Prysmian Group: Strong Results for the First Half of 2019

• Sales at €5,849M (+1.9% organic growth), with strong growth in North America (+4.7%)
• Excellent performance in Telecom (+7.9%); positive trend in Energy & Infrastructure (+3.1%)
• Adjusted EBITDA increased to €521M (+26.2% vs H1 2018), 8.9% ratio to Sales (7.1% in H1 2018)
• Improved profitability: solid trend in Energy & Infrastructure; strong growth in optical cables and MMS
• Viking Project awarded to Prysmian for about €700M; projects awarded in the first 7 months worth €1.1BN
• Net profit has doubled to €192M (€80M in H1 2018)
• FY19 guidance confirmed (excluding the positive impacts of IFRS 16):
• Adjusted EBITDA expected in the range of €950M-€1,020M
• Free Cash Flows forecast at €300M ±10% after €90M restructuring costs

“One year after the closing of the General Cable acquisition, our results in the first half of 2019 highlighted the significant contribution by North America to the Group's sales growth and improved profitability," commented Chief Executive Officer Valerio Battista. “The integration has been yielding considerable benefits at the level of both operating synergies and the business, due to the cross-selling opportunities and the important role it allows the Group to play in serving strategic clients. These developments are particularly significant in the Optical Cables and Multi-Media Solutions businesses, as well as in the entire Energy & Infrastructure segment, and particularly in Power Distribution. There have also been positive signs in the Projects segment: following several important offshore wind farm projects such as Vineyard in the USA and Dolwin5 in Germany, the award of four of the five assigned lots of the Viking Link project for nearly €700 million brought the overall value of projects awarded in the first seven months to over €1 billion — the target we had estimated for 2019 full-year."         

Full press release is available here.