7 million-euro profit and backlog of 21.8 billion euros for one of the CDP Group’s most important industrial assets
Nine months of brilliant results for Fincantieri, which approved the report for the third quarter of the year. The company, a strategic industrial and financial asset for CDP Group, achieved a net profit of EUR 7 million with EBITDA margin - the ratio of EBITDA to revenues, measure of gross profitability of sales - 5.7% and revenues at 3.23 billion euros (+ 6.5% compared to the same period in 2015). The overall backlog was 21.8 billion euros, equivalent to about 5.2 years of work, with 6.308 billion euros of new orders.
Also notable is the commercial result: last June the company signed a contract of 4 billion euros with the Qatari Ministry of Defense, which is the most important operation for the last 30 years in the naval sector. "An historic milestone,” as defined by the Chief Executive Officer Giuseppe Bono, “which along with managerial and economic results allow us to fully confirm the objectives of the Business Plan".
Positive reaction of analysts and the market, waiting for the results that are expected in 2017 "will be consistent with the objectives of the Business Plan, which, due to the acquisition of important new orders during the first nine months of 2016, presents an almost complete coverage of revenues," he stated.