The litigation with the contractor used for the coal warehouse roofing project has been successfully resolved; Italiana Coke to gradually transfer TAFS shares to Funivie
Genoa. The balance sheets for the year up to 30 June 2016 of Italiana Coke and Funivie Spa, companies of the Ascheri Group in Savona, have been approved.
Italiana Coke‘s balance sheet closes with revenues of €86 million with positive EBTDA.Shareholders approved the loss of €10 million, covered by previous reserves and mainly caused by amortisation due to the major investments in environmental protection and maintenance made in previous years. “Despite the crisis, a complex market situation and the natural stiffening of the financial system,” explains Paolo Cervetti, CEO of the two companies, “Italiana Coke continues to relaunch its activities and restructure the supply chain, as well as its investment plans. The company, before and after the composition of 3 October, ensured the regularity of salaries and supplier payments, the continuous supply of raw materials and the maintenance of sales volumes.”During the budget meeting, Cervetti also announced that Funivie had resolved the dispute relating to the contract for the construction of the roofing for the Bragno coal storage facilities. In order to restart work in the spring of 2017, the company is reshaping the financial support that the Carige Group had originally structured, carrying out the necessary administrative procedures in full cooperation with the Ministry of Transport and the Administration of Cairo Montenotte, headed by Mayor Fulvio Briano.
The balance sheets of Funivie Spa show total revenues of €11.4 million, a loss of approximately €1 million and EBTDA figures that are still negative. “Even if there were a significant improvement on the previous year, when the provisions were made for Italiana Coke’s creditor plan,” says Cervetti, “the company is still losing out, both due to the natural decrease in the contributions from the Ministry of Transport and the quantities shifted, which are still below the system’s potential. In fact, the bulk cargo transported by the infrastructure, around 620,000 tonnes in 2016, decreased by almost 170,000 tonnes due to the crisis in the sector, even if the quantities handled by Italiana Coke remained constant. Funivie is a public service,” continues Cervetti. “Along with Terminale Alti Fondali Savona (TAFS), it has operational and environmental characteristics that are unique in Europe. However, it has a fixed cost of management that is difficult to compress and the ministerial agreement of 2007, based on significant growth prospects, appears to be somewhat dated today. Back then, the world of coal and its reference sectors, energy and cement, were progressing greatly, but today’s situation has changed dramatically.” Cervetti concluded by announcing that in order to rationalise the supply chain and strengthen Funivie’s assets, in the implementation of the continuity plan, Italiana Coke will gradually transfer the {MQ}shares of TAFS to Funivie, further consolidating the synergistic process in progress, while waiting for some signs of market recovery to become stable.
Italiana Coke press office
stampa@gruppoitalianacoke.it