How is Fincantieri left by Bono?
All the details on the economic and financial results as at 31 March 2022 approved yesterday by the Fincantieri board of directors
Fincantieri closed the first quarter of the year with a positive sign.
Sales of the Trieste naval group increased by 18% in the first quarter of 2022 to 1.7 billion euros, driven by a strong performance from its main Shipbuilding business.
Ebitda grew by 17.2% to 118 million euros. And, despite the increase in commodity prices, the Ebitda margin remains at 7.0% (like last year).
These are the main results of the accounts approved yesterday by the board of directors of the shipbuilding giant, the latest board chaired by Giampiero Massolo and led by Giuseppe Bono. In fact, in their place will arrive respectively the general Claudio Graziano and Pierroberto Folgiero .
"I leave after twenty years proud of having led the Group to reach world leadership positions in the main sectors in which it operates, also thanks to a team that has no equal in the world" commented Fincantieri's outgoing CEO, Giuseppe Bono . “The results of this quarter, in continuity with those of the financial statements, show a Group in good health from an equity and financial point of view, with a significant workload that gives visibility for the next few years. This workload will be achieved in a particularly complex moment such as the one we are experiencing, which is affected by the continuing increase in the cost of raw materials in a context of worrying geopolitical crisis ”, he added.
For the whole year, the Trieste group expects to maintain full production regime with higher revenue growth than expected before the pandemic and to consolidate margins.
All the details of the Fincantieri quarterly report.
REVENUES
As of March 31, 2022, the group recorded revenues of € 1.6 billion, an increase of 17.8% compared to the first quarter of 2021. They are in line with the forecasts for the development of the current order book.
“These results reflect the positive trend of all the sectors in which the Group operates” underlines Fincantieri. In particular, the Shipbuilding sector consolidates the trend already recorded in 2021 and grows by 6.0% thanks to the high production volumes of the Italian shipyards. Revenues from Offshore and special vessels also increased by 98.7%, confirming the “effective strategy of repositioning the Group in the construction of special vessels for the offshore wind sector”.
Systems, Components and Services shows a 31.4% increase in revenues driven by the Infrastructure business area, also thanks to the acquisition of the FINSO group in the second half of 2021.
Gross of consolidations, Shipbuilding contributes 71% (78% in the first quarter of 2021); Offshore and Specialty Ships for 10% (5% in the first quarter of 2021) and Systems, Components and Services for 19% (17% in the first quarter of 2021) of the total revenues and income of the Group.
EBITDA
Ebitda stood at 118 million euros, up by + 17.2% compared to 101 million at March 31, 2021. Ebitda margin was also positive at 7.0% (stable compared to 7.0% at March 31, 2021 ) despite the continuing increase in the prices of raw materials.
DEBT
Moving on to the consolidated net financial position, this shows a negative (debit) balance of 940 million euros, compared to 859 million euros at 31 December 2021. But it is "consistent with the production volumes developed by the Group during the quarter" underlines Fincantieri.
WORKLOAD
The total workload is equal to 34.4 billion euros, approximately 5.2 times the revenues of 2021 with orders acquired for 0.5 billion euros. The backlog at March 31, 2022 was equal to euro 24.8 billion (26.5 billion in March 2021) with 93 ships in the portfolio and the soft backlog at approximately euro 9.6 billion.
GROUP FORECASTS
Finally, for the current year Fincantieri expects "full production regime with higher revenue growth than expected before the pandemic and to consolidate margins". The group estimates the Net Financial Position for 2022 in line with the 2020 year-end values.
Specifically, as regards the Shipbuilding sector, the Group expects the delivery of 15 ships in 2022; 7 cruise ships (including the Discovery Princess, delivered in January at the Monfalcone shipyard) and 8 units belonging to the military ships business area. In January, the group delivered the “Musherib” patrol vessel (OPV) for the Qatari Ministry of Defense. While in March the Italian Navy received the first Multipurpose Offshore Patrol (PPA) “Paolo Thaon di Revel”.
With regard to the cruise sector, Fincantieri confirms the forecast of a full return to operations.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/come-va-fincantieri-2/ on Fri, 06 May 2022 09:46:18 +0000.