Non price-sensitive communications

Today the Board of Fincantieri met to examine the results from the first six months of 2005 which report a pre-tax profit of 51.2 million euros (79 million euros in the first six months of 2004), in line with the forecasts which took into due consideration on the one hand the delivery of fewer passenger ships (two, compared to four in 2004) and a different product mix, and on the other hand a series of factors such as the continuing depreciation of the dollar, an increase in the cost of materials, especially steel, and in the costs of energy and insurance.

Net profit for the period amounted to 23.1 million euros (49.4 in 2004), while production value, amounting to 1,051 million euros, is in line with that of the first six months of 2004. The net financial position is highly positive.

Orders gained in the first six months amount to 830 million euros, an increase of approximately 10% over the previous year, despite a drop in demand for new buildings of approximately 30%. This has made it possible to maintain the order book at over 7 billion euros.

This satisfactory commercial trend enables Fincantieri to further consolidate its world leadership as a builder of cruise ships and passenger ferries, which is due, above all, to respecting delivery schedules and to high quality product standards.