In the end who will control the very important French shipyards of Saint Nazaire that Fincantieri has been awarded for months with a shareholding of 66,7%? The French government, through Economy Minister Bruno Le Maire, insists that the agreements be modified and that control is fifty-fifty between Italian and French shareholders, but Rome doesn't agree.
Our Ministry of Economy and Finance, led by Pier Carlo Padoan, who supports the cause of Fincantieri, has said it is willing to meet the French requests, also supported in the electoral campaign by President Emmanuel Macron, but not to give up control , which is in Italian hands. But the Minister of Development Carlo Calenda took the field with a declaration that leaves no room for hesitation: “On Stx we have been clear from the beginning. The previous French government asked Fincantieri to take an interest, and Fincantieri did so with a solid industrial project that has some fundamental conditions. These conditions are known by the French Government, by the previous one that signed an agreement and by the current one: we have no intention of going ahead if these conditions don't exist”.
To soften the Italian side, the French are ready to extend the agreement also to the military side, which is coveted by Fincantieri because it would make it possible to expand the market and do very important business, but the key point is the control and operational management of the system which cannot give rise to confusion which would complicate the life of the company. The battle remains open.
On the afternoon of 26 July, the shipbuilding company also approved the results for the first half of 2017, archived with revenues at 2.295 million (+1,3% y/y), while Ebitda soared to 146 million (+29,2. 6,4% y/y), bringing profitability to 140% (+88 basis points). Core business closed with Ebit at 44,3 million (+3,8% y/y), with rosé at 110% (+13 basis points). Profit attributable to shareholders amounted to 85,7 million (+2016% y/y), up sharply despite a more unfavorable financial management balance compared to the same period of 39 (net financial charges of 32 million vs 2016 million last year year). The main economic aggregates are in line with the 2020-XNUMX business plan.
Despite this the title Fincantieri it is under pressure on the Stock Exchange: it has managed to lose 13% and at 11 on Wednesday morning and less than an hour after the closing, it has lost 8% to 0,966 euros.
(updated at 16.45pm Wed 26 July)
