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2019 consolidated financial statments & draft financial statments

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Fincantieri
Fincantieri

COVID-19 emergency

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•    All necessary actions to counter the emergency and ensure the health of all Fincantieri employees, including the interruption of production activities since March 16th, have been promptly deployed
•    The COVID-19 outbreak is affecting 2020 Group performance, however, with the resolution of the situation in a reasonable time frame, the Group's financial structure will be able to face the impacts 
•    Group priority and commitment is focused on the safeguard of clients and strategic partners to ensure the acquired backlog, notably in the cruise sector, among the hardest hit by COVID-19 crisis
•    2020-2024 Business Plan will be finalized as soon as the development of the emergency allows a clearer analysis of the potential impact
Consolidated 2019 results 
Operational results
•    Order intake remarkably higher than revenues for over 5 years: euro 8.7 billion  consisting in 28 units, 13 of which are cruise ships for 6 different brands (Oceania, Regent Seven Seas, Viking, MSC Crociere, Princess Cruises, Ponant)  and 5  of which are naval vessels in the USA (LCS and MMSC programs)
•    Total backlog  with 109 units and euro 32.7 billion, almost six times 2019 revenues: backlog at euro 28.6 billion (+11.8%) with 98 units to be delivered up to 2027 and soft backlog at almost euro 4.1 billion
•    Delivery of 26 units from 12 different shipyards, 4 of which are cruise ships, 4 are expedition cruise vessels and 3 naval vessels, and launch of 3 vessels for the Italian Navy
•    Headcount increase: 550 direct jobs and 2.650 indirect jobs 
Financial results
•    Sound performance of Fincantieri SpA (Revenues at euro 4.3 billion, EBITDA at 489 million, EBITDA margin at 11.3% and a Net income at euro 151 million, net of Vard share write down for euro 50 million and net of extraordinary items for asbestos at euro 40 million) 
•    Negative performance of the subsidiary Vard, for which a restructuring plan was implemented following the delisting at the end of 2018, has had an impact on Group results
-    Record-high revenues at euro 5.8 billion increased by 8.0% compared to 2018 
-    EBITDA at euro 320 million (euro 421 million in 2018), with a margin of 5.5% (7.8% in 2018)
-    Negative adjusted  Net income at 71 million (euro 114 million in 2018) and negative Net Income at euro 148 million (euro 69 million in 2018) net of taxes (euro 73 million), extraordinary items (euro 67 million) and losses from discontinued operations at euro 24 million
-    Net debt  at euro 736 million, representing a capital structure consistent with the growth in production volumes in the cruise ships business and its deliveries schedule 
Strategic initiatives
•    Incorporation of Naviris, a 50/50 owned JV between Fincantieri and Naval Group, which paves the way to the consolidation of European naval defence industry to strengthen its position as worldwide leader in product performances and technology innovation
•    The investigation by EU Antitrust Authorities of the Fincantieri/Chantiers de l’Atlantique transaction has been suspended for the time being
•    Creation of an IT & electronics hub, a cornerstone to spur further innovation, and acquisition of a controlling stake in Insis SpA in the context of the Group Strategy of growth and strengthen of the activities in high technological content sectors
•    All the Sustainability Plan 2019 targets, focused on supply chain management, social activities, human rights and diversity, have been achieved
Other resolutions
•    Approval of Consolidated Non-financial Statement at December 31, 2019 pursuant to Legislative Decree No. 254/2016 
•    Ordinary Shareholders’ Meeting convened for June 9, 2020 on single call
 

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