Fincantieri Triples First Half 2013 Operating Results

Strong Growth Thanks to Acquisition of VARD

By MarEx

The Board of Directors of Fincantieri met today, July 23, 2013 to examine the Group's performance in the first half of 2013:

On 23 January, Fincantieri completed the acquisition of a controlling interest (50.75%) in STX OSV (now renamed Vard), and raised its stake to 55.63% after the completion of the mandatory tender offer made under the rules of the Singapore Stock Exchange. Vard is the world leader in the construction of support vessels for oil and gas extraction and production. The acquisition is part of the strategy to diversify and internationalize the Group’s operations toward businesses and geographical areas with higher growth and profitability prospects. This acquisition doubles the Group's size to some euro 4 billion in annual revenues and approximately 20,000 employees, in 21 shipyards located in 3 different continents, and allows the Group to positionitself as leader in all the high value-added and high-potential segments of the shipbuilding industry.

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.

heavenknow      ( Date: 24-Jul-2013 00:09) Posted: This link to the article is here -  http://www.maritime-executive.com/article/Fincantieri-Triples-First-Half-2013-Operating-Results/ For those who are interested.

The Board of Directors of Fincantieri met today, July 23, 2013 to examine the Group's performance in the first half of 2013:

On 23 January, Fincantieri completed the acquisition of a controlling interest (50.75%) in STX OSV (now renamed Vard), and raised its stake to 55.63% after the completion of the mandatory tender offer made under the rules of the Singapore Stock Exchange. Vard is the world leader in the construction of support vessels for oil and gas extraction and production. The acquisition is part of the strategy to diversify and internationalize the Group’s operations toward businesses and geographical areas with higher growth and profitability prospects. This acquisition doubles the Group's size to some euro 4 billion in annual revenues and approximately 20,000 employees, in 21 shipyards located in 3 different continents, and allows the Group to positionitself as leader in all the high value-added and high-potential segments of the shipbuilding industry.

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.