Fincantieri board approves q1 2016 results

12 May 2016 – The Board of Directors of FINCANTIERI S.p.A. has examined and approved the consolidated results for the first quarter ended 31 March 2016, prepared in accordance with international financial reporting and accounting standards (IAS/IFRS) and which are unaudited. 

During the Board meeting Giuseppe Bono, Fincantieri's Chief Executive Officer, said: "We have managed and developed our business with determination in the first few months of 2016, finalizing major agreements, including those with Carnival Corporation and Norwegian Cruise Line Holdings for the Regent Seven Seas Cruises brand. The backlog at 31 March demonstrates the Group's ability to continuously transform into firm contracts the major commercial negotiations that a year ago, being still in progress, were included in the soft backlog.

The total backlog remains at record levels, having exceeded euro 19 billion at the end of the first quarter. The Group has also confirmed that it is able to complete highly complex projects within contractual deadlines, with the first four months of the year seeing delivery of three cruise ships, including two prototypes, namely the "Koningsdam" for Holland America Line and the "Carnival Vista" for Carnival Cruise Lines. As testimony to this capability, the "Koningsdam" and "Viking Sea" were delivered in the same week at two different yards to two different clients. All this has been possible thanks to the cohesive way in which the Group's employees have worked, with a clear focus and awareness of our Group’s goals.

 Today we are presenting a solid set of quarterly results that mark a turning point from the second half of 2015, with which Fincantieri left behind the industry's longest period of crisis, showing a clear recovery in operating and economic performance." Bono concluded: "The important operational and economic objectives achieved in the first few months of 2016 allow us to confirm the Business Plan's targets in terms of revenue growth, increased profitability, cash generation and shareholder remuneration.