Despite the difficult situation, Fincantieri has continued to produce profits, but the government must ensure adequate financing of the contracts in order to ensure greater certainty of investments by the company. This is the solicitation of the managing director of Fincantieri, Giuseppe Bono, heard by the Senate's Industry Commissiono.
The global crisis has had a negative impact on all of Fincantieri's business lines, and the worsening of the world economy "does not allow us to glimpse positive prospects for the coming years". The decline in market demand has imposed the need for a reorganisation of the production system in Italy: reconversion of the Castellamare di Stabia and Sestri construction sites, rationalization of activities in the other production sites of the Group and adjustment of the workforce in any case exceeding the needs. In any case "Fincantieri is working to minimize the social impact resulting from the reorganization process described, with the aim of not firing anyone”.
Where possible, the Company has planned to use internal mobility between sites, incentives and outplacement tools for voluntary redundancy and maximum use of the available social shock absorbers (CIGS and mobility). The group's intention is to operate in dialogue with the social partners and has already started discussions with the Ministry of Labour. Fincantieri is finally taking steps to identify alternative solutions for the redevelopment of the sites also involving Fintecna Immobiliare and Invitalia.
Bono underlined the presence of Asian shipbuilding players considerably larger than Fincantieri who have already started diversification processes towards segments with higher added value, to respond to the imbalance between supply and demand created as a result of production overcapacity registered in the past years. And therefore " Fincantieri must pursue a strategy of growth and business diversification to maintain a competitive position in the shipbuilding market and respond to the threat of Asian operators entering the cruise ship segment".
Given that the incidence of revenues from public client programs on the total revenues of the Group in 2011 was equal to 9%, Bono addresses the executive: in order to support the defense and development of the company "Fincantieri expects a commitment by the government to finance public contracts at least in line with 2011 values“. And it goes into detail: in particular it is necessary the full funding of the programs that are currently active / under discussion, i.e. 1) FREMM program (10 frigates, of which only 4 fully financed) 2) - U212 program (2 submarines) for the Italian Navy 3) - New LSS and LHD ships for the Navy Italian 4)-USSP contract (Multipurpose Underwater Support Unit) 5)-Oceanographic vessel in the framework of the RITMARE program with the CNR.
