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Finance and Economy

Fincantieri: the BoD approves 9M 2017 results -SPECIALS AVIONEWS

Rome, Italy - Increasing revenues and Ebitda

24497

(WAPA) - The Board of Directors of Fincantieri SpA, chaired by Giampiero Massolo, has examined and approved the interim financial information at September 30, 2017.

The highlights:

• Results in line with the Business Plan 2016-2020 targets: revenues at September 30, 2017 up 10.7% compared to the same period of 2016, EBITDA margin at 6.5%, up 14% from the 5.7% margin of the first nine months of 2016
• Total backlog at over euro 25 billion, covering approximately 6 years of work if compared to 2016 revenues: backlog as at September 30, 2017 was euro 20.3 billion (euro 19.0 billion as at September 30, 2016) with 97 ships in the order book; the soft backlog at the same date was approximately euro 5.0 billion (approximately euro 2.8 billion as at September 30, 2016)
• Further commercial developments in cruise business: conversion into order from MoA of one cruise ship for Princess Cruise brand, finalizing of an order with Silversea for one cruise ship, signing of a MoA with Carnival for one cruise ship for the luxury brand Cunard, for a total of 14 cruise ships (including options) acquired in 2017. In addition, Fincantieri signed a contract for the lengthening of Silver Spirit, for Silversea Cruises, which reiterates the Company's ability to manage for high-complexity projects in a high-tech sector
• Good operating performance confirmed with four additional units delivered in the quarter, for a total of nine ships delivered in 2017, of which four cruise ships ("Viking Sky", "Majestic Princess", "Silver Muse" and “Viking Sun”), three naval vessels (the sixth FREMM and submarine “Romeo Romei” for Italian Navy, LCS 9 for US Navy) and two ATB units (Articulated Tug and Barge) for the transport of goods in the chemical/petroleum sector, at the Sturgeon Bay yard. Consolidated the actions aimed at improving profitability
• Cooperation agreement reached between Italian and French governments which will lead to the creation of a global leader in civil and military shipbuilding.

During the Board meeting Giuseppe Bono, Fincantieri's Chief Executive Officer, said: “The excellent commercial, managerial and economic results of the first nine months of 2017 further consolidate Fincantieri’s leadership and allow us to confirm, to date, the expected results for 2017, in line with the Business Plan.
With regards to strategic development, the recent announcement by the Italian and French Governments of an agreement aimed at the creation of a wide ranging alliance in the naval sector is certainly a milestone for our company. This agreement is the first step in the creation of a world leader, destined to become a reference point in the naval defense sector, thanks to its technological know-how and product portfolio, the world’s foremost cruise ship builder and one of the top players in other high-value segments, such as off-shore, energy, as well as marine equipment, systems and services.
The expected integration will create a well-balanced group, capable of weathering the cyclicality of the sectors it operates in. Uniting the technical know-how will allow us to express innovative engineering capabilities and thus provide our clients with top class products and solutions, as well as equipping us with the competences necessary to best face the changes of a constantly evolving global scenario, also through the diversification of our business portfolio".

It is possible to see the integral version of the report (eight pages) in the "Specials" section on the left side of the AVIONEWS' home-page.
(Avionews)
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(World Aeronautical Press Agency - )
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