普睿司曼首席执行官Massimo Battaini表示：“普睿司曼持续实现了优秀的利润提升和现金生成。这些结果表明，普睿司曼在实现有机增长和利润提升方面处于优势地位。输电和电网业务表现出色，无论是在销售还是盈利能力上都有所增长，同时第三季度我们的工业和建筑利润率也有所提升。这次首次将 Encore Wire 的业绩数据纳入范围，突显了两者之间强大的文化契合度，以及收购对我们整体业绩表现的积极影响。普睿司曼卓越的交付记录使我们能够确认在2024年上半年上调的2024年预期。我们期待在明年三月于纽约市举行的普睿司曼第二届资本市场日上与市场分享雄心勃勃的新目标。”
关键财务数据
FINANCIAL HIGHLIGHTS
* 有机增长。Organic growth.
过去十二个月的自由现金流，不包括收购与处置以及反垄断影响。
FCF LTM (last twelve months) excluding Acquisitions & Disposals and Antitrust impact.
米兰，2024年10月31日——普睿司曼董事会已确认了2024年前九个月的集团合并财务业绩。
Milan, 31st October 2024 - The Board of Directors of Prysmian S.p.A. have approved the Group’s consolidated results for the first nine months of 2024.
集团销售额为123.62亿欧元（折合人民币约948亿元），有机增长率为-1.4%。输电（有机增长率为+12.3%）和电网业务（有机增长率为+1.8%）的增长被电气化（有机增长率为-3.0%）和数字解决方案业务（有机增长率为-17.3%）的下滑所抵消。
Group Sales amounted to €12,362 million, with a -1.4% organic growth. Improvements in Transmission (+12.3% organic growth) and Power Grid (+1.8% organic growth) was offset by a contraction in Electrification (-3.0% organic growth) and Digital Solutions (-17.3% organic growth).
在第三季度，整体有机增长为正，达到1.8%。输电（有机增长率为+17.5%）和电网业务的增长抵消了电气化和数字解决方案业务的下滑。
In the third quarter there was an overall positive 1.8% organic growth, led by Transmission (+17.5% organic growth) and Power Grid, which offset the decline in Electrification and Digital Solutions.
调整后的 EBITDA 增长至 14.09 亿欧元（2023年前九个月为 12.86 亿欧元），利润率提高至 11.4%（2023年前九个月为 10.9%）。输电业务调整后的 EBITDA 达到卓越的 2.42 亿欧元，利润率为 14.4%；而电网业务调整后的 EBITDA 增长至 3.57 亿欧元（2023年前九个月为 2.87 亿欧元），利润率为 13.3%。在电气化业务中，调整后的 EBITDA 增长至 6.89 亿欧元，利润率达到强劲的 9.8%。特别是，工业和建筑业务调整后 的EBITDA 为 4.35 亿欧元，调整后 的EBITDA 利润率上升至 10.0%，这主要得益于 Encore Wire 的整合。在特种电缆业务方面，调整后的 EBITDA 为 2.51 亿欧元，利润率为 10.8%。数字解决方案业务，调整后 EBITDA 为 1.21 亿欧元，利润率为 12.3%。第三季度的调整后的 EBITDA 为 5.40 亿欧元，较2023年第三季度的 4.08 亿欧元有所增长，这一增长也得益于 Encore Wire 的纳入合并。同时，调整后的 EBITDA 利润率提高了 1.2 个百分点，达到了 11.9%。
EBITDA 为 13.09 亿欧元（2023年前九个月为 11.92 亿欧元），其中包括公司重组、非经常性费用和其他非经营性费用的净支出为 1 亿欧元（2023年前九个月为 9400 万欧元）。
EBITDA was €1,309 million (€1,192 million, 9M23), including net expenses for company reorganisations, non-recurring expenses, and other non-operating expenses of €100 million (€94 million, 9M23).
净利润为 6.34 亿欧元（2023年前九个月为 5.88 亿欧元）。归属于母公司股东的净利润为 6.19 亿欧元（2023年前九个月为 5.75 亿欧元）。
Net profit stood at €634 million (€588 million, 9M23). Net profit attributable to owners of the parent company amounted to €619 million (€575 million, 9M23).
相较于2023年9月的 7.29 亿欧元和2023财年的 7.24 亿欧元，过去十二个月的自由现金流上升至 9.79 亿欧元。
Free Cash Flow LTM rose to €979 million, compared to €729 million at September 2023 and to €724 million at FY2023.
