► Fincantieri BOD approves 1H 2019 results: revenues increase by 12%, EBITDA up 17%, record order intake at euro 6.6 billion
Results for the first half of 2019 (1)
- 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 (2) 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 (3) 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
- In addition to the standard financial indicators required by IFRS, Fincantieri uses certain alternative performance measures for the purpose of better assessing its operating performance and financial position. The meaning and content of these measures are described in the appendices, in accordance with Consob Communication no. 0092543 of December 3, 2015 which implements the ESMA guidelines (document no. ESMA/2015/1415)
- Excluding construction loans
- Sum of backlog and soft backlog
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