60 / 278
PRYSMIAN GROUP | DIRECTORS’ REPORT
60
islands of Panay and Negros; the interconnector between England and Scotland (Western HVDC Link) and
the contract won in China (Hainan2).
The SURF business performed well, with buoyant demand for umbilicals in Brazil. DHT cables also posted
positive results in the North American market, despite the decline in oil prices.
Given t the factors described, Adjusted EBITDA for the Energy Projects operating segment came to Euro
246 million (Euro 272 million without the negative impact of the Western HVDC Link project). This represents
an improvement of Euro 92 million on the 2014 Adjusted EBITDA of Euro 154 million. Excluding the effects
of the Western HVDC Link project (Euro 26 million in 2015 and Euro 94 million in 2014), Adjusted EBITDA
would have improved by Euro 24 million.