CONSOLIDATED FINANCIAL STATEMENTS >
DIRECTORS’ REPORT
48
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
GROUP PERFORMANCE AND RESULTS
(in millions of Euro)
2013
2012 (**)
% change
2011 (*)
Sales
7,273
7,848
-7.3%
7,583
Adjusted EBITDA
612
647
-5.5%
568
% of sales
8.4%
8.2%
7.5%
EBITDA
562
546
2.9%
269
% of sales
7.7%
7.0%
3.4%
Fair value change in metal derivatives
(8)
14
(62)
Remeasurement of minority put option liability
-
7
(1)
Fair value stock options
(14)
(17)
(7)
Amortisation, depreciation and impairment
(180)
(188)
-4.3%
(180)
Operating income
360
362
-0.8%
19
% of sales
4.9%
4.6%
0.3%
Net finance income/(costs)
(153)
(137)
(129)
Share of net profit/(loss) of associates and dividends from other companies
15
17
9
Profit/(loss) before taxes
222
242
-8.4%
(101)
% of sales
3.1%
3.1%
-1.3%
Taxes
(68)
(73)
(44)
Net profit/(loss) for the year
154
169
-8.6%
(145)
% of sales
2.1%
2.2%
-1.9%
Attributable to:
Owners of the parent
149
166
(136)
Non-controlling interests
5
3
(9)
RECONCILIATION OF OPERATING INCOME / EBITDA TO ADJUSTED OPERATING INCOME / ADJUSTED EBITDA
Operating income (A)
360
362
-0.8%
19
EBITDA (B)
562
546
2.9%
269
Non-recurring expenses/(income):
Company reorganisation
50
74
56
Antitrust
(6)
1
205
Draka integration costs
-
9
12
Tax inspections
-
3
-
Environmental remediation and other costs
(3)
3
5
Italian pensions reform
-
1
-
Gains on asset disposals
(5)
(3)
(1)
Draka acquisition costs
-
-
6
Effects of Draka change of control
-
-
2
Release of Draka inventory step-up
-
-
14
Other net non-recurring expenses
14
13
-
Total non-recurring expenses/(income) (C)
50
101
299
Fair value change in metal derivatives (D)
8
(14)
62
Fair value stock options (E)
14
17
7
Remeasurement of minority put option liability (F)
-
(7)
1
Impairment of assets (G)
25
24
38
Adjusted operating income (A+C+D+E+F+G)
457
483
-5.4%
426
Adjusted EBITDA (B+C)
612
647
-5.5%
568
(*) Includes the Draka Group’s results for the period 1 March – 31 December 2011.
(**) The previously published figures have been amended. Further details can be found in Section C. Restatement of comparative figures at 31 December 2012 in
the Explanatory Notes to the Consolidated Financial Statements.
