Fincantieri Reports Results for 2022 and 2023 Outlook

Sun Princess at Fincantieri

Fincantieri has reported a net loss of 324 million euros on revenues of 7.4 billion euros for the year ended Dec. 31, 2022, which was up 11.7 percent year-over-year. The loss was attributed to extraordinary and non-recurring items.

The company delivered 19 vessels from nine shipyards during 2022 year and reported a positive contribution from cruise and offshore construction.

Cruise ship building accounted for more than 4 million euros, up 3.3 percent from 2021.

Among the 19 vessels were seven cruise ships: MSC Seascape, Discovery Princess, Viking Mars, Neptune and Polaris, Resilient Lady and Norwegian Prima.

For 2023, Fincantieri said it expects to maintain production at full capacity, with revenues in line with 2022, and margins improving up to 5 percent.

Pierroberto Folgiero, CEO, said in a prepared statement: “2022 was a year of transition. Our performance was impacted by a set of non-recurring items, also related to the COVID-19 pandemic on supply chains as well as inflationary pressures caused by the conflict in Ukraine. Such events have led the new management to carry out a strategic review of the main ongoing projects.

“At the end of 2022, the Group defined the new 2023-27 business plan, with a focus on financial discipline and risk management, along with shipyards’ innovation and technological leadership for a green and digital ship.

“With a revamp of the cruise sector, almost at pre-Covid levels, and additional investments in defense and renewable energies, the Group is best positioned to seize future opportunities. The 2022 order intake fully confirms such trends.”

The year-end report said that while the shipyards are operating at full capacity, in order to safeguard the production and backlog execution, Fincantieri has put in place actions to mitigate risks, ensuring the availability of raw materials and workforce, and continuing to improve efficiency and cost discipline.

It said that new strategic initiatives were launched during the first months of 2023 to reinforce industrial engineering and product efficiency, review procurement processes and costs.

Furthermore, according to Fincantieri, to be fully aligned with the emission reduction roadmap for cruise ships, the first dual fuel ship, propelled mainly by LNG and featuring air lubrication is scheduled to be delivered in 2024 (Sun Princess).

The orderbook going forward includes 27 cruise ships to be delivered through 2028, according to the 2023 Cruise Industry News Annual Report.

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