FINCANTIERI: Posts Positive Performance Despite Downturn

Fincantieri has reported revenues of 2.9 billion euros for 2008, because of the high orders intake in the past years, the shipbuilder said in a prepared statement.

Earnings before interest, taxes, depreciation and amortization were 134 million euros; profits before taxes were 43 million euros, and net income was 10 million euros.
New orders for 2.5 billion euros were taken in 2008 and the orderbook was 10.8 billion euros compared to 12 billion euros in 2007.

The current orderbook, however does not ensure full utilization of the production capacity of all group’s plants, according to the Italian shipbuilder.

Capital expenditures amounted to 111 million euros that represent the continuation of projects started in previous years. Due to the postponement of a share capital increase that was originally requested in 2007, new projects were delayed, with the exception of investments connected with safety and the maintenance of fully efficient production plants.

Fincantieri listed net debt at 64 million euros due to higher capital expenditures and to the growth of production activities.

A share capital expansion of up to 300 million euros was proposed at the shareholders’ meeting along with a dividend distribution of 10.1 million euros for the fifth consecutive year.

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