TRIESTE – The Board of Directors of Fincantieri examined and approved the interim financial information as of September 30, 2021. Revenues are up by over 28% (4.53 billion euros). Ebitda is up 65% (330 million), while total workload amounts to 36 billion euros (almost seven times 2020 revenues), with 2.3 billion orders acquired in the period under review. Excellent analysis of the outlook.
«The Group’s growth guaranteed by the existing workload continues, the result of our policy of maintaining orders even during the crisis period induced by the pandemic. We have achieved one of the highest margins in the sector, which, together with volumes, we aim to increase further, also thanks to the substantial investments we are making in all our sites. Our design and organizational skills are among the best in the world, and our sites are at the forefront in terms of construction capacity and the high levels of quality achieved,» commented the CEO, Giuseppe Bono.
The first nine months of 2021, says Fincantieri, were still characterized by applying strict health protocols to combat health emergencies. The company has also started the vaccination campaign for the suppliers’ workforce, activating dedicated points in all its Italian yards. Starting on October 15, it has restricted access to Italian sites only to workers in compliance with the provisions of Decree-Law No. 127 on September 21, 2021. To date, these effects are not expected to significantly impact the production of the shipyards and production sites in Italy.
About the cruise sector, the significant recovery of activities continues with 206 ships in service (equal to 57% of the world fleet) by 65 cruise operators (data referred to the month of October), with the prospect, based on the communications of the leading shipowners, of further increasing the share of ships in service up to 70%-80% by the end of the year.
Fincantieri expects in the short-medium term that production levels can be maintained at full capacity. The overhaul of design and production processes initiated in past years has contributed to the performance recorded on the latest ships delivered in 2021. Moreover, the benefits deriving from the important plan of investments in production and technology, now nearing completion, will become evident in the coming years. Finally, investment in human resources development continues through training and development programs aimed at ensuring the continuous improvement of technical-managerial skills and through a targeted recruitment policy. Combining these factors leads the company to believe that the impact on order margins deriving from the increase in raw material prices can be reabsorbed without significantly affecting the Group’s profitability.