Deterioration of the economic results of navalmeccanico group STX Europe



In according to trimester of this year STX Europe it has recorded a decided increment of the revenues, but emphasized have turned out also the bendings of clearly achieved the operating profit and the profit from the navalmeccanico group. In the period April-june of this year the volume of transactions of the company is piled to 5,65 billion Norwegian crowns (772 million euros), with an increase of 16.1% regarding 4,87 billion Norwegian crowns in the same period of 2011. The EBITDA has been attested 421 million to Norwegian crowns (- 20.3%) and operating result (EBIT) to 346 million Norwegian crowns (- 22.6%). The profit before taxes has been of 370 million Norwegian crowns (- 9.1%) and the profit of clearly 154 million Norwegian crowns (- 52.8%).

In according to trimester of the 2012 STX Europe it has confiscated new orders for a total value of 5,18 billion Norwegian crowns, down of 37.2% regarding 8,25 billion Norwegian crowns in the period April-june last year. The value of the orderbook of the group on 30 June was of 30,05 billion Norwegian crowns, with a decrease of 4.8% regarding 31,55 billion Norwegian crowns on June 30, 2011.

The single Cruise division & Ferries of STX Europe, than takes care mainly of the construction of ships for passengers and for rotabili, respect to an EBITDA positive for 86 million Norwegian crowns has closed the second trimester of this year with an EBITDA negative for -41 million Norwegian crowns on revenues for 2,20 billion Norwegian crowns on revenues for 2,10 billion Norwegian crowns in according to trimester of 2011. In the period April-june of the 2012 division has obtained new orders for single 165 million Norwegian crowns regarding 5,15 billion Norwegian crowns in the same period of 2011 and the pocketbook orders of the division on June 30, 2012 has been attested to 11,67 billion Norwegian crowns regarding 16,22 billion on June 30, 2011.

Better the results of the division Offshore & Specialized Vessels (STX OSV) that work mainly to service of the offshore industry and that it has archived item the second trimester of this year with a positive EBITA for 460 million Norwegian crowns on revenues for 3,34 billion Norwegian crowns respect to a positive EBITA for 451 million Norwegian crowns on revenues for 2,74 billion Norwegian crowns in the correspondent period of 2011. In the period April-june of 2012 STX OSV 3,10 billion have obtained new orders for 4,99 billion Norwegian crowns (in according to trimester of 2011) and have concluded the period with orderbook of 18,27 billion Norwegian crowns (15,33 billion on June 30, 2011).

STX Europe previews that the group will have to face a difficult period in the next few months: the market - it has explained the navalmeccanica company - anticipates potential projects of new constructions, but the competition is locked and continuous to being difficult to retrieve financings for the projects.