Fincantieri Reports Q1; Resuming Production

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Fincantieri has reported revenues of 1.3 billion euros for the first quarter ended March 31, 2020, compared to 1.4 billion euros for the same quarter last year, despite a 20 percent reduction of production time due the temporary suspension of operations because of the COVID-19 outbreak.

Production has resumed gradually since April 20 with all the necessary measures to ensure the health and safety of employees and subcontractors, the company said in a prepared statement.

To safeguard the relationships Fincanteri enjoys with strategic partners and to protect its orderbook, it further stated that its business strategy is now focused on reassessing (delivery) dates, to avoid any cancellations of acquired orders in full collaboration with clients.

Eight vessels were delivered during Q1, including the Seven Seas Splendor, the Scarlet Lady and Le Bellot.

Revenues for the shipbuilding segment were 1.1 billion euros, in line with the first quarter of 2019, according to Fincantieri, despite the production downtime. Cruise ship revenues were up 0.5 percent year-over-year and account for 57 percent of the company’s total revenues.

Fincantieri stated that the full year results will be impacted by the costs attributable to the lower productivity at the shipyards and production sites and the added expenses for personnel health and safety as well as the extra costs linked to the supply chain disruption and the reassessment of delivery dates.

Restarting production in compliance with the instructions of Italian government authorities, Fincantieri said it has implemented measures to ensure the health and safety of its employees and those of related industries, such as staggered shift-start times, temperature checks at entrances and enforcement in the use of protective equipment.

The reassessment of delivery dates also take into account subcontractor conditions and plans to resume production and the delays incurred for the units about to be delivered and those under construction.

A 2020-2024 business plan will be disclosed as soon as the developments of the emergency allow a clearer evaluation of its possible impacts, Fincantieri stated.

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