Prysmian Group sales amounted to €4,985 million, with a -11.8% organic change. The good performance reported in North America, especially the Energy & Infrastructure market, allowed to mitigate the effects of the pandemic.
Overall, the whole Energy segment proved relatively resilient, despite reporting a negative growth.
The Telecom segment shrank due both to the challenging comparison with the same period of 2019, and to the effects of the pandemic, which remarkably slowed down installation activities.
Within the Projects segment, high-voltage cable and system production and installation were impacted by the pandemic, whereas the submarine cable business was able to partially offset the decline in sales volumes leveraging on the quality of its project execution capabilities.
Adjusted Prysmian EBITDA stood at €419 million
The decline compared to €521 million for the first half of 2019 was mainly attributable to the decrease in sales.
Adjusted EBITDA amounted to €222 million in the second quarter of 2020 (ratio to Sales at 9.3% vs 9.4% for the second quarter of 2019), up compared to €197 million in the first quarter of 2020 (ratio to Sales 7.6% vs 8.3% for the first quarter of 2019).
The ratio of Adjusted EBITDA to Sales was 8.4% compared to 8.9% in H1 2019.
EBITDA amounted to €407 million (€492 million in the first half of 2019), including net expenses for company reorganisation, net non-recurring expenses and other net non-operating expenses totalling €12 million (€29 million in the first half of 2019).
Operating income amounted to €173 million (€335 million in the first six months of 2019), due to the partial write-down of assets in the South Europe region for €43 million.
Net profit was €78 million (€190 million for the first six months of 2019).
Net Financial Debt decreased to €2,516 million at 30 June 2020 (€2,819 million at 30 June 2019; €2,140 million at 31 December 2019).