Prysmian S.p.a. · MIL:PRY
Prysmian — Italian Infrastructure Day – Borsa Italiana 2013
77 slides from Prysmian's conference presentation, Sep 5, 2013
Slide 1: Company Presentation
Company Presentation Italian Infrastructure Day – Borsa Italiana Milan – September 5th, 2013 Company Presentation – September 2013 1
Slide 2: Agenda
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix Company Presentation – September 2013 2
Slide 3: H1 2013 Key Financials
H1 2013 Key Financials Euro Millions, % on Sales Sales Adjusted EBITDA (3) Adjusted EBIT (4) -1.8%* 647 7,973 7,848 586 483 435 -5.3%* 3,916 308 282 3,622 229 204 2011(1) 2012 H1'12 H1'13 2011 (1) 2012 H1'12 H1'13 2011(1) 2012 H1'12 H1'13 * Org. Growth 7.3% 8.2% 7.9% 7.8% 5.5% 6.2% 5.9% 5.6% Adjuste
Slide 4: Adj. EBITDA evolution by business
Adj. EBITDA evolution by business Organic growth improvement across all businesses and synergies driving margins recovery Adj. EBITDA by business Euro million and % on Sales Utilities T&I Industrial Telecom 72 71 49 46 44 39 36 35 33 31 27 24 24 23 18 14 12.4% 9.9% 4.6% 6.3% 7.7% 8.3% 3.0% 9.9% Q2'1
Slide 5: Utilities
Utilities Euro Millions, % on Sales Sales to Third Parties Highlights DISTRIBUTION +1.1%* • Volume decrease mainly due to continuous deterioration in European 2,318 2,287 demand. Weak pricing driving pressure on profitability despite growing industrial efficiencies +0.7%* • Europe: lower contributio
Slide 6: Utilities – Transmission
Utilities – Transmission Record orders backlog with high technology projects to enhance profitability Orders Backlog evolution € million Submarine HV ~500 ~550 ~650 ~650 ~650 ~650 ~2,300 ~300 ~1,900 ~250 ~1,700 ~900 ~1,000 ~1,050 ~650 ~800 Dec'09 Jun'10 Dec'10 Jun'11 Dec'11 Jun'12 Dec'12 Jun'13 Stre
Slide 7: Utilities – Strong increase in H2 profitability driven by transmission
Utilities – Strong increase in H2 profitability driven by transmission Adj.EBITDA increase in H2 covered by Transmission order book Utilities – Adj.EBITDA € million 2012 2013E 153 • High visibility on H2 thanks to submarine and HV order book 121 117 • Growing contribution from high value added trans
Slide 8: Trade & Installers
Trade & Installers Euro Millions, % on Sales Sales to Third Parties Highlights -2.6%* • Continuous deterioration in demand in line with FY expectations. Slight improvement in organic change through the year thanks to stabilized 2,233 2,159 demand. Price decrease fully offset by cost reduction. -8.5%
Slide 9: Industrial
Industrial Euro Millions, % on Sales Sales to Third Parties Highlights OGP -1.5%* • Orders backlog to drive higher results in H2 fully offsetting weak H1. 1,824 1,801 Recovery expected from off-shore projects in South America, Singapore and North Sea +0.6%* SURF 920 896 • Growing contribution in Umb
Slide 10: Industrial – Growing in higher value added segments
Industrial Growing in higher value added segments to offset current profitability decrease in Renewables Sales breakdown by business segment Business segment matrix H1 2013 H1 2013 Elevator OGP & SURF Other Elevator 3% Contribution Margin % 8% Specialties & OEM Renewables 35% 8% Specialties & OEM €
Slide 11: Telecom
Telecom Euro Millions, % on Sales Sales to Third Parties Highlights -3.5%* • H1 contraction in sales and profitability substantially in line with Q1 due to still very high comparable basis in Optical North and South America 1,431 1,466 Optical / Fiber -16.2%* • Europe: substantially stable volume vs
Slide 12: Telecom – H1 profitability decrease due to suspended incentives
Telecom – H1 profitability decrease fully attributable to incentives suspended in North and South America Adj. EBITDA evolution Euro million (15) (10) +4 (1) 44 35 33 24 Q1 2012 N. & S. America RoW Q1 2013 Q2 2012 N. & S. America RoW Q2 2013 Company Presentation – September 2013 12
Slide 13: 2013 Outlook – FY target confirmed
2013 Outlook – FY target confirmed with strong increase in profitability in H2 Solid orders backlog in Transmission and synergies to face continuous weakness in cyclical businesses FY 2013 Adj.EBITDA Target (€ mln) 600 650 H1 2013 H2 2013E 339 343 • Continuous weakness • H1 consistent with FY 308 ta
