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Fincantieri: the BoD approves 1Q 2022 results

Total backlog at EURO 34.4 billion -ATTACHMENT

The Board of Directors of FINCANTIERI SpA, chaired by Giampiero Massolo, has examined and approved the interim financial information at March 31, 2022. 

Consolidated 1Q 2022 results 

▪ Revenues stand at euro 1,681 million up by over 17.8% compared to 1Q 2021, in line with forecasts and the expected development of the current backlog 

▪ EBITDA at euro 118 million (+17.2% vs euro 101 million as at March 31, 2021), EBITDA margin at 7.0% (vs 7.0% as at March 31, 2021) despite the ongoing increase in commodity prices 

▪ Net Debt at euro 940 million (euro 859 million as at December 31, 2021), consistent with 1Q production volumes 


▪ Total backlog at euro 34.4 billion, covering approximately 5.2 times 2021 revenues with 1Q order intake at euro 0.5 billion: backlog at euro 24.8 billion (euro 26.5 billion as at March 31, 2021), with 93 ships in backlog, and soft backlog at around euro 9.6 billion (euro 7.9 billion as at March 31, 2021) 

▪ Group positioning in the specialized vessel segment strengthened with the order of six unmanned units for Ocean Infinity and one fishery for Deutsche-Fischfang Union, that will be used to process and stock the catch. It is worth noticing that a new order for two CSOV (Commissioning Service Operations Vessel) for Nordwind Offshore has been acquired in April 2022, the ships will perform support operations and maintenance in the offshore wind sector 

▪ Successfully delivered 5 ships from 4 shipyards: one cruise vessel for Princess Cruises, one Offshore Patrol Vessel for the Qatari Ministry of Defence, one Multipurpose Offshore Patrol Vessel for the Italian Navy, one fishery unit for Nergård Havfiske and one SOV for TSS Marine 

Sustainable strategy 

▪ Decarbonization: MoU with RINA to develop new synergies in the field of alternative fuels, carbon capture and renewable energies 

▪ Structural Health Monitoring and Road Asset Management: agreement with Almaviva and Leonardo to offer integrated and innovative digital solutions, applied to static and dynamic monitoring, and to the security of Italy’s critical transport infrastructure 

▪ Smart Ports e Smart Cities: MoU with ENEA to develop new R&I programs on energy efficiency, renewable energy generation systems, production, transportation and distribution of hydrogen and fuel cells 

▪ Sustainable finance: finalization of a “sustainability linked” guarantee line granted by BNP Paribas, related to the achievement of an efficient energy consumption management and a sustainable supply chain 

▪ School4Life: a program developed throughout Italy by Fincantieri along with other companies and institutions against high school dropout 

▪ Accommodation for Ukrainian refugees: VARD has offered the use of its facilities at Tulcea shipyard in Romania to accommodate up to 250 Ukrainian refugees 

During the Board meeting Giuseppe Bono, Chief Executive Officer of Fincantieri, said: “The first quarter results, alike the full year, highlight a healthy company from a financial and economic standpoint, with a robust backlog that ensures a good visibility for the next few years. Such backlog will be developed in a time of exceptional complexity, affected by a relentless rise in commodity prices throughout a deeply concerning geopolitical crisis. The thorough risk management strategy the company always adopted, along with the incessant search for efficiencies mitigate such external impacts, leading to positive results also in the future". 

Bono concluded: “I am stepping down after twenty years, having proudly led the Group to a global leadership position across the sectors in which it operates together with a truly unparalleled team. My heartfelt thanks goes to them, to Fincantieri’s entire workforce and to the thousands companies involved in the supply chain, for their commitment and dedication in pursuing and achieving our challenging targets. To my successors I wish the best of luck, as I fully understand the responsibilities they are about to embrace". 

The integral versione of the report (ten pages) is attached to this AVIONEWS

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AVIONEWS - World Aeronautical Press Agency