Fincantieri, the Italian state owned shipbuilder, expects an agreement between the company and trade unions lead to better prospects for the future.
"The company confirms its leading position, also thanks to its strong financial and capital structure. Following the trade union agreement concluded late last year, intended to adjust production capacity to demand, we are more competitive in a still extremely depressed market," said Giuseppe Bono, Fincantieri's Chief Executive Officer, said. "Now more than ever before is it essential for the entire company, from management down to every individual employee, to be united in pursuit of those growth objectives that, although tough, can be achieved even at this time of severe crisis.”
During the year Fincantieri pursued a dialogue at every level of the trade unions, that lead to a national agreement being signed on 21 December 2011 by the Ministry of Labour and Welfare, the company and the main trade unions (FIM-CISL, UILM-UIL, UGL, FAILMS and FAILMS CISAL) who also represent the majority of the employees.
The group’s revenues amounted to €2.4 billion last year and it reached EBITDA of €138 million. “The strength of the Group capital and financial structure is demonstrated by the fact that equity amounts to €951 million, of which euro 300 million of retained earnings from prior years. In addition, the financial statements include also €114 million in provisions that are more than adequate in respect of the specific risks and potential charges.”
Capital expenditures of €78 million relate to the completion of projects started in the past years to enhance production efficiency and improve safety and environmental standards. This figure also includes the continuation of the capex programme in the US shipyards,” the company said.