- 2016 Financial Results approved
- Dividend equal to EUR 0.20 per share decided upon, in line with the previous financial year
- Report on Remuneration approved
- Authorisation to purchase and sell treasury shares renewed
The Shareholders’ Meeting of Astaldi S.p.A., convening in Rome today in Ordinary Session, passed decisions on the following items on the agenda.
Separate financial statements at 31 December 2016
The Shareholders’ Meeting approved the Separate Financial Statements at 31 December 2016, under the terms proposed by the Company’s Board of Directors this past 14 March. The Shareholders’ Meeting also viewed the 2016 consolidated financial statements, closing with a net profit of EUR 72.5 million.
The Astaldi Group closed the 2016 financial year with total revenue exceeding EUR 3 billion. The EBITDA margin stands at 12.6%, given an EBITDA of EUR 379.8 million. The EBIT margin equals 10.6%, given an EBIT of EUR 317 million. The EBT (earnings before tax) equals EUR 129.1 million, and carries a net result from continuing operations of EUR 97.4 million, which was affected by a non-recurring charge of approximately EUR 25 million related to actualization and sale costs incurred for the sale of RE.CONSULT INFRASTRUTTURE (A4 Motorway). Net of the extraordinary item a net profit of EUR 72.5 million was obtained. The order backlog in execution equals EUR 19.5 billion, with the contribution of EUR 4.5 billion in new orders and contractual addenda; including the additional projects acquired and being finalised, the total backlog exceeds EUR 27 billion. Net financial debt was EUR 1,088.7 million (compared to EUR 1,374 million at 30 June 2016 and EUR 983 million at 31 December 2015).
The Parent Astaldi S.p.A. closed the 2016 financial year with total revenue of EUR 2.2 billion, an EBITDA of EUR 297.6 million, an EBIT of EUR 249.9 million, and an EBT equal to EUR 100.8 million. The net operating profit is EUR 73.3 million.
Dividend distribution
Confirming the proposal made by the Board of Directors on 14 March 2017, the Shareholders’ Meeting approved the distribution of a dividend equal to EUR 0.20 per share, in line with the previous financial year. The dividend shall be payable on 17 May 2017 (ex-dividend date 15 May 2017, record date 16 May 2017).
Report on Remuneration
The Shareholders’ Meeting also approved the Report on Remuneration. This Report illustrates the Company’s policy in the matter of the remuneration of the members of the Board of Directors, of the General Managers and of the executives with strategic responsibilities, as well as the procedures used to adopt and implement this policy.
Authorisation to purchase and sell treasury shares
The Shareholders’ Meeting also approved the renewal, for 12 more months (starting 29 May 2017), the authorisation to the Board of Directors to purchase ordinary shares of the Company, at a unit price of no less than EUR 2.00 and no greater than the average price for the last 10 days of open trading on the stock exchange prior to the day of purchase, increased by 10%. This authorisation for purchase is limited to a revolving limit of 9,842,490 shares for a nominal amount equal to EUR 2.00 each, with the additional constraint that the amount of the treasury shares in the portfolio shall, at no time, exceed the counter-value of EUR 24,600,000.00. The authorisation responds to the purpose of fostering a regular trend in the negotiations and of guaranteeing adequate support for the market’s liquidity, as well as of maintaining the so-called “securities warehouse”. The purchase transactions will at any rate be carried out in compliance with art. 2357 and following of the Italian civil code and art. 132 of the Consolidated Finance Act – TUF, and with the procedures pursuant to art. 144-bis, subsection 1, letter b) of CONSOB Regulation No. 11971/99 and subsequent modifications, which is to say “on regulated markets in accordance with the operative procedures established in the regulations organising and managing said markets, which do not allow offers to buy to be combined with offers to sell.” As regards the procedures for selling and/or disposing of the shares, the Shareholders’ Meeting’s decisions of 18 April 2011 and 23 April 2013 are still in effect.
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