净金融债务从2023年前九个月的 20.73 亿欧元增加至 50.42 亿欧元，这主要反映了以下几个因素：
Net Financial Debt increased to €5,042 million from €2,073 million at 9M23, this reflected, among the main factors:
- 收购 Encore Wire（影响增加 40.89 亿欧元）；
- the acquisition of Encore Wire (+€4,089 million impact);
- 7 月完成的可转换债券转股（影响减少 7.33 亿欧元），部分被 6 月启动的股票回购（影响增加 1.66 亿欧元）所抵消；
- the conversion of the Convertible Bond completed in July (-€733 million) partially offset by the share buyback launched in June (+€166 million);
- 4月向股东支付的股息（增加 2 亿欧元）；
- the dividend to shareholders paid in April (+€200 million);
- 过去十二个月产生的自由现金流为 9.79 亿欧元，具体来源于：
- the free cash flow earned in the last twelve months for - €979 million generated by:
* 来自经营活动的净现金流为 13.02 亿欧元，未考虑营运资本的变动；
* €1,302 million in net cash flow provided by operating activities before changes in net working capital;
* 由于营运资本变动而提供的净现金流为 5.63 亿欧元；
* €563 million in net cash flow provided by changes in net working capital;
* 资本支出的净现金流出为 8.17 亿欧元；
* €817 million in cash outflows for net capital expenditure;
* 净财务费用支付为 8500 万欧元；
* €85 million in payments of net finance costs;
* 从联营公司获得的股息为 1600 万欧元。
* €16 million in dividends received from associates.
截至2024年9月30日的第三季度财务报告的自愿有限审查尚未结束。
The voluntary limited review on the Third Quarter Financial Report at September 30, 2024, has not yet concluded.
业务概况
BUSINESS OVERVIEW
9个月回顾
NINE-MONTH VIEW
业务概况
BUSINESS OVERVIEW
季度回顾
QUARTERLY VIEW
输电
TRANSMISSION
得益于可靠交付以及利润提升的项目，输电业务在2024年前九个月的销售和盈利能力均实现了增长。这一趋势在第三季度得到了确认。在2024年前九个月，输电业务的有机增长达到了12.3%，而在第三季度，输电业务实现了17.5%的有机增长。
Thanks to the solid delivery of projects, as well as projects with improved margins, the Transmission business grew in terms of sales and profitability at 9M24. This trend was also confirmed in the third quarter. At 9M24, Transmission’s organic growth reached 12.3%, while in the third quarter Transmission achieved a 17.5% organic growth.
调整后的 EBITDA 增加至 2.42 亿欧元（2023年前九个月为 1.89 亿欧元），调整后 的EBITDA 利润率上升 2.0 个百分点，达到 14.4%。在第三季度，调整后的 EBITDA 增长至 9200 万欧元（2023年第三季度为 7300 万欧元），调整后的 EBITDA 利润率提高 1.3 个百分点，达到 15.3%。截至2024年9月，在手待办订单与6月相比基本保持稳定。
The adjusted EBITDA increased to €242 million (€189 million, 9M23) while the adjusted EBITDA margin rose by 2.0 p.p. to reach 14.4%. In the third quarter, the adjusted EBITDA rose to €92 million (€73 million, 3Q23), while the adjusted EBITDA margin increased by 1.3 p.p. to 15.3%. The order backlog at September 2024 was substantially stable compared to June.
电网
POWER GRID
电网业务的利润率扩大，得益于与北美和欧洲、中东及非洲地区电网升级相关的稳健市场趋势。销售额增长至 26.8 亿欧元（2023年前九个月为 26.24 亿欧元），调整后的 EBITDA 利润率表现强劲，提升了 2.4 个百分点，达到 13.3%。调整后的 EBITDA 显著增长（+24.5%），总计为 3.57 亿欧元。第三季度的调整后 EBITDA 为 1.19 亿欧元，较2023年第三季度的 1.05 亿欧元有所增长，第三季度的调整后 的EBITDA 利润率较2023年第三季度提高了 1.3 个百分点。与2023年第三季度相比，有机增长达到了 2.0%，
Power Grid saw margin expansion underpinned by solid market trends that are linked to grid enhancement in both North America and EMEA. Sales rose to reach €2,680 million (€2,624 million, 9M23), while the adjusted EBITDA margin was strong, and increased by 2.4 p.p. to 13.3%. The adjusted EBITDA rose significantly (+24.5%) to total €357 million. The quarterly adjusted EBITDA stood at €119 million at 3Q24, up from €105 million at 3Q23, while the adjusted EBITDA margin in the third quarter grew by 1.3 p.p. compared to the third quarter of 2023. Organic growth in the third quarter reached 2.0% vs. 3Q23.
