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Fincantieri posts declining profits in 2014

Fincantieri posts declining profits in 2014

Fincantieri posted a decline in profit in 2014, with net earnings of €55m versus €85m in 2013. Revenue grew to €4.4bn compared to €3.8bn a year ago.

The Italian shipbuilding group won orders amounting to €5.63bn, compared to €4.99bn a year earlier, creating a backlog of €9.8bn. These included eight cruise ship orders.

Giuseppe Bono ceo called 2014 ‘an important year for Fincantieri, characterised by an increase in order intake and backlog on a consolidated level and in revenues across all operating segments.’

Referencing the building group’s cruise business Bono said it had ‘significantly recovered, with the acquisition of eight orders, among the 16 worldwide, and nine units currently under construction, leading to a gradual recovery in volumes at the Italian facilities.’

He added, ‘the business diversification strategy, has allowed us to achieve an EBITDA margin of 6.8% despite the remarkably challenging market conditions affecting the Offshore segment in the second part of the year.’

The shipbuilder noted, ‘these results have been achieved despite shipbuilding margins are still affected by competitive prices related to cruise orders acquired during crisis and currently under production as well as by still partial production capacity utilisation in Italy.’

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