Fincantieri Returns to Profit in 2016

Italian shipbuilder and ship designer Fincantieri has managed to return to black in 2016 as the company recorded a profit of EUR 14 million (USD 15 million) for the full year, against a net loss of EUR 289 million (USD 310.4 million) seen in the previous year.

Fincantieri’s revenues were up by 5.9% to EUR 4.42 billion for the period, in line with 2016 target, compared to EUR 4.18 billion seen in 2015.

Total backlog reached EUR 24 billion, covering some 5.4 years of work if compared to 2016 revenues, with 99 ships in order book.

“We are very pleased with the results achieved in 2016 thanks to effective execution of the strategy outlined in our Business Plan 2016-2020. The total backlog exceeded, once again, previous highs, reaching euro 24 billion, thus confirming the Group ability to strike important agreements,” Giuseppe Bono, Fincantieri’s Chief Executive Officer, said.

Bono added that 2016 “has moreover highlighted a significant recovery in operating terms,” with on-time delivery of four highly complex prototype vessels, but also in financial performance with revenues up 6%, in line with the business plan target, EBITDA margin at 6%, above the guidance, and positive net result.

“The remarkable results achieved are well above the targets set for the year and allow us to confirm our medium term targets as well as dividend distribution starting from 2017 net income,” according to Bono.

At the beginning of 2017, Fincantieri added four cruise ships to its orderbook as it reached an agreement with Norwegian Cruise Line Holdings for the construction of the vessels, with an option for two additional ships.

New vessels are scheduled for delivery in 2022, 2023, 2024 and 2025. If NCL exercises the contract option, the two additional cruise ships would be handed over to their owner in 2026 and 2027.

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