Fincantieri archives the first six months of 2016 with profit pertaining to the group of 7 million euros, a clear decrease compared to 12 in the same period last year. L'Ebitda fell on a year-on-year basis from 128 million to 113 million, while theebitda margin it decreased from 5,8% to 5%. The Net income however, it was positive by 5 million, while it was negative by 19 million in June 2015. The group therefore confirms estimating revenue growth by 4-6% and an Ebitda margin of around 5% at the end of the year. At the end of the semester the net financial position was negative by 408 million (220 in June 2015).
The consolidated net financial position of Fincantieri, adds the note, does not include construction loans, and presents an improvement compared to last December 31st of 30 million mainly due to the liquidity generated by the deliveries made in the six months. Fincantieri also reports negative non-recurring income and expenses of 18 million (16 million last year) which include the costs relating to disputes for damages from asbestos (12 million) and the expenses associated with the reorganization of Vard (5 million ). In the first half, Fincantieri recorded new orders for 5.851 million (4.170 million) in the 2015 period, with a new orders - revenues ratio growing to 2,6 (1,9 last year).
Returning to the estimates for the current year, Fincantieri indicates that the offshore segment will be characterized this year by a global market context that is still very difficult due to the crisis in the oil and gas sector where the Norwegian subsidiary Vard is present. The latter has finalized a reorganization plan which envisages, among other things, the concentration of activities in Brazil. Fincantieri's half-yearly reports the closure of the Vard Niteròi shipyard in Brazil with an effect on the Fincantieri workforce that fell by almost 1.200 units. In fact, Fincantieri employs around 7.800 people in Italy and another 11 abroad. The decline in employees "is mainly attributable to the decrease in the resources employed in the Brazilian shipyards of Vard" reads the note on the half-yearly report.
"The important commercial successes achieved in the first half - commented the CEO of Fincantieri, Giuseppe Bono – bring us to an unprecedented level of workload and together with the excellent management and economic results allow us to confirm the objectives of the business plan. In recent years, the group has managed the longest crisis in the cruise ship shipbuilding industry through careful restructuring which, while having an impact on personnel, has nonetheless preserved the engineering and production know-how. The strategy was successful and made it possible to seize opportunities when demand restarted”.
