SHARE
BOARD OF DIRECTORS APPROVED 2007 ANNUAL RESULTS CONFIRMING THE POSITIVE PERFORMANCE OF THE GROUP IN LINE WITH THE BUSINESS PLAN.
28 mar 2008
28 mar 2008
• Value of Production (+8.4%) Gross Operating Margin (+15,2%).
• Net income of 45 million Euro substantially in line with 2006 (with a net income before income tax expense equal to 78 million Euro), notwithstanding the extraordinary negative trend of Euro/Usd exchange rate which adversely affected net income by approximately 50 Euro million.
• New orders at record level of 4.2 billion Euro and order book at 12.0 billion Euro, ensuring the saturation of the production capacity for at least the next three years.
• Strong increase of Group investments in the shipyards equal to 116 million Euro (+ 63% over 2006).
* * *
The Board of Directors of Fincantieri S.p.A, meeting today in Trieste, examined and approved the 2007 annual report:
• The Group has further improved the positive results attained in recent years, notwithstanding the negative effects of Euro appreciation against the US dollar, and confirmed the success of its strategy focused on consolidating its position as market leader. Value of Production of 2,673 million Euro (+8.4% compared to 2006); Gross Operating Margin of 182 million Euro (+15.2% compared to 2006); Net Profit of 45 million Euro. For the first time the consolidated financial statements have been prepared in accordance to International Financial Reporting Standards (“IFRS”): as a consequence the 2007, 2006 and 2005 income statement, balance sheet and cash flow statements have been revised in accordance to the abovementioned principles of accounting and are therefore different from those prepared in accordance with Italian accounting principles.
• New Orders have reached a record level of 4.2 billion Euro taking the order book to 12.0 billion Euro and thereby ensuring a full workload for the shipyards for at least the next three years.
Cruise ships: the Group has confirmed its market leadership with new orders for 5 ships from 4 different Carnival’s brands. In addition to consolidating the company’s relationship with Carnival Group, Fincantieri has successfully entered the sector of small-medium size luxury ships with new orders from Silversea and Oceania Cruises for a total of 3 ships plus an option for a further 2 ships.
Ferries: the contract with Grimaldi Group for two cruise ferries has been renegotiated and finalized.
Naval vessels: Iraqi Navy ordered 4 patrol vessels.
Special vessels: new orders for 8 vessels from Hartmann Logistik.
Mega Yachts: a new Mega Yacht of 80 mt was awarded.
Marine Systems: new orders for 135 million Euro.
Offshore: the Group has secured an order from Saipem for the completion and outfitting of an off-shore drilling vessel, which marked the re-entry of the Group into this business area.
• Investments amounting to 116 million Euro increased compared to the previous period (+63% compared to 2006) are in line with the industrial plan and are aimed at the development of new businesses and re-arrangement of the logistics and production processes of the shipyards.
• Investments in research and development amounting to 51 million Euro increased slightly compared to the previous year due to the fact that the Company considers research, industrial development and innovation as the key driver to maintain actual leadership in the product and the market.
• Labour force totalling 9,358 employees as of the end of the reporting period increased significantly compared to 2006 (+200 employees). During the year the Company invested more than 100,000 hours in training approximately 50% of its employees. In relation to safety in the work place, significant preventative investments, as well as increased awareness have resulted in a reduction of 16% in accidents.
• The financial statements of Fincantieri SpA show the following positive results: Value of Production equal to 2,639.7 million Euro (+8.5% compared to 2006), gross operating margin equal to 180.2 million Euro (+15.2% compared to 2006), operating income equal to 129 million Euro (+0.5% compared to 2006), net income before income tax expense equal to 78.3 million Euro, net income equal to 44.5 million Euro, positive net financial position equal to Euro 165.2 million.
• Finally, for the fourth consecutive year, the Board of Directors has proposed a dividend distribution of 10.1 million Euro to the Shareholders meeting, equal to 3% of the share capital.
• Net income of 45 million Euro substantially in line with 2006 (with a net income before income tax expense equal to 78 million Euro), notwithstanding the extraordinary negative trend of Euro/Usd exchange rate which adversely affected net income by approximately 50 Euro million.
• New orders at record level of 4.2 billion Euro and order book at 12.0 billion Euro, ensuring the saturation of the production capacity for at least the next three years.
• Strong increase of Group investments in the shipyards equal to 116 million Euro (+ 63% over 2006).
* * *
The Board of Directors of Fincantieri S.p.A, meeting today in Trieste, examined and approved the 2007 annual report:
• The Group has further improved the positive results attained in recent years, notwithstanding the negative effects of Euro appreciation against the US dollar, and confirmed the success of its strategy focused on consolidating its position as market leader. Value of Production of 2,673 million Euro (+8.4% compared to 2006); Gross Operating Margin of 182 million Euro (+15.2% compared to 2006); Net Profit of 45 million Euro. For the first time the consolidated financial statements have been prepared in accordance to International Financial Reporting Standards (“IFRS”): as a consequence the 2007, 2006 and 2005 income statement, balance sheet and cash flow statements have been revised in accordance to the abovementioned principles of accounting and are therefore different from those prepared in accordance with Italian accounting principles.
• New Orders have reached a record level of 4.2 billion Euro taking the order book to 12.0 billion Euro and thereby ensuring a full workload for the shipyards for at least the next three years.
Cruise ships: the Group has confirmed its market leadership with new orders for 5 ships from 4 different Carnival’s brands. In addition to consolidating the company’s relationship with Carnival Group, Fincantieri has successfully entered the sector of small-medium size luxury ships with new orders from Silversea and Oceania Cruises for a total of 3 ships plus an option for a further 2 ships.
Ferries: the contract with Grimaldi Group for two cruise ferries has been renegotiated and finalized.
Naval vessels: Iraqi Navy ordered 4 patrol vessels.
Special vessels: new orders for 8 vessels from Hartmann Logistik.
Mega Yachts: a new Mega Yacht of 80 mt was awarded.
Marine Systems: new orders for 135 million Euro.
Offshore: the Group has secured an order from Saipem for the completion and outfitting of an off-shore drilling vessel, which marked the re-entry of the Group into this business area.
• Investments amounting to 116 million Euro increased compared to the previous period (+63% compared to 2006) are in line with the industrial plan and are aimed at the development of new businesses and re-arrangement of the logistics and production processes of the shipyards.
• Investments in research and development amounting to 51 million Euro increased slightly compared to the previous year due to the fact that the Company considers research, industrial development and innovation as the key driver to maintain actual leadership in the product and the market.
• Labour force totalling 9,358 employees as of the end of the reporting period increased significantly compared to 2006 (+200 employees). During the year the Company invested more than 100,000 hours in training approximately 50% of its employees. In relation to safety in the work place, significant preventative investments, as well as increased awareness have resulted in a reduction of 16% in accidents.
• The financial statements of Fincantieri SpA show the following positive results: Value of Production equal to 2,639.7 million Euro (+8.5% compared to 2006), gross operating margin equal to 180.2 million Euro (+15.2% compared to 2006), operating income equal to 129 million Euro (+0.5% compared to 2006), net income before income tax expense equal to 78.3 million Euro, net income equal to 44.5 million Euro, positive net financial position equal to Euro 165.2 million.
• Finally, for the fourth consecutive year, the Board of Directors has proposed a dividend distribution of 10.1 million Euro to the Shareholders meeting, equal to 3% of the share capital.