Fincantieri Half-year 2013 Growth Due to Vard Acquisition

MarineLink.com
Wednesday, July 24, 2013
Photo courtesy of Fincantieri

The Finacantieri Group reports being in a phase of strong growth thanks to the acquisition of Vard, & triples its first-half 2013 operating result compared to last year.

In summary:

• Operating result (EBIT) at euro 101 million
• EBITDA at euro 137 million with a margin of 7.1%
• Revenues at euro 1,934 million
• Net cash of euro 183 million
• Order portfolio at euro 10,889 million
• New order intake of euro 1,843 million

The first half of 2013 reports an EBIT of euro 101 million (euro 34 million at 30.06.2012), an EBITDA of euro 137 million (euro 68 million at 30.06.2012) and revenues of euro 1,934 million (euro 1,233 million at 30.06.2012). These positive operating results have been obtained in a market environment that remains challenging despite some initial signs of recovery, and have benefited from the first-time consolidation of the Vard group effective from 23 January 2013.
 
Giuseppe Bono, Fincantieri’s Chief Executive Officer, commented: "There are reasons to be reasonably optimistic about the future, especially if the Fincantieri system and the national system will achieve a unity of purposes focusing on sectors that stimulate exports and employment and attract major foreign investments in Italy."

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