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Fincantieri. BoD approves 9m 2021 results

Total backlog at EURO 36 Billion -ATTACHMENT

The Board of Directors of Fincantieri SpA, chaired by Giampiero Massolo, has examined and approved the interim financial information at September 30, 2021. 

Consolidated 9M 2021 results

2021 guidance fully confirmed with revenues up by 25%-30% and EBITDA margin over 7% 

Revenues stand at euro 4,536 million[2] up by over 28% with record production volumes at the Italian shipyards (12.3 million of working hours, +34% vs 9M 2020) exceeding pre-COVID-19 levels and in line with the expected trend of the current backlog

EBITDA at euro 330 million (+65% vs euro 200 million as at September 30, 2020), EBITDA margin at 7.3% excluding pass-through activities (vs 5.7% as at September 30, 2020) led by the operating performance, able to offset the increase in commodity prices

COVID-19-related extraordinary expenses at euro 30 million, mainly due to the measures to ensure personnel’s health and safety

Operating cash flow more thancompensate Capex needs, allowing also euro 350 million repayment of construction loans

Net Debt at euro 1,059 million (euro 1,062 million as at December 31, 2020), in line with expectations for 2021 and consistent with both the delivery schedule and production volumes

Operations

Total backlog at euro 36.0 billion, approximately 6.9 times 2020 revenues with euro 2.3 billion order intake: as at September 30, 2021, backlog stands at euro 26.6 billion (euro 26.9 billion as at September 30, 2020), with 92 ships in backlog and soft backlog at around euro 9.4 billion (euro 9.9 billion as at September 30, 2020)

Delivered 13 ships from 10 shipyards in the first nine months of 2021

Cruise: its ability to respond effectively to the health emergency enabled the Group to successfully meet the challenging delivery schedule with four vessels delivered during the third quarter:

Valiant Lady, the second of four ships ordered by Virgin Voyages

MSC Seashore, the largest cruise ship ever built in Italy

Rotterdam, third unit of the class for Holland America Line

Le Commandant Charcot, electric hybrid exploration vessel propelled with LNG, for the French shipowner Ponant

Naval: construction activities for the Qatari Ministry of Defence continue in full swing, with the launch of the third corvette and the delivery in October of the first corvette of the “Al Zubarah” class, along with the activities for the Italian Navy programs. As part of the LCS program, in the quarter, FMG delivered the LCS 23 “US Cooperstown”. At the beginning of November, a MoU was signed with Navantia in order to boost the collaboration in the naval and maritime fields within the European Defence framework

Offshore and Specialized Vessels: confirmed the VARD positioning in the offshore wind farms’ growing market with an additional order intake for four Construction Service Operation Vessels (SOV) in the third quarter, becoming market leader

Infrastructure: launch of construction activities for the new MSC Cruise Terminal at PortMiami

Fincantieri NexTech: finalized the acquisition of IDS group (Ingegneria dei Sistemi), which operates in the realization of high-tech products in both the civil and defence fields

Sustainable strategy

ESG awards: in 2021 Fincantieri ranked once again in the “Advanced” range, the highest in the V.E. rating, and at the first place among peers

Hydrogen-powered ships: MoU with MSC Cruises and SNAM to examine the feasibility requirements to build the world’s first oceangoing hydrogen-powered cruise ship

Green hydrogen for port areas and maritime transport: agreement with Enel Green Power Italia to identify potential solutions for the production, supply, management and use of green hydrogen for port areas and long-range maritime transport

Decarbonization projects: MoU with ENI to promote initiatives focused on decarbonization in the energy, transports, and circular economy fields

Green finance: first trade finance credit line for the construction of a custom-built green cable layer for a Van Oord vessel to operate in offshore wind farms and equipped with advanced technologies for the reduction of harmful gas emissions both during operations and in port.

During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “The growth of the Group, supported by the current backlog, reflects the order preservation strategy we adopted during the pandemic. We have already reached one of the highest marginality levels in the industry, that we now aim to improve, along with volumes, also thanks to the significant investment plan carried out across all our shipyards. Our engineering and project management skills are among the best worldwide and our shipyards are on the cutting edge both in terms of production and quality. This comes mainly from the sense of belonging of our people. We are well prepared to face the upcoming years, also strengthened by the recent recruiting program of young employees able to quickly embrace the company culture and the competences needed for the job”.

Bono concluded: “In the collective consciousness, the ship is a vision: to build it, strong and always evolving skills are needed together with a strong passion. Therefore, I want to thank all Fincantieri employees and our supply-chain that allow us to maintain the Group global leadership, ensuring our sustainable growth in the future. In this endeavor, I am sure we can count on our stakeholders and on the network of companies we work with”.

The integral version of the report (11 pages) is attached to this AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency
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