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Prysmian SpA Confirms FY 2013 EBITDA Guidance; Approves Demerger of Part of Assets of a Direct Wholly-Owned Company


Thursday, 1 Aug 2013 10:15am EDT 

Prysmian SpA announced that it confirmed the Company's Adjusted EBITDA guidance for fiscal year 2013. Based on the existing order book, profitability is expected to recover in the second half of the year with the target of achieving an Adjusted EBITDA for fiscal year 2013 in the range of EUR 600 – EUR 650 million (FY 2012: EUR 647 million). According to I/B/E/S Estimates analysts on average are expecting the Company to report EBITDA of EUR 633.79 million for the fiscal year 2013. Prysmian SpA also announced that the Board of Directors has approved a proposal to demerge in favour of Prysmian part of the assets of FIBRE OTTICHE SUD – F.O.S. S.R.L., a company subject to the direction and coordination of Prysmian. As a result of the proposed demerger, Prysmian will become the direct owner of a property complex located at Viale Sarca 336, Milan, where the Prysmian Group's new head offices will be built. Notice is hereby given that, under the Company's By-laws, decisions concerning the demerger shall be taken by the Board of Directors of Prysmian and that no new shares will be issued by Prysmian as a result of the proposed transaction, nor will its share capital undergo any change. 

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