Slide 14: Agenda
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix Company Presentation – September 2013 14
Slide 15: The new organization model
The new organization model To strengthen leadership in all business segments leveraging on a global platform New organization: a matrix linking country and group functions Utilities T&I Industrial Telecom Group Functions Local Intermediate Global (Optical+Copper) Business Multimedia & Optical Fiber
Slide 16: Integration process update
Integration process update In 2011-12 executed over 50% of actions planned in the full integration process Q2 2011 H2 2011 FY 2012 FY 2013 Design Execution • New Group • Start deployment • Consolidate “One- • Actions completed to achieve the Organization of new company” identity with €100m cumul
Slide 17: First step of production footprint optimization completed
First step of production footprint optimization completed 7 plants closed and 1 plant restructured since Draka acquisition Wuppertal (GER) Industrial cables - partial closure Eschweiler (GER) T&I/Industrial cables Angel (CHI) Hickory (US) Semi-finished products/wires Derby (UK) Industrial/control ca
Slide 18: Synergies target increased
Synergies target increased – Increasing efforts on production rationalization New upgrade in synergies plan with additional actions to face the continuous downturn Update on Synergies Plan 2011-15 Overheads (Fixed costs) Euro million Procurement ~175 • Strong Operations ~150 decrease in 125-150 cycl
Slide 19: Key commercial initiatives in Industrial and Telecom
Key commercial initiatives in Industrial and Telecom Leverage on global product portfolio to increase sales and profitability Industrial: ~ +€240m sales by 2015 Telecom: ~ +€190m sales by 2015 CAGR ’12-’15 driven by new initiatives: ~ +4%* CAGR ’12-’15 driven by new initiatives: ~ +4%* OEMs OEMs •Cr
Slide 20: Agenda
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix Company Presentation – September 2013 20
Slide 21: Profit and Loss Statement
Profit and Loss Statement Euro Millions H1 2013 H1 2012 FY 2012 Sales 3,622 3,916 7,848 YoY total growth (7.5%) YoY organic growth (5.3%) Adj.EBITDA 282 308 647 % on sales 7.8% 7.9% 8.2% Non recurring items (26) (42) (101) EBITDA 256 266 546 % on sales 7.1% 6.8% 7.0% Adj.EBIT 204 229 483 % on sales
Slide 22: Extraordinary Effects
Extraordinary Effects Euro Millions H1 2013 H1 2012 FY 2012 Antitrust investigation 1 (3) (1) Restructuring (21) (27) (74) Draka integration costs - (3) (9) Other (6) (9) (17) EBITDA adjustments (26) (42) (101) Special items (44) (9) (20) Gain/(loss) on metal derivatives (37) 1 14 Assets impairment
Slide 23: Financial Charges
Financial Charges Euro Millions H1 2013 H1 2012 FY 2012 Net interest expenses (51) (53) a) (111) a) of which non cash Conv.Bond interest exp. (2) - - Bank fees amortization (5) (5) (10) Gain/(loss) on exchange rates (10) (21) (29) Gain/(loss) on derivatives (1 ) (11) 22 18 Non recurring effects (5)
Slide 24: Statement of financial position (Balance Sheet)
Statement of financial position (Balance Sheet) Euro Millions 31 December 30 June 2013 30 June 2012 2012 Net fixed assets 2,252 2,264 2,311 of which: intangible assets 643 619 655 of which: property, plants & equipment 1,496 1,549 1,543 Net working capital 772 934 479 of which: derivatives assets/(l
Slide 25: Cash Flow
Cash Flow Euro Millions H1 2013 H1 2012 FY 2012 Adj.EBITDA 282 308 647 Non recurring items (26) (42) (101) EBITDA 256 266 546 Net Change in provisions & others (41) (8) (1) Cash flow from operations (before WC changes) 215 258 545 Working Capital changes (367) (359) 75 Paid Income Taxes (28) (32) (7
Slide 26: Appendix – Prysmian at a Glance
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix – Prysmian at a Glance Company Presentation – September 2013 26
Slide 27: Key Milestones
Key Milestones 1879 1902 1998 2001 2005 2008 2011 Organic Growth by Restructuring Managing the Growth by Establishment Profitable growth growth acquisition process downturn acquisition Listing Public #1 Cable Company July 28, ‘05: Strategic Company Maker founded as Product Closure of 11 GS “Pirelli
