CIN Drydock Report
San Diego

Fincantieri Posts Profit for 2011

Fincantieri has reported net income of 10 million euro on revenues of 2.3 billion euro for 2011. According to a company statement, the shipbuilder achieved the positive result despite a major downturn in the market. Eighty percent of the value of the production was for export markets, while the company also generated 1.8 billion euro of new orders during the year.

After what it called two years of significant non-recurring expenses, Fincantieri reported a net cash surplus of 166 million euro, “allowing it to carry on its business without any significant financial pressure.”

The company’s capital structure includes 951 million euro in equity, or which 300 million euro are retained earnings from previous years. There is also 114 million euro in provisions in terms of risk coverage.

Capital expenditures last year amounted to 78 million euro for various efforts to enhance production, improve efficiencies and meet environmental standards.

The new orders secured include two large cruise ships for the Carnival Group (one for P&O Cruises and one for Costa Crociere) and one small luxury ship for Ponant Cruises. Other orders include a vessel for the Algerian navy and vessels for the U.S. Coast Guard and U.S. navy.

Fincantieri’s repair and conversion business also attracted new business to the tune of 62 million euro, while 136 million euro were placed in orders for systems and components.

During the year, Fincantieri also reached a national agreement with the main trade unions representing the majority of employees. The company has begun to implement a reorganization plan that will realign its production capacity with the anticipated reduced market demand and increased competition going forward.

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