Fincantieri, loss of € 96 million in the first nine months of the year

fincantieri

 Revenues amounted to 3.032 million (2.935 million a year ago). EBITDA is brought to 6 million (207 at the end of September 2014). EBIT was a loss of 74 million, compared to a positive EBIT of 132 million. The net financial position was negative by 506 million, compared with positive 44 million end 2014.
New orders Fincantieri amounted to 4,852 million from 4,247 million at the end of September 2014. In one year, the book order rose by 14,590 million, to 17,605 million, while the workload (backlog) moves from 9,472 million to 11,558 million.

On the sidelines of the meeting of the board of directors Giuseppe Bono, CEO of Fincantieri, said that “the results of operations in the first nine months of 2015 reflects the strong increase of production and design. This increase is a result of the important growth of the order book. However, the weight of the vessel orders prototype, acquired with low margins at the height of the crisis to sustain economic activity, negatively affected the profitability of the group. To this were added the effects of the crisis in the oil and gas sector, caused by an unpredictable drop in oil prices, and the continuing difficulties of Vard in Brazil, also linked to the economic and political situation of the country. In the face of these critical Fincantieri he is working on a business plan, which will be defined with the presentation of the 2015 budget, aimed at an adequate return for shareholders. The main lines of the Plan will be marked by interventions of an organizational to improve operational efficiency and to renewed attention to the lucrative market of after-sale service, which guarantees the company a more stable and diversified growth, together with constant product innovation and process. ”

“As for Vard – he explained Bono – the plan will include further development of engineering and production synergies with Fincantieri and the ultimate resolution of the critical issues in Brazil. Meanwhile, continuing its efforts to define important orders, such as the agreement with Carnival last March, once finalized will guarantee a backlog of great significance and long-term visibility on revenues. Finally, we will devote particular attention to the staff, for the greater involvement of the same in company operations, including through innovative incentive tools. “