Slide 28: The World's Leading Cables & Systems Company
The World’s Leading Cables & Systems Company N°1 in cable solutions for the energy and telecommunication business 7.8 6.3 5.5 €bn, 2012 Sales 4.5 4.1 3.9 3.8 3.0 2.8 1.1 Prysmian Nexans LS Cable & General Cable Southwire Furukawa Leoni Fujikura Hitachi Cable NKT Cables Group System Source: Companies
Slide 29: Prysmian Group business portfolio
Prysmian Group business portfolio Focus on high value added segments PROFITABILITY Extended SURF business (Flexible Pipes + perimeter Umbilicals) Network Components Submarine Look for High Extra HV Profitable Optical Cables & Fibre Growth High Voltage • Focus on products and service Industrial Mediu
Slide 30: Prysmian Group at a glance
Prysmian Group at a glance H1 2013 Results Sales breakdown by geography Sales breakdown by business APAC 14% Telecom 17% Utilities Latin 30% America Other 9% 1% € 3.6 bn € 3.6 bn N. America 14% Industrial EMEA 25% 63% T&I 27% Adj. EBITDA by business Adj. EBITDA margin by business Telecom 11.3% 20% 9
Slide 31: Long Cycle Businesses Vs. Short Cycle Businesses
Long Cycle Businesses Vs. Short Cycle Businesses Adj. EBITDA breakdown Long Cycle Businesses Short Cycle Businesses Short Cycle Businesses Adj. EBITDA 66% 34% (Combined Prysmian + Draka) • Profitability: stable at bottom level (excl. synergies contribution) Utilities Utilities • Over 50% profitabili
Slide 32: Sales evolution by geographical area
Sales evolution by geographical area Improving geographical diversification with a limited exposure to weaker southern European countries € million Italy & Spain accounting for approx. 7% of Group 7,973 7,848 Adj.EBITDA 6,990 15% 15% EMEA Sales breakdown 14% 9% 9% FY 2012 – Total = 62% 8% 12% Power
Slide 33: CAPEX evolution
CAPEX evolution Investments focused on high value added businesses Capacity Increase & Product mix (€m) 2012 Capex by destination Maintenance, Efficiency, IT and R&D Maintenance, Efficiency, IT and R&D Capacity Increase & Product mix Capacity Increase & Product Mix 159 152 116 IT and R&D 107 102 85
Slide 34: Metal Price Impact on Profitability
Metal Price Impact on Profitability Supply Main Metal Influence on Cable Price Metal Fluctuation Management Contract Application Impact Impact • Projects (Energy • Technology and design • Pricing locked-in at order intake transmission) content are the main • Profitability protection through Predeter
Slide 35: Appendix – Energy
AGENDA Group Overview & Outlook 2013 Draka integration Financial Results Appendix – Energy Company Presentation – September 2013 35
Slide 36: Clusters of Cable Manufacturers in the Industry
Clusters of Cable Manufacturers in the Industry Competitive scenario – Energy Cables Company Presentation – September 2013 36
Slide 37: Full package of solutions for Energy Business
Full package of solutions for Energy Business Utilities Trade & Installers Industrial • Power Transmission • LV cables for construction • Specialties & OEM (rolling stock, nuclear, defence, crane, – Underground EHV, HV-DC/AC – Fire performing mining, marine, electro medical, – Submarine (turn-key) E
Slide 38: Utilities – Power Transmission
Utilities – Power Transmission Business description Key customers High/extra high voltage power transmission Customer base drawn from all major national solutions for the utilities sector transmission networks operators • Underground High Voltage Cabling solutions for power plant sites and primary d
Slide 39: Utilities – Investing in submarine to increase ROCE
Utilities – Investing in submarine to increase ROCE Strengthening production and installation (GME acquisition) capabilities Arco Felice (Italy) Drammen (Norway) Pikkala (Finland) Main projects in execution/order backlog: 1. Western Link 2. HelWin 1-2/ SylWin 1/ BorWin 2/ DolWin 3 1 2 / Deutsche Buc
Slide 40: Utilities – Off-shore wind development in Europe
