Western Link Affects Prysmian Results

Italian cable specialist Prysmian released its figures for the first half of 2014. Sales amounted to €3,287 million compared with €3,504 million in the first half of 2013, posting organic growth of +1.3%, assuming the same group perimeter and excluding metal price and exchange rate effects.

“The results of the first half of 2014 include the financial impact of the problems encountered in the execution of the Western Link project and the effects of exchange rate trends” explains CEO Valerio Battista.

The total impact is estimated to EUR 94 million in 2014, and UER 167 million for the entire duration (2014-2016).

The company reported EBITDA of EUR 204 million which was 27.8% lower comparing to the same period last year.

Net financial position was up 23% to EUR 1,209 million.

First-half sales for the Industrial business were weaker than expected. The Telecom business, which had already reported the first signs of trend reversal in the first quarter, posted a positive performance in volumes.