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FINCANTIERI: VARD PROFIT GUIDANCE FOR 3Q 2014 ENDING 30 SEPTEMBER 2014.
14 ott 2014
14 ott 2014
Trieste, 14 October 2014 – FINCANTIERI S.p.A. (“Fincantieri”) wishes to make reference to Vard Profit Guidance for 3Q 2014 ending 30 September 2014 (“VARD Profit Guidance”) issued today pursuant to applicable legal and listing requirement by Vard Holdings Limited (“VARD”), a subsidiary of Fincantieri, listed on the Singapore Stock Exchange.
Within VARD Profit Guidance, VARD expects a marginally negative EBITDA result for the third quarter ending 30 September 2014, based on slower than expected improvements in throughput and productivity at Vard Promar impacting profitability during the rump-up phase and additional cost incurred for the two vessels in the Promar order book that were built at a third-party yard and are currently undergoing outfitting at Vard Niteroi. Furthermore, during the third quarter, VARD has revised its estimate for a limited number of projects in its European order book where cost overruns were incurred, although as a result of mitigating actions taken, no impact on the delivery schedule is expected.
Following VARD Profit Guidance, as of today Fincantieri expects its consolidated EBITDA margin for the first nine months of 2014 results, to be released on 10 November 2014, not to be materially affected when compared to the reported EBITDA margin for the first six months of 2014, also taking into account the remaining capacity in the purchase price allocation fund.
Within VARD Profit Guidance, VARD expects a marginally negative EBITDA result for the third quarter ending 30 September 2014, based on slower than expected improvements in throughput and productivity at Vard Promar impacting profitability during the rump-up phase and additional cost incurred for the two vessels in the Promar order book that were built at a third-party yard and are currently undergoing outfitting at Vard Niteroi. Furthermore, during the third quarter, VARD has revised its estimate for a limited number of projects in its European order book where cost overruns were incurred, although as a result of mitigating actions taken, no impact on the delivery schedule is expected.
Following VARD Profit Guidance, as of today Fincantieri expects its consolidated EBITDA margin for the first nine months of 2014 results, to be released on 10 November 2014, not to be materially affected when compared to the reported EBITDA margin for the first six months of 2014, also taking into account the remaining capacity in the purchase price allocation fund.