2024-06-15
http://w3.windfair.net/wind-energy/pr/44118-financial-highlight-cash-energy-energy-transition

News Release from Prysmian Group

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Wind Industry Profile of


Q1 2023 Financial Highlights

Long-term drivers continue to fuel growth Improved results and strong cash generation thanks to a wide portfolio of businesses and geographies

Source: Prysmian GroupSource: Prysmian Group
  • SALES AT €3,992M, ORGANIC GROWTH AT +9.0%
  • ADJ EBITDA GREW BY 48,3% TO €427M. MARGINS AT 10.7% (7.8% IN Q1 2022)
  • GROUP NET PROFIT IMPROVED BY 44.4% TO €182M (€126M IN Q1 2022)
  • LTM FREE CASH FLOW AT €581M. DEBT REDUCED TO €2,074M (€2,380M AT 31 MARCH 2022)

POSITIVE BUSINESS PERFORMANCE DRIVEN BY THE ENERGY TRANSITION AND ELECTRIFICATION

  • PROJECTS: +29.5% ORGANIC GROWTH AND IMPROVING MARGINS
  • ENERGY: +6.6%. POWER DISTRIBUTION AND OVERHEAD LINES (+12.2%) SUPPORTED BY GRID HARDENING
  • TELECOM: +5.7% ORGANIC GROWTH DRIVEN BY OPTICAL CABLES

The Board of Directors of Prysmian S.p.A. approved today the Group’s consolidated results for the first quarter of 2023.

“The first quarter of 2023 closed with better-than-expected results, further confirming the solid and long-term nature of the drivers that had fuelled our extraordinary growth in 2022,” stated CEO Valerio Battista. “All the businesses and geographical areas performed well, particularly the sectors that play a strategic role in the energy transition and electrification processes — from submarine cable systems for large interconnections and offshore wind farms to cable for grid hardening, and applications for wind and solar renewable energy generation. Worth of mention is our ability to translate business results into cash generation, thus contributing to improving our net financial debt. In short, after having reported our best ever results in 2022, this excellent start to the year confirms the competitiveness of our product range and our technology innovation capacity, the quality and reliability of our supply chain and customer service, as well as our execution capabilities for the important projects in the order book,” concluded Battista.

FINANCIAL HIGHLIGHTS

Group Sales amounted to €3,992 million, with a +9.0% organic growth and a better-than-expected performance in almost all businesses and geographical areas. The strong acceleration of the sales organic growth (+29.5%) reported by the Projects segment was mainly attributable to submarine cables and systems, which are used both for developing interconnections and for connecting offshore wind farms that are strategic to the energy transition. The Energy segment’s sales recorded a +6.6% organic growth, mainly driven by long-term drivers, such as electrification, grid hardening and wind and solar energy generation. Medium-voltage cables and overhead lines recorded a +12.2% organic growth. Sales of the renewables segment also improved. Telecom recorded a +5.7% organic growth, chiefly thanks to the demand for optical cables for the development of broadband networks.

Adjusted EBITDA (excluding net expenses for company reorganisations, net non-recurring expenses and other net non-operating expenses) jumped by 48.3% to €427 million (€288 million in Q1 2022), with a significant increase in margins confirmed by a 10.7% ratio of Adjusted EBITDA to Sales compared to 7.8% for the same period of 2022. Profitability also improved in the Projects segment (Adjusted EBITDA margin at 10.0% compared to 7.8% in Q1 2022), in Energy & Infrastructure (Adjusted EBITDA margin at 10.9% compared to 6.8% in Q1 2022) and in the industrial application cable business (wind and solar energy in particular) with Adjusted EBITDA margin improving to 9.8% from 6.8% in Q1 2022. In the Telecom business, the ratio of Adjusted EBITDA to sales was 14.6% (15.6% for the same period of 2022).

EBITDA grew to €398 million (€285 million in Q1 2022) including net expenses for company reorganisations, net non-recurring expenses and other net non-operating expenses totalling €29 million (€3 million in Q1 2022). Operating Income rose to €294 million (€209 million in Q1 2022).

Net Profit (attributable to owners of the parent) grew sharply by +44.4% to €182 million compared to €126 million for the same period of 2022.

Source:
Prysmian Group
Author:
Lorenzo Caruso
Email:
lorenzo.caruso@prysmiangroup.com
Keywords:
financial, highlight, cash, energy, energy transition



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