Sogin: Board of Directors approves the 2017 financial statements project
30 May 2018
Revenues: EUR 186.9 million (+ €3.9 million compared to 2016) + 2%
Decommissioning activities: EUR 63.2 million (+ €9.4 million compared to 2016) + 17,5%
Sogin Group operating income: EUR 10.3 million (+€2.6 million compared to 2016) + 34%
Sogin Group net income: EUR 7.8 million (+€ 3.6 million compared to 2016) + 86%
Contracts to third parties: EUR 20.8 million (+€14.5 million compared to 2016) + 230%
On 29 May Sogin Board of Directors, chaired by Sogin President Marco Ricotti, approved the financial statements project for 2017 presented by the CEO, Luca Desiata.
The 2017 Financial Year saw revenues (net of spent fuel management costs) of EUR 186.9 million (183 in 2016).
In 2017, EUR 221.9 million must be added to this value for the management and reprocessing of spent fuel, which is a non structural budget item (11.5 million euros in 2016).
The volume of business for decommissioning activities for 2017 amounts to EUR 63.2 million (53.8 in 2016).
The second best economic result since the company has been founded.
For the first time in its history, the Group staff has been reduced from 1,268 employees in 2016 to 1,210 at 31 december 2017, for a total of 58 employees less (-5% compared to 2016). Group’s staff costs have decreased from EUR 92.8 million in 2016 to EUR 86.4 million in 2017 (-7%), net of retirement incentives.
Sogin achieved an operating profit (EBIT) of EUR 6 million (3.2 in 2016) while the net income has been of EUR 5.1 million (1.4 in 2016). Such variations are due to cost reduction activities that are not related to decommissioning work.
Sogin Group’s consolidated financial statements have reached a net income of EUR 7.8 million (4.2 in 2016). Group’s operating profit (EBIT) has been of EUR 10.3 million (7.7 in 2016).
In 2017 Sogin Group has tripled the value of third parties assets in Italy and abroad, increasing from EUR 6.3 in 2016 to 20.8 million in 2017 (+230%).
“In 2017 Sogin Group reported, for the first time in its history, a positive sign on all economic indicators, as well as a significative reduction of its staff and related costs– Sogin CEO, Luca Desiata, stated. In economic terms the Group has, at the same time, achieved the second best performance ever in decommissioning activities, while the contracts to third parties have been tripled compared to previous year. Moreover, the renegotiation of the agreement with the Nuclear Decommissioning Authority (NDA – UK) will lead to a consistent reduction of both the volume of waste resulting from spent fuel reprocessing that must return to Italy, and a reduction, again for the first time, of the costs, related to the nuclear fuel management by 26 million euros”.