Wednesday, June 4, 2014 - 16:00

Although down on that of the previous year, the 2013 performance was positive and consistent with forecasts.

New orders totalled €997 million (2012: €531 million), largely thanks to the contract to build the Riyadh Red Line (some €511 million).

The order backlog totalled €4,544 million at 31 December 2013 (31 December 2012: €4,342 million) and was negatively impacted by the contractual issues with the Russian customer for the Libyan project described in detail later on.

Revenue decreased to €634.5 million from the €657.4 million in 2012 due to the order backlog which was impacted by the simultaneous closure of old contracts and the roll-out of new ones.
Operating profit came to €52.4 million (2012: €71.4 million), in line with volumes and reflecting the different mix and profitability of the contracts of the two years under comparison.
The company’s net financial position was €82.9 million (31 December 2012: €183.9 million) and net cash flows for the year came to a negative €100.9 million (31 December 2012: a negative €54.4 million), after the granting of dividends of €28.8 million (2012: €28.0 million) and the decrease of some €41.3 million in the advance for the contract with the Russian customer for the Libyan project.

On 15 July 2013, as approved by the board of directors on 29 May 2013, the company carried out the fourth instalment of the bonus issue approved by the shareholders in their extraordinary meeting of 23 April 2010.

Following the issue of this fourth instalment, the company’s share capital now equals €90,000,000, comprising 180,000,000 ordinary shares of a nominal amount of €0.50 each.