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Fincantieri. 2019 results: order intake at EUR 8.7 billion

And total backlog at almost EUR 33 bn -ATTACHMENT

The Board of Directors of Fincantieri SpA, chaired by Giampiero Massolo, has approved the Consolidated financial statements at December 31, 2019, the draft financial statements of the parent company at December 31, 2019, prepared in accordance with international financial reporting and accounting standards (IFRS) and the Consolidated Non-financial Statement at December 31, 2019 pursuant to Legislative Decree No. 254/2016.

The highlights:

COVID-19 emergency

All necessary actions to counter the emergency and ensure the health of all Fincantieri employees, including the interruption of production activities since March 16th, have been promptly deployed

The COVID-19 outbreak is affecting 2020 Group performance, however, with the resolution of the situation in a reasonable time frame, the Group's financial structure will be able to face the impacts 

Group priority and commitment is focused on the safeguard of clients and strategic partners to ensure the acquired backlog, notably in the cruise sector, among the hardest hit by COVID-19 crisis

2020-2024 Business Plan will be finalized as soon as the development of the emergency allows a clearer analysis of the potential impact

Consolidated 2019 results

Operational results

Order intake remarkably higher than revenues for over 5 years: euro 8.7 billion  consisting in 28 units, 13 of which are cruise ships for 6 different brands (Oceania, Regent Seven Seas, Viking, MSC Crociere, Princess Cruises, Ponant)  and 5  of which are naval vessels in the USA (LCS and MMSC programs)

Total backlog with 109 units and euro 32.7 billion, almost six times 2019 revenues: backlog at euro 28.6 billion (+11.8%) with 98 units to be delivered up to 2027 and soft backlog at almost euro 4.1 billion

Delivery of 26 units from 12 different shipyards, 4 of which are cruise ships, 4 are expedition cruise vessels and 3 naval vessels, and launch of 3 vessels for the Italian Navy

Headcount increase: 550 direct jobs and 2.650 indirect jobs 

Financial results

Sound performance of Fincantieri SpA (Revenues at euro 4.3 billion, EBITDA at 489 million, EBITDA margin at 11.3% and a Net income at euro 151 million, net of Vard share write down for euro 50 million and net of extraordinary items for asbestos at euro 40 million)

Negative performance of the subsidiary Vard, for which a restructuring plan was implemented following the delisting at the end of 2018, has had an impact on Group results

Record-high revenues at euro 5.8 billion increased by 8.0% compared to 2018 

EBITDA at euro 320 million (euro 421 million in 2018), with a margin of 5.5% (7.8% in 2018)

Negative adjusted Net income at 71 million (euro 114 million in 2018) and negative Net Income at euro 148 million (euro 69 million in 2018) net of taxes (euro 73 million), extraordinary items (euro 67 million) and losses from discontinued operations at euro 24 million

Net debt at euro 736 millionrepresenting a capital structure consistent with the growth in production volumes in the cruise ships business and its deliveries schedule

Strategic initiatives

Incorporation of Naviris, a 50/50 owned JV between Fincantieri and Naval Group, which paves the way to the consolidation of European naval defence industry to strengthen its position as worldwide leader in product performances and technology innovation

The investigation by EU Antitrust Authorities of the Fincantieri/Chantiers de l’Atlantique transaction has been suspended for the time being

Creation of an IT & electronics hub, a cornerstone to spur further innovation, and acquisition of a controlling stake in Insis SpA in the context of the Group Strategy of growth and strengthen of the activities in high technological content sectors

All the Sustainability Plan 2019 targets, focused on supply chain management, social activities, human rights and diversity, have been achieved

Other resolutions

Approval of Consolidated Non-financial Statement at December 31, 2019 pursuant to Legislative Decree No. 254/2016

Ordinary Shareholders’ Meeting convened for June 9, 2020 on single call.

During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “We have confirmed a long term strategic vision that goes beyond quarterly profit expectations and allows us to combine the interests of the Group and its main stakeholders with those of our Country. A further tangible sign of this vision is our entry into the large infrastructure sector, in which Italy once stood out, a heritage that has been slowly disappearing. For these reasons, we have put our great expertise at the service of Italy for a highly complex project that we are successfully carrying out in record time: the construction of the new bridge in Genoa. The unprecedented emergency we are now facing further magnifies the extent of our effort. For that, one more time, I want to express my appreciation and gratitude to our employees and our subcontractors for pursuing such a significant achievement. At the end of this situation, once again, Fincantieri will offer its know-how and resources to contribute, in the shortest possible time, to the creation of a new national economic development model. As a matter of fact, our Group, one of the reference points and cornerstones of the Italian industry, has a moral duty to embrace a pivotal role, alongside the Government, to support and drive our Country’s recovery through protection of employment levels and production capacity. The work we are carrying out in collaboration with CDP and ENI also goes in the same direction, generating a positive impact on social, economic and environmental levels throughout the Italian territory. The shared commitment for the development of cutting-edge projects for the energy transition and environmental sustainability, combined with our dedication to research and innovation to create the ships of the future, will let us a further step in the path that the country must take towards decarbonisation and the circular economy”.

Bono concluded: “For this responsibility and for the contribution that each of us will be called upon to give, I would like to thank our workers and those of our vast network of suppliers”.

The integral version of the document (27 pages, with tables) is attached to this AVIONEWS

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