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viking jupiter at fincantieri
Viking Jupiter was one of five cruise ship deliveries during the first half, a period when Fincantieri scored contracts for 11 cruise newbuilds from five brands

Record order intake for Fincantieri, EBITDA up 17% in first half

Fincantieri took in a record €6.6bn of orders during the first six months of 2019, a period when EBITDA increased 17% to €215m.

The 7.6% EBITDA margin was up from 7.3% in the period ended June 30, 2018, while revenues rose 12% to €2.8bn from €2.5bn.

Adjusted net profit of €34m was lower than the €39m a year ago, and the €12m net profit was down from €15m after €18m in costs for asbestos-related litigation and €40m in net tax expense.

The results were in line with guidance and Fincantieri's 2018-2022 Business Plan.

Seventh straight semester of growth

'In this first part of the year we achieved an exceptional growth for the seventh semester in a row and a new record with unparalleled order intake,' CEO Giuseppe Bono said. He called these 'remarkable achievements,' also considering the level of project innovation required.

This confirms Fincantieri's great work in research and development, Bono said, allowing the group to offer the kind of advanced environmental solutions that customers increasingly demand.

Contracts for 11 cruise ships

The record order intake included signed contracts for 15 units, including 11 cruise ships for five brands — Oceania Cruises, Regent Seven Seas Cruises, Viking Cruises, MSC Cruises and Princess Cruises.

The total backlog stands at €33.1bn, comprising 108 ships and equivalent to approximately 6.1 times 2018 revenues. The firm order backlog of €29.5bn is a 34% increase compared to a year ago, with 98 units to be delivered up to 2027, while the soft backlog (options) total €3.6bn.

Five cruise ship deliveries

During the recent period, Fincantieri delivered 15 ships from 11 yards, including five cruise ships and two naval units, and launched two vessels for the Italian Navy's fleet renewal program.

'Well aware of the new global challenges, we are keeping up with our commitment to create a more efficient and competitive European shipbuilding industry,' Bono said. Recently, an Alliance Cooperation Agreement was signed with France's Naval Group, setting the terms for a 50-50 joint venture and paving the way for greater cooperation in the naval field.

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