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Fincantieri: BoD approves 1Q2021 results

Total backlog at Euro 34.4 billion -ATTACHMENT

The Board of Directors of Fincantieri SpA, chaired by Giampiero Massolo, has examined and approved the interim financial information at March 31, 2021.

Consolidated Q1 2021 results

  • 2021 guidance confirmed: revenues +25%-30% (excluding pass-through activities) and EBITDA margin at 7%
  • Revenues at euro 1,426 million, excluding pass-through activities, up by 9.1% compared to Q1 2020 (euro 1,307 million at March 31, 2020), in line with the forecasts for the first quarter of the year
  • EBITDA at euro 101 million (euro 72 million at March 31, 2020), EBITDA margin at 7.0%, up by 27.3% compared to March 31, 2020 (at 5.5%), confirming the positive trend already shown in Q4 2020
  • COVID-19 related extraordinary expenses at euro 14 million, mainly attributable to production inefficiency and expenses to safeguard personnel’s health and safety 
  • Net Debt, at euro 1,617 million (euro 1,062 million at March 31, 2020), as planned and consistent with both the quarter production volumes and the delivery schedule (7 cruise units for the year, of which 3 in Q3); year-end levels expected to be broadly in line with 2020
  • Total backlog at euro 34.4 billion, covering approximately 6.6 times 2020 revenues with Q1 order intake at euro 0.3 billion: backlog at euro 26.5 billion (euro 27.7 billion at March 31, 2020), with 98 ships in backlog and soft backlog at approximately euro 7.9 billion (approximately euro 4.2 billion at March 31, 2020)
  • Successful delivery of the naval vessel LSS Vulcano, as part of the renewal plan of the Italian Navy’s fleet and of the expedition cruise vessel Coral Geographer, the second luxury ship for the Australian company Coral Expeditions

Key messages

  • Pivotal role acknowledged both at national and international level in core sectors as well as in new markets
  • Continuing Innovation: seamless growth in know-how and innovative technologies 
  • The competitive advantage achieved will enable to seize of further opportunities in the naval market and in the renewable energy and specialized vessels one


  • Cruise – delivery schedule carried on as expected

- Viking Venus, the first of five cruise units to be delivered by Italian shipyards, was handed over to shipowner Viking on April 15 in Ancona (Italy)

  • Naval – Further consolidation and international cooperation

- Activities for SEA Defence took off: supported by EU member states, the project aims at developing technologies for the next-generation of naval platforms

- European Patrol Corvette (EPC): MoU signed between JV Naviris and Navantia for an international industrial cooperation to develop the EPC; the cooperation falls within the PESCO European Program

  • Offshore – VARD gaining traction

- Order for the design of a cable repair vessel for sector’s leader Orange Marine

- Order for 3 SOVs (service operation vessel) for the maintenance of the world’s largest offshore wind farm (Dogger Bank - UK), for North Star Renewables

  • Technology

- Cloud computing: Fincantieri and Amazon Web Services teamed up to accelerate digital innovation and technological development at national level, with a special focus on cloud computing to provide technological and infrastructural solutions to institutions, large companies, SMEs and start-ups, contributing to Mission 1 of the Recovery Plan 

- Connected vehicles and smart roads: agreement signed with Almaviva, leader in digital innovation, to support and foster the digitalization process in transportation and logistics, with special focus on the environmental impact and safety. The agreement falls within Mission 2 of the Recovery Plan

  • Sustainability – Circular economy and low carbon transition: long-term value creation thanks to the Group’s integrated strategy and the development of eco-friendly products and services. Fincantieri signed a LOI with Enel X for the development and management of next-generation port infrastructure with low environmental impact and electricity-powered solutions for ground logistics services, contributing to the Recovery Plan through Mission 3. 
  • During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “The results of the first quarter picture an healthy Group able, as expected, to confirm the guidance, with growing revenues and increased margins. Alongside such an encouraging performance, together with an overall slight economic recovery and also by virtue of the progress made in dealing with the pandemic, we welcome both the cautious resumption of cruise activities in Europe and the one that will shortly follow in the United States. Those steps forward have only been possible through the rigorous implementation of all the health protocols applied by shipowners, making ships a safe place, and through the technologies, for the air sanitation and for countering the chance of infections, that have been developed to date. It should as well be noted how the cruise booking trend for 2022 is in line with and, in some cases, even better than the pre-pandemic levels.”

Bono concluded: “I would like to point out that at the heart of our operations lies an important task we are carrying out, at the service of the Italian government, alongside with other large national and international Groups; we truly believe that a collaboration among the best industrial companies, for projects developed as part of the Recovery Plan, will actively contribute to our Country’s renaissance”.

The integral version of the report (nine pages, with tables) is attached to this AVIONEWS. 

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AVIONEWS - World Aeronautical Press Agency