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Fincantieri Board confirms Antonini as Chairman and Bono as CEO
The Board of Directors of Fincantieri confirmed Corrado Antonini and Giuseppe Bono as Chairman and CEO of the Company granting Giuseppe Bono full management powers.
- Profit for the year in excess of euro 10 million;
- EBITDA at euro 138 million equal to a 5.8% margin;
- Net cash surplus at euro 166 million over debt, another improvement on the prior year figure (euro 100 million);
- Revenues at euro 2,382 million
- New orders intake of euro 1,863 million
- Order portfolio at euro 8,361 million
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- The Board of Directors of Fincantieri published the company and the group 2011 financial statements. Despite a major downturn of the market, 2011 closed with approximately euro 2.4 billion in annual revenues, of which more than 80% for the export market, and over euro 1.8 billion in new orders acquired during the year. After two years of significant non-recurring expenses, the 2011 financial year is closing with a net profit of more than euro 10 million, EBITDA of euro 138 million and a net surplus of euro 166 million in cash over debt (net financial position), allowing Fincantieri to carry on its business without any significant financial pressure. The strength of the Group capital and financial structure is demonstrated by the fact that equity amounts to euro 951 million, of which euro 300 million of retained earnings from prior years. In addition, the financial statements include also euro 114 million in provisions that are more than adequate in respect of the specific risks and potential charges.
- Capital expenditures of euro 78 million relate to the completion of projects started in the past years to enhance production efficiency and improve safety and environmental standards. This figure also includes the continuation of the capex program in the US shipyards.
- Fincantieri acquired euro 1,863 million in new orders during 2011, slightly down from euro 1,912 million in 2010. In particular, orders were secured to build two large cruise ships for the Carnival Group (one for P&O Cruises and one for the Costa brand), and one super-luxury small cruise ship for Compagnie du Ponant, a French cruise line. In the naval segment the subsidiary Orizzonte Sistemi Navali secured an order to build one landing ship logistics vessel for the National Navy of the Democratic and Popular Republic of Algeria, while the US subsidiary Fincantieri Marine Group won an order to build another Littoral Combat Ship (LCS) for the US Navy and another 21 smaller vessels for the US Coast Guard. The US shipyards will also build two offshore platform supply vessels ordered by Tidewater, the world largest provider of services for the offshore energy industry. Lastly, the repair and conversion business unit received euro 62 million in orders, while euro 136 million in orders were placed to the systems and components business unit
- Acknowledging the structural nature of the crisis, Fincantieri has reacted fast to the shortfall in order backlog by finalizing and starting implementation of a reorganization plan that will realign its production capacity to the reduced market demand, and enhance the overall efficiency of the Group in order to be able to face the increasing market competition. During the year Fincantieri therefore pursued a dialogue at every level of the trade unions, that lead to a national agreement being signed on 21 December 2011 by the Ministry of Labour and Welfare, the Company and the main trade unions (FIM-CISL, UILM-UIL, UGL, FAILMS and FAILMS CISAL) who also represent the majority of the employees.
Commenting on the results for 2011, Giuseppe Bono, Fincantieri’s Chief Executive Officer, said: “The company confirms its leading position, also thanks to its strong financial and capital structure. Following the trade union agreement concluded late last year, intended to adjust production capacity to demand, we are more competitive in a still extremely depressed market”. Bono then concluded: “Now more than ever before is it essential for the entire company, from management down to every individual employee, to be united in pursuit of those growth objectives that, although tough, can be achieved even at this time of severe crisis”.