电气化
ELECTRIFICATION
工业与建筑
Industrial & Construction
2024年前九个月，工业与建筑领域的销售额为 43.36 亿欧元，较2023年前九个月的 37.32 亿欧元有所增长，但有机增长为 -1.4%。在第三季度，销售总额为 18.36 亿欧元，主要受到北美市场的推动，实现了 2.0% 的有机增长。2024年第三季度的调整后的 EBITDA 利润率较2023年第三季度上升，达到 11.5%，增加了 2.1 个百分点。这些结果包括 Encore Wire，该公司自2024年第三季度起已完全纳入该业务的合并报表。
Sales in the Industrial and Construction segment at 9M24 were €4,336 million, from €3,732 million at 9M23, with a -1.4% organic growth. In the third quarter, sales totalled €1,836 million, with a 2.0% organic growth, driven by North America. The adjusted EBITDA margin in 3Q24 also rose compared to 3Q23, reaching 11.5%, an increase of 2.1 p.p.. The results include Encore Wire, which has been fully consolidated within this segment starting from 3Q24.
特种电缆
Specialties
截至2024年前九个月，特种电缆业务的调整后 EBITDA 利润率有所提升，达到 10.8%（2023年前九个月为 10.5%），而调整后的 EBITDA 为 2.51 亿欧元（2023年前九个月为 2.56 亿欧元），汽车领域的业务出现放缓。2024年前九个月，有机销售额下降 5.9%，为 23.20 亿欧元。在第三季度，调整后的 EBITDA 为 7200 万欧元，较2023年第三季度的 8600 万欧元下降，主要反映了汽车领域业务的上述趋势以及油气业务的放缓。
At 9M24, the Specialties segment saw an improvement in the adjusted EBITDA margin, rising to 10.8% (10.5%, 9M23), while the adjusted EBITDA was €251 million (€256 million, 9M23), with a slowdown in the automotive business. At 9M24, sales contracted organically by 5.9%, standing at €2,320 million. In the third quarter, adjusted EBITDA was €72 million, down compared to €86 million at 3Q23, mostly reflecting the aforementioned trend in the automotive business and a slowdown in the oil & gas business.
数字解决方案
DIGITAL SOLUTIONS
数字解决方案业务表现逐步改善，调整后的 EBITDA 连续第三个季度增长，在2024年第三季度达到 4500 万欧元，较2024年第一季度的 3200 万欧元和第二季度的 4400 万欧元有所上升。2024年前九个月的整体销售额为 9.85 亿欧元（2023年前九个月为 11.91 亿欧元），有机增长为 -17.3%，而2024年第三季度与2023年第三季度基本持平（有机增长为 -1.6%）。2024年前九个月的调整后 EBITDA 为 1.21 亿欧元（2023年前九个月为 1.62 亿欧元），调整后的 EBITDA 利润率为 12.3%（2023年前九个月为 13.6%）。数字解决方案业务的长期增长驱动力保持不变，主要受到数据量激增、光纤到户（FTTH）、5G覆盖率提升和数据中心增加的推动。普睿司曼在把握数字化带来的机会方面处于有利的地位。
There was progressive improvement in Digital Solutions, with an increase in adjusted EBITDA for a third consecutive quarter, rising to €45 million at 3Q24, up from €32 million at 1Q24 and €44 million at 2Q24. At 9M24 overall sales were €985 million (€1,191 million, 9M23), with an organic growth of -17.3%, while 3Q24 was substantially in line with 3Q23 (-1.6% organic growth). The 9M24 adjusted EBITDA stood at €121 million (€162 million, 9M23) and the adjusted EBITDA margin was 12.3.% (13.6%, 9M23). The long-term growth drivers for the Digital Solutions business remain unchanged, driven by massive data growth as well as the increase of FTTH, 5G coverage and datacentres. Prysmian is well-positioned to seize the opportunities offered by digitalisation.
