Fincantieri Reports Q1

Oceania Vista

Fincantieri has announced revenues of 1.7 billion euros for Q1, compared to 1.4 billion euros for the same period last year. EBITDA was 118 million euros, up from 101 million euros last year.

The company said the results were driven by the positive performance in every business segment.

Shipbuilding reported revenues of 1.3 billion euros of which 903 million euros were attributed to cruise ships.

Fiver ships were delivered during the quarter, including the Discovery Princess for Princess Cruises.

Sustainability initiatives during the quarter included a memorandum of agreement with RINA to develop synergies in the field of alternative fuels, carbon capture and renewable energies, and an agreement with ENEA to develop programs for energy efficiency, renewable energy generation systems, transportation and distribution of hydrogen and fuel cells, among others.

In other developments, VARD offered its Tulcea shipyard facilities in Romania to house 250 Ukrainian refugees.

Fincantieri also stated that the first months of 2022 were impacted by conflict between Russia and Ukraine leading to an increase in energy and natural gas prices as well as other commodities whose supply chains were affected, such as steel.

The company said further that it has implemented specific mitigation plans to ensure the availability of those commodities considered strategic for production activities and thus expects to maintain full production activities.

Fifteen ships are slated to be delivered in 2022, including seven cruise ships, counting the Discovery Princess in Q1.

Last month, it also became known that CEO Giuseppe Bono is stepping down after 20 years, having led the company to a global leadership position across the sectors in which it operates, including cruise ship building.

The successor proposed by the Italian government lending agency which controls Fincantieri is Pierroberto Folgiero, who is currently CEO of Maire Tecnimont, an Italian firm which supplies engineering and technology services to the energy industry and employs 9,100. His appointment will be voted on by the board on May 16.

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