SHARE
The Board of Directors of Fincantieri reviews the proposed financial statement 2004: highly positive results
30 mar 2005
30 mar 2005
The Board of Directors of Fincantieri, meeting today in Rome, has approved the proposed financial statement for the year ending 31st December 2004; the statement reports a net profit of 99.5 million euros compared to 90.7 in 2003 (profit before tax amounts to 149.1 million euros compared to 82.8 the previous year).
For the first time in the company’s history the Board has decided to propose to the Shareholders’ Meeting the payment of a dividend of 10,113,345.90 euros, equivalent to 3% of share capital.
There has also been a substantial improvement in results at Group level too. The operating result, at approximately 136 million euros compared to 122 in 2003, is equivalent to 6.2% of production value, which stands at 2,176.5 million euros. Net profit amounts to 101.1 million euros, compared to 93.1 in 2003 (profit before tax amounts to 152.0 million euros compared to 86.0 in 2003). Financial availability and positive net financial credits, amounting to 278.3 million euros compared to 113.9 the previous year, confirm that positive cash flow has been generated.
During the course of the year and in the first three months of 2005, orders were gained for eighteen new vessels in the three business areas in which the company operates (cruise, merchant and naval), for approximately 4,000 million euros compared to 1,350 in the period 01/01/03 - 31/03/04. Thanks to these orders the backlog amounts to approximately 6,000 million euros; the total value of the company’s order book is approximately 8,500 million euros.
During the course of the year, fully respecting contractual obligations, six vessels were delivered (four cruise ships and two merchant ships) and the future flagship of the Italian Navy, the aircraft carrier, the “Cavour”, was launched.
Once more, in 2004, there was confirmation of the effectiveness of the company’s strategy aimed at strengthening the position of Fincantieri in its core business and improving profitability. The results so far attained have enabled, and will enable, the further, appropriate investments to be made in product development and in improving processes, in such a way as to succeed in positively responding to the challenges of an increasingly global market and international economy.
The company has thus consolidated its world leadership in the construction of cruise ships and large ferries, with market shares of over 50% in both business areas, and has made further successful progress in the construction of naval vessels such as aircraft carriers, submarines and latest generation frigates, challenging vessels to build given the high technological product and process content.
All these developments assure Fincantieri and Italy a prominent position within the global shipbuilding industry.
Activities in research and innovation, in which more than 52 million euros were invested, nowadays build up a competitive edge of the highest order, above all for a company such as Fincantieri, which works in market segments featuring high technological and quality content.
Fincantieri intends to enhance its expertise in the areas where it is already prominent and plans to gain further ground in the contiguous markets cruise ship refurbishment, of mega-yacht construction and marine systems. These new business areas, which have been identified by carefully selecting emerging opportunities, will be developed, where required, also by means of strategic alliances.
For the first time in the company’s history the Board has decided to propose to the Shareholders’ Meeting the payment of a dividend of 10,113,345.90 euros, equivalent to 3% of share capital.
There has also been a substantial improvement in results at Group level too. The operating result, at approximately 136 million euros compared to 122 in 2003, is equivalent to 6.2% of production value, which stands at 2,176.5 million euros. Net profit amounts to 101.1 million euros, compared to 93.1 in 2003 (profit before tax amounts to 152.0 million euros compared to 86.0 in 2003). Financial availability and positive net financial credits, amounting to 278.3 million euros compared to 113.9 the previous year, confirm that positive cash flow has been generated.
During the course of the year and in the first three months of 2005, orders were gained for eighteen new vessels in the three business areas in which the company operates (cruise, merchant and naval), for approximately 4,000 million euros compared to 1,350 in the period 01/01/03 - 31/03/04. Thanks to these orders the backlog amounts to approximately 6,000 million euros; the total value of the company’s order book is approximately 8,500 million euros.
During the course of the year, fully respecting contractual obligations, six vessels were delivered (four cruise ships and two merchant ships) and the future flagship of the Italian Navy, the aircraft carrier, the “Cavour”, was launched.
Once more, in 2004, there was confirmation of the effectiveness of the company’s strategy aimed at strengthening the position of Fincantieri in its core business and improving profitability. The results so far attained have enabled, and will enable, the further, appropriate investments to be made in product development and in improving processes, in such a way as to succeed in positively responding to the challenges of an increasingly global market and international economy.
The company has thus consolidated its world leadership in the construction of cruise ships and large ferries, with market shares of over 50% in both business areas, and has made further successful progress in the construction of naval vessels such as aircraft carriers, submarines and latest generation frigates, challenging vessels to build given the high technological product and process content.
All these developments assure Fincantieri and Italy a prominent position within the global shipbuilding industry.
Activities in research and innovation, in which more than 52 million euros were invested, nowadays build up a competitive edge of the highest order, above all for a company such as Fincantieri, which works in market segments featuring high technological and quality content.
Fincantieri intends to enhance its expertise in the areas where it is already prominent and plans to gain further ground in the contiguous markets cruise ship refurbishment, of mega-yacht construction and marine systems. These new business areas, which have been identified by carefully selecting emerging opportunities, will be developed, where required, also by means of strategic alliances.