Utilities – Off-shore wind development in Europe still at early stage High visibility on new projects to be awarded next quarters Europe Offshore Wind capacity (GW) Europe 2012 Cumulated Capacity by Country Cumulated Offshore Wind capacity (L axis) Others 0.2 GW Annual Additional capacity (R axis) N
Slide 41: Utilities – Transmission
Utilities – Transmission Changing Energy generation mix implies a re-engineering of transmission grids Main primary drivers for grid development in Europe toward 2020 Evolution of the generation mix Scenario EU2020 2012 a) 320 458 963 GW 53 126 2020 a) 456 536 1,214 GW 132 82 Renewable Energy Source
Slide 42: Update on transmission projects of pan-European significance
Utilities – Transmission Update on transmission projects of pan-European significance Main subsea and underground projects of pan-European significance List of main projects Main power flow trends 2. Italy – France Main subsea & underground projects in design & permitting 3. Germany (Borwin III & IV
Slide 43: Utilities – Submarine Systems
Utilities – Submarine Systems Key success factors Latest Key projects Customers Period €m (1) US Offshore platforms ExxonMobil's 2014-15 $100m • Track record and reliability Balearic Islands Red Eléctrica de España 2014-15 85 • Ability to design/execute turnkey Deutsche Bucht TenneT 2014-15 50 solut
Slide 44: Utilities – Western Link a milestone in the submarine sector
Utilities – Western Link a milestone in the submarine sector Confirmed leadership in terms of know-how and innovation capabilities Western Link route Large Off-shore Wind investments planned in Scotland Western Link milestones • The highest value cable project ever awarded, worth €800 mln • The high
Slide 45: Utilities – Power Distribution
Utilities – Power Distribution Market drivers Key customers Key customers are all major national distribution network operators • Long term growth in electricity consumption • Mandated improvements in service quality • Investment incentives to utilities • Urbanization Key success factors Action plan
Slide 46: Trade & Installers
Trade & Installers Business description Key customers • Low voltage cables for residential and non • Key customers include major: residential construction • Specialized distributors • Channel differentiation with both: • Direct sales to end customers (Installers) • General distributors • Indirect sa
Slide 47: Trade & Installers – Technology content
Trade & Installers Key success factors Product overview • Product range • On-time delivery / Product availability • Inventory/WC management • Cost leadership + • Channel management Fire Performance/ • Customers’ relationship Accessories Technology content Specials High-End Low Smoke Action plan Zero
Slide 48: Trade & Installers – Sales breakdown
Trade & Installers Sales breakdown Sales breakdown by geographical area Total Construction Investments H1 2013 2012 = 100 140 North America 130 C.&S. America 120 Asia Pacific APAC* 10% 110 Central & Southern Europe Europe Latin America 100 9% 44% 90 North 80 America 6% A08 A09 A10 A11 E12 E13 E14 E1
Slide 49: Industrial
Industrial Business description Key customers Integrated cable solutions highly customized to our Large and differentiated customer base industrial customers worldwide generally served through direct sales Oil & Gas Addressing the cable needs of research and refining, exploration and production. Pro
Slide 50: Industrial – Off-shore oil exploration
Industrial – Off-shore oil exploration Oilfield structure Flexible Pipes Fixed Floating Platform Floating Platform (SEMI-SUBMERSIBLE) Platform (FPSO) Umbilical Injection control Umbilical (Power) Flexible Pipes Umbilical For control Christmas Manifold Tree Petrol Well Company Presentation – Septembe
Slide 51: Industrial – Off-shore oil exploration
Industrial – Off-shore oil exploration Cross selling opportunities driven by the new Downhole technology business contributed by Draka Downhole Technology (DHT) HYBRID ELECTRO-OPTIC FIBER OPTIC ELECTRICAL GAS & FLUID TUBING PACKAGED GAS & FLUID TUBING Company Presentation – September 2013 51
Slide 52: Macro-structure of Energy Cables
