Prysmian S.p.A. Results at 31 December 2019

• Order book again to over €2 billion (at 31 December 2019)

• Synergies from General Cable integration at €140M FY 2019 VS a target of €120M

• 48% of 2019 sales from low carbon enabling products

• Net financial debt improved to €2,140M, €1,971M before IFRS 16 (€2,222M at 31/12/2018)

• FY 2020 guidance:

1. Adjusted EBITDA expected in the range of €950M-€1,020M

2. Free Cash Flows at €330M ±10% 

• Proposed dividend pay-out up to €0.5 per share (+16%)

The Board of Directors of Prysmian S.p.A. has approved today the Group’s consolidated results for 2019.

Chief Executive Officer Valerio Battista stated: “Strong cash generation higher than projected and Adjusted EBITDA exceeding 1 billion € are among the factors that allowed the Group to close 2019 with positive results” stated Chief Executive Officer Valerio Battista. “An important contribution was provided by the Projects business, which near the end of the year reached several important milestones, such as the take-over of the Western Link interconnection. Despite continuing to be affected by the weak order intake in 2018, in the Projects business the Group has confirmed its leadership by securing important energy interconnection and offshore wind farm cabling projects, which increasingly position us as a renewable energy transition enabler. The performance of the Telecom business, while remaining positive during the year, was affected by the decline in volumes in the second half of the year. An important contribution was also made by the synergies arising from the General Cable integration, which exceeded expectations. On the basis of the positive results achieved in 2019, the Group believes that it may propose an increase in the dividend to €0.5 per share to the General Shareholders’ Meeting. The scenario for 2020 — at least in the near term — presents elements of uncertainty that lead us to project, for the full year, an adjusted EBITDA in the range of €950 to €1,020 million and cash flow of €330 million +/-10%.”

To read the full press release, visit the Prysmian website.