Prysmian Announces 2009 results
Thursday, Mar 04, 2010
Profitability target achieved: ADJ EBITDA euro 403 Million
Sales trend stabilisation in second half
Margins stable: ADJ EBITDA 10.8% of sales (10.5% in 2008)
High cash generation confirmed
• Sales: euro 3,731 million (organic change -17.4%)
• ADJ EBITDA : euro 403 million (euro 542 million in 2008; -25.6%)
• ADJ OPERATING INCOME : euro 334 million (euro 477 million in 2008; - 30.1%)
• NET PROFIT: euro 252 million (euro 235 million in 2008; +7.5%)
• ADJ NET PROFIT : euro 206 million (euro 332 million in 2008; -37.9%)
• FREE CASH FLOW : euro 183 million.
• Net Financial Position improved to euro 474 million from euro 577 million in 2008
Dividend confirmed at euro 0.417 per share for a total pay-out of euro 74 million
The Board of Directors of Prysmian S.p.A. has approved today the Company's consolidated financial statements and separate financial statements for 2009 .
"During 2009 Prysmian kept a prudent management approach while continuing to develop effective growth strategies at the same time," explains CEO Valerio Battista. “We are particularly proud of having achieved the initial Group profitability target even in a still weak market environment. Furthermore, thanks to the strategy developed - continues Battista - we have been able to strengthen the Group's financial solidity, with a significant improvement in our net financial position. Looking ahead, we believe that the investments in high-tech businesses, combined with the acquisitions made in high-growth markets like India, Russia and the Middle East, will allow us to fully benefit from future market recovery."
Source: Prysmian
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