Macro-structure of Energy Cables Product macro structure Production process Conductor Final production Outer jacket (drawing, Insulation Screening Lay up Armouring Sheathing quality (Polyolefine, PVC, inspection Insulation (XLPE, EPDM) stranding) …) WB yarns Conductor (Cu, Al) Building Wire (T&I) Lo
Slide 53: Appendix – Telecom
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix – Telecom Company Presentation – September 2013 53
Slide 54: Major Players within the Telecom Industry
Major Players within the Telecom Industry Competitive scenario Global Market Presence Continental YOFC Local Niche Focused Wide Product Portfolio Range Company Presentation – September 2013 54
Slide 55: Our Telecom Business
Our Telecom Business Business description Key customers Integrated cable solutions focused on high -end Telecom Key customers include key operators in the telecom sector Telecom solutions Optical cables: tailored for all today’s challenging environments from underground ducts to overhead lines, rail
Slide 56: Optical cables
Optical cables Global overview Market trends Key success factors • Demand function of level of capital expenditures • Continuous innovation and development of new budgeted by large telecom companies cable & fibre products (PTT/incumbents as well as alternative • Cable design innovation with special
Slide 57: Telecom Cables Main Applications
Telecom Cables Main Applications BACKBONE METROPOLITAN RING ACCESS NETWORK Company Presentation – September 2013 57
Slide 58: Telecom – Sales breakdown
Telecom Sales breakdown Sales breakdown by geographical area Sales breakdown by business segment H1 2013 H1 2013 JVs and other Asia Pacific Optical, 23% 29% Connectivity and Fiber EMEA 46% 47% € 0.6 bn € 0.6 bn Multimedia & Latin America Specials 14% 18% North America Copper 10% 13% Company Presenta
Slide 59: Telecom – Solid drivers in optical confirmed
Telecom – Solid drivers in optical confirmed despite low start of the year Growing investments expected in South America, EMEA and APAC Global optical cables demand 17% -5% +23% Prysmian 2015 vs. 2012 Sales* Market Growth 33% North America Prysmian +28% 2015 vs. 2012 Sales* Market Growth 41% EMEA Pr
Slide 60: Telecom – FTTA as key driver of optical demand
Telecom – FTTA as key driver of optical demand 4G and Long Term Evolution (LTE) deployments require Fiber-to-the-Antenna (FTTA) Number of Global LTE Subscribers Forecast Millions of users Roof top antenna towers for urban applications Antenna towers used by 4G and LTE networks Source: IHS iSuppli Re
Slide 61: Consolidated leadership in Australia to benefit from NBN project
Consolidated leadership in Australia to benefit from new NBN project Start-up of National broadband network in 2011 Rollout plan for National Broadband Network • Government initiative to provide direct fibre connection to 93% of Australian subscribers (residential and business) • AUD 43 bn capex pla
Slide 62: Macro-structure of Telecom Cables
Macro-structure of Telecom Cables Product macro structure Production process Primary Coating (250 Micron) Fibre Cladding (125 Micron) optic Core (10 Micron) Final quality Pre form deposition Consolidation Drawing inspection Main Technologies: OVD - VAD - MCVD Aramid Yarns Loose tubes Optical fibres
Slide 63: Appendix – Financials
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix – Financials Company Presentation – September 2013 63
Slide 64: Bridge Consolidated Sales
Bridge Consolidated Sales Euro Millions Total Consolidated -5.3% (207) (51) (61) 25 3,916 3,597 3,622 H1 2012 Org.Growth Metal Effect Exchange Rate H1 2013 L-f-L Perimeter effect H1 2013 Energy Cables & Systems Division -2.7% (86) (48) (50) 9 3,170 2,986 2,995 H1 2012 Org.Growth Metal Effect Exchang
Slide 65: Energy Segment – Profit and Loss Statement
Energy Segment – Profit and Loss Statement Euro Millions H1 2013 H1 2012 FY 2012 Sales to Third Parties 2,995 3,170 6,382 YoY total growth (5.5%) YoY organic growth (2.7%) Adj. EBITDA 225 229 487 % on sales 7.5% 7.2% 7.6% Adj. EBIT 172 175 379 % on sales 5.8% 5.5% 5.9% Company Presentation – Septemb
