Fincantieri Registers Profit Of EUR 11M In First Half Of 2017

The Board of Directors of FINCANTIERI S.p.A. (“Fincantieri” or the “Company”), chaired by Giampiero Massolo, has examined and approved the Half year financial report at June 30, 2017, prepared in accordance with international financial reporting and accounting standards (IAS/IFRS).

During the Board meeting Giuseppe Bono, Fincantieri’s Chief Executive Officer, said: “The operational and financial results of the first of half of 2017 confirms the company’s extraordinary execution capabilities and reinforce our position with respect to achieving all targets set out in our Business Plan.

fincantieri shipyard
Representation Image – Credits: carnival-news.com

Negotiations are still under way with the French government to define a satisfactory governance structure for STX France and we are confident that their closing will address the condition, non-renounceable for us, that the combination of the two companies be a value adding proposition.

Fincantieri’s commitment to pursuing its growth targets is visible also in the increase in personnel at our Italian shipyards, with the hiring of over 300 people in the course of the semester, for a total of 1200 in the past three years. Furthermore, we are continuing the process of internalizing the highest value adding activities, both through the creation, also with private entrepreneurs, of Fincantieri-controlled companies and by developing new forms of collaboration with our major suppliers. In doing so, we are creating a true “upstream yard” system around our industrial sites: a dedicated supply network, capable of innovating and creating value both for our company and for the territories in which we are based.

In the second half of the year, we are expecting a growth in revenues with respect to the first semester, also thanks to the ramp-up in the construction of higher value added ships, whose orders were acquired after the crisis, as well as of the military programs acquired in recent years.”

Bono concluded: “I’m also particularly happy to point out that, from the IPO we have delivered a Total Return to our shareholders of 34.6% versus a Total Return of 9.1% of the main Italian stock index, FTSE MIB”.

Click here to view Results for the first half of 2017

Reference: 

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