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FINCANTIERI POSTS RECORD REVENUES FOR 2018

Wednesday, February 27, 2019 

Italian shipbuilding group Fincantieri has posted 2018 revenues of almost €5.5 billion, a 9% increase on 2017 figures. The increase is indicative of the group’s order intake of 27 vessels, 14 of which are cruiseships destined for eight different operators. The order backlog of 116 vessels, valued at €33.8 billion, is up 29% on the preceding year.

In the Shipbuilding segment, the Group expects to deliver 11 ships in 2019, including 8 cruise ships, one of which, Viking Jupiter, was delivered on 7 February.

Revenues from the Shipbuilding segment in 2018 amounted to €4,678million, of €3,226 million relates to the cruiseships business area.

In its consolidated results for the year, Fincantier says the overall increase in revenues generated by the shipbuilding segment in 2018 is due to substantial progresses in production activities on cruise orders in the final part of the year and the development of naval contracts, with particular reference to the FREMM programme, the Italian Navy fleet renewal program and the contract for the Qatari Ministry of Defense.

Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “The results we have presented prove once again that our Company is a leader, a landmark in the worldwide shipbuilding industry, a network of excellences that share knowledge and resources in many fields. The relevant increase in revenues that have grown by almost 10% is only the first step in the growth path aiming at an approximate 50% increase of volumes by 2022 requiring a high organizational effort and a clear vision of the future challenges.

“The total backlog of almost €34 billion euro (approximately 2% of the Italian GDP), together with the long-term workload visibility, sustain the development of leading-edge supply chain and technology districts, thus creating a flywheel effect on the subcontractor network and fostering the Italian export and innovation. The backlog also assures long term visibility for all the Italian shipyards of the Group and for the large and diversified supply chain network, hence providing financial stability. These are unique results, not only in the industrial segment in which we operate, but also across all Industries.

“We received evidence, once again, of our ability to combine the best Italian competencies and to manage complex projects in the infrastructure field. Fincantieri stood out for the reconstruction of the bridge over the Polcevera river, putting its excellence at service of the Country for a project that aims not only at restoring a key-infrastructure, but also at mending Genoa’s community, a city where our Group sets its solid roots. I am confident that their effort and passion will further increase to sustain the growth entailed by our backlog and to continue conferring to our products their added value that is so praised and rewarded by the market.”

The vessels delivered during 2018 were Carnival Horizon, Seabourn Ovation, MSC Seaview, Viking Orion, Nieuw Statendam, Federico Martinengo, Kronprins Haakon, USS Sioux City (LCS 11) and USS Wichita (LCS 13), and two ATB (Articulated Tug Barges) for cargo transport in the chemical/oil & gas segment.

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