环境、社会和治理
ESG UPDATE
2024年前九个月的业绩确认了普睿司曼在脱碳以及社会和环境目标方面的承诺仍在顺利进行中。
The 9M24 results confirm that Prysmian’s commitment to decarbonisation, as well as social and environmental targets, remains on-track.
过去十二个月的范围1和范围2温室气体排放比2019年基准减少了36%。
LTM Scope 1 & 2 GHG emissions decreased by 36% versus the 2019 baseline.
与可持续产品相关的收入比例上升至 45%，比2023财年增加了 8 个百分点；而聚乙烯护套和铜的回收材料比例也上升至 15.7%，比2023财年增加了 3 个百分点。
The percentage of revenues linked to sustainable products rose to 45%, up 8 p.p. compared to FY23, while the percentage of recycled content on PE jackets and copper rose to 15.7%, up 3 p.p. since FY23.
普睿司曼还报告了女性在高管职位中的比例上升至 19.5%，高于2023财年的 18.8%；而女性办公室员工的招聘比例比2023财年增加了 2.4 个百分点，达到了 48.4%。
Prysmian also reported an increase in the percentage of women in executive positions to reach 19.5%, up from 18.8% at FY23, while the percentage of female desk workers hired rose by 2.4 p.p. from FY23 to reach 48.4%.
环境、社会和治理 数据指的是普睿司曼的范围（不包括 Encore Wire）。
The ESG Data refers to the Prysmian perimeter (excluding Encore Wire).
可持续发展目标概览
SUSTAINABILITY TARGETS
AT A GLANCE
* 过去十二个月。LTM (last twelve months).
展望
OUTLOOK
基于普睿司曼业绩的强劲表现以及对 Encore Wire 的收购，普睿司曼确认了与2024年上半年业绩同时发布的上调预期。因此，2024财年的业绩指导意见为：
Prysmian confirms the upgraded outlook, shared with the 1H24 result publication, based on Prysmian’s strong performance, and on the acquisition of Encore Wire. Therefore, the guidance for FY24 is:
- 调整后的 EBITDA 在 19 亿至 19.5 亿欧元之间；
- adjusted EBITDA in the range of €1,900–€1,950 million;
- 自由现金流在 8.4 亿至 9.2 亿欧元之间；
- free cash flow in the range of €840-€920 million;
- 相比2019年，范围1和范围2温室气体排放减少 36%，范围3减少 13%，同时将 Encore Wire 纳入统计范围。
- Scope 1&2 GHG emission reduction of 36% and Scope 3 reduction of 13% vs 2019, while including Encore Wire within the perimeter.
这些目标假设地缘政治形势没有重大变化，并且排除了生产要素价格的极端波动或显著的供应链中断。预测基于公司当前的业务范围（包括自7月1日起 Encore Wire 的贡献），假设年内欧元兑美元汇率为 1.08，并且不包括与反垄断问题相关的现金流影响。
These goals assume no material changes in the geopolitical situation, in addition to excluding extreme dynamics in the prices of production factors or significant supply chain disruptions. The forecasts are based on the Company's current business perimeter (including the contribution of Encore Wire as of 1st July), assuming a EUR/USD exchange rate of 1.08 for the rest of the year, and do not include impacts on cash flows related to Antitrust issues.
财务政策批准
APPROVAL OF THE
FINANCIAL POLICY
董事会还批准了集团财务政策。该政策与普睿司曼保持当前投资级评级的优先目标完全一致，公司致力于在整个周期内保持这一评级水平。政策设定了最大报告净杠杆率为 1.5 倍，并将在正常业务过程中保持在该水平以下。该水平在收购时可能暂时上升至约 2 倍，但公司将在接下来的十八至二十四个月内明确专注于降低杠杆。
The Board of Directors has also approved the Group Financial Policy. The Policy is fully aligned with Prysmian’s priority to maintain its current Investment Grade rating and the company is dedicated to maintaining this level of rating throughout the cycle. The Policy set a target of a maximum reported net leverage ratio of 1.5x and the company will be managed below that level in the regular course of business. This level could temporarily deviate to around 2x (in case of an acquisition), but the company will clearly focus on deleveraging over the following eighteen to twenty-four months.
普睿司曼还将维持明确的股息政策，预计在四年的规划期内，最多将分配 25% 至 30% 的自由现金流。
Prysmian will also maintain a clear dividend policy, with a maximum of 25-30% of the free cash flow projected to be distributed across the four-year planning timeline.
本文来源：普睿司曼
