Fincantieri 2012 Profits Up on Previous Year

Shipbuilders, Fincantieri, publish its 2012 financial results; announce resignation of Chairman Corrado Antonini.

Highlights:

·         Profit for the year in excess of euro 15 million (euro 9 million in 2011);
·         EBITDA at euro 137 million (euro 138 million in 2011) with a margin of 5.7%;
·         Revenues at euro 2,385 million (euro 2,382 million in 2011);
·         Positive net financial position of euro 480 million (euro 166 million in 2011), with available cash of euro 692 million;
·         Order portfolio at euro 7,817 million (euro 8,361 million in 2011).

Commercially, Fincantieri succeeded in making the best of the available opportunities, finalizing agreements for new orders, including options, worth a total of euro 6.5 billion. This figure includes euro 1.4 billion in finalized contracts, while the remaining agreements are all subject to finalization of the related financial packages. In particular, in the merchant vessels business unit, contracts were signed for the construction of two cruise ships for Viking Ocean Cruises and an order was secured from Société des traversiers du Québec in Canada for the construction of a dual-fuel latest generation ferry featuring an innovative propulsion system.

In the naval vessels business unit, Fincantieri Marine Group, Fincantieri's US subsidiary, secured an order to build two LCS (Littoral Combat Ships) for the US Navy (under a contract for 10 ships signed at the end of 2010), and an order for 40 small patrol boats for the US Coast Guard. Lastly, the repairs and conversion business unit received euro 66 million in orders, while euro 77 million in orders were placed with the systems and components business unit.

Giuseppe Bono, Fincantieri's Chief Executive Officer, said: "The results achieved in 2012, despite the endurance of a fairly difficult frame of reference, and the acquisition of STX OSV, a leading operator in the high value-added offshore sector, mainly financed with our own resources, allow us to strengthen our existing leadership positions and to look more optimistically to a future of growth. This, along with implementation of the reorganization plan agreed with the unions aimed at restoring productivity and increasing flexibility, creates the conditions for the Italian shipyards to remain in business, with a solid economic and financial position."