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    SOM   IT0005329815

SOMEC S.P.A.

(SOM)
  Report
Delayed Borsa Italiana  -  11:35:03 2023-01-27 am EST
32.00 EUR   +6.67%
01/26Mestieri : closing of the acquisition of Gino Ceolin S.r.l.
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01/25Somec : acquisition of Gino Ceolin S.r.l. by Mestieri S.r.l. has been completed
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01/04Europeans still up; bearish oil on Mib.
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SOMEC: a new contract worth over 40 million dollars in New York

07/13/2022 | 01:44am EST

SOMEC: A NEW CONTRACT

WORTH OVER 40 MILLION DOLLARS IN NEW YORK

The Group, through its subsidiary Fabbrica LLC, will supply 26,000 square metres of

curtain walls for two residential towers in the American city.

Acting as General Contractor of the project is one of New York City's most prestigious and

well-established real estate companies. Completion is expected by 2023.

San Vendemiano (Treviso), 13 July 2022 - Somec S.p.A., a company listed on the Euronext Milan market (Italian Stock Exchange) and specialized in the engineering of complex turnkey civil and naval architecture projects, through its US subsidiary Fabbrica LLC, has been awarded a new contract for the construction of two residential towers in Queens, New York.

The project, which is scheduled to get underway in early 2023, is known as Halletts Point 20/30, an 80,000 square metre development located on a former industrial yard entailing the construction of two residential towers joined by a shared esplanade, with park and retail at base and the East River waterfront serving as a backdrop.

More specifically, Fabbrica LLC will be responsible for the design, engineering, production and installation of more than 26,000 square metres of unified curtain walls and 1,500 glazed frames for the two Halletts Point 20/30 landmark towers.

Awarding the contract to Fabbrica LLC was one of New York City's most prestigious and well- established real estate companies. The project is by Handel Architect.

The contract value exceeds 40 million dollars, with work scheduled to be delivered by 2023.

As at 31 December 2021, the Group's order backlog totalled 921 million euro.

From January 2022 to date, order intake total 142 million euro.

Oscar Marchetto, Somec CEO, pointed out that: "While on the one hand this new contract further bears out Fabbrica LLC's role as a trusted partner for high-value customers who appreciate our distinctive skills and expertise, on the other hand it confirms our desire to play a leading role alongside high-profile customers in a bustling metropolis like New York. The entire US real estate market is experiencing significant investments being made with a view to enhancing the look of major cities and improving the energy and sustainability performance of large buildings: a business that represents an important growth opportunity for our Group."

***

SOMEC

SOMEC S.p.A. specialises in the engineering, design and realisation of complex turnkey civil and naval engineering projects in three contract segments: engineered systems for naval architecture and civil facades, professional kitchen systems and products, and the design and creation of customised interiors. Companies in the Group operate under a similar business model, focusing on design, production and installation, in compliance with strict civil and naval engineering quality and safety standards. Projects managed by the Group stand out for their high levels of customisation and material-specificknow-how, a fundamental requirement in projects with high added value. Thanks to its rigorous certification and accreditation process, SOMEC has achieved a reputation for quality and operational and financial reliability on a global scale. SOMEC is

headquartered in San Vendemiano in the province of Treviso in Italy, has companies in the United States, Slovakia, China and Canada, employs around 800 people and recorded a turnover of 258.5 million euros in 2021.

Contacts

Press office:

Investor Relations office:

Thanai Communication Advisors

investorrelations@somecgruppo.com

Thanai Bernardini

tel. +39 0438 471998

me@thanai.it | + 39 335 7245418

Alessandro Bozzi Valenti

alessandro.valenti@thanai.it | + 39 348 0090866

Disclaimer

Somec S.p.A. published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 05:43:01 UTC.


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Financials
Sales 2022 304 M 330 M 330 M
Net income 2022 3,25 M 3,53 M 3,53 M
Net Debt 2022 71,4 M 77,5 M 77,5 M
P/E ratio 2022 68,2x
Yield 2022 1,40%
Capitalization 220 M 239 M 239 M
EV / Sales 2022 0,96x
EV / Sales 2023 0,74x
Nbr of Employees 867
Free-Float 24,7%
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Technical analysis trends SOMEC S.P.A.
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Number of Analysts 2
Last Close Price 32,00 €
Average target price 33,63 €
Spread / Average Target 5,10%
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Managers and Directors
Oscar Marchetto Chairman & Co-Chief Executive Officer
Alessandro Zanchetta Co-CEO, CFO, Executive Director & Head-HR
Giancarlo Corazza Co-CEO, COO & Executive Director
Gianna Adami Lead Independent Director
Stefano Campoccia Independent Director
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