Fincantieri has reported net loss of 64 million euro on revenues of 3.3 billion euro for 2009. Revenues were up 11 percent from 2008, according to the shipbuilder, including the U.S. based Fincantieri Marine Group.
Fincantieri also reported net operating income of 20 million euro and EBITDA earnings of 125 million euro.
The company’s orderbook stands at 10.1 billion euro, compared to 10.8 billion euro a year ago. The backlog is significant, but starting this year, not sufficient for the full utilization of its production capacity, Fincantieri said in a prepared statement. Some operating units, mainly its merchant shipbuilding units, will start to see lay-offs, at least on a temporary basis.
Capital expenditures in 2009 equaled 82 million euro spent on efforts to make the yards more efficient and also to improve safety and environmental compliance.
Fincantieri acquired the only cruise ship order awarded in 2009 for a 130,000-ton ship for Carnival Cruise Lines with an option for a sister ship. Early this year, Fincantieri also signed an agreement with Carnival Corporation to build two new sister ships for the Princess Cruises brand for deliveries in 2013 and 2014. No other cruise ship orders have been placed in the past two years.
The company also achieved significant orders for its naval shipbuilding unit; one of only two orders for mega yachts awarded worldwide in 2009; ship repair contracts valued at 71 million euro; and marine systems and component orders for a total of 179 million euro.