Giuseppe Bono Remains Fincantieris CEO

Fondazione ResPublica Italian shipbuilding major Fincantieri informed yesterday that its new Board of Directors confirmed Giuseppe Bono as the companys CEO, a position he has held since 2002.  The new BoD of Fincantieri, appointed by the shareholders’ meeting held on 19 May 2016, will remain in office until the the approval of the 2018 financial statements. Bono has been granted extensive powers for the management of the company, except for those reserved to the Boards exclusive jurisdiction. In addition, Bono holds 84,000 Fincantieris ordinary shares. Fincantieri marked a turning point in the first quarter of 2016 returning to the black from losses that were pressuring the shipbuilders results from the second half of 2015. The companys profit before extraordinary and non-recurring income and expenses was EUR 5 million (USD 5.7 million), improving from a net loss of EUR 21 million in the first quarter of 2015. EBITDA was EUR 51 million against EUR 59 million in the corresponding quarter of 2015, with an EBITDA margin of 4.9% compared to 5.3% in Q1 2015. Since the beginning of the year, Fincantieri delivered three cruise ships, including two prototypes, namely the Koningsdam for Holland America Line and the Carnival Vista for Carnival Cruise Lines, which were  delivered in the same week at two different yards. Several naval and offshore vessels were also delivered during the quarter.  Overall, the deliveries in the first four months of 2016 generated cash inflows totaling some EUR 1.9 billion.