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Fincantieri: BoD approves 1H2019 results

Record order intake at EUR 6.6 billion - ATTACHMENT

The Board of Directors of Fincantieri SpA, chaired by Giampiero Massolo, has examined and approved the Half year financial report at 30 June 2019, prepared in accordance with the international financial reporting standards (IAS/IFRS).

Results for the first half of 2019 

Group results in line with the 2019 economic and financial guidance and with the 2018 – 2022 Business Plan

Revenues up 12% at euro 2,837 million (euro 2,527 million at 30 June 2018)

EBITDA increase by 17% at euro 215 million with EBITDA margin at 7.6%(7.3% at 30 June 2018)

Adjusted Net profit of euro 34 million (euro 39 million at 30 June 2018)

Net profit for the period of euro 12 million (euro 15 million at 30 June 2018), after extraordinary costs for asbestos-related litigations for euro 18 million and net of tax expenses of euro 40 million

Net debt at euro 724 million (euro 494 million at 31 December 2018) including the impact of IFRS 16 (euro 88 million) and a financial structure consistent with the increased volume and value of Cruise units in production and with the delivery schedule

Record order intake in a single semester, with orders acquired amounting to euro 6.6 billion: signed contracts for 15 units, of which 11 cruise ships for 5 different brands (Oceania, Regent Seven Seas, Viking, MSC, Princess) and an additional vessel for the US Navy within the Littoral Combat Ship (LCS) program

Total backlog at euro 33.1 billion, comprising 108 ships, equivalent to approximately 6.1 times 2018 revenues: backlog at euro 29.5 billion (+34% compared to 30 June 2018) with 98 units to be delivered up to 2027, and soft backlog at euro 3.6 billion

Delivered 15 ships from 11 different shipyards, among which 5 cruise ships and 2 naval units; launched 2 vessels of the Italian Navy fleet renewal program

Signed the Alliance Cooperation Agreement with Naval Group, setting out the operational terms for the incorporation of a 50/50 owned joint venture and paving the way towards a broader alliance aimed at reinforcing a cooperation in the naval field with the objective of creating a more efficient and competitive European shipbuilding industry

Ongoing interactions with the Antitrust Authorities on the acquisition of Chantiers de l'Atlantique

Started activities for the construction of the bridge over the Polcevera river in Genoa

Continued focus of the Group on sustainability with the signing of important agreements on environmental and social topics, alongside the implementation of activities aimed at reaching the targets set out in the Sustainability Plan.

During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantierisaid: “In this first part of the year we achieved an exceptional growth for the seventh semester in a row and a new record, with unparalleled order intake. Remarkable achievements, also considering the innovation level of the acquired contracts. These are confirmations that praise our great work on research and development, allowing us to offer our clients projects that are capable to anticipate times. We design and install advanced solutions for a market that is increasingly asking for a higher attention to the environment, universal heritage that we must protect both for us and for future generations.

Well aware of the new global challenges, we are keeping up with our commitment towards the creation of a more efficient and competitive European shipbuilding industry: recently, we signed the Alliance Cooperation Agreement with Naval Group which starts to shape the Poseidon project and paves the way to the reinforcement of the naval cooperation between France and Italy".

Bono concluded: “The huge bulk of projects we are working on require an increasing effort of the entire workforce currently involved in the production process, and more than this. We expect to be able to lever the support of new professionalisms, developed also through the inclusion of new courses among Industrial Technical Institutes and through the cooperation with Universities in order to be able to best meet the expectations we created with our performance and the quality of our products".

The full version of the financial report (23 pages, with tables) is attached to this AVIONEWS.

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