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During 2016 the Group achieved its highest ever level of consolidated revenues (over 900 million Euros, + 37% year-on-year compared to 2015) and an increase of 51.9% in net income (Euro 24.2 million against 16 Million of 2015).In the face of such remarkable results, operating margins show a contraction - both in absolute terms and in percentages - essentially due to the negative performance of certain orders, while the net financial position significantly worsened due to the increasing volumes of working capital absorbed by the massive growth in turnover. The Group's core business remains firmly rooted in the overseas markets, with more than 82% of production and 90% of the order backlog (2.1 billion euros at year end in 2016) generated by international orders, but a recovery is also expected in the Italian market, where some infrastructural works and some real estate initiatives of interest to the Group have finally started to generate construction revenue, and where in general the Group faces some optimistic growth forecasts after years of stagnation.Noteworthy developments are the Groupís expansion into new European markets, never targeted before, with acquisitions in Denmark and Luxembourg, as well the strong commercial push into South America and the further important consolidation of market share and in the traditional markets of the Middle East. For 2017, turnover is poised to grow further and exceed the Ä 1 billion mark, while management is expected to devote considerable energy and focus on the mitigation of certain financial and operational issues arising from some ongoing projects.

Consolidated Financials
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