Prysmian Reports €145M Loss for 2011
"Technological innovation and production flexibility have enabled the Group to achieve more than satisfactory results even in a market where signs of recovery are still weak – comments CEO Valerio Battista. Financial year 2011 has closed with a marked organic growth in sales. Profitability has also continued to improve, with Adjusted EBITDA coming in at the top end of the target range announced to the market. The strong cash generation and the clear improvement in our key indicators – for example, net debt just above €1 billion which is less than two times Adjusted Ebitda - allowed us to enter the current year with a solid balance sheet. Lastly, the integration with Draka has been conducted quickly and efficiently, letting us realise significant synergies in the year just ended".