- Governance
- Shareholder Information
- Letter to Shareholders
Letter to Shareholders
Dear Shareholders,
The end of 2008 saw the conclusion of one of the postwar period’s toughest years from the standpoint of the global
macroeconomic picture. And in the current state of affairs, no end to the crisis may as yet be seen. Given this
difficult setting for us to work in, we are particularly proud to announce to you that Astaldi – thanks to its strategic
choices, its flexible business model, and its shrewdly planned activities – brilliantly overcame the ongoing crisis in
2008, continuing on the path of growth embarked on so many years ago.
I would therefore like to stress that despite the negative factors that have so conditioned the industry, Astaldi’s
operating results during 2008 well exceeded expectations. Revenues showed a 15.2% increase over 2007, reaching
EUR 1,525.6 million, for a net profit of EUR 42.1 million. The orders backlog as of 31 December 2008 came
to EUR 8,457 billion, EUR 1.6 billion of which in new orders acquired over the course of the year.
I would like to place due emphasis on certain particularly significant events in 2008, including the opening to the
public of the new hospital in Mestre, a facility that combines architectural beauty with functionality, marking a real,
internationally admired revolution in hospital construction. Another major, particularly significant project that makes
us proud to be a part of a large Group is line C of Rome’s underground – the so-called “archaeological underground.”
Heading a group of leading companies in the sector, Astaldi is carrying out an enormous excavation and
construction project in a territory that is probably the planet’s richest in archaeological finds. In doing so, it has shown
organizational and technological skill, in addition to an environmental sensitivity commensurate with the importance
of the areas traversed, making Astaldi the international leader in building complex underground transit lines.
As regards the Group’s activities abroad, now that the contract for the Istanbul underground has been signed,
Turkey has given us additional satisfaction, particularly in terms of international prestige, with the acquisition of the
contract for the Golden Horn Bridge, which will cross the European bank of the Bosporus. In Chile, the Astaldi
Group officially entered the renewable energies market with its participation in the Alto Cachapoal project, one of
the most important in Latin America. There were also positive results in Eastern Europe, Romania, and Bulgaria,
where in addition to regular continuance of the activities in progress, major new orders were acquired. Special
mention should be made of the activities carried out in Algeria and Venezuela – countries fundamental to the
Group’s activity, where we continue being an integral part of infrastructural development.
But the accolades for 2008 – a successful year that has raised the Group’s international prestige and opened up
prospects for the future – are to be shared with the more than 10,000 people that are Astaldi’s employees. And I
would like to personally thank the Board of Directors, the Board of Auditors, the Directors, and all the Company’s
employees. With their contribution, the Astaldi Group has confirmed its standing as one of the country’s leading
industrial players; the results for 2008 demonstrate this fully.
The end of 2008 saw the conclusion of one of the postwar period’s toughest years from the standpoint of the global
macroeconomic picture. And in the current state of affairs, no end to the crisis may as yet be seen. Given this
difficult setting for us to work in, we are particularly proud to announce to you that Astaldi – thanks to its strategic
choices, its flexible business model, and its shrewdly planned activities – brilliantly overcame the ongoing crisis in
2008, continuing on the path of growth embarked on so many years ago.
I would therefore like to stress that despite the negative factors that have so conditioned the industry, Astaldi’s
operating results during 2008 well exceeded expectations. Revenues showed a 15.2% increase over 2007, reaching
EUR 1,525.6 million, for a net profit of EUR 42.1 million. The orders backlog as of 31 December 2008 came
to EUR 8,457 billion, EUR 1.6 billion of which in new orders acquired over the course of the year.
I would like to place due emphasis on certain particularly significant events in 2008, including the opening to the
public of the new hospital in Mestre, a facility that combines architectural beauty with functionality, marking a real,
internationally admired revolution in hospital construction. Another major, particularly significant project that makes
us proud to be a part of a large Group is line C of Rome’s underground – the so-called “archaeological underground.”
Heading a group of leading companies in the sector, Astaldi is carrying out an enormous excavation and
construction project in a territory that is probably the planet’s richest in archaeological finds. In doing so, it has shown
organizational and technological skill, in addition to an environmental sensitivity commensurate with the importance
of the areas traversed, making Astaldi the international leader in building complex underground transit lines.
As regards the Group’s activities abroad, now that the contract for the Istanbul underground has been signed,
Turkey has given us additional satisfaction, particularly in terms of international prestige, with the acquisition of the
contract for the Golden Horn Bridge, which will cross the European bank of the Bosporus. In Chile, the Astaldi
Group officially entered the renewable energies market with its participation in the Alto Cachapoal project, one of
the most important in Latin America. There were also positive results in Eastern Europe, Romania, and Bulgaria,
where in addition to regular continuance of the activities in progress, major new orders were acquired. Special
mention should be made of the activities carried out in Algeria and Venezuela – countries fundamental to the
Group’s activity, where we continue being an integral part of infrastructural development.
But the accolades for 2008 – a successful year that has raised the Group’s international prestige and opened up
prospects for the future – are to be shared with the more than 10,000 people that are Astaldi’s employees. And I
would like to personally thank the Board of Directors, the Board of Auditors, the Directors, and all the Company’s
employees. With their contribution, the Astaldi Group has confirmed its standing as one of the country’s leading
industrial players; the results for 2008 demonstrate this fully.
The Chairman
(Vittorio Di Paola)
(Vittorio Di Paola)