Fincantieri will be pampered by Bnp Paribas for the green
Fincantieri and Bnp Paribas Italian Branch have finalized an agreement to transform the line for guarantees up to 700 million euros granted by the bank into a "sustainability linked guarantees facility"
Fincantieri also pushes on sustainable finance thanks to Bnp Paribas.
Bnp Paribas Italian Branch and Fincantieri have finalized an agreement to transform the line for guarantees of up to 700 million euros granted by the bank into a “sustainability linked Guarantees Facility”. This was announced on 10 February by the Trieste shipbuilding group.
The line for guarantees will be linked to the achievement of two specific objectives of the 2018-2022 Sustainability Plan of the shipbuilding group.
The agreement has a minimum duration of over 4 years and is the first operation of this type for the shipbuilding group.
All the details.
THE LINE FOR GUARANTEES GRANTED BY BNP PARIBAS TO FINCANTIERI
The line for guarantees granted by Bnp Paribas is defined as "sustainability linked" since it is linked to the achievement of two specific performance indicators (Key Performance Indicators, "KPIs") present in the 2018-2022 Sustainability Plan of Fincantieri. That is the efficient management of energy consumption and the sustainability of the supply chain.
LINKED TO THE ACHIEVEMENT OF TWO OBJECTIVES OF THE SUSTAINABILITY PLAN
Based on whether these objectives are achieved or not, the agreement provides for a mechanism for raising or lowering the cost of guarantees, calculated according to a symmetrical grid at the expiry of each year.
THE GROUP'S DEBT
At 30 September 2021, the consolidated net financial position of Fincantieri shows a negative (debit) balance of 1.05 billion euros. The debt is substantially in line with that as at 31 December 2020 (1.062 billion) and with the forecasts for 2021.
As stated in the half-yearly report of the group, "the collections for the month of July bring the Net Financial Position to a negative value close to € 1.2 billion and then settle, at the end of the year, at expected values below the peak in March and in in line with those recorded as at 31 December 2020. This highlights once again how the trend in financial debt is strongly influenced by the production program and the delivery plan. It should also be noted that the Net Financial Position is affected by the strategy adopted in 2020 to grant commercial extensions to its customers (€ 423 million at 30 June 2021), in order to safeguard the large workload acquired and to strengthen relations with shipping companies. The repayment of these amounts, on the basis of the deferrals agreed with the shipowners, is expected during the second half of 2021 and during 2022 ".
Construction loans (credit instruments exclusively covering the orders to which they are linked), as at 30 June 2021, amounted to a total of € 1,278 million, with a decrease of € 47 million compared to December 31, 2020. These relate to the Parent Company for € 1 , 09 billion and to the subsidiary Vard for € 188 million.
Finally, in 2020 the Mef approved the Sace guarantee on the 1.15 billion credit lines granted by a pool of banks to the group led by Giuseppe Bono .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/fincantieri-sara-coccolata-da-bnp-paribas-per-il-green/ on Sun, 13 Feb 2022 16:23:24 +0000.