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Unique Cruise Solutions The news you need to know |
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Cruise News for the Corporate Travel Professional |
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Fincantieri Results, Corrado Antonini Resigns |
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The Board of Directors of Fincantieri met today to examine and
approve the company and group 2012 financial statements: The Board of Directors also took note of the resignation of the Chairman Corrado Antonini with effect from 31 December 2012. The new Chairman will be appointed at a later date. Financial year 2012 closed with a profit in excess of euro 15 million, an improvement on the prior year, and an EBITDA of euro 137 million, with revenues that, despite the industry's continuing difficulties, came in at approximately euro 2.4 billion, of which more than 70% from the export market. The strength of the Group's capital and financial structure is demonstrated by the fact that Net financial position is a positive euro 480 million, with euro 692 million in available cash, and that Equity amounts to euro 957 million, of which euro 309 million of retained earnings from previous years. The financial statements also include euro 101 million in provisions that are more than adequate to cover specific risks and potential charges. Capital expenditures of euro 89 million mainly relate to completion of projects started in previous years to enhance production efficiency and improve safety and environmental standards. This figure also includes continuation of the capex program in the US shipyards. Commercially, Fincantieri succeeded in making the best of the available opportunities, finalizing agreements for new orders, including options, worth a total of euro 6.5 billion which also include all the cruise industry’s orders for new prototype ships. This figure includes euro 1.4 billion in finalized contracts, while the remaining agreements are all subject to finalization of the related financial packages. In particular, in the merchant vessels business unit, contracts were signed for the construction of two cruise ships for Viking Ocean Cruises and an order was secured from Société des traversiers du Québec in Canada for the construction of a dual-fuel latest generation ferry featuring an innovative propulsion system. In the naval vessels business unit, Fincantieri Marine Group, Fincantieri's US subsidiary, secured an order to build two LCS (Littoral Combat Ships) for the US Navy (under a contract for 10 ships signed at the end of 2010), and an order for 40 small patrol boats for the US Coast Guard. Lastly, the repairs and conversion business unit received euro 66 million in orders, while euro 77 million in orders were placed with the systems and components business unit. With reference to the reorganization plan, contained in the national agreement signed at the end of 2011 with the Ministry of Labour and the majority of trade unions, the Group has aimed, on the one hand, to rebalance its workforce for the weaker order backlog (333 staff have left the parent company while an average of 1,463 employees have been temporarily laid off), and, on the other, to meet its business diversification objectives. In this last regard, the Group signed an agreement on 21 December 2012 to acquire 50.75% of STX OSV, a company listed on the Singapore Stock Exchange and world leader in the construction of offshore support vessels for the oil and gas extraction and production industry, which in the past three years has generated average revenues of approximately euro 1.6 billion and EBITDA of around euro 190 million. The closing of the transaction took place on 23 January 2013. This acquisition doubles the Group’s size, positioning it as one of the top five shipbuilders in the world, with the first four all Korean, and the leading producer in all the shipbuilding industry's high-end segments. During the Board meeting Giuseppe Bono, Fincantieri's Chief Executive Officer, said: "The results achieved in 2012, despite the endurance of a fairly difficult frame of reference, and the acquisition of STX OSV, a leading operator in the high value-added offshore sector, mainly financed with our own resources, allow us to strengthen our existing leadership positions and to look more optimistically to a future of growth. This, along with implementation of the reorganization plan agreed with the unions aimed at restoring productivity and increasing flexibility, creates the conditions for the Italian shipyards to remain in business, with a solid economic and financial position." |
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