Prysmian closes 2014 accounts with margins and profits down due to problems with the Western Link project, but confirms the previous year's dividend, looks at M&A and focuses on submarine cables.
Il adjusted operating result it stood at 365 million (-21,5%). L'adjusted net profit it dropped by 32%, to 186 million. THE revenues rose by 1,8%, to 6,84 billion euros, while theAdjusted Ebitda it fell 17%, to 509 million. The BoD will propose to the assembly the distribution of a dividend of 0,42 euro per share, unchanged compared to the previous year.
THEnet financial debt it dropped to 802 million, compared to 1,292 billion as of last September 30th. Prysmian also has generated cash of 400 million (before changes in net working capital).
“It's too early to tell, but I think that in 2015 we will be able to look at certain M&A transactions – said CEO Valerio Battista -. Any opportunities will be evaluated."
At the sector level, the CEO emphasized the brilliant performance of the submarine cables: the order book, which also includes high voltage cables, at the end of 2014 amounted to approximately 2,8 billion. In submarines, he added, after the WL case, "I don't want to take any significant risk for low margins."
Today, mid-morning, Prysmian's share on the Stock Exchange gained one percentage point, to 17,77 euros.
