Meyer Turku reaches a satisfactory result in the midst of a protracted pandemic
The Meyer Turku Group has released its financial figures for 2021. The company's turnover was EUR 1.08 billion. It is somewhat higher than in the previous year, but the result for the financial year was a loss of EUR 17.0 million, the shipbuilding company said in a media release.
CEO Tim Meyer comments the result: “Exceptional times lasted longer than expected. The global effects of the Covid-19 pandemic, such as labor and material mobility, affected our operations as well. However, despite significant challenges, we were able to keep our production and processes running. In the spring of 2021, we also launched a major transformation program in Turku and Papenburg to increase our cost efficiency and to ensure a sustainable profitability level.
Our customers see growth in the market after the pandemic, and our shipyard's order books extend to 2026. Today, the surrounding society, customers and ship passengers require action to enhance responsibility. Our focus will increasingly shift to sustainable shipbuilding.”
In December 2021, Meyer Turku handed over Costa Toscana to Costa Crociere. At the end of this year, another Carnival ship, Carnival Celebration, will be completed, followed by the Royal Caribbean International’s Icon of The Seas in 2023 and the TUI Cruises’ Mein Schiff 7 in 2024.
The Meyer Turku Group key financial figures for 2021 (including subsidiaries):
|
2021 |
2020 |
2019 |
|
|
Turnover, million Euro |
1079,2 |
1035,9 |
1141,8 |
|
Profit / loss for the financial year, M€ |
-17,0 |
7,8 |
-109,7 |
|
Profit / loss for the financial year, % |
-1,6 |
0,8 |
-9,6 |
|
Investments, M€ |
12,4 |
30,8 |
65,2 |
|
Personnel, average |
2086 |
2359 |
2386 |
The Meyer Turku Oy shipyard is specialized in the construction of very demanding, innovative, and environmentally efficient cruise ships, car ferries, and special vessels. Our share of the global cruise construction market is approximately 15%, and our shipyard's order books extend to 2026. Our largest customers are Royal Caribbean International, Carnival Cruise Lines, TUI Cruises, Costa Cruises, and Tallink-Silja. Meyer Turku operates the Turku shipyard where vessels are built since 1373. Meyer Turku’s subsidiaries are Piikkiö Works Oy, a cabin factory located in Piikkiö, Shipbuilding Completion Oy, which offers complete deliveries to public spaces, and ENG’nD Oy, a shipbuilding and offshore design company based in Rauma. Together with the German shipyards, Meyer Werft in Papenburg, and Neptun Werf in Rostock, Meyer Turku forms the Meyer Group, one of the world’s leading cruise ship builders.
