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Fincantieri: BoD approves 2021 consolidated financial statements and draft financial of the parent company

Results, operations, strategic initiative, sustainability -ATTACHMENT

The Board of Directors of Fincantieri SpA, chaired by Giampiero Massolo, has approved the draft financial statements of the parent company at December 31, 2021, the Consolidated financial statements at December 31, 2021, prepared in accordance with international financial reporting and accounting standards (IFRS) and the Consolidated non-financial statement at December 31, 2021 pursuant to Legislative Decree No. 254/2016.

Consolidated 2021 results

▪ Revenues up by 28.3%, at euro 6,662 million, compared to euro 5,191 million in 2020

▪ EBITDA rose by 57.4 vs 2020, at euro 495 million with an EBITDA margin at 7.4% excluding pass through activities (vs 6.1% in 2020) notwithstanding increased commodity prices 

▪ Adjusted net income at euro 92 million (negative at euro 42 million in 2020) and net income at euro 22 million (negative at euro 245 million in 2020), net of asbestos-related claims (euro 55 million) and to COVID-19 related costs (euro 30 million). 

▪ Net Financial Position at euro 859 million (euro 1,062 million on December 31, 2020) decreased despite the surge in production volumes and the investments carried out in the year, thanks to the overall positive performance of the cruise segment, with deliveries in line with schedule and costs forecasts.

Operations 

▪ Total backlog with 115 ships, euro 35.5 billion, approximately 5.3 times 2021 revenues of which: 

- Backlog: euro 25.8 billion and 91 ships to be delivered up to 2029 

- Soft backlog: approximately euro 9.7 billion 

▪ Record-high production volumes led by the hefty backlog and on time delivery schedule, for a total amount of 16.4 million production hours vs 13.1 million in 2020 and 15.6 million in 2019 

▪ Delivered 19 ships from 12 shipyards 

▪ Capital expenditure at euro 358 million to enhance production efficiencies in the Group’s shipyard, in Italy and abroad, and to improve technological standards 

▪ Offshore wind - VARD confirmed as the market leader for both order intake and client diversification in Service Operation Vessels production, for the offshore wind industry 

Strategic initiative 

▪ 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: JV Power4Future for the production of lithium-ion batteries, in both industrial and naval fields 

▪ Connected vehicles and smart roads: agreement with Almaviva to support and boost transportation and logistics digitalization; in 2022 an additional agreement was signed with Almaviva and Leonardo for the security of Italy’s critical infrastructure 

Industrial automatization: MoU with Comau for the deployment of robotic welding solutions

▪ Hydrogen-powered cruise ship: MoU with MSC and SNAM to conduct feasibility study to examine requirements to build the first oceangoing hydrogen-powered cruise ship 

▪ Green hydrogen: agreement with Enel Green Power Italia for the production, supply, management and use of green hydrogen for port areas and long-range maritime transport 

▪ Decarbonization: MoU with ENI to promote initiatives focused on decarbonization in the energy, transports, and circular economy fields 

▪ European defence: agreement with Navantia to boost collaboration in the naval and maritime domains as well as submitted the offer for the new Modular and Multirole Patrol Corvette (MMPC) by the consortium made up of Fincantieri, Naval Group and Navantia 

Sustainability 

▪ Kick-off of the corporate nursery program, demonstrating once again Fincantieri attention towards its employees 

▪ Sustainable Finance: Fincantieri has signed the first credit line of trade finance for the construction of a custom-built green cable layer to operate in offshore wind farms and underwritten a sustainability-linked construction loan for the building of a cruise ship 

▪ Carbon Disclosure Project (CDP) assigned to the Group the A- score on a scale ranging from A to D, recognizing its commitment in fighting Climate Change 

▪ Sustainalytics, a Morningstar Company, specialized in ESG risk management rating, positioned Fincantieri in the “low risk” range and 6 th out of 121 companies in the “Heavy Machinery and Trucks” category 

▪ Universum: Fincantieri confirmed for the third consecutive year as Italy’s Most Attractive Employer in the “Manufacturing, Mechanical and Industrial Engineering” sector 

▪ Green Star 2021: Fincantieri ranked 1 st 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 

Board of Directors resolutions 

• Approval of the draft financial statements of Fincantieri SpA at December 31, 2021 

• Approval of the Consolidated financial statements at December 31, 2021 

• Approval of the Consolidated Non-financial Statement at December 31, 2021 pursuant to Legislative Decree No. 254/2016 

• Approval of the Report on Corporate Governance and Ownership Structure and the Report On The Policy Regarding Remuneration And Fees Paid 

• Ordinary Shareholders’ Meeting convened on single call.

During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “The results reported prove Fincantieri’s soundness and resilience in promptly responding to the challenges set by the pandemic, which has affected the Company and all our clients. In this context, we have managed to preserve the backlog and all its commitments, successfully delivering ships on time. Inflation, raw material shortages and the ongoing conflict introduce even more uncertainties to the current scenario. The challenges we are facing require the highest level of determination and cohesion from all of our employees to address such demanding times. As a matter of fact, today’s results prove the commitment and dedication of our employees and our suppliers to the Group”. 

Bono concluded: “We are certain that the Group will react once again to upcoming challenges with the utmost responsibility and will serve the Country with all the competencies developed throughout the years, both in Italy and abroad. We are proud we have become a global company, with an Italian base, and we are ready to contribute significantly to the improvement of the areas in which we operate”. 

The integral version of the report (29 pages, also with tables) is attached to this AVIONEWS

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AVIONEWS - World Aeronautical Press Agency
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