Economic-Financial
Performance
Economic-Financial Performance
Prysmian's outstanding achievements in 2024 provide a solid foundation from which to achieve new successes. Market drivers are robust, and Prysmian is better positioned than ever to take full advantage of opportunities for profitable and sustainable growth. Prysmian's financial structure is sound, with outstanding cash generation, and at the same time we can further improve returns for our shareholders by increasing our dividend per share.
In 2024, Prysmian made its largest acquisition, Encore Wire in the United States, which enabled us to surpass our medium-term financial targets ahead of schedule. These results have also been achieved because of our propensity for leadership, which drives us to innovate and think beyond the status quo. Today, Prysmian is a global benchmark for electrification, security, the energy transition and digitalization.
Financial statements
Consolidated Statement Of Financial Position
| Note | 31.12.2024 | of which related parties | 31.12.2023 | of which related parties | |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment | 1 | 4,921 | 3,401 | ||
| Goodwill | 2 | 3,499 | 1,660 | ||
| Other intangible assets | 2 | 1,416 | 411 | ||
| Equity-accounted investments | 3 | 248 | 248 | 218 | 218 |
| Other investments at fair value through other comprehensive income | 4 | 12 | 10 | ||
| Financial assets at amortised cost | 4 | 3 | |||
| Derivatives | 8 | 63 | 41 | ||
| Deferred tax assets | 16 | 328 | 299 | ||
| Other receivables | 5 | 42 | 36 | ||
| Total non-current assets | 10,533 | 6,079 | |||
| Current assets | |||||
| Inventories | 6 | 2,858 | 2,264 | ||
| Trade receivables | 5 | 2,433 | 1 | 1,987 | 3 |
| Other receivables | 5 | 1,194 | - | 1,054 | 2 |
| Financial assets at fair value through profit or loss | 7 | 32 | 85 | ||
| Derivatives | 8 | 107 | 80 | ||
| Financial assets at fair value through other comprehensive income | 4 | 11 | 24 | ||
| Cash and cash equivalents | 9 | 1,033 | 1,741 | ||
| Total current assets | 7,668 | 7,235 | |||
| Assets held for sale | 10 | 1 | 9 | ||
| Total assets | 18,202 | 13,323 | |||
| Equity | |||||
| Share capital | 11 | 30 | 28 | ||
| Reserves | 11 | 4,328 | 3,224 | ||
| Group share of net profit/(loss) | 11 | 729 | 529 | ||
| Equity attributable to the Group | 5,087 | 3,781 | |||
| Equity attributable to non-controlling interests | 11 | 210 | 191 | ||
| Total equity | 5,297 | 3,972 | |||
| Non-current liabilities | |||||
| Borrowing from banks and other lenders | 12 | 5,158 | 2,488 | ||
| Employee benefit obligations | 15 | 310 | 333 | ||
| Provisions for risk and charges | 14 | 99 | 58 | ||
| Deferred tax liabilities | 16 | 579 | 222 | ||
| Derivatives | 8 | 30 | 47 | ||
| Other payables | 13 | 36 | 53 | ||
| Total non-current liabilities | 6,212 | 3,201 | |||
| Current liabilities | |||||
| Borrowing from banks and other lenders | 12 | 257 | 608 | ||
| Provisions for risk and charges | 14 | 734 | 11 | 753 | 5 |
| Derivatives | 8 | 58 | 57 | ||
| Trade payables | 13 | 2,462 | 9 | 2,199 | 4 |
| Other payables | 13 | 3,066 | 2 | 2,469 | 5 |
| Current tax payables | 27 | 116 | 64 | ||
| Total current liabilities | 6,693 | 6,150 | |||
| Total liabilities | 12,905 | 9,351 | |||
| Total equity and liabilities | 18,202 | 13,323 |
