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Fincantieri: 2018 consolidated financial statements and draft financial statements of the parent company

The data at a glance, the comments by its CEO Bono - ATTACHMENT

The Board of Directors of Fincantieri SpA, chaired by Giampiero Massolo, has approved the Consolidated financial statements at December 31, 2018, the draft financial statements of the parent company at December 31, 2018, prepared in accordance with international financial reporting and accounting standards (IAS/IFRS) and the Consolidated Non-financial Statement at December 31, 2018 pursuant to Legislative Decree No. 254/2016. 

Consolidated 2018 results 

Record-high revenues at almost euro 5.5 billion increased by 9% compared to 2017 

Growing profitability with EBITDA at euro 414 million (+21% compared to 2017), with a margin of 7.6% (6.8% in 2017) 

Adjusted net income at euro 108 million (+19% compared to 2017) 

Net income at euro 69 million (+30% compared to 2017). 

Net debt at euro 494 million 

Order intake at euro 8.6 billion: orders for 27 units, 14 of which are cruise ships for 8 different clients, reconfirming the commercial effectiveness of Fincantieri. New orders awarded by TUI Cruises demonstrate the ability of the Group to attract new clients 

Record-high total backlog with 116 units at euro 33.8 billion (+29%): backlog at euro 25.5 billion (+16%) and soft backlog at euro 8.3 billion 

Successful delivery of 35 units from 15 different shipyards 

Completion of delisting process of VARD and launch of its full integration with the Italian activities of the Group aiming at ensuring greater coordination 

Continued focus on strategic initiatives: 

- Grounds laid for the establishment of a joint venture with Naval Group, with the support of the Italian and French Governments 

- Signed a share purchase agreement for the acquisition of 50% of Chantiers de l’Atlantique (ex-STX France). Upon closing of the transaction, currently subject to the approval by the Antitrust Authorities, an additional 1% of the share capital will be lent to Fincantieri 

- Improved positioning in the infrastructure business through the involvement in relevant projects, notably in Romania and in Italy for the construction of the bridge over the Polcevera river in Genoa 

- Consolidation of the existing activities in the area of electronics and IT, a strategic sector for innovation, with the objective of further strengthening the existing knowledge base in the field of cybersecurity, automation, simulation, training and technologies for unmanned conduct, by creating synergies within the Group 

Approval and publishing of the Group’s first Sustainability Plan, with the purpose of combining business growth and financial solidity with the principles of social and environmental sustainability 

Proposed Dividend payment of euro 0.01 per share. 

Other resolutions 

Approval of Consolidated Non-financial Statement pursuant to Legislative Decree No. 254/2016 

Ordinary Shareholders’ Meeting convened for April 5, 2019 on single call.

During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “The results we have presented prove once again that our Company is a leader, a landmark in the worldwide shipbuilding industry, a network of excellences that share knowledge and resources in many fields. The relevant increase in revenues that have grown by almost 10% is only the first step in the growth path aiming at an approximate 50% increase of volumes by 2022 requiring a high organizational effort and a clear vision of the future challenges. 

The total backlog of almost 34 billion euro (approximately 2% of the Italian GDP), together with the long term workload visibility, sustain the development of leading-edge supply chain and technology districts, thus creating a flywheel effect on the subcontractor network and fostering the Italian export and innovation. The backlog also assure long term visibility for all the Italian shipyards of the Group and for the large and diversified supply chain network, hence providing financial stability. These are unique results, not only in the industrial segment in which we operate, but also across all Industries. 

We received evidence, once again, of our ability to combine the best Italian competencies and to manage complex projects in the infrastructure field. Fincantieri stood out for the reconstruction of the bridge over the Polcevera river, putting its excellence at service of the Country for a project that aims not only at restoring a key-infrastructure, but also at mending Genoa’s community, a city where our Group sets its solid roots”. 

Bono concluded: “I wish to thank all of our workers and contractors that together form our global network, for the unparalleled support to the success of Fincantieri. I am confident that their effort and passion will further increase to sustain the growth entailed by our backlog and to continue conferring to our products their added value that is so praised and rewarded by the market”.

Below, attached the full version of the report (28 pages, with tables).

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