Fincantieri closes the 2015 with new orders record and a net loss of -289 million euros



If in the 2015 Fincantieri it has established the own new records of new acquired orders and of workload, the Italian navalmeccanico group - after four exercises archived item anniversaries with a result of exercise of positive sign - has closed the budget 2015 with a net loss of -289 million euros respect to a profit clearly of 55 million euros in 2014.

Last year the revenues are piled to 4.183 million euros, in bending of the -4,9%, variation - it has explained the company - due on one side to the increment of the revenues of the Shipbuilding segment, in particular of the business area cruise ships, that it has reached a weight pairs to 39% of the total revenues of group (32% in 2014), and from the other to the reduction of the revenues of the Offshore segment that weigh 28% on the total revenues of group (35% in 2014). Fincantieri has specified that in the revenues totals the Shipbuilding segment hung for 66.6%, (60.4% on December 31, 2014), the Offshore segment for 28.1% (35.3% on December 31, 2014), the segment Systems, Members and Services for 5.3% (4.3% on December 31, 2014).

In 2015 the EBITDA has turned out negative for -26 million euros respect to a positive result for 297 million euros in the year precedence. Such reduction - it has specified Fincantieri - is due to the segment Shipbuilding for 218 million euros, mainly riconducibile to the area of business of the cruise ships, and to the Offshore one for 111 million euros, mainly for effect of the reduced operating performance of the Brazilian yards of the controlled VARD. The EBIT achieved in 2015 has been negative for -137 million euros (positive for 198 million euros in 2014).

Last year Fincantieri has acquired new orders for a total record of 10,1 billion euros, value almost doubled regarding 5,6 billion euros of exercise 2014. The company has announced that in the total orders, the Shipbuilding segment hung for 92% (78% on December 31, 2014), the Offshore segment for 4% (20% on December 31, 2014), the segment Systems, Members and Services for 6% (4% on December 31, 2014).

In particular, in 2015 in the Shipbuilding segment, in the area of business of the military ships, seven polyvalent pattugliatori of height, an unit of logistic support are finalized the orders of the nine naval units (and a amphibious unit multirole) of the program of renew of the fleet of Marina Militare Italiana. The same program previews three options for the construction of three ulterior polyvalent pattugliatori of height. Marina Militare Italiana, moreover, has exercised the option for the construction of ninth and decimates unit to completion of program FREMM. American Marina Militare has confirmed controlled Marinette Marine Corporation is the order for an ulterior unit of program LCS, ninth of the contract signed in 2010, is the financing of the tenth and last unit of such agreement; moreover the option for an ulterior unit is assigned to the American yard.

Last year in the within of the cruise ships, Fincantieri and Carnival Corporation & plc a memorandum of agreement (MOA) for the construction of four new cruise ships of the total value of about 2,5 billion euros has signed to December 2015. The relative contracts, subjects to various conditions between which the financing to the shipowning group, they will be operating in the course of 2016. Two of these units will be destined to the brand Costa Asia, one to P&O Cruises Australia and one to Princess Cruises. Moreover in the course of the year the society has ulteriorly widened own pocketbook customers through the signature of a contract, still subject to finalizzazione of the financing, with Virgin Cruises, brand of the Virgin group and new operator of the crocieristico section, for the construction of three cruise ships. In the last trimester of the 2015 Fincantieri it has concluded also a contract with Viking Ocean Cruises for the construction of two ulterior cruise ships that will be twin of the four ships already ordered and will enter to take part of the fleet of Viking respective in the half of 2018 and the end of 2020.

Fincantieri has specified that, regarding the Offshore segment, last year persisting of the reduction of the price of the oil, recorded already beginning from the second half of 2014, has deeply altered the forecasts of expense by the societies of exploration and oil production, that they have reduced the waited for investments and started reduction programs costs. Consequently, also in 2015, a value of new acquired orders has been recorded much limiting, pairs to 402 million euros (four OSCV, a Stern trawler and a Coastal fishing vessel) regarding 1.131 million euros in the same period of 2014.

At last in the course of the 2015 segment Systems, Members and Services 2014 have seen the finalizzazione of a meaningful one to pile of orders for 639 million euros regarding 204 million euros of, the partially riconducibili one to the program of renew of the fleet of Marina Militare Italiana and to the contract with Guard Costiera of Bangladesh for the supply of four corvettes of the class "Minerva" of Marina Militare Italiana to modernize and to transform in Offshore Patrol Vessels (OPV), let alone of the relative integrated logistic support.

The workload (backlog) of the group on December 31, 2015 has turned out pairs to the historical record of 15,7 billion euros (9,8 billion euros in 2014) with a development of the store clerks in pocketbook previewed until 2026. In the backlog total, the Shipbuilding segment hung for 89% (76% on December 31, 2014), the Offshore segment for 7% (22% on December 31, 2014), the segment Systems, Members and Services for 5% (3% on December 31, 2014).

Evidencing that budget 2015 shuts "with a workload to levels record and with ulterior commercial perspectives in advanced phase", the managing director of the Italian navalmeccanico group, Giuseppe Bono, have emphasized that "Fincantieri archivia with the budget the 2015 longest crisis of the field, managed with the adapted strategy more, than - he has observed - he has allowed us to exit some strengthened and absolute leaders in the fields to high added value of the shipbuilding one. As famous in fact the crisis has impattato the yards of all the world and above all of Europe and has involved the reduction of many places of work. On the contrary, Fincantieri rises to symbol of the increase of the Italian industry, being itself internationalized, diversified and strengthened in the years, also through acquisitions abroad, until to become a world-wide point of reference in own field of activity".

Yesterday, beyond approving of the budget the 2015, board of directors of Fincantieri has approved of also industrial plan 2016-2020, that it previews a annual medium increase of the revenues of about 10% and that - has found Bono - "it is placed to valley of a restructure process who has allowed to maintain potential productive and progettuale the necessary one us in order to take advantage of the current boom of the crocieristico market and the solid perspectives of the military sector and the segment of the systems, members and services, enduring contained costs all things considered. The actions previewed from the plan, masses in existence from management team extremely determined and coeso - it has emphasized Bono - will allow to increase the revenues of 50% and to arrive to an EBITDA margin of 7-8% to the fine ones slowly and to achieve, already in 2016, a clearly positive profit, with the forecast to distribute to a dividend profit 2017 beginning from".