Slide 66: Energy Segment – Sales and Profitability by business area
Energy Segment – Sales and Profitability by business area Euro Millions, % on Sales Total Organic H1 2013 H1 2012 growth growth Sales to Third Parties Utilities 1,071 1,073 (0.2%) 0.7% Trade & Installers 974 1,110 (12.3%) (8.5%) Industrial 896 920 (2.7%) 0.6% Others 54 67 n.m. n.m. Total Energy 2,99
Slide 67: Telecom Segment – Profit and Loss Statement
Telecom Segment – Profit and Loss Statement Euro Millions H1 2013 H1 2012 FY 2012 Sales to Third Parties 627 746 1,466 YoY total growth (16.0%) YoY organic growth (16.2%) Adj. EBITDA 57 79 160 % on sales 9.0% 10.6% 10.9% Adj. EBIT 32 54 104 % on sales 5.2% 7.3% 7.1% Company Presentation – September
Slide 68: Financial Structure
Financial Structure Euro Millions Debt structure (€m) 30.06.2013 (€m) 30.06.13 31.03.13 31.12.12 Used Available Funds (2) Maturity Term Loan 184 185 670 184 - 12/2014 Revolving Credit Facility - - - - 396 12/2014 Eurobond 5.25% 403 418 413 403 - 04/2015 Convertible bond 1.25% 260 258 - 260 - 03/2018
Slide 69: Prysmian Historical Key Financials
Prysmian Historical Key Financials Euro Millions, % of Sales – Pre Draka acquisition Sales Sales Adjusted EBITDA (1) Adjusted Adjusted EBITEBIT 1 (2) 529 542 5,007 5,118 5,144 4,571 464 477 407 403 387 3,742 3,731 330 334 309 265 +4.2% * +8.2% * +9.3% * +3.2% * -17.4% * 171 2005 2006 2007 2008 2009
Slide 70: Historical Key Financials – Utilities and T&I
Historical Key Financials by Business Area – Utilities and T&I Euro Millions, % of Sales – Pre Draka acquisition Sales Vs Third Parties Adjusted EBITDA (1) Adjusted EBIT (2) 2,028 287 256 1,894 266 237 1,853 1,790 250 215 237 208 1,598 1,445 Utilities 197 157 +12.1% * 143 +3.3% * +1.5% * 107 -13.9%
Slide 71: Historical Key Financials – Industrial and Telecom
Historical Key Financials by Business Area – Industrial and Telecom Euro Millions, % of Sales – Pre Draka acquisition Sales Vs Third Parties Adjusted EBITDA (1) Adjusted EBIT (2) 850 93 795 80 742 84 71 629 628 Industrial 62 61 489 46 +5.0% * +21.1% * 46 42 -1.1% * 39 34 -16.1% * 25 2005 2006 2007 2
Slide 72: Appendix – Cable Industry Reference Market
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix – Cable Industry Reference Market Company Presentation – September 2013 72
Slide 73: The Global Cables Reference Market
The Global Cables Reference Market World-Wide Cable Reference Market Size, 2012 2012 Global Cables Reference Market Energy Cables Reference Market (~€93bn) Latin North € 117 bn Latin America America America North 4% 13% 4% America 16% EMEA APAC 31% 52% EMEA APAC 30% 50% Telecom Cables Reference Mark
Slide 74: Market Volumes Trend
Market Volumes Trend Energy Cables Reference Market Million Tons • Long term growth driven by: Conductor 13.4 14.1 • Energy consumption 12.7 11.2 11.6 12.1 10.3 10.7 10.0 10.7 • Investments in power grid 9.5 7.8 8.5 9.0 interconnections 7.4 6.5 6.7 6.9 7.1 CAGR: 5.2% • Investments in power transmiss
Slide 75: Telecom – Demand evolution by geographical area
Telecom – Demand evolution by geographical area Optical fibre cable (Million km) CAGR (12-16) +4.5% 280 282 277 267 48 50 232 45 52 +6.0% 215 41 35 36 188 37 33 -3.4% 39 10 173 10 10 9 +6.3% 36 38 142 30 37 8 116 29 8 33 27 4 Total 92 3 26 EMEA 18 30 175 187 186 182 +5.7% 26 4 145 N. America 25 3 13
Slide 76: Reference Scenario
Reference Scenario Commodities & Forex Brent Copper Aluminium Brent $/ton Copper $/ton Aluminium $/ton Brent €/ton Copper €/ton Aluminium €/ton 150 12,000 3,500 125 10,000 3,000 2,500 100 8,000 2,000 75 6,000 1,500 50 4,000 1,000 25 2,000 500 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-08 Jan-09 J
Slide 77: Disclaimer
Disclaimer • The managers responsible for preparing the company's financial reports, A.Bott and C.Soprano, declare, pursuant to paragraph 2 of Article 154-bis of the Consolidated Financial Act, that the accounting information contained in this presentation corresponds to the results documented in th
Prysmian Group — Italian Infrastructure Day – Borsa Italiana 2013 on 6ix