013
579
489
450
NET OPERATING
WORKING C PITAL
(5)
7.3%
6.4% 6.3%
