CONSOLIDATED FINANCIAL STATEMENTS >
DIRECTORS’ REPORT
62
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
SEGMENT PERFORMANCE: TELECOM BUSINESS
Prysmian fully satisfies demand by business and residential customers for ever faster
connections and broadband services, by supplying high-performance networks offering high
standards of fibre management.
(in millions of Euro)
2013
2012
% change
2011 (*)
Sales to third parties
1,255
1,466
-14.4%
1,315
Adjusted EBITDA
120
160
-25.0%
121
% of sales
9.6%
10.9%
9.1%
EBITDA
100
138
-27.5%
103
% of sales
8.0%
9.4%
7.7%
Amortisation and depreciation
(50)
(56)
(43)
Adjusted operating income
70
104
-32.3%
78
% of sales
5.6%
7.1%
5.8%
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA
EBITDA (A)
100
138
-27.5%
103
Non-recurring expenses/(income):
Company reorganisation
13
16
12
Draka integration costs
-
1
-
Tax inspections
-
2
-
Gains on asset disposals
(1)
-
-
Release of Draka inventory step-up
-
-
6
Other net non-recurring expenses
8
3
-
Total non-recurring expenses/(income) (B)
20
22
18
Adjusted EBITDA (A+B)
120
160
-25.0%
121
(*) Includes the Draka Group’s results for the period 1 March – 31 December 2011.
