Fincantieri: BoD approved the interim financial information at March 31, 2019
The highlights -ATTACHMENT
The Board of Directors of FINCANTIERI SpA, chaired by Giampiero Massolo, has examined and approved the interim financial information at March 31, 2019.
The highlights are:
Order intake at euro 6.5 billion, record amount of orders in the cruise business area: contracts signed for 11 cruise ships in a single quarter for 5 different brands (Oceania, Regent Seven Seas Cruises, Viking, MSC, Princess), in addition to the order by the US Navy for an additional Littoral Combat Ship (LCS) unit
Total backlog at euro 34.3 billion, covering approximately 6.3 times the 2018 revenues: backlog at euro 30.7 billion (euro 21.8 billion at March 31, 2018) with 104 ships in the order book; soft backlog at approximately euro 3.6 billion (approximately euro 5.9 billion at March 31, 2018). Fincantieri further strengthens its global leadership and ensures long-term visibility for the Group and its supply chain, while confirming its ability to convert soft backlog into firm orders
Group results: EBITDA at euro 90 million (euro 89 million at March 31, 2018), EBITDA margin at 6.5% (7.3% at March 31, 2018), Net debt at euro 505 million (euro 494 million at December 31, 2018)
Delivery of 8 vessels during the quarter, of which two cruise ships “Viking Jupiter” and “Costa Venezia” – first vessel for this Italian shipowner specifically designed for the Chinese market – and a naval vessel for the US Navy
Inauguration of the Fincantieri Infrastructure plant and first steel cutting for the bridge over the Polcevera river Ongoing focus of the Group on sustainability: the newly appointed Board of Directors goes beyond the regulatory requirements of gender diversity with an equal number of elected men and women
During the Board meeting Giuseppe Bono, Fincantieri's Chief Executive Officer, said: “The results of the first quarter 2019 strengthen our role as a leader company, capable of quickly transforming the soft backlog into firm orders. This strength gives us a key role in the Country, thanks to the long term contribution that we are able to provide, as testified by the growing trust shown by our clients. The orders for the 11 cruise vessels signed in these three months translate into almost 27 billion euro generated to the benefit of the territories where we are located: this figure speaks for itself.
I would also like to recall the strategic initiatives that we are carrying on with determination, both in the naval business area and in the development of an in-house center of excellence in engineering and information technology services. Furthermore, we are keeping up with our diversification efforts consistently with our engineering capabilities: I’d like to mention the cooperation agreement that we signed with Eni, CDP and Terna, featuring highly innovative content and particularly important from an industrial standpoint”.
Bono concluded: “This is the first glimpse of a challenging year ahead of us, which will allow us to show our excellent production and system integration capabilities”.
The full version of the report (eight pages with tables) is attached below of this AVIONEWS.
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