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Fincantieri's BoD: 1H 2021 results approved

Total backlog at EUR 37 billion -ATTACHMENT

The Board of Directors of Fincantieri SpA, chaired by Giampiero Massolo, has examined and approved the Half year report at June 30, 2021, prepared in accordance with the international financial reporting standards (IAS/IFRS).

Consolidated 1H 2021 results

  • 2021 guidance confirmed: revenues up by over 25% and EBITDA margin at 7% despite increasing commodities’ prices
  • Revenues at euro 3,026 million, up by 28% compared to 1H 2020 (euro 2,369 million)
  • EBITDA at euro 219 million (+84% vs. 1H 2020) and EBITDA margin at 7.2%, excluding pass-through activities (vs. 5.0% in 1H 2020) 
  • Positive Adjusted Net Income at euro 49 million (negative at euro 29 million in 1H 2020)
  • Positive Net Income at euro 7 million (negative at 137 million in 1H 2020), net of asbestos-related (euro 29 million) and COVID-19 related (euro 22 million) extraordinary items
  • Net Debt at euro 1,617 million (euro 1,062 million at December 31, 2020), steady in the quarter and consistent with the production program and the deliveries schedule (three cruise ships delivered in July for an overall amount of approx. euro 1.5 billion); year-end 2021 expected to be in line with FY 2020

Operations

  • Total backlog of 111 ships, euro 37 billion, 7.1 times 2020 revenues, excluding revenues from pass-through activities:
    • Backlog: euro 27.6 billion with 93 ships to be delivered up to 2029
    • Soft backlog: approximately euro 9.4 billion
  • Record-high production volumes led by the hefty workload and deliveries schedule, production hours at 8.4 million vs 5.6 million in 1H 2020
  • COVID-19 successful launch of the vaccination campaign across the Group’s Italian yards
  • Delivery of 7 ships from 6 shipyards in 1H and expected delivery of 6 cruise ships for 2H 2021
  • Fincantieri chosen as prime contractor for 6 FREMM class frigates supply to the Indonesian Navy
  • Fincantieri Marinette Marine: FFG-62 second unit confirmed by the US Navy
  • Infrastructures: signed contract for the construction of cruise terminal for MSC at PortMiami (US)
  • VARD: order for the construction of residential yacht-liner Somnio
  • Fincantieri NexTech: ongoing cooperation with Autostrade Tech and IBM to develop a predictive monitoring system for infrastructure

Strategic initiatives

  • Cold Ironing: LoI with Enel X for the development and management of next-generation port infrastructure with low environmental impact and electricity-powered solutions for ground logistics 
  • Ecological transition: production of lithium-ion batteries through the newly founded Power4Future
  • Connected vehicles and smart roads: agreement with Almaviva to support and boost transportation and logistics digitalization 
  • Industrial automation: agreement with Comau for the development of robotic welding solutions 

Sustainability 

  • Gaïa rating: Fincantieri was assigned the overall score of 85/100 and was ranked 2nd out of 512 companies for the integration of sustainability policies in its business
  • Green Star 2021: Fincantieri ranked 1st in Italy, in the “Engineering, Construction and Infrastructure” segment for its commitment to the green economy according to the German Institute of Quality (ITQF)
  • Excellence in Safety Award: the Shipbuilder Council of America (SCA) awarded Fincantieri Marinette Marine with the “Excellence in Safety Award” and Fincantieri Bay Shipbuilding (Sturgeon Bay) with the “Improvement in Safety Award” for the outstanding health and safety conditions of both shipyards

During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “In light of the strict protocols put in place to face the pandemic, first of all the vaccination program, we yearn to confirm our prompt recovery. This is shown by the facts we presented today with regard to both the financial results and the outstanding performance in the naval area, in which we pride ourselves of our global leadership in the surface vessels segment, along with our well known leading role in the cruise industry".

Bono concluded: “Furthermore, we are deeply satisfied to be collaborating with top-notch partners on new technologies and on their related projects, such as the one on the next generation of electricity-powered Italian port infrastructure”.

The integral version of the report (22 pages, with tables) is attached to this AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency
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