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Retour aux bénéfices pour Fincantieri

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Retour aux bénéfices pour Fincantieri

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Après avoir enregistré en 2015 une perte nette de 175 millions d’euros, Fincantieri annonce un bénéfice de 14 millions pour son exercice 2016. Le carnet de commandes de l’ensemble du groupe atteignait au 31 décembre quelques 99 navires pour une valeur cumulée de 24 milliards d’euros, le chiffre d’affaires ayant progressé de 5.9% par rapport à 2015. Fincantieri, qui retrouve une marge de l’ordre de 6%, en ligne avec ses objectifs, a néanmoins connu une baisse de ses prises de commandes : seulement 6.5 milliards d’euros en 2016 contre 10 l’année précédente.

 

Tous les résultats du groupe dans le communiqué ci-dessous :

 

2016 CONSOLIDATED FINANCIAL STATEMENTS AND DRAFT FINANCIAL STATEMENTS OF THE PARENT COMPANY        

CONVENING OF THE SHAREHOLDERS’ MEETING

Consolidated 2016 result [1]

  • Profit for the year of euro 60 million (net loss of euro 252 million at December 31, 2015) before extraordinary and non-recurring income and expenses. The Group share of this result was a net profit of euro 66 million, compared to a net loss of euro 141 million at December 31, 2015
  • Profit for the year of euro 14 million (up euro 303 million compared to a net loss of euro 289 million at December 31, 2015). The Group share of this result was a net profit of euro 25 million (net loss of euro 175 million at December 31, 2015)
  • Business Plan targets confirmed: the results of 2016 show a substantial improvement compared to 2015 and confirm short and medium term guidance. Revenues up 5.9% (in line with 2016 target), EBITDA margin at 6.0% (above 2016 target) and net debt at euro 615 million (improved compared to 2016 target)
  • Total backlog[2] of euro 24.0 billion, covering approximately 5.4 years of work if compared to 2016 revenues: the backlog is euro 18,231 million at December 31, 2016 (euro 15,721 million at December 31, 2015) with 99 ships in order book and the soft backlog is approximately euro 5.8 billion (euro 3.0 billion at December 31, 2015)
  • Continuous development of strategic and commercial initiatives which led to the finalization of contracts with Virgin Voyages, a Virgin Group brand and new cruise industry player. At the beginning of 2017, Fincantieri added a new prestigious brand to the cruise client portfolio with the order of 4 cruise ships for Norwegian Cruise Line brand and signed the first binding agreements for the construction of cruise ships in China for the local market
  • Expansion of naval business in foreign markets: signed an important contract worth almost euro 4 billion with the Qatari Ministry of Defense, which represents the most significant commercial milestone of the past 30 years in the naval business
  • Strong recovery of operating performance in cruise: 4 highly complex prototype vessels delivered on time, with simultaneous start of production of sister-ships, and/or semi sister-ships, acquired subsequently and characterized by higher margins
  • Effective implementation of VARD Business Plan: rationalized production structure in Brazil, developed significant synergies with cruise business and continued successfully the diversification strategy
  • New supplementary labor agreement: the agreement, based on incentive tools, some of which in the form of welfare, linked to individual performance and overall Company results, represents a key step towards greater efficiency and an absolute innovation in industrial relations, with workers at all levels participating to the management of the Company
  • Order intake: euro 6,505 million (euro 10,087 million at December 31, 2015)
  • Revenue and income: euro 4,429 million (euro 4,183 million at December 31, 2015)
  • EBITDA: euro 267 million (negative euro 26 million at December 31, 2015) with a consolidated EBITDA margin of 6.0% (negative 0.6% at December 31, 2015)
  • Net financial position[3]: net debt of euro 615 million (net debt of euro 438 million at December 31, 2015), slightly better compared to the guidance. Most of the Group's debt is related to the financing of current assets associated with cruise ships construction and thus directly connected with the financing of net working capital
  • Construction loans at euro 678 million (euro 1,103 million at December 31, 2015). The decrease of construction loans more than compensated the increase of net debt over the period leading to a reduction of the overall funding requirements of the Group

Other resolutions

  • Ordinary and Extraordinary Shareholders’ Meeting convened for May 19, 2017 on single call

*   *   *

Trieste, March 29, 2017 – The Board of Directors of FINCANTIERI S.p.A. ("Fincantieri" or the "Company"), chaired by Giampiero Massolo, has approved the Consolidated financial statements at  December 31, 2016 and the draft financial statements of the parent company at  December 31, 2016, prepared in compliance with International Financial Reporting Standards (IFRS).

During the Board meeting Giuseppe Bono, Fincantieri's Chief Executive Officer, said: “We are very pleased with the results achieved in 2016 thanks to effective execution of the strategy outlined in our  Business Plan 2016-2020. The total backlog exceeded, once again, previous highs, reaching euro 24 billion, thus confirming the Group ability to strike important agreements. 2016 has moreover highlighted a significant recovery in operating terms, with on-time delivery of four highly complex prototype vessels, but also in financial performance with revenues up 6%, in line with the business plan target, EBITDA margin at 6%, above the guidance, and positive net result, improved by more than euro 300 million: a sharp turning point compared to 2015, the year where Fincantieri has left behind the longest sector crisis on record. The remarkable results achieved are well above the targets set for the year and allow us to confirm our medium term targets as well as dividend distribution starting from 2017 net income”.

Bono concluded: “A special thanks to all the Company’s and subcontractors’ employees: they contributed effectively to the achievement of these results, making Fincantieri an Italian excellence renowned on a global scale. This is even more important if we consider that our products and processes are among the most complex in the world”.

 

[1] 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)

[2] Sum of backlog and soft backlog

[3] Consistent with the presentation at December 31, 2015, this figure does not include construction loans.

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