Consolidated Income Statement
| Note | 2024 | of which related parties | 2023 | of which related parties | |
|---|---|---|---|---|---|
| Sales | 17 | 17,026 | 15,354 | ||
| Change in inventories of finished goods and work in progress | 18 | 22 | 52 | ||
| Other income | 19 | 117 | - | 70 | 6 |
| Total sales and income | 17,165 | 15,476 | |||
| Raw materials, consumables and supplies | 20 | (10,762) | (9,705) | ||
| Fair value change in metal derivatives | 19 | 6 | |||
| Personnel costs | 21 | (1,965) | (14) | (1,804) | (13) |
| Amortisation, depreciation, impairment and impairment reversals | 22 | (509) | (574) | ||
| Other expenses | 23 | (2,783) | (6) | (2,572) | (7) |
| Share of net profit/(loss) of equity-accounted companies | 24 | 41 | 41 | 33 | 33 |
| Operating income | 1,206 | 860 | |||
| Finance costs | 25 | (1,036) | (1,093) | ||
| Finance income | 26 | 811 | 997 | ||
| Profit/(loss) before taxes | 981 | 764 | |||
| Taxes | 27 | (233) | (217) | ||
| Net profit/(loss) | 748 | 547 | |||
| Of which: | |||||
| - attributable to non-controlling interests | 19 | 18 | |||
| - Group share | 729 | 529 | |||
| Basic earnings/(loss) per share (in Euro) | 28 | 2.59 | 1.94 | ||
| Diluted earnings/(loss) per share (in Euro) | 28 | 2.52 | 1.84 |
Other Comprehensive Income Statement
| 2024 | 2023 | |
|---|---|---|
| Net profit | 748 | 547 |
| Other comprehensive income: | ||
| A) Change in cash flow hedge reserve: | 57 | (35) |
| - Profit/(loss) for the year | 79 | (45) | - Taxes | (22) | 10 |
| B) Other changes relating to cash flow hedge: | (6) | (19) |
| - Profit/(loss) for the year | (8) | (24) |
| - Taxes | 2 | 5 |
| C) Change in currency translation reserve | 240 | (201) |
| D) Fair value financial instruments: | - | (8) |
| - Profit/(loss) for the year | - | (12) |
| - Taxes | - | 4 |
| E) Actuarial gains/(losses) on employee benefits (*): | 11 | (8) |
| - Profit/(loss) for the year | 17 | (10) |
| - Taxes | (6) | 2 |
| Total other comprehensive income (A+B+C+D+E): | 302 | (271) |
| Total comprehensive income | 1,050 | 276 |
| Of which: | ||
| - attributable to non-controlling interests | 28 | 8 |
| - Group share | 1,022 | 268 |
Consolidated Statement of Changes in Equity
| Share capital | Cash flow hedge reserve | Currency translation reserve | Other reserves | Groups share of net profit/(loss) | Equity attributable to the group | Equity attributable to non-controlling interests | Total | |
|---|---|---|---|---|---|---|---|---|
| Balance at 31 December 2023 | 28 | 35 | (367) | 3,556 | 529 | 3,781 | 191 | 3,972 |
| Allocation of prior year net profit | - | - | - | 529 | (529) | - | - | - |
| Fair value share-based payment | - | - | - | 57 | - | 57 | 1 | 58 |
| Dividend distribution | (191) | - | (191) | (11) | (202) | |||
| Share buy-back | - | - | - | (328) | - | (328) | - | (328) |
| Acquisition of non-controlling interest | - | - | - | 1 | - | 1 | (1) | |
| Effect of hyperinflation | - | - | - | 12 | - | 12 | 2 | 14 |
| Conversion of Convertible Bond 2021 | 2 | - | - | 731 | - | 733 | - | 733 |
| Total comprehensive income/(loss) | - | 57 | 232 | 4 | 729 | 1,022 | 28 | 1,050 |
| Balance at 31 December 2024 | 30 | 92 | (135) | 4,371 | 729 | 5,087 | 210 | 5,297 |
Consolidated Statement of Cash Flows
| (in millions of Euros) | 2024 | of which related parties | 2023 | of which related parties |
|---|---|---|---|---|
| Profit/(loss) before taxes | 981 | 764 | ||
| Amortisation, depreciation and impairment | 509 | 574 | ||
| Share of net profit/(loss) of equity-accounted companies | (41) | (41) | (33) | (33) |
| Dividends received from equity-accounted companies | 16 | 16 | 13 | 13 |
| Share-based payments | 58 | 4 | 57 | 2 |
| Fair value change in metal derivatives | (19) | (6) | ||
| Net finance costs | 225 | 96 | ||
| Changes in inventories | (203) | (88) | ||
| Changes in trade receivables/payables | 268 | 7 | (523) | (16) |
| Changes in other receivables/payables | 400 | (1) | 808 | 4 |
| Change in employee benefit obligations | (20) | (16) | ||
| Change in provisions for risks | 20 | 98 | ||
| Net income taxes paid | (261) | (328) | ||
| A.Cash flow from operating activities | 1,933 | 1,416 | ||
| Net cash flow from acquisitions and/or divestments | (4,126) | - | - | |
| Investments in property, plant and equipment | (768) | (599) | ||
| Disposals of assets held for sale | 9 | - | ||
| Investments in intangible assets | (25) | (25) | ||
| Investments in financial assets at fair value through profit or loss and financial assets at amortised cost | - | (33) | ||
| Disposals of financial assets at fair value through profit or loss | 44 | - | 214 | |
| Investments in financial assets or equity investments at fair value through other comprehensive income | (13) | - | (48) | |
| Disposals of financial assets at fair value through other comprehensive income | 25 | - | - | |
| B.Cash flow from investing activities | (4,854) | (491) | ||
| Share buy-back and other movements | (327) | - | ||
| Capital contributions and other equity movements | - | (4) | ||
| Dividend distribution | (202) | (165) | ||
| Proceeds of new loans | 5,379 | 120 | ||
| Repayments of loans | (2,381) | (200) | ||
| Changes in other net financial receivables/payables and other movements | (124) | (103) | ||
| Net finance costs paid | (251) | (140) | ||
| Finance income received | 109 | 68 | ||
| C.Cash flow from financing activities | 2,203 | (424) | ||
| D.Net currency translation difference on cash and cash equivalents | 10 | (45) | ||
| E.Net cash flow for the year (A+B+C+D) | (708) | 456 | ||
| F.Cash and cash equivalents at beginning of year | 1,741 | 1,285 | ||
| G.Cash and cash equivalents at end of year (E+F) | 1,033 | 1,741 |
Business overview
Economic performance by business area (new organization at January 1, 2024)
| 2024 | 2023 | Sales | Organic Growth | Adjusted EBITDA | Sales | Organic Growth | Adjusted EBITDA |
|---|---|---|---|---|---|---|
| Transmission | 2,481 | 18.3% | 361 | 2,122 | 273 | |
| % Sales | 14.6% | 12.9% | ||||
| Power Grid | 3,544 | 3.1% | 474 | 3,394 | 390 | |
| % Sales | 13.4% | 11.5% | ||||
| Electrification | 9,695 | -2.8% | 931 | 8,349 | 825 | |
| % Sales | 9.6% | 9.9% | ||||
| Industrial & Construction | 6,151 | -0.9% | 620 | 4,793 | 514 | |
| % Sales | 10.1% | 10.7% | ||||
| Specialties | 3.052 | -5.9% | 310 | 3,177 | 327 | |
| % Sales | 10.2% | 10.3% | ||||
| Digital Solutions | 1.306 | -12.6% | 161 | 1,489 | 140 | |
| % Sales | 12.4% | 9.4% | ||||
| Totale | 17,026 | 0,5% | 1,927 | 15,354 | 1,628 | |
| % Sales | 11.3% | 10.6% | ||||
