Fincantieri, the listed shipbuilder in which the Italian government I the biggest shareholder, made a loss last year despite reporting an all time high order intake and record order backlog.
The group net loss amounted to €175 million last year compared to a profit of €67 million in 2014. Vard, the Norway domiciled builder of offshore services vessels in which Fincantieri has about half of the shares, accounted for €37 million for the 2015 loss. Unrealised foreign exchange losses amounted to €41 million last year. Revenues fell to €4.18 billion from €4.40 billion
However, Fincantieri’s operations also plunged to a loss as the group EBITDA was negative by €26 million last yea`r compared to a figure positive by €297 million in the previous year. The shipbuilding segment accounted for €23 million of the weakening, while the offshore segment’s share was €3.0 million and that of equipment systems and services of €31 million.
Fincantieri won new orders worth €10.1 billion last year, almost double the €5.64 billion figure of 2014 and an all time high figure. Its order backlog of €15.7 billion was also at an all time high level of €9.81 billion in the end of 2014.