Shipbuilder Observes Market Turndown, Turns Profit
Despite shipbuilding market downturn Fincantieri made net profit of euro 10 million
Annual financial statement showed Fincantieri closed last year's accounts with approximately euro 2.4 billion in annual revenues, of which more than 80% for the export market, and over euro 1.8 billion in new orders acquired during the year.
After two years of significant non-recurring expenses, the 2011 financial year is closing with a net profit of more than euro 10 million, EBITDA of euro 138 million and a net surplus of euro 166 million in cash over debt (net financial position), allowing Fincantieri to carry on its business without any significant financial pressure.
New orders were secured to build two large cruise ships for the Carnival Group (one for P&O Cruises and one for the Costa brand), and one super-luxury small cruise ship for Compagnie du Ponant, a French cruise line.
In the naval segment the subsidiary Orizzonte Sistemi Navali secured an order to build one landing ship logistics vessel for the National Navy of the Democratic and Popular Republic of Algeria, while the US subsidiary Fincantieri Marine Group won an order to build another Littoral Combat Ship (LCS) for the US Navy and another 21 smaller vessels for the US Coast Guard.
The US shipyards will also build two offshore platform supply vessels ordered by Tidewater (TDW), the world largest provider of services for the offshore energy industry.
Lastly, the repair and conversion business unit received euro 62 million in orders, while euro 136 million in orders were placed to the systems and components business unit