Italian cruise and naval vessel shipbuilder, Fincantieri reported a 16% drop in revenues for the first nine months of 2020 at €3.53 bill.
Revenues were severely impacted by the Covid-19 outbreak, the company said.
EBITDA was €200 mill, down from €306 mill reported in the same period in 2019.
Despite the problems, Fincantieri said that it had not received any order cancellations.
For the third quarter of this year, the company reported revenues of € 1.16 bill, while EBITDA was €81 mill, which showed a recovery in production activities broadly in line with pre COVID-19 performance.
“Results at 30th September mirror the adversities, faced by the world economy and by Fincantieri as well, of one of the most challenging periods in history.
“The mere numerical comparison with the same period last year should not be considered relevant, with 2020 being a truly unprecedented year.
“Moving past the results, I want to highlight our ability to look forward, securing stability and work for the next years for our shareholders and stakeholders,” Giuseppe Bono, Fincantieri’s CEO, said.
Bono also said that the gradual recovery of the cruise industry validates the company’s strategy to preserve the company’s backlog, keeping production visibility up to 2027/2028.
Fincantieri delivered the 100th cruise ship, ‘Enchanted Princess’, on 30th September and the ‘Silver Moon’ at the end of October.
The shipbuilder plans to deliver the sixth cruise ship this year, ‘Costa Firenze’, to meet its commitments for 2020.
Moving forward the group’s activities thus far are operating regularly, although Fincantieri continues to suffer from the implementation of the new safety protocols related to the identification of asymptomatic Covid-19 cases.
The Group also claimed to have secured sound funding capacity through liquidity and credit lines, thanks to a new loan, granted by a pool of national and international banks, valued at €1.15 bill and with a maturity of four years.
Fincantieri also said that it planned to meet future challenges through a diversification strategy, by expanding its portfolio in the infrastructure sector via new acquisitions and partnerships.
These include the recent multi-year agreement signed between Fincantieri NexTech, Autostrade Tech, a company of Autostrade per l’Italia Group (Aspi), and IBM.
