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| Astaldi reports 2006 revenues rose 5.2%  The Board of Directors of Astaldi S.p.A., approved the quarterly report as at December 31, 2006 and examined the consolidated results of 2006. The positive trend of the fourth quarterly period allowed to close the year with an increase in profit before taxes by +11.5% on an annual basis, allowing to curb the negative effect of increased nondeductible taxes on the net profit, which decreased by 7%. The group's acquisition capability is confirmed since, in 2006, the value of new contracts acquired amounts to Euro 3.3 billion and the orders backlog totalled Euro 7 billion, thus showing an increase of 26% with respect to the previous year.Quarterly revenues totalled approx. Euro 294 million (+16.3% in comparison with the same period of 2005), contributing to the increase in total revenues which exceeded Euro 307 million (+18.9%). EBITDA totalled Euro 35.5 million showing a valuable increase of 31.2% with respect to the fourth quarter of 2005. EBIT, amounting to Euro 24 million, increased by +13.3% in comparison with Euro 21 million of the fourth quarterly period of 2005, allowing to achieve the planned recovery with respect to the previous quarters. Therefore, the EBIT margin totalled 7.7% (8.1% in the fourth quarter of the previous year). Astaldi net profit amounts to Euro 7.6 million, in line with the previous year's, thus showing a net margin of 2.5% (3.1% in 2005). The yearly income statement shows total revenues of Euro 1,074 million, increased by +5.2% in comparison with the previous year, thanks to the considerable contribution of activities abroad, as already stated above. EBITDA amounts to Euro 116.4 million, showing a decrease of 7.7% in comparison with the previous year, mainly due to increased charges incurred during the delivery phase of some contracts in the US. EBIT totalled Euro 79 million, with an EBIT margin which slightly decreased to 7.3% from 7.6% of the previous year, thanks to the considerable increase in the profitability of activities abroad. Net interest charges show a slight decrease (-15% on an annual basis) consequently to positive exchange rate differences and to the medium-long term repositioning of Group's indebtedness. As a result, profit before income taxes amounted to Euro 60, 9 million, showing a significant increase with respect to the previous year (+11.5%), thus allowing to balance the negative effect, deemed non-recurrent, of the increased tax burden deriving from the losses on foreign subsidiaries, which cannot be tax-deductible yet. The group's net profit amounts to Euro 30.2 million (Euro 32.5 million in the corresponding period of 2005), with a net margin of 2.8% in comparison with 3.2% of the previous year. Net financial indebtedness at December 31, 2006, net of treasury shares, totalled Euro 281.1 million, showing a decrease with respect to Euro 292.9 million as at September 30, 2006, notwithstanding the broad investment plan implemented during the year for an amount of more than Euro 100 million in the project finance and in the general contracting sectors, in order to startup the important contracts acquired during the year. The orders backlog, which increased by 26% since the beginning of the year, amounts to Euro 7 billion, more than Euro 5.3 billion of which refer to the construction sector and Euro 1.7 billion to the concession sector. write your comments about the article :: © 2007 